ICICI Prudential Life
ICICI Prudential Endowment Policy

ICICI Prudential Endowment Plans

ICICI Prudential Endowment Plans are a kind of life insurance designed to offer dual benefits, including life coverage and a fixed lump sum or income benefit to the policyholder. These plans are ideal for individuals looking to build a risk-free saving corpus while ensuring financial protection for their families in the event of an unfortunate event. Due to their simple and easy-to-understand nature, these endowment plans by ICICI Prudential have made them an attractive savings option over the years. 

One key advantage of a robust endowment policy is the confidence it provides to face any financial emergencies in the future. These plans offer returns that can help you achieve critical life goals, such as funding your child’s education or marriage, which can meet the needs and aspirations of your loved ones and secure your own future. The financial security and peace of mind that come with a well-structured endowment plan make it an essential part of long-term financial planning. 

What are the Features & Benefits of ICICI Prudential Endowment Plans?

Here is a list of the features and benefits of ICICI Prudential Endowment Plans. 

  • Life Insurance Benefit 

One of the key features and benefits of ICICI Prudential Endowment Plans is that your loved ones are always taken care of. In the unfortunate event of your passing, your family receives a lump sum amount which ensures they can maintain the life you planned for them. This fixed amount is given to your nominee or legal heir. Some policies also include guaranteed additions and a Revisionary Bonus, which are factored into the death benefit calculation. 

  • Maturity Benefit 

Another major highlight of Endowment Plans by ICICI Prudential Life Insurance is that as long as you pay your premiums on time and keep your endowment policy active, you shall receive a maturity benefit. Remember that the maturity payout amount depends on multiple factors, like the policy term, premium amount, payment term, age, and gender. Additionally, some policies offer guaranteed additions at maturity and participatory policies may include Accrued Reversionary Bonuses & Terminal Bonuses. 

  • Tax Benefit 

Another major benefit of ICICI Prudential Endowment Plans is that they also offer tax benefits. The premiums you pay may reduce your taxable income under Section 80C of the Income Tax Act. Moreover, the maturity proceeds of endowment policies are also eligible for tax benefits, which allow you to save on tax during the policy’s inception, accumulation, and maturity stages. 

  • Loan Benefit 

One of the major benefits of ICICI Prudential Endowment Plans is that they can be used to secure a loan once they acquire a surrender value. The interest rates on these loans are competitive. For example, some endowment plans by ICICI Prudential offer loans up to 80% of the surrender value. Furthermore, this loan benefit also provides a financial cushion during emergencies when other funding options are limited. 

  • Option to Add Riders 

Last but not least, ICICI Prudential endowment plans offer flexibility to enhance coverage with additional riders. These plans allow you to add riders for Accidental Death, Permanent Disability, Critical illness, and more.

Top ICICI Prudential Endowment Plans

Here are the top ICICI Prudential Endowment Plans.

1. ICICI Pru Gold

ICICI Pru Gold is a unique, participating life insurance plan designed to offer a blend of protection and savings. This plan provides a robust life cover which ensures financial security for your loved ones in case of an unfortunate event. Additionally, it offers a regular income for the entire duration of your life which addresses your long-term recurring financial needs through participation in bonuses.

Parameters Details 
Age at Entry

Minimum- 0 Years

Maximum- Up to 60 Years (Depending on the variant you choose)

Policy Term

Minimum- 25 Years

Maximum- 99 Years

Maturity Age

Minimum- 25 Years

Maximum- 99 Years

Premium Payment term

Minimum-5 Years

Maximum- Up to 12 years (Depending on the variant you choose)

Annualized PremiumRs. 50,000 p.a.

Key Features & Benefits: 

These are as follows:

  • Financial Security 

One of the key highlights of the plan is that it offers immediate income, which ensures you start receiving a regular income right from the first policy year, providing financial stability and meeting ongoing expenses. 

  • Enhanced Earnings with Guaranteed Booster 

Another major reason to consider this plan is that it adds an extra layer of financial benefit by providing additional payouts every 5th year, which can boost your overall income. 

  • Tailored Income Start 

The plan comes with a deferred income option which offers flexibility and allows you to start the regular income at a time that best suits your financial planning needs.

2. ICICI Pru Sukh Samruddhi

ICICI Pru Sukh Samruddhi is a participating savings-oriented life insurance plan designed to provide you with the confidence to keep pace with your financial goals. The plan helps grow your savings through participation in bonuses and offers the flexibility to choose how you receive the benefits. Whether you prefer a one-time lump sum or regular income, ICICI Pru Sukh Samrudhhi supports you in achieving milestones at every stage of life.

ParametersDetails 
Age 

Minimum- 0 Years

Maximum- 60 Years

Premium Payment Frequency Regular Pay, Annual, Half-Yearly, and Monthly
Min/Max Age at Maturity (in Years)

Under Income Plan Option

18/85 Years

Under Lumpsum Option

18/90

Premium Payment Term (in Years)

Minimum- 5 Years

Maximum- Up to 12 Years

Key Features & Benefits: 

These are as follows:

  • Tax Savings 

One of the major features and benefits of the plan is that it offers tax benefits on premiums paid and benefits received, which will reduce your taxable income and help you save money. 

  • Financial Security 

Another major reason to invest in this plan is that it comes with a death benefit which provides a significant payout to the family in case of your absence. 

  • Maturity Benefit 

The plan comes with a maturity benefit that helps you accumulate wealth over the policy term, which ensures you have a significant corpus to meet your financial aspirations.

3. ICICI Pru Future Perfect Endowment Plan

ICICI Pru Future Perfect is a life savings plan designed to grow your wealth while ensuring the protection of your money. This plan features two key guaranteed benefits, including Guaranteed Additions (GA) and Guaranteed Maturity Benefit (GMB). These features, combined with the potential for additional bonuses, make ICICI Pru Future Perfect a reliable and comprehensive financial solution. Remember that the plan is not about just growing your health; it also ensures comprehenisve protection for you and your family. In the unfortunate event of your passing during the policy term, your family shall receive a lumpsum amount.

Parameters Details 
Age at Entry35 Years
Policy Term20 Years
Premium Payment Term10 Years
Premium Payment ModeYearly
Annual PremiumRs. 30,000
Sum Assured on DeathRs. 3,00,000

Key Features & Benefits: 

These are as follows:

  • Surrender Benefit 

One of the plan’s key benefits is that it provides a guaranteed surrender value, which makes it a flexible and secure investment. The policy acquires this value after paying all premiums for at least two consecutive years. 

  • Death Benefit 

Another key benefit of the plan is that it provides complete financial protection for your family. The substantial payout is calculated as the higher of the sum assured on death or 105% of premiums paid, including accrued bonuses and guaranteed additions. 

  • Guaranteed Additions 

The plan comes with guaranteed additions, which facilitate continuous growth of your policy value through annual guaranteed additions, enhancing your investment over time. 

4. ICICI Pru Savings Suraksha Endowment Plan Special

ICICI Pru Savings Suraksha is a life insurance plan designed to grow your wealth and offers flexible premium payment options for your needs. Furthermore, you have the option to pay premiums for a shorter, limited period or spread them out over the entire policy term. It means that you can select a payment schedule that fits your financial situation and goals. The best part is that it ensures that the policy can adapt to your long-term financial planning.

Parameters Details 
Min/Max age at entry0/60 Years
Min/Max age at maturity18/70 Years
Minimum Annual PremiumRs. 30,000
Premium Payment ModeAnnual/Half-Yearly/Monthly
Premium Payment Term

For Limited Pay: 12 Years

Regular Pay: Policy term

Key Features & Benefits: 

These are as follows:

  • Flexible Policy Customization 

One of the major features of the plan is that it enables you to customize the policy to fit your financial needs. You can choose the premium payment term, mode, sum assured on death, and policy term. 

  • Death Benefit 

Another major reason to invest in the plan is that it ensures your financial security with a substantial death benefit that includes the sum assured, guaranteed additions, and bonuses. 

  • Wealth Growth 

The plan enables you to accumulate wealth through Guaranteed Additions and potential bonuses, which ensure a significant payout at the end of the policy term.

How Does ICICI Prudential Endowment Plan Function?

Mr Vikas Dagar, a 35-year-old senior software developer at Google living in New Delhi, opts for an ICICI Pru Gold Plan to save for his son’s regular expenses. He commits to pay a premium of Rs. 1,00,000 annually for 10 years which ensures he has life insurance coverage until the age of 99. At the maturity of the policy, Mr Vikas will receive a total amount of Rs. 45,54,731 at an assumed return rate of 4% and Rs. 1,83,70,857 at an assumed return rate of 8%. Furthermore, the plan will provide a robust life insurance cover with coverage until he turns 99.

How to Buy ICICI Prudential Endowment Plan?

Listed below are the steps to buy the ICICI Prudential Endowment Plan.

  • In the first step, you will need to visit the official website of ICICI Prudential Life Insurance.
  • After that, you will need to go to the plans section on the top banner, click on it, and then go to the savings/endowment plans on the right-hand side. You will see a range of endowment plans.
  • Let’s say you want to buy the “ICICI Pru Gold” Plan. To do so, hover your cursor over it and click “Buy Online” on the right side of the red button.
  • In the next step, you will need to enter your name, gender, date of birth, annual income, and mobile number and then click on “Let’s Calculate Returns.”
  • Once done, you will get the premium amount that you need to pay. Then, you will need to enter your address, nominee details, and other associated information to proceed with the buying process.
  • After entering all the details, you must make the payment using a debit or credit card, Net Banking, or UPI.
  • Finally, the policy will be issued to you. After that, all the necessary details will be sent to your registered mobile number and email ID.

Frequently Asked Questions

Listed below are the frequently asked questions related to the ICICI Prudential Endowment Plan.

The ICICI Prudential endowment policy may offer extra bonuses, which may include accrued reversionary bonuses, interim reversionary bonuses, and terminal bonuses. Remember that the policy documentation to understand the specific terms and conditions associated with these bonuses is essential.

Keep in mind that the ICICI Prudential Endowment Plan provides a guaranteed maturity benefit if the policyholder survives the policy term. It also offers a guaranteed death benefit in case of an untoward incident during the policy term. 

There is no denying the fact that the right time to buy an endowment plan depends on your financial goals and individual circumstances. While there is no appropriate time, you can start early to reap countless benefits. Remember that buying an ICICI Prudential endowment plan at a younger age provides you with a longer savings period. 

Yes, in most cases, you can change the beneficiary of your endowment policy. It is advisable to review and update your beneficiary concerning changes in your life stage, such as marriage, divorce, the birth of a child, or the demise of a beneficiary. 

Yes, you can discontinue your endowment policy by surrendering it. However, it’s important to consider the implications of this action.

Life Insurers

FAQs