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ICICI Pru Gold
Gold Standard for Financial Growth
About ICICI Pru Gold Protection Savings Plan
ICICI Pru Gold is a well-structured life insurance plan that focuses on protection and savings, making it an ideal choice for individuals seeking life cover and financial security. This participation plan not only offers the reassurance of life insurance but also ensures a consistent stream of income throughout one’s lifetime, which can be invaluable for addressing any ongoing financial obligations.
Additionally, it allows policyholders to benefit from annual bonuses, enhancing their overall returns and aiding in fulfilling long-term financial aspirations. Therefore, it is a comprehensive solution for anyone looking to secure their family’s future while accumulating savings.
ICICI Pru Gold is an extremely flexible lifelong income plan designed to enhance your investment with a guaranteed return. With this plan, you benefit from a consistent income and a company-declared bonus that further enriches your investment. Additionally, upon maturity, you receive a full refund of your premiums along with a terminal bonus (if declared).
If you aspire to secure a comfortable future without the anxiety of market fluctuations impacting your finances, this plan is perfect for you. ICICI Pru Gold is an excellent choice for those seeking to diversify their portfolio while balancing market risks with a steady income.
Key Features of the ICICI Pru Gold Plan
Listed below are the key features of the ICICI Pru Gold plan -
- Life Cover Protection: Offers life insurance that extends coverage until the policyholder turns 99 years old, providing enduring financial security for their loved ones.
- Income Benefits: Provides a consistent income stream until the age of 99. Policyholders can choose to begin receiving payments immediately or after the deferment period, based on their individual preferences. The income generated includes a mix of guaranteed income and bonus-linked income.
- Flexible Payout Options:
- Immediate Income: You can begin receiving regular income as early as the first month or year of your policy.
- Deferred Income: Policyholders have the option to begin receiving income following a designated deferment period.
- Booster Options: A guaranteed booster is issued every five years, supplementing regular income and significantly boosting the benefits.
- Guaranteed Returns: The policy ensures a consistent income stream through “Guaranteed Income” and a “Sum Assured upon Maturity” as highlighted in the Maturity Benefit. In the “Immediate Income with Booster” variant, the guaranteed booster enhances these assured benefits.
- Tax Benefits: The plan could offer potential tax savings on the premiums contributed and the benefits received, per current tax regulations.
- Flexible Income Use: Policyholders have the opportunity to build income for future needs, withdraw their accumulated funds at any moment or utilize their savings to cover premium payments.
- Maturity and Bonus Benefits: Upon reaching the end of the policy term, the policyholder will receive a Maturity Benefit encompassing the Sum Assured, any declared Terminal Bonus and the remaining balance in the savings wallet, if applicable.
- Premium Payment Options: You have the convenience of paying premiums annually, semi-annually or monthly, allowing you to effectively manage your financial commitments.
- Policy Loan: After the policy is established, policyholders have the opportunity to take a loan of up to 80% of that surrender value.
- Revival and Surrender Flexibility: The plan allows for the reinstatement of the policy within five years in case of missed premium payments. Additionally, it provides a surrender value for policyholders who choose to terminate the plan after a minimum of two years of premium payments.
Eligibility Criteria of ICICI Pru Gold
The eligibility criteria for ICICI Pru Gold are as follows -
| Criteria | Details |
|---|---|
| Age at Entry | Minimum: 0 years (newborns) Maximum: 50 to 60 years (depending on the plan variant) |
| Age at Maturity | Up to 99 years |
| Premium Payment Term | 5 to 12 years (depending on the plan variant) |
| Policy Term | Minimum: 25 years Maximum: 99 years |
| Minimum Annual Premium | ₹50,000 annully (based on underwriting policy) |
| Sum Assured on Death |
|
Additional Benefits and Details
The Additional Benefits of ICICI Pru Gold as per the official brochure include:
1. Higher Premium Benefit
This benefit provides an added guaranteed income rate that varies based on the Annualized Premium contributed. The following table illustrates how the additional benefit grows as the premiums increase -
| Annualized Premium | Additional Rate (%) |
|---|---|
| ₹50,000 | 0.00% |
| ₹100,000 | 0.25% |
| ₹200,000 | 0.50% |
| ₹300,000 | 0.75% |
| ₹500,000 | 1.00% |
| More than or equal to ₹1,000,000 | 1.25% |
This advantage applies to both the Guaranteed Income and the Guaranteed Booster, if available.
2. Benefit Enhancer
This benefit provides an extra 3% of the Survival Benefit (which includes the Fixed Cash Income benefit, if applicable) and the Sum Assured at Maturity for policies acquired online through the Insurance Self Network Platform (ISNP) or for employees of ICICI Prudential Life Insurance and its associate companies within ICICI Bank.
3. Policy Loan
Policyholders have the option to secure a loan once their policy has accumulated a surrender value.
- Loan Amount: Maximum 80% of the surrender value.
- Loan Interest Rate: 1.5% above 10-year government securities yield; the rate was 8.781% in November 2023.
Additional provisions include:
- For policies that are fully paid, foreclosure will not occur.
- If the outstanding loan surpasses the unpaid policies’ surrender value, the policy may be foreclosed following proper notification.
Benefits of ICICI Pru Gold Protection Savings Plan
- Guaranteed Income: Receive a reliable income throughout the policy term, guaranteed as a component of the survival benefit. This income is supplementary to any potential bonuses.
- Guaranteed Booster: Offered every 5 years through the “Immediate Income with Booster” plan variant, this benefit amounts to 100% of the guaranteed income for the respective year.
- Savings Wallet: Accumulate your survival benefits - comprising guaranteed income and cash bonus - in a savings wallet, allowing you to withdraw funds whenever you need or utilize the total amount to cover future premiums.
- Save the Date Feature: This offers you the unique flexibility to select a birthday or anniversary, as a time to receive income, rather than being limited to the policy anniversary.
- Higher Premium Benefit: Enjoy an increased guaranteed income with elevated premium contributions. For example, premiums of 1 lakh rupees or above result in a guaranteed income boost ranging from 0.25% to 1.25%, based on the premium amount.
- Benefit Enhancer: Enjoy a 3% increase in survival benefit and sum assured at maturity for policies acquired online or by employees of ICICI Prudential and its affiliates.
- Policy Loan: You have the opportunity to secure a loan of up to 80% of the surrender value once your policy has accumulated a surrender value.
- Tax Benefits: Enjoy savings on premiums paid and benefits received, under the current tax regulations in India.
What are the Documents Required to Buy ICICI Pru Gold?
The list of documents required to buy/apply for the ICICI Pru Gold Protection Savings plan is different for existing ICICI customers and new customers. Let us find out.
Documents Needed to Buy ICICI Pru Gold for New Customers
| Document Type | Details |
|---|---|
| Mandatory Documents | PAN/Form 60 |
| Officially Valid Document | (Choose one from the list below) |
| Passport | |
| Driving License | |
| Voter's Identity Card issued by the Election Commission of India | |
| Job Card issued by NREGA (signed by a State Government officer) | |
| Letter from National Population Register (or another document notified by the Central Government) | |
| Additional Document | One recent photograph |
| Aadhaar Proof | Proof of Aadhaar (must be masked/redacted/blackout version) |
For Existing ICICI Customers
As an existing ICICI customer, you will find that most of your information is automatically populated for your convenience, except for health-related questions, educational background, employment details and a few other specifics. If you hold an ICICI bank account, numerous fields in the form will be pre-filled based on your account number, streamlining the process further.
Policy Details of ICICI Pru Gold
ICICI Pru Gold is an innovative non-linked, participating individual life insurance savings plan. It provides life cover and regular income through bonuses. Here are the important details -
1. Plan Overview:
- Provides life coverage with a policy term extending up to 99 years of age.
- Offers a consistent income that can commence either immediately or after a few years, depending on the selected plan option.
- Regular income includes both guaranteed earnings and income tied to bonuses.
2. Plan Variants:
- Immediate Income: Provides a reliable guaranteed income combined with bonus-linked earnings, commencing in the very first year of the policy.
- Immediate Income with Booster: Offers a steady income combined with a guaranteed booster every five years for enhanced financial growth.
- Deferred Income: Enables you to begin receiving income after a deferment period tailored to your requirements.
3. Income and Benefits:
- Guaranteed Income and Cash Bonus are fundamental components of the plan’s income benefits. While GI remains fixed, CB fluctuates based on the company’s bonus announcements.
- The Maturity Benefit encompasses the Sum Assured upon maturity, any Terminal Bonus that may be declared and the remaining balance in the savings wallet, if applicable.
- The death benefit is determined by taking the greatest value among the Sum Assured on Death, seven times the annual premiums or 105% of the total premiums paid.
4. Additional Features:
- Save the Date: Policyholders can select a specific date to receive their survival benefits.
- Savings Wallet: Build up your benefits, modify future premiums or withdraw your balance whenever you wish.
- Policy Loan: Accessible once the policy has established a surrender value, allowing for a loan amount of up to 80% of that value.
5. Tax Benefits:
- Tac advantages associated with premiums paid and benefits received, in accordance with current tax regulations.
6. Policy Flexibilities:
- Choose from options for annual or monthly income disbursements.
- A mechanism to accumulate or withdraw income or to apply it towards future premium adjustments.
7. Plan Termination:
If premiums remain unpaid, the policy may either lapse or convert to a paid-up status, resulting in diminished benefits. However, the policy can be reinstated within five years, provided certain conditions are met.
How to File ICICI Pru Gold Claim?
Filing a claim for ICICI Pru Gold 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
What's Not Included
ICICI Pru Gold Protection Savings Plan 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 Gold is a participating life insurance plan that seamlessly blends protection with savings. This plan provides life coverage and features regular income options, addressing long-term financial goals through bonus participation. It is an ideal choice for individuals looking for both security and the potential for savings growth.
A.
ICICI Pru Gold offers policyholders the flexibility to select from three distinct income options - Immediate Income, Immediate Income with Booster and Deferred Income. This versatility allows individuals to begin receiving steady income according to their financial needs, whether they prefer immediate payments or a delayed option.
A.
ICICI Pru Gold offers a range of advantages, including life insurance coverage, a steady lifelong income, the flexibility to accumulate or withdraw benefits, guaranteed boosters every five years and potential tax benefits on both premiums and payouts. These features make it an attractive choice for comprehensive long-term financial planning.
A.
The maturity benefit in ICICI Pru Gold includes the sum assured plus any bonuses accrued throughout the policy term, offering a substantial lump sum payment upon maturity. This benefit is dependent on the timely payment of all premiums and the policyholder’s survival until the maturity date.
A.
ICICI Pru Gold offers a variety of premium payment options, including annual, half-yearly and monthly frequencies. The minimum annual premium begins at 50,000 rupees, with different amounts based on the chosen plan and payment duration, providing ample flexibility for managing your premiums.
A.
The ICICI Pru Gold policy has surrender value determined by the premiums paid and the policy’s terms. After a minimum of two complete years of premium payments, the policy builds up surrender value, enabling the policyholder to reclaim a portion of the premiums contributed upon surrendering the policy.
A.
The ICICI Pru Gold Plan offers attractive tax advantages, including deductions on premiums paid and tax-free benefits received, in accordance with current tax regulations. These advantages are applicable under Section 80C for premium payments and Section 10(10D) for maturity benefits, making the policy particularly appealing for investors who are mindful of their tax obligations.
A.
Yes, you can secure a loan against your ICICI Pru Gold policy once it has built up a surrender value. The loan amount usually constitutes a percentage of this surrender value, offering policyholders essential liquidity without compromising their insurance coverage.
A.
You can easily check the status of your ICICI Pru Gold policy by visiting the official ICICI Prudential website or reaching out to their customer service team through phone or email. Furthermore, policyholders have the option to use the mobile app or SMS services for quick and convenient updates on their policy status.
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