ICICI Prudential Assured Savings Plan
ICICI Pru Assured Savings plan is a non-linked, non-participating, endowment life insurance plan that is specifically designed to safeguard your loved ones while safeguarding their aspirations through assured asset growth.
For achieving important milestones like child schooling, marriage, or retirement, the plan delivers a guaranteed financial reward. In the tragic event that the policyholder passes away during the policy term, the nominee will be given the Sum Assured + Guaranteed Additions.
|Premium Payment Term (PPT)||5, 7, & 10 Years|
|Policy Term (PT)|
For PPT 5 Years: 10/15 Years
For PPT 7 Years: 10/12 Years
For PPT 10 Years: 15/12 Years
|Minimum/Maximum Entry Age|
For PT 10 Years & PPT 5 Years: 8/60 Years
For PT 15 Years & PPT 5 Years: 3/57 Years
For PT 10 Years & PPT 7 Years: 8/60 Years
For PT 12 Years & PPT 7 Years: 6/60 Years
For PT 15 Years & PPT 10 Years: 3/57 Years
For PT 12 Years & PPT 10 Years: 6/60 Years
|Minimum Age At Maturity||18 Years|
|Maximum Age At Maturity||72 Years|
Features Of ICICI Pru Assured Savings Plan
Let’s take a look at some of the key features of the plan!
- Revival: A cancelled policy may be reinstated within two years following the first unpaid premium’s due date. The policy may be reinstated under conditions that are different from those that were in place when premiums were first collected; additional mortality premiums or fees, for instance, may be necessary. The revival will only be effective if it is explicitly disclosed to the policyholder by the company.
- Loan Facility: You can obtain a policy loan after the insurance has a surrender value. You can get a loan for up to 80% of the surrender value. If the amount owed exceeds the surrender value and the policy is in a paid-up state, the company may demand repayment of the loan with all applicable interest with three months’ notice.
- Free Look Period: If you do not agree with the terms and conditions of the policy, you must return the policy document to the company for cancellation within 15 days of the date you received it if you did not purchase the policy through distance marketing, and within 30 days of the date you received it if you purchased the policy electronically or through distance marketing.
- Nomination: Before the policy’s maturity or termination date, the life assured may, in accordance with Section 39 of the Insurance Act of 1938, name a beneficiary to receive the money secured by the policy in the event of his passing.
- Assignment: A policy may be assigned in accordance with Section 38 of the Insurance Act of 1938 by an endorsement made to the actual policy or by a separate document that is signed by the assignor and properly attested; the assignment must be made abundantly clear in both cases.
Benefits Offered By ICICI Pru Assured Savings Plan
There are numerous reasons why should you go for this plan. Some of them are as discussed below:
- Maturity Benefit: If all premiums have been paid, maturity benefits are granted to people who live to the end of the policy term. Guaranteed maturity benefits are added to accrued guaranteed additions to determine the maturity benefit.
- Guaranteed Maturity Benefits: The Guaranteed Maturity Benefits will be determined at the time of the policy’s inception and will be based on the premium, policy term, term of premium payment, gender, and age.
- Guaranteed Additions: On maturity, Guaranteed Additions are payable. It is also taken into account for the death benefit. If all premiums have been paid, guaranteed additions will be added to the policy at the conclusion of each insurance year.
The prices for Guaranteed Additions are:
- 9% for a 10-year term
- 10% for a term of 12 years
- Death Benefit: If the policyholder passes away within the policy term, a death benefit is provided to any dependents. The higher of the following applies to the death benefit: minimum death benefit, guaranteed maturity benefits plus accrued guaranteed additions, or the sum promised plus accrued guaranteed additions. Upon payment of the death benefit, all remaining policy benefits will end.
- Surrender Benefit: After three complete years of payments, you will get surrender value if your policy has a 10-year term. You will receive a surrender value after two full years of premium payments if your premium payment period is seven years. You will receive the Guaranteed Surrender Value, along with any accrued Guaranteed Additions and Special Surrender Value, upon surrender.
- Tax Benefits: The tax advantages of the plan will adhere to the most recent Income Tax laws. To ascertain if the tax benefit on premiums paid and awards obtained is relevant, we urge you to seek professional guidance.
Working Of ICICI Pru Assured Savings Plan
Let’s imagine, Mr. Kumar, 30 years old healthy male, purchases the ICICI Pru Assured Savings plan. The details of the plan are as follows:
Premium Paying Term: 7 Years
Policy Term: 15 Years
Premium Paying Mode: Yearly
Sum Assured: Rs.5 Lakhs
Therefore, Mr. Kumar will pay Rs. 50,000 per annum and will get the following benefits:
|Guaranteed Additions||Rs. 3,75,000|
|Guaranteed Maturity Benefits||Rs. 3,19,836|
|Maturity Benefit||Rs. 6,94,836|
Exclusions Of ICICI Pru Assured Savings Plan
The nominee will be entitled to 80% of the premiums paid if the policyholder dies by suicide within 12 months of the policy’s start date. The nominee will be entitled to 80% of the premiums paid or the surrender value as of the date of death, whichever is higher if the policyholder commits suicide within 12 months of the date of reactivation of the policy.
Frequently Asked Questions
Your policy will lapse and no benefits will be given if you stop paying premiums before your policy has built up a surrender value. However, you have five years from the first delinquent premium’s due date to reinstate the coverage.
No. You cannot change them.
The plan offers the following premium payment options:
The minimum annual premiums for the plan are Rs. 18,000 and 30,000 depending on the different premium paying terms and policy terms available under the plan.