ICICI Prudential Savings Suraksha Plan
ICICI Pru Savings Suraksha plan is a non-linked life insurance policy that provides both protection and growth. You have the freedom to select a premium payment option with the plan based on your need. You can also choose to pay premiums for the duration of the policy or just a portion of it.
|Minimum Entry Age||0 Years|
|Maximum Entry Age||60 Years|
|Minimum Age At Maturity||18 Years|
|Maximum Age At Maturity||70 Years|
|Premium Payment Term (PPT)||5/7/10/12/Policy Term|
For PPT 5 Years: 10 To 30 Years
For PPT 7 Years: 12 To 30 Years
For PPT 10 Years: 15 To 30 Years
For PPT 12 Years: 17 To 30 Years
For Policy Term: 10 To 30 Years
Prominent Attributes Of ICICI Pru Saving Suraksha Plan
Listed below are some of the key features of the ICICI Pru Saving Suraksha plan:
- Free Look Period: Within 15 days of receiving the policy paper, the policyholder may cancel the insurance if they are not satisfied with the terms and conditions. In case the policyholder has purchased the plan through distance marketing, he/she will get 30 days of free look period.
- Surrender: As long as the first year’s premiums have been fully paid, the policy may be surrendered at any time during its duration.
- Loan Facility: When the policy acquires surrender value, a loan facility becomes accessible. Up to 80% of the surrender value may be borrowed under the plan.
- Policy Revival: In the event that the insurance lapses, it may be reinstated within two years of the date of the first unpaid premium.
- Nomination: The life assured may, at any time before the policy’s maturity or termination date, designate a beneficiary (in accordance with Section 39 of the Insurance Act of 1938) to receive the funds secured by the policy in the case of his death.
- Assignment: Under Section 38 of the Insurance Act of 1938, a policy may be assigned by an endorsement made to the actual policy or by a separate document signed by the assignor and fully attested, both of which must expressly state the assignment.
Reasons For Choosing ICICI Pru Saving Suraksha Plan
Here are the following reasons why you should go for this plan:
- Death Benefit: In the tragic event that the insured passes away during the policy term, the nominee will be given the highest of the sum promised, a Guaranteed Maturity benefit with accrued bonus or minimum death benefit.
- Maturity Benefit: Given that all premiums have been paid, the maturity benefit will be paid when the policy reaches its maturity. The guaranteed maturity benefit, vested reversionary bonuses, accrued guaranteed additions, and any terminal bonuses are all included in the maturity benefit.
- Surrender Benefit: After three years of premium payment, the policy will acquire surrender value if the period of premium payments is ten years or more. After two years of premium payments, the insurance will acquire surrender value if the period of premium payments is less than ten years.
- Tax Benefits: The policy’s tax benefits will follow the current Income Tax regulations. We advise you to get expert assistance to determine whether the tax benefit on premiums paid and rewards received is applicable.
How Does ICICI Pru Saving Suraksha Plan Function?
Let’s understand the functioning of the ICICI Pru Saving Suraksha plan with a suitable example!
Mr. Aggarwal, a 35 years old healthy male chooses the plan with a sum assured on death of Rs. 3 lakhs. Other details of the plan are as follows:
Policy Term: 20 Years
Premium Payment Term: 10 Years
Premium Paying Mode: Yearly
Therefore, Mr. Aggarwal will pay Rs. 30,000 per annum and will get the following benefits:
|Benefits||@ 8%||@ 4%|
|Guaranteed Maturity Benefit (A)||Rs. 3,03,336||Rs. 3,03,336|
|Guaranteed Additions (B)||Rs. 75,834||Rs. 75,834|
|Estimated Vested Reversionary Bonuses (C)||0||Rs. 1,93,715|
|Estimated Terminal Bonus (D)||Rs. 68,118||Rs. 1,48,730|
|Estimated Maturity Benefit (A+B+C+D)||Rs. 4,47,288||Rs. 7,21,616|
What’s Not Included Under ICICI Pru Saving Suraksha Plan?
Within a year of the policy’s initiation, 80% of the premiums paid will be distributed to the nominee in the event that the life assured commits suicide. 80% of premium payments or the surrender value, whichever is higher, would be reimbursed in the event of suicide within a year of the revival date, and the policy would be cancelled.
Frequently Asked Questions
A minimum of Rs. 12,000 must be paid each year.
Yes, you have the option of paying your premiums annually, biannually, or monthly.
No. There are no extra riders available under the plan.
The options for sum assured on death for the plan are as follows:
|Entry Age||Sum Assured|
|Less Than 45 Years||10 X Annualized Premium|
|45 To 54 Years||10 Or 7 X Annualized Premium|
|Greater Than 54 Years||7 X Annualized Premium|