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ICICI Pru Gift Pro Savings Plan
Because Their Future Deserves a Gift
About ICICI Pru Gift Pro
ICICI Pru GIFT Pro is an exceptionally versatile savings plan that allows individuals to tailor their investment strategy according to their specific needs, offering guaranteed income while providing the option to select how and when they wish to receive that income. This plan not only ensures financial security through its life cover feature, which protects your loved ones in the event of an untimely demise but also promotes the growth of your funds to assist in achieving various financial objectives.
Therefore, it serves as a dual-purpose solution, combining immediate financial benefits with long-term wealth accumulation. With its customizable framework, it empowers you to take charge of your financial future while providing essential security for your family.
ICICI Pru Gift Protection savings plan is exceptionally customizable, prioritizing both protection and savings, ensuring that it provides financial security for your family through a robust life cover. It not only safeguards your loved ones but also helps you reach your financial goals with guaranteed benefits that you can rely on. The design of this plan is specifically tailored to meet all your individual needs, enabling you to effectively plan for your future objectives well in advance. By choosing this plan, you position yourself to achieve your goals with pro-level efficiency and confidence.
Key Features of ICICI Pru Gift Pro
The key features of the ICICI Pru Gift Pro savings protection plan are as follows -
1. Income Options:
- Offers a secure and consistent income throughout income throughout the entire income period.
- Offers a steady annual income that grows by 5% per year throughout the income period, calculated using simple interest.
2. Low Cover Income Booster:
- This option offers a higher guaranteed income while providing a reduced level of life cover.
3. MoneyBack Benefit:
- The opportunity to select your desired MoneyBck benefit percentage, ranging from 0% to 100%.
- The flexibility to select the year in which you would like to receive the MoneyBack benefit, whether it be at maturity or any point during the income period.
4. Customizable Policy Terms:
- Enjoy the flexibility to select your Premium Payment Term (PPT), Policy Term (PT) and Income Period according to your needs.
5. Life Insurance Coverage:
- It ensures the financial security of your family, providing them with peace of mind and support in uncertain times.
6. Loan Facility:
- Provides the option to secure a loan against your policy during financial emergencies, allowing you to borrow up to 80% of its surrender value.
7. Tax Benefits:
- There may be potential tax advantages regarding the premiums paid and the benefits received, under current tax.
8. Guaranteed Income on Special Dates:
- You have the option to receive a guaranteed income on significant dates, such as your birthday, wedding anniversary or any other memorable occasion, provided in an annual income format.
9. Premium Payment Frequency:
- Choose from flexible options to pay your premiums annually, semi-annually or monthly.
10. Minimum and Maximum Premium:
- Minimum annual premium: ₹50,000.
- Maximum annual premium: Subject to the Board Approved Underwriting Policy (BAUP).
11. Minimum and Maximum Sum Assured:
- Minimum Sum Assured on Death: ₹3,50,000.
- Maximum Sum Assured on Death: Subject to the BAUP.
Eligibility Criteria of ICICI Pru Gift Pro
The detailed eligibility criteria to apply for the ICICI Pru Gift Pro savings protection plan have been provided below in a tabular format:
| Premium Payment Term (years) | Policy Term (years) | Income Period (years) | Minimum Annual Premium | Min/Max Age at Entry (years) | Min/Max Age at Maturity (years) |
|---|---|---|---|---|---|
| 5 | 8 to 10 | 5 / 7 / 10 / 12 / 15 / 20 / 25 / 30 | ₹50,000 | 18 - (Policy Term) / 60 | 18 / 70 |
| 6 | 8 to 11 | 5 / 7 / 10 / 12 / 15 / 20 / 25 / 30 | ₹50,000 | 18 - (Policy Term) / 60 | 18 / 71 |
| 7 | 8 to 12 | 5 / 7 / 10 / 12 / 15 / 20 / 25 / 30 | ₹50,000 | 18 - (Policy Term) / 60 | 18 / 72 |
| 8 | 9 to 13 | 5 / 7 / 10 / 12 / 15 / 20 / 25 / 30 | ₹50,000 | 18 - (Policy Term) / 60 | 18 / 73 |
| 9 | 9 to 14 | 5 / 7 / 10 / 12 / 15 / 20 / 25 / 30 | ₹50,000 | 18 - (Policy Term) / 60 | 18 / 74 |
| 10 | 10 to 15 | 5 / 7 / 10 / 12 / 15 / 20 / 25 / 30 | ₹50,000 | 18 - (Policy Term) / 60 | 18 / 75 |
| 11 | 11 to 16 | 5 / 7 / 10 / 12 / 15 / 20 / 25 / 30 | ₹50,000 | 18 - (Policy Term) / 60 | 18 / 75 |
| 12 | 12 to 17 | 5 / 7 / 10 / 12 / 15 / 20 / 25 / 30 | ₹50,000 | 18 - (Policy Term) / 60 | 18 / 75 |
Benefits of ICICI Pru Gift Pro
The following highlights the advantages of the ICIC Pru Gift Pro plan -
- Save the Date: Select a significant date, such as a birthday or anniversary, to secure your guaranteed annual income. This personalizes your financial planning experience and makes it even more meaningful.
- Lump Sum Benefit: Enjoy the freedom to access your guaranteed future income and money-back benefit whenever you need it during the income period or upon policy maturity. This flexibility empowers you to tackle unforeseen circumstances and seize opportunities as they arise.
- Death Benefit: Offers financial protection for your loved ones in the event of your untimely demise. The benefit amount guarantees that your beneficiary receives the highest payout among the three available options, providing them with substantial support.
What are the Documents Required to Buy ICICI Pru Gift Pro
Listed below are the key documents that are required to buy the ICICI Pru Gift Pro savings protection plan -
| Particular | Documents |
|---|---|
| Personal Details |
|
| Income Proof |
|
| Nominee Details |
|
| Proposer Details (if different from Life Assured) |
|
| Other Documents |
|
Policy Details of ICICI Pru Gift Pro
ICICI Pru GIFT Pro is a robust life insurance solution that merges life coverage with savings and investment prospects. This plan aims to empower policyholders to meet their financial objectives while safeguarding the financial future of their families. Here are the essential features, advantages and policy specifics of ICICI Pru Gift Pro.
Key Features
1. Guaranteed Income Options: Policyholders have the opportunity to select from two available income options:
- Level Income: A steady income flow maintained consistently over the selected income period.
- Increasing Income: An income that appreciates each year at a straightforward interest rate of 5%, effectively combating inflation.
2. Low Cover Income Booster: This option offers a greater payout while providing a reduced life cover benefit, designed for individuals who value immediate financial gains over extended coverage.
3. Customizable MoneyBack Benefit: Policyholders have the flexibility to choose the percentage they want to be returned as a lump sum (ranging from 0% to 100%) and can also select when they wish to receive this payout during the income period.
4. Flexible Income Stream Planning: This plan offers the ability to customize the Policy Payment Term (PPT), Premium Payment Term (PT) and Income Period, allowing for tailored solutions that align with your unique financial objectives.
5. Life Cover: The plan features a life insurance element designed to offer financial security for the family in the unfortunate event of the policyholder’s passing.
6. Tax Benefits: Premiums paid could qualify for deductions under Section 80C of the Income Tax Act and the benefits received are generally exempt from taxation under Section 10(10D).
7. Loan Facility: Policyholders can avail themselves of loans against their policy during financial emergencies.
Benefits
- Guaranteed Income: The plan provides a reliable income stream throughout the designated period, customized to align with the policyholder’s specific preferences.
- Lump Sum Benefit: Policyholders have the option to withdraw future benefits in a single payment, offering them enhanced liquidity when required.
- Personalized Payment Dates: The "Save the Date" feature empowers policyholders to choose specific dates for guaranteed income delivery, allowing them to align these payments with important personal milestones or upcoming expenses.
- Minor Life Assured Provision: When a minor is designated as the life assured, they automatically assume the role of policyholder upon reaching the age of 18. This transition empowers them to manage and modify the policy according to their needs.
Policy Details
- Minimum Annual Premium: ₹50,000
- Maximum Annual Premium: Subject to board-approved underwriting policies.
- Minimum Sum Assured on Death: ₹3,50,000
- Maximum Sum Assured on Death: Up to ₹25,00,000 based on underwriting policies.
- Policy Terms Available: Ranges from 5 to 30 years.
- Income Period Options: 5, 7, 10, 12, 15, 20, 25, or 30 years.
Age Limits
- Minimum Age at Entry: 18 years
- Maximum Age at Entry: Varies based on policy term
- Maximum Age at Maturity: Up to 70 years depending on policy specifics.
How to File an ICICI Pru Gift Pro Claim?
Filing a claim for Pru Gift Pro is a quick and straightforward procedure that consists of just 3 easy steps -
Moreover, you can also raise your claim by visiting the nearest branch of ICICI Life Insurance.
Step 1: Claim intimation
To claim insurance, complete the claim intimation form and submit it with the required documents at ICICI’s branch or central claim care centre.
Step 2: Claim processing
Their dedicated ClaimCare team meticulously reviews your claim details and provides personalized guidance throughout the entire process. If any documents are outstanding, the team will notify you and issue a requirement within 8 calendar days. Their claim experts are readily available to assist and ensure that you receive the support you need.
Step 3: Claim settlement
After approval and receipt of necessary documents, they settle your claims within 12 days, if no investigation is needed. To simplify the process, reduce paperwork and ensure convenience, they use electronic transfer methods for disbursing the settlement amount.
Key Inclusions and Exclusions of the Plan
What's Included
- Life Insurance Cover
- Guaranteed Income Options
- MoneyBack Benefit
- Flexible-Premium Payment Terms
- Loan Facility
- Tax Benefits
What's Not Included
- Non-Guaranteed Benefits
- Death During Premium Payment Term
- Changes to Selected Options
- Exclusions Related to Policy Misrepresentation
- Taxation Changes
ICICI Pru Gift Pro Contact Details
You can contact ICICI Prudential Life Insurance by using the below-mentioned contact details.
- Registered Office Address ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025
- Customer Helpline Number 1860-266-7766
Frequently Asked Questions (FAQs)
A.
ICICI Pru GIFT Pro provides a flexible range of income payout options, spanning from 5 to 30 years. You can select the duration that best suits your financial objectives, whether it is for retirement planning or supporting your child’s education. The guaranteed income you receive will be influenced by several factors, including your selected premium amount, policy term and chosen payout period.
A.
Yes, ICICI Pru GIFT Pro provides the option to enhance your coverage with additional riders, including benefits for accidental death, waiver of premium in case of permanent disability and support for terminal illness.
A.
You have the freedom to select from various premium payment options - annual, semi-annual, quarterly or monthly. This flexibility enables you to tailor your payment schedule to fit your income and financial goals.
A.
The duration of the policy generally spans from 10 to 40 years. You have the flexibility to choose the deferment period, which is the time when you pay premiums but do not receive any income, according to your financial objectives and requirements.
A.
Yes, you can secure a loan against your policy once it has been active for a specified duration. The loan amount usually constitutes a percentage of the policy’s surrender value, making this a valuable option during financial emergencies.
A.
You have the option to name any individual as the beneficiary who will receive the death benefit in the unfortunate event of your passing. Furthermore, you have the flexibility to update your beneficiary information at any time.
A.
The surrender value refers to the sum you will obtain if you choose to end the policy before its maturity date. This amount is typically determined by the premiums you have paid and the overall performance of the policy.
A.
In some instances, it may be feasible to reinstate a lapsed policy within a designated timeframe. Nevertheless, this process might involve extra fees or specific conditions. It is recommended to reach out to ICICI Prudential Life Insurance for further details.
A.
In some instances, it is indeed possible to make adjustments to your insurance policy, like altering the frequency with which you pay premiums or even incorporating additional riders to enhance your coverage. However, it is crucial to note that these modifications might be subject to specific restrictions or conditions set by the policy provider.
A.
Yes, you have the option to surrender your policy before it matures. Be aware that surrender charges may apply. The surrender value will vary based on the performance of the policy and how much time has passed since its inception.
A.
Yes, you can transfer your policy to another individual. However, be aware that there are likely specific procedures and documentation that you will need to follow during this assignment process. For detailed guidance, please reach out to ICICI Prudential Life Insurance.
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