Guaranteed Income for Tomorrow – Check features of ICICI Prudential Life Insurance’s new plan

ICICI Prudential Life Insurance has launched a new goal-based savings product – ‘ICICI Pru Guaranteed Income for Tomorrow’ (GIFT), which provides a guaranteed income to policyholders to help them achieve their long-term financial goals. This non-participating savings product can enable one to eliminate the uncertainty of future income streams to a large extent. The life cover provides financial security to the family, which is essential for a robust financial plan. GIFT is a protection and savings oriented life insurance plan with guaranteed benefits to help one achieve their life goals.

The three variants of this goal-based savings product are:

Income: The policyholder can opt to receive the maturity benefit in the form of Guaranteed Income for a period of 5, 7 or 10 years. For instance, this option can be ideal for customers planning their child’s education where the flexible premium payment and income period options help to align the income with educational goals.

Under this plan option, you can choose to pay premiums for 5, 7 or 10 years (PPT) and also choose to receive Guaranteed Income for 5, 7 or 10 years. Your policy term is PPT+1 and the life cover is available for the entire policy term.

Early income: This variant offers a unique feature, which enables customers to start receiving income from the second year of the policy, known as Guaranteed Early Income. The Guaranteed Early Income option eliminates the need for customers to wait until the maturity of the policy to receive regular income. This option enables customers to receive benefits while their savings continue to grow.

Under this plan option, you can choose to pay premiums for 7 or 10 years (PPT) and you will receive regular income from 2nd year onwards. Your policy term is PPT+1 and the life cover is available for the entire policy term. The income that you receive from 2nd year onwards till the end of the policy term is known as Guaranteed Early Income. The income that you receive after the policy term is known as Guaranteed Income.

Single pay lump sum: In this variant, customers need to pay the premium only once at the time of purchase and choose the policy tenure after which they would like to receive the Guaranteed lump sum benefit. Customers will also enjoy the added benefits of guaranteed returns coupled with life cover.

Another unique aspect of ‘ICICI Pru Guaranteed Income for Tomorrow’ is the “Save The Date” feature. One can use this feature to make milestones in their personal lives extra special. For instance, they can choose to start receiving income on special dates such as their wedding anniversary, the birthday of the spouse, etc.

Source: Financial Express