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According to Webster’s Dictionary, the word gift means;
“that which is given or bestowed; anything which is voluntarily transferred by one person to another without compensation; a donation; a present”.
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“..eternal life is the name given to the kind of life that our Eternal Father lives…accordingly, eternal life is not a name that has reference only to the unending duration of a future life; immortality is to live forever in the resurrected state, and by the grace of God all men will gain this unending continuance of life. But only those who obey the fullness of the gospel law will inherit eternal life.” Mormon Doctrine, p. 173.