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ICICI Pru GIFT Long Term Calculator

ICICI Pru GIFT Long Term is a non-linked, non-participating individual life insurance savings plan built for a long income horizon. You pay premiums for a chosen Premium Payment Term, wait through an optional Deferment Period, and then receive a Guaranteed Income every year for a long Income Period of up to 40 years - fixed at policy inception and unaffected by market performance, unlike a ULIP. At the end of the Income Period you also receive a Guaranteed Maturity Benefit, a lump sum alongside your final income installment. This calculator projects that guaranteed income, the Maturity Benefit, the total guaranteed returns over the policy, the Sum Assured, and the Death Benefit payable to your nominee.

The Three Headline Choices

Premium Payment Term is how many years you pay premiums for - 5, 7, 10, or 12 years. A longer term builds a larger guaranteed income rate.

Deferment Period is an optional gap between the end of premium payment and the start of income - 0 (income starts right after premiums end) up to 5 years. Choose a longer Deferment Period to line up the start of your income with a specific future need, such as retirement or a child's higher education.

Income Period is how many years the guaranteed income is paid for - 20, 25, 30, 35, or 40 years. This is the defining feature of the Long Term variant: a much longer payout horizon than a typical guaranteed income plan.

How the Guaranteed Income Is Calculated

$$\text{Guaranteed Annual Income} = \text{Annual Premium} \times \text{Income Rate}(PPT)$$

The Income Rate rises with a longer Premium Payment Term (PPT) - paying premiums for longer builds a larger guaranteed income for every year of the Income Period.

When Income Starts, Ends, and the Maturity Benefit

$$\text{Income Start Year} = PPT + \text{Deferment Period} + 1$$ $$\text{Income End Year} = \text{Income Start Year} + \text{Income Period} - 1$$

The Policy Term runs through the Income End Year. Alongside the final income installment, you receive a Guaranteed Maturity Benefit:

$$\text{Maturity Benefit} = \text{Total Premium Paid} = \text{Annual Premium} \times PPT$$

Your total guaranteed returns over the life of the policy - income plus the maturity lump sum - are:

$$\text{Total Guaranteed Returns} = (\text{Guaranteed Annual Income} \times \text{Income Period}) + \text{Maturity Benefit}$$

Sum Assured and Death Benefit

The Sum Assured follows the common IRDAI-style minimum norm for traditional plans, based on your Age at Entry:

$$\text{Sum Assured} = \max\Big(\text{Age} < 45 \; ? \; 10\times AP : 7\times AP,\quad \text{Age} < 45 \; ? \; 0.5 : 0.25 \; \times PT \times AP\Big)$$

Where AP is the Annual Premium and PT is the Policy Term. If you pass away during the policy term, your nominee receives the Death Benefit - the higher of the Sum Assured or 105% of premiums paid till date - over and above any income installments already due.

How to Use This Calculator

1. Enter your Age at Entry.
2. Enter the Annual Premium you plan to pay.
3. Choose your Premium Payment Term - 5, 7, 10, or 12 years.
4. Choose a Deferment Period - None, or 1, 2, 3, or 5 years.
5. Choose your Income Period - 20, 25, 30, 35, or 40 years.
6. Choose a Payment Mode for how the income installment is split.
7. Submit to see your Policy Term, Sum Assured, total premiums paid, the Guaranteed Annual Income, the Guaranteed Maturity Benefit, total guaranteed returns over the policy, and a year-by-year payout and death benefit schedule.

Worked Example

A 35-year-old with an Annual Premium of ₹1,50,000, a 10-year Premium Payment Term, no Deferment Period, and a 30-year Income Period:

• Sum Assured: ₹30,00,000 (0.5 x Policy Term x Annual Premium = 0.5 x 40 x ₹1,50,000, which exceeds 10x Annual Premium since entry age is under 45)
• Total Premiums Paid: ₹15,00,000 (₹1,50,000 x 10 years)
• Guaranteed Annual Income: ₹87,000 every year, from Policy Year 11 through Policy Year 40
• Total Guaranteed Income: ₹26,10,000 over the 30-year Income Period
• Guaranteed Maturity Benefit: ₹15,00,000, paid alongside the final income installment in Policy Year 40
• Total Guaranteed Returns: ₹41,10,000 (274% of total premiums paid)
• Policy Term: 40 years

Important Notes

• This is a guaranteed, non-linked plan - the income and maturity amounts are fixed at policy inception and do not depend on market or fund performance, unlike a ULIP.
• A longer Deferment Period delays income but doesn't change its rate in this model - use it to line up your first payout with a future milestone rather than to boost the amount.
• The figures on this page are illustrative. They are modeled on the general shape of Indian long-term guaranteed-income traditional plans and are not a reproduction of ICICI Prudential Life's official Benefit Illustration for UIN 105N185V17.
• Tax benefits may be available on premiums under Section 80C and on the income/death/maturity benefit under Section 10(10D) of the Income Tax Act, subject to the conditions in force at the time.
• This calculator is for educational illustration only and does not constitute financial or insurance advice. Refer to the official ICICI Pru GIFT Long Term policy document and Benefit Illustration before making any purchase decision.