I was with my boyfriend for 5 months before we said i love you and i was in the same situation as you. I knew i loved him.... and i wanted to say it soooo bad but i was terrified of being rejected. one day we were just sitting on the couch watching tv and it was on my mind (it was always on my mind and i am sure its on yours the same way... one of those thing that when your lying in bed at night you just keep going over every possible situation). Anyways so we are on the couch and i was just thought to myself "Just say it, you know he feels the same way, just say it, hes probably just as nervous and feels it too, just say it."
we hadnt really been talking, just sitting, me leaning on him watching tv. So i randomly turned around, gave him a little kiss and said I love you, than went to turn back face the tv. But he stoped me. put his hand on my chin and said I love you too. it wasnt even awkward. and it was such a HUGE relief!!!
We went out to dinner the next weekend and he told me he was so afraid to tell me and was glad i did it. than he told me he loved me again but this time told me why. i almost cried.
Dont give him the ring... just tell him when its just the two of you together. I know you have probably had a milllion moments where you have been like "this would be the perfect time for me to tell him" or "he should say it now" next time you have one of those moments just gather ALL the courage you have and tell him... trust me he wont reject you and you will be glad you did it.
hope all works well if you have any questions message me... and i would also kinda like to know what you end up doing so message me anyways :)