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Guaranteed Income For Tomorrow

Guaranteed Income For Tomorrow Details of Plan
 
When you have planned for life, everyday becomes a GIFT! Life is all about enjoying and creating moments of joy with your loved ones. To live these moments to the fullest you need to have assurance of a life cover to protect your loved ones in case of any uncertainties and also plan for various life goals like marriage, parenthood, children’s education or a peaceful retirement. These are sacrosanct goals, for which you would need a financial plan that gives you the reassurance of a guarantee.
 
Keeping this in mind, we present ICICI Pru Guaranteed Income For Tomorrow. A protection and savings oriented life insurance plan with guaranteed benefits to help you achieve your life goals.
 
What makes ICICI Pru Guaranteed Income For Tomorrow suitable for you? Guaranteed Benefits
  • in the form of a lump sum or regular income to match your needs
  • Option to receive guaranteed income from 2nd year onwards
  • Higher Benefits for women
  • Life Insurance Cover for financial security of your family
  • Get Guaranteed Income when you want it with Save the Date5 feature
  • Tax benefits may be applicable on premiums paid and benefits received as per the prevailing tax laws
  • Option of taking Loan against policy to help you in case of financial emergencies
 
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.
 
Saurav is a 35 year old male, paying an annual premium of `1 lakh in ICICI Pru Guaranteed Income For Tomorrow. He wants to create an alternate source of income for himself so that he can plan to retire early. Moreover, he wants some income to start off from the very next year to take care of his son’s school fees.
 
The table below shows the regular income that Saurav will receive, for different combinations of premium payment term and policy term.
 
Pay forIncome from 2nd year till 8th yearIncome from 8th year till 14th year
7 years20,0001,20,722
Pay forIncome from 2nd year till 11th yearIncome from 11th year till 20th year
10 years25,0001,36,952
 

Saurav also has the flexibility to receive the Guaranteed Income either every year or every month during the Income Period.

Guaranteed Income on an annual basis for a premium payment term of 10 years is 1,36,952.

If he chooses to receive this income every month, the amount will be 1,41,061 for the whole year i.e. he will receive 1,41,061/12 = 11,755 every month for 10 years.

In case of an emergency that comes his way at the time of maturity or during the Income Period, Saurav also has an option to take all future Guaranteed Income as a one-time lump sum.

Life Insurance Benefit (Death Benefit):

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

Life Insurance Benefit is highest of: .

Sum Assured on Death

105% of Total Premiums Paid up to the date of death.

Annual Guaranteed Income X Death Benefit factor for Early Income plan option, where, Sum Assured on Death is 10 X Annualised Premium.

In case of death of the Life Assured during the Income Period, the Claimant will continue to receive the income. The Claimant shall have an option to receive the future income as a lump sum. .

Income plan option

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. .

Smita is a 35 year old female, paying an annual premium of 1 lakh in ICICI Pru Guaranteed Income For Tomorrow. She wants to create an alternate source of income for herself so that she can plan to retire early. .

The table below shows the Guaranteed Income that Smita will receive, for different combinations of premium payment term and Income Period.

Pay ForIncome Period: 5 YrsIncome Period: 7 YrsIncome Period: 10 Yrs
5 years1,42,4571,08,16683,266
7 Years2,14,0531,62,2001,23,676
10 Years3,40,5412,58,0281,97,884

Smita also has the flexibility to receive the Guaranteed Income either every year or every month during the Income Period. .

Guaranteed Income on an annual basis for a premium payment term of 10 year and income period of 10 years is 1,97,884. .

If she chooses to receive this income every month, the amount will be 2,03,821 for the whole year i.e. she will receive 2,03,821/12 = 16,985 every month for 10 years. .

In case of an emergency that comes her way at the time of maturity or during the Income Period, Smita also has an option to take all future Guaranteed Income as a one-time lump sum. .

Life Insurance Benefit (Death Benefit): .

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

Life Insurance Benefit is highest of: .

Sum Assured on Death.

105% of Total Premiums Paid up to the date of death.

Annual Guaranteed Income X Death Benefit factor for Income plan option, where, Sum Assured on Death is 10 X Annualised Premium.

In case of death of the Life Assured during the Income Period, the Claimant will continue to receive the income. The Claimant shall have an option to receive the future income as a lump sum. .

Lump sum plan option.

Under this plan option, you have to pay premiums for a certain period of time and at the end of the policy term, you will receive a guaranteed lump sum. .

You can choose the premium payment term i.e. the number of years for which you have to pay premiums and the policy term i.e. the number of years after which you want to receive the guaranteed lump sum. .

Details of the premium payment term and the policy term are shown in the table below: .

You can choose to pay premiums for You can choose to get guaranteed lump sum at the end of.

1 year (Pay just once) 5 or 10 or 15 years 5 years 10 or 12 years 6 years 12 years 7 years 12 or 15 years 10 years 15 or 20 years

Illustration: .

Anmol is a 35 year old male, paying an annual premium of 1 lakh in ICICI Pru Guaranteed Income For Tomorrow. He wants to create a corpus to fund the higher education of his son. .

The table below shows the guaranteed lump sum that Anmol will receive, for different combinations of premium payment term and policy term. .

Anmol pays premium for Anmol will receive lump sum at the end of Anmol will receive a guaranteed lump-sum of

5 years 10 years 7,42,363 7 years 15 years 13,35,715 10 years 20 years 23,40,465

Do note that the above table shows only some of the combinations of premium payment term and policy term that you can choose from. The complete set of combinations available under this option is given in “Table 1” above. .

Life Insurance Benefit (Death Benefit): .

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

Life Insurance Benefit is highest of: .

Sum Assured on Death.

105% of Total Premiums Paid up to the date of death.

Sum Assured on Maturity X Death Benefit factor for Lump sum plan option, where, Sum Assured on Death is 10 X Annualised Premium.

Guaranteed Pension Plan

Guaranteed Pension Plan Click for Details
 
The first thing to decide is whether the annuity/pension should be for the buyer alone or for both buyer as well as spouse.
 
The second option to make is choosing Immediate Annuity or Deferred Annuity.
 
In Immediate Annuity scheme the buyer will start receiving pension immediately.
 
In Deferred Annuity scheme the buyer can opt to receive pension any time from one year to 10 years of making the lump-sum deposit.
 
In both schemes the annuity can be received Monthly/Quarterly/Yearly.
 
Another critical decision to make is the option of “With Return of Purchase Price” or “Without Return of Purchase Price”. With RPP scheme will facilitate return of the invested amount in full to the nominee after death of the buyer(s). Whereas, in Without RPP scheme, the invested amount will not be returned to any one; that is, the corpus fund will exhaust with the death of the buyer(s). However a higher interest rate and a higher pension will be applied in this case in contrast to “With Return of Purchase Price” option.
 
Annuity OptionWith Return of Purchase PriceWithout Return of Purchase Price
Immediate AnnuityBuyer of the plan can pay a lump-sum and choose to start receiving her/his annuity monthly/quarterly/ yearly immediately. This guarantees a predictable income for her/his entire lifetime. The amount deposited (Purchase Price) would be paid to the nominee after buyer’’s death. Case -1: 20 Lacs single male Case -2: 20 Lacs single femaleBuyer of the plan can pay a lump-sum and choose to start receiving her/his annuity monthly/quarterly/ yearly immediately. This guarantees a predictable income for her/ his lifetime. The amount deposited (Purchase Price) would not be paid to the nominee after buyer’’s death. The corpus fund will exhaust with the death of the buyer. However a higher interest rate will be applied in this case and a higher pension in contrast to With Return of Purchase Price option. Case -1: 20 Lacs single male Case -2: 20 Lacs single female
Deferred AnnuityBuyer of the plan can pay a lump-sum and choose to start receiving her/his annuity monthly/quarterly/ yearly any time from one year to 10 years. This guarantees a predictable income for their lifetime. The amount deposited (Purchase Price) would be paid to the nominee after buyer’’s death. Case -1: 20 Lacs single male Case -2: 20 Lacs single femaleBuyer of the plan can pay a lump-sum and choose to start receiving her/his annuity monthly/quarterly/ yearly any time from one year to 10 years. This guarantees a predictable income for her/his lifetime. The amount deposited (Purchase Price) would not be paid to the nominee after buyer’’s death. The corpus fund will exhaust with the death of the buyer. However a higher interest rate and a higher pension will be applied in this case in contrast to With Return of Purchase Price option. Case -1: 20 Lacs single male Case -2: 20 Lacs single female
 
Annuity OptionWith Return of Purchase PriceWithout Return of Purchase Price
Immediate AnnuityBuyers of the plan can pay a lump-sum and choose to start receiving their annuity immediately monthly/quarterly/ yearly immediately. This guarantees a predictable income throughout their lifetime. The amount deposited (Purchase Price) would be paid to the nominee after the death of the last person of the pair. Case -1: 20 LacsBuyers of the plan can pay a lump-sum and choose to start receiving their annuity monthly/quarterly/ yearly immediately. This guarantees a predictable income throughout their lifetime. The amount deposited (Purchase Price) would not be paid to anyone after the death of the last person of the pair. The corpus fund will exhaust with the death of the last person of the pair. However a higher interest rate will be applied in this case and a higher pension in contrast to With Return of Purchase Price option. Case -1: 20 Lacs
Deferred AnnuityBuyers of the plan can pay a lump-sum and choose to start receiving their annuity monthly/quarterly/ yearly any time from one year to 10 years. This guarantees a predictable income for both of them throughout their lifetime. The amount deposited (Purchase Price) would be paid to the nominee after the death of the last person of the pair.Buyers of the plan can pay a lump-sum and choose to start receiving their annuity immediately monthly/quarterly/ yearly. This guarantees a predictable income for both of them throughout their lifetime. The corpus fund will exhaust with the death of the last person of the pair. However a higher interest rate will be applied in this case and a higher pension in contrast to With Return of Purchase Price option.

Lakshya Gold

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Lakshya Lifelong Income

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Signature

More details on Signature plan Click Here

Future Perfect

More details on Future Perfect Click Here

iProtect Smart

iProtect Smart Click for Details
 
iProtect Smart Details of Plan
 
Why ICICI Prudential? Top Ten Insurance Companies
 
1 Cr to the nominee after your lifetime. Interestingly, you are free to determine your life period; either 85 or 99.
 
For example, a premium of ₹ 21,171/- annually (exclusive of service tax and educational cess) could help provide a financial cushion of up to ₹ 1 Crore in the event of Death or Terminal Illness of the policyholder (example based on a male policyholder aged 35 years, with a 51 year term or coverage until his 86th birthday).
 
At the rate of ₹ 21,171/- per annum he would be paying a total of ₹ 10,79,721/- (Ten Lacs Seventy Nine Thousand Seven Hundred Twenty One) for ₹. 1,00,00,000/- (Once Crore) protection.
 
When the first premium is paid 1 Cr is guaranteed to the nominee at the time of death of insured.
 
Further, instead of paying ₹ 21,171/- every year for 51 years, if he opts for limited pay of 5 years payment, the annual premium would be ₹ 89,440/-. In that case he would be paying total ₹4,47,200/- only for the same One Crore rupees protection. (The policy holder would be saving 58.58% over regular payment.).
 
The buyer can convert this to a 360° protection by adding to the already inbuilt Life & Terminal illness Cover additional Accidental Cover and 34 Critical Illness Cover.
 
The Policy Holder can add another Rupees One Crore Accidental Cover by paying additional ₹5,900/- to his annual premium ₹21,171/-. In that case, the annual premium would be ₹27.071/-.
 
He can also add another Rupees Ten Lacs Critical Illness cover by paying additional ₹6,188/-. In such case, the total premium will be ₹33,259/- per year. This way, the policy holder shall be protected for total Rupees Two Crore Ten Lacs. The nominee will receive One Crore in the event of death due to natural causes or in the event of declaration by Doctors of Terminal Illness. The nominee will receive Two Crore in the event of an Accidental Death. Because of the additional Critical Illnesses Coverage, the policy holder will get full 10 Lacs at the time of first diagnosis of any of the 34 Critical Illnesses listed. Eg: Protection of ₹ 2.10 Crore- Life Insurance Cover of ₹ 1 Crore + Accidental Cover of ₹ 1 Crore + Critical Illness Cover of ₹ 10 Lacs through iProtect Smart plan of ICICI-Prudential.
 
  • Affordable Premium
  • Longer Life Cover (till the age of 85 or if you wish till the age of 99)
  • It pays on diagnosis of any of the 34 critical illnesses (if opted)
  • Accidental Death Benefit up to 2 Crore (optional)
  • In-built Terminal Illness Cover – you get the full sum assured if you are diagnosed with a terminal illness
  • In-built Premium Waiver on permanent disability due to accident
  • Tax benefits up to 54,600 under Section 80C, 80D & 10(10D)
  • Choice of 4 pay out options – lump sum, regular income, increasing income and lump sum + regular income
  • It gives you option to buy this policy online under MWP Act

General Information

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