You can add a Gift entry for an Insurance asset in MProfit. The assumption here is that the person who is receiving the gift is not a member of any of the portfolios which you manage in MProfit. Please follow the below process:

1) In the MProfit portfolio summary screen, right click on the Insurance name that you need to add a gift entry for. 

In the dropdown, select Advanced and then click on Transfer Asset to another Portfolio.

2. Next, select the Other / Gift option from the To Portfolio dropdown, enter the quantity you would like to Gift and click on Save.