ICICI Pru Life - GIFT Select

ICICI Pru GIFT Select offers - a life insurance savings product designed to support your goals every step of the way. The product combines protection for those you love with a guaranteed income stream, which can be utilized as a supplementary source of income, or
during your golden years, or to fund life's big moments, or act as a safety net for unexpected twists.

Leave behind a legacy with the safety of a life insurance cover
Secure an income stream with guaranteed payouts starting as early as first policy month
Get rewarded instantly with an Instant Cashback benefit , paid out upon policy issuance
Protect your savings against inflation with the option to receive guaranteed income that increases every year
Boost your savings with the option to enhance your guaranteed income by choosing a lower life cover
Enjoy cashflow flexibilities such as accumulating income to withdraw later or withdrawing future income in advance as a lump sum
Optimise your tax savings as tax benefits may be applicable on premiums paid and benefits received as per the prevailing tax laws

1. Instant Cashback Benefit
In todays fast-paced world, we are wired to appreciate immediate rewards. This feature caters to the innate desire for instant gratification by providing an instant cashback benefit. This allows you to enjoy the benefits of your policy without delay.
You can opt to receive instant cashback benefit only at policy inception. If you have opted for this, you will receive this benefit amount within one working day of realisation of the first years premium by the company, post policy issuance.
2. Guaranteed Income Benefit
This plan provides a steady income stream, helping you meet your financial obligations and achieve your long-term goals, regardless of market fluctuations or unexpected events.
You will receive a level guaranteed income (GI) from the chosen GI start date until the end of the policy term, provided all due premiums are paid and on the survival of the Life Assured on the respective GI due dates.
We understand you may also want your income to keep pace with rising costs, thereby maintaining your current lifestyle. Hence, to plan your expenses better, we also offer you the option to receive an increasing guaranteed income.
If you choose to receive income that increases every year, your guaranteed income will increase every year at a rate of 5% p.a. on a compounding basis.

Minimum - 0 years
Maximum - 55 years

Minimum Annual Premium: Rs. 50,000
Maximum Annual Premium: Subject to Board Approved Underwriting Policy (BAUP)

If the person whose life is covered by this policy (known as the Life Assured) passes away, during the policy term, the Death Benefit will be paid as a lump sum to the person specified (known as the Claimant) in the policy.
The 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, and
Surrender value payable as of the date of death
Where,
Annualised Premium means the premium amount payable in a policy year, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any
Total Premiums Paid means the total of all premiums paid under this policy, excluding any extra premiums, and taxes if collected explicitly
In case Low Cover Income Booster (explained below in the section Additional benefits) is chosen, the Death benefit multiple is 7. If the Low Cover Income Booster is not chosen, the Death Benefit multiple is 10
Upon payment of the Death Benefit to the Claimant, the policy will terminate and all rights, benefits and interests under the policy will cease.
In the event of death of the Life Assured on the date of maturity, only the Maturity Benefit (if applicable) and the last GI payout (if applicable) will be payable, and the Death Benefit will not be payable.
For policies issued on a minors life, the date of commencement of risk will be the same as the date of commencement of the policy.