ICICI Pru GIFT Pro

1. Flexibility to choose Guaranteed Income option (Level Guaranteed Income or Increasing Guaranteed Income)
ICICI Pru GIFT Pro gives you the option to select whether you want to receive guaranteed income that either

• remains at the same level throughout the Income Period, or
• increases every year

If you choose to receive an income that increases every year, your guaranteed income2 will increase every year at a simple interest rate of 5% per annum

Let us take an example to understand this flexibility available under ICICI Pru GIFT Pro:

Mr. Bhavesh is a 35-year-old who wants to receive second income that increases every year to meet his future goals.

He decides to pay an annual premium of ₹1 lakh for 10 years in ICICI Pru GIFT Pro and receive 100% MoneyBack Benefit3 in the last year of the Income Period and gets a life cover1 of minimum ₹ 10.70 lakh for 11 years.

Below table shows Mr. Bhavesh’s income in respective policy year:

2. Flexibility to choose to receive a percentage of your total annualised premiums paid i.e., MoneyBack Benefit

You can choose to receive any percentage from 0% to 100% of the sum total of all annualised premiums paid by you as this lump sum benefit (known as MoneyBack Benefit3). You will need to select the percentage of MoneyBack3 at inception

Let us take an example to understand this flexibility available under ICICI Pru GIFT Pro:

Mr. Bhavesh is a 35-year-old who wants to create a second income for himself so that he can plan for his future goals.

He decides to pay an annual premium of ₹1 lakh for 10 years towards ICICI Pru GIFT Pro. He gets a life cover1 of minimum ₹ 10.70 lakh for 11 years. He also decides to receive 100% MoneyBack Benefit3 in the last year of the Income Period. He chooses to receive a level income7 throughout the income period.

Let’s say Mr. Bhavesh considers 100%, 80%, 50%, 30% or 0% as MoneyBack Benefit3 along with the last income:

Below table shows Mr. Bhavesh’s income in respective policy year:

3. Flexibility to choose when you want to receive MoneyBack Benefit

ICICI Pru GIFT Pro gives you the flexibility to choose any year, on or after the maturity date of the policy up to the last income year, to receive the MoneyBack Benefit3. The MoneyBack Benefit3 will be payable at the end of the year, as chosen by you.

Please also note: In case of death of the Life Assured during the Income Period, the Claimant continues to receive the Guaranteed Income and MoneyBack Benefit (if applicable and not paid earlier).

4. Flexibility to choose income on any date of your choice with Save the Date

ICICI Pru GIFT Pro also lets you choose any date like your spouse’s birthdate or your anniversary date or any special date of your choice to receive the Guaranteed Income if you have opted to take Guaranteed Income2 on an annual basis.

5. Flexibility to receive all future benefits as a lump sum benefit at a discounted value

For ease of access to the fund, you get the option to receive future benefits by converting them in the form of a lump sum at policy maturity or any time during the income period, at a discounted rate (if not already received). This flexibility is also available to the Claimant in case of unfortunate demise of the Life Assured during the Income Period.

6. Low Cover Income Booster

At the inception of the policy, you can also choose to opt for “Low Cover Income Booster” wherein you will be able to enjoy increased income for opting a lower life cover.

Death Benefit

In the event the person whose life is covered by this policy (known as the Life Assured) passes away, during the term of the policy, the Death Benefit will be paid out as a lump sum to the person specified (known as the Claimant) in the policy.

Death Benefit is highest of:

• Sum Assured on Death (defined as Death Benefit multiple X Annualised Premium)
• 105% of the Total premiums paid up to the date of death
• Death Benefit Factor X Maturity Sum Assured X {number of months for which premiums are paid up to date of death / (12 X Premium Payment Term)}

On payment of Death Benefit to the claimant, the policy will terminate and all rights, benefits and interests under the policy will stand extinguished.