Q: Can I take Guaranteed ^ Income under Level/Increasing Income option in half-yearly or monthly frequency?

You can take Guaranteed ^ Income only in monthly or annual frequency. There is no option to take it half-yearly.

Question 1

Does ICICI Pru GIFT Pro offer completely guaranteed^{^} benefits?

Accepted Answer

Yes - all benefits offered under ICICI Pru GIFT Pro are completely guaranteed^{^}. The guaranteed^{^} benefits are mentioned in the Key Feature Document, Benefit Illustration and the Policy Schedule.

Question 2

What kind of needs can be fulfilled by GIFT Pro?

Accepted Answer

GIFT Pro will help you to fulfill short-term as well as long-term income needs. You will also have an option of receiving a MoneyBack Benefit (one time lumpsum amount)

Question 3

What are the different income options available under ICICI Pru GIFT Pro?

Accepted Answer

ICICI Pru GIFT Pro provides you the flexibility of either selecting Level (Constant) Income or Increasing Income stream.

Question 4

What is Level Income option?

Accepted Answer

Level Income option is an income option which will provide you a constant income (does not increase or decrease) throughout the income period.

Question 5

What is Increasing Income option?

Accepted Answer

Increasing Income option is an income option which will provide you an increasing income throughout the income period. Your income will increase by 5% p.a simple interest. Example: If your Guaranteed^{^} Income if Rs. 100,000 p.a in the first year, in second year you will receive an income of Rs. 105,000, third year your income will be Rs. 110,000 and so on.

Question 6

For how many years will I get income under the Increasing/Level Income option?

Accepted Answer

You can choose to receive income for a period of 5/7/10/12/15/20/25/30. This is known as Guaranteed^{^} Income period for both Increasing and level income options

Question 7

Can I take Guaranteed^{^} Income under Level/Increasing Income option in half-yearly or monthly frequency?

Accepted Answer

You can take Guaranteed^{^} Income only in monthly or annual frequency. There is no option to take it half-yearly.

Question 8

When does the income start under the Level/Increasing Income plan option?

Accepted Answer

Under both Level Income and Increasing Income plan options, your income will start after the completion of policy term (premium payment term plus few years). Based on the option chosen, you can start receiving the income on

Guaranteed^{^} Income Due Date (Which can be upto 5 years after completion of the premium payment term)

Any special date such as date of maturity of the policy, birthday, anniversary date, etc.

Question 9

What is MoneyBack Benefit and MoneyBack Benefit %?

Accepted Answer

You can choose to receive any percentage from 0% to 100% of the sum total of all annualized premiums payable by you as a one time lump sum benefit (known as MoneyBack Benefit). You will need to select the percentage of MoneyBack at inception.

Example: If sum total of all annualized premiums payable is Rs. 10 Lacs and you have selected a MoneyBack Benefit of 50%, your MoneyBack Benefit amount will be Rs. 5 Lacs (Rs. 10 Lacs x 50%).

Question 10

When will I receive MoneyBack Benefit?

Accepted Answer

You have 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 Benefit.

Example: If you have opted to receive MoneyBack Benefit in 6th income year, you will receive MoneyBack Benefit at the end of 6th income year.

Question 11

Can I opt to not receive any MoneyBack Benefit?

Accepted Answer

Yes. If you select your MoneyBack Benefit % as 0%, you will not receive any MoneyBack Benefit.

Question 12

What will be the impact of MoneyBack Benefit on Guaranteed^{^} Income amount?

Accepted Answer

A higher MoneyBack Benefit will mean a lower Guaranteed^{^} Income. Also, MoneyBack year will have an impact on the Guaranteed^{^} Income amount. Later the MoneyBack Benefit year, higher will be the income.

Question 13

Can I change MoneyBack Benefit % and year after purchasing the policy ?

Accepted Answer

No. MoneyBack Benefit % and year has to chosen at the inception of the policy. This cannot be changed later.

Question 14

What is Low Cover Income Booster?

Accepted Answer

Low Cover Income Booster is a flexibility that provides you an option to opt for a lower Life Insurance Cover and enjoy additional (higher) Guaranteed^{^} Income.

Question 15

When can I opt for Low Cover Income Booster

Accepted Answer

You can opt for Low Cover Income Booster at the inception of the policy. Once chosen, it cannot be changed later.

Question 16

What happens in case of death of the Life Assured during the Policy Term?

Accepted Answer

In case of death of the Life Assured during the Policy Term, the death benefit will be paid to the Claimant and the policy shall terminate.

Question 17

What happens in case of death of the Life Assured between the period of completion of policy term & start of the income term?

Accepted Answer

Nominee will continue to receive Guaranteed^{^} income for the entire income period, in case of death of the Life Assured after the Policy Term.

Question 18

Is Life Insurance Benefit applicable during the Income Period? What happens in case of death of the Life Assured during the Income period?

Accepted Answer

Since Income period in not included in the policy term, Life Insurance Benefit will not be applicable during the income period. Nominee will continue to receive guaranteed^{^} income for the entire income period, in case of death of the Life Assured during income period.

Question 19

What is 'Save the Date' feature?

Accepted Answer

You have an option to receive GI every year on a Special Date of your choice preceding the due date of first GI pay-out during the Income Period. The Special date can be chosen to coincide with any date such as, Date of Maturity, birth date or anniversary date etc. Payment of GI will commence from this Special Date and all further GIs will be paid every year on this Special Date chosen. You can select the Special Date at policy inception or any time before two months of the completion of the policy term.

Question 20

In case the policy is taken on the life of a minor life assured (age less than 18 years), what will happen on him/her turning age 18 years (attaining majority)?

Accepted Answer

In case of a policy taken on a minor life assured, once the life assured turns major (i.e. age 18 years), the ownership of the policy transfers to the life assured. He/She then becomes the proposer of the policy and is liable to pay future premiums, if any and will also be entitled to the benefits payable under the policy.

Income as per your choice

Customisable MoneyBack Benefit¹

Flexibility to choose income period^$

Low Cover Income Booster²

ICICI PRU GIFT Pro Calculator

What is ICICI Pru GIFT Pro?

How the plan works?

Eligibility

Why Choose Icici Prudential life?

Buy Online in 3 simple steps

Frequently Asked Question

Does ICICI Pru GIFT Pro offer completely guaranteed^{^} benefits?

What kind of needs can be fulfilled by GIFT Pro?

What are the different income options available under ICICI Pru GIFT Pro?

What is Level Income option?

What is Increasing Income option?

For how many years will I get income under the Increasing/Level Income option?

Can I take Guaranteed^{^} Income under Level/Increasing Income option in half-yearly or monthly frequency?

When does the income start under the Level/Increasing Income plan option?

What is MoneyBack Benefit and MoneyBack Benefit %?

When will I receive MoneyBack Benefit?

Can I opt to not receive any MoneyBack Benefit?

What will be the impact of MoneyBack Benefit on Guaranteed^{^} Income amount?

Can I change MoneyBack Benefit % and year after purchasing the policy ?

What is Low Cover Income Booster?

When can I opt for Low Cover Income Booster

What happens in case of death of the Life Assured during the Policy Term?

What happens in case of death of the Life Assured between the period of completion of policy term & start of the income term?

Is Life Insurance Benefit applicable during the Income Period? What happens in case of death of the Life Assured during the Income period?

What is 'Save the Date' feature?

In case the policy is taken on the life of a minor life assured (age less than 18 years), what will happen on him/her turning age 18 years (attaining majority)?

Income as per your choice

Customisable MoneyBack Benefit1

Flexibility to choose income period$

Low Cover Income Booster2

ICICI PRU GIFT Pro Calculator

What is ICICI Pru GIFT Pro?

How the plan works?

Eligibility

Why Choose Icici Prudential life?

Buy Online in 3 simple steps

Frequently Asked Question

Does ICICI Pru GIFT Pro offer completely guaranteed^ benefits?

What kind of needs can be fulfilled by GIFT Pro?

What are the different income options available under ICICI Pru GIFT Pro?

What is Level Income option?

What is Increasing Income option?

For how many years will I get income under the Increasing/Level Income option?

Can I take Guaranteed^ Income under Level/Increasing Income option in half-yearly or monthly frequency?

When does the income start under the Level/Increasing Income plan option?

What is MoneyBack Benefit and MoneyBack Benefit %?

When will I receive MoneyBack Benefit?

Can I opt to not receive any MoneyBack Benefit?

What will be the impact of MoneyBack Benefit on Guaranteed^ Income amount?

Can I change MoneyBack Benefit % and year after purchasing the policy ?

What is Low Cover Income Booster?

When can I opt for Low Cover Income Booster

What happens in case of death of the Life Assured during the Policy Term?

What happens in case of death of the Life Assured between the period of completion of policy term & start of the income term?

Is Life Insurance Benefit applicable during the Income Period? What happens in case of death of the Life Assured during the Income period?

What is 'Save the Date' feature?

In case the policy is taken on the life of a minor life assured (age less than 18 years), what will happen on him/her turning age 18 years (attaining majority)?

Customisable MoneyBack Benefit¹

Flexibility to choose income period^$

Low Cover Income Booster²

Does ICICI Pru GIFT Pro offer completely guaranteed^{^} benefits?

Can I take Guaranteed^{^} Income under Level/Increasing Income option in half-yearly or monthly frequency?

What will be the impact of MoneyBack Benefit on Guaranteed^{^} Income amount?