ICICI Pru Guaranteed Return Plan – Check Benefits, Features, Eligibility Criteria and Other Details of ICICI Guaranteed Return Plan

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An Overview of ICICI Pru Guaranteed Return Plan

With inflation soaring high, it has become very important to maintain financial stability. And if you are looking for some investment option, nothing can be better than a guaranteed return plan. Guaranteed return insurance plans are specially designed for people who do not have a risk appetite. Along with benefits related to life insurance, a guaranteed return insurance plan offers maturity benefits as well as guaranteed payouts on regular basis. With a guaranteed income plan, you can get financial security in the form of regular income at a pre-defined percentage that will be decided by you and the insurance company from which you are buying the plan. It is up to you whether you want to receive the income on a monthly, half-yearly, quarterly, or annual basis. When you buy this plan, you also get a bonus facility. Even if there are ups and downs in the market, you will not have to worry at all, since all that you can do is focus on the higher returns.

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Benefits of guaranteed return plans

As you buy a guaranteed plan, you will come across various benefits. Some of them are mentioned herein below:

1. Maturity benefits:

When it is time for maturity, you will receive the reversionary bonus as well as the terminal bonus. If the payout period is around 15 years, you will be paid the regular amount, which is the pre-decided percentage of the sum assured.

2. Death benefits:

If you pass away between the premium paying term, you will receive the basic sum assured with the terminal bonus and the reversionary bonuses. The payouts will be carried out for the coming 15 years or as per what is mentioned in the policy. If you pass away after the premium paying term or during the payout term, then the nominee will get the amount of the sum assured and all the other benefits.

3. Additional rider:

If you take a traditional guarantee return policy, it will come with an in-built rider, which is an Accidental Death benefit Rider. You may come across some traditional guaranteed return insurance plans that provide fully guaranteed returns

4. Income Tax benefits:

With a guaranteed return insurance plan, you can avail of income tax benefits. Each year, tax deductions under Section 80 (C) and tax exemptions under Section 10 (10D) are available. However, it is subject to terms and conditions.

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Features of guaranteed return insurance plan

Before you buy a guaranteed return insurance plan, here are some of the features that you should know about.

  • It is a type of life insurance plan that offers regular income for a particular term of 10-30 years
  • At the time of maturity, you can get a vested reversionary bonus as well as a terminal bonus
  • You can avail of the benefit of tax exemption
  • The plan offers a death benefit and maturity benefits
  • The tenure of the plan is 10-30 years.

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Eligibility criteria for buying a guaranteed return insurance plan

To buy this life insurance plan, you need to match certain eligibility criteria. Here are some of them mentioned below:

  • You must be a salaried individual
  • You should fall within the age bracket of 18-60 years.

ICICI Pru Guaranteed Return Insurance Plan

One of the best-guaranteed return plans that you can trust is ICICI Pru Guaranteed Return Insurance Plan. If you are wondering what is so great about this plan, then here are some points for you.

  • It is one of the most sought-after guaranteed returned insurance plans in India
  • It is a low-risk plan
  • Even if there is movement in the market, the plan will not be affected
  • You will get stable returns
  • Your family members will be financially covered under it.

The types of ICICI Pru Guaranteed Return Insurance plans are ICICI Pru Guaranteed Income For Tomorrow (Income option) and ICICI Pru Guaranteed Income For Tomorrow (Early Income option). You can refer to the table mentioned below to understand the basic difference between these two plans.

ICICI Pru Guaranteed Income For Tomorrow (Income option) ICICI Pru Guaranteed Income For Tomorrow (Early Income option)
You can get a 2.5% additional maturity benefit on buying this online You can get up to 3.5% additional guarantee income on buying it online
You can pay INR 10,000 per month for 10 years to get INR 23.14 lakh as income You can pay INR 5,000 per month for 10 years to get INR 9.08 lakh as income

To buy one of these plans, you can visit the official website of ICICI Prudential. Upon visiting the target page, you can create your savings plan and fill out the application. Once you have duly filled out your application, make the required payment and upload the necessary document. Your plan will be issued shortly.

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FAQs: ICICI Pru Guaranteed Return Insurance Plan

What are the factors that affect returns?

Some of the common factors that may affect the returns are age, gender, and policy term.

Who should buy a guaranteed return insurance plan?

Anybody in the age range of 18-60 years can buy it. It was mostly designed for salaried people. However, anybody with income can buy it.

Is a short-term guaranteed plan better than a long-term guaranteed plan? A:

It totally depends upon your financial goals and the stage of your life. If you are young, you can choose a long-term guaranteed plan. However, people who are planning their retirement should buy a short-term guaranteed plan.

Does a guaranteed return insurance plan help save tax? A:

Yes, it does. The premiums you pay for such plans are allowed for deduction under Section 80C^ and the Maturity amount is free of tax. Nevertheless, it is subject to conditions prescribed under Section 10(10D) of the Income Tax Act, 1961.

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Feb 28, 2023
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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