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ICICI Pru Assured Savings Insurance Plan is a traditional, non-linked & non-participating endowment insurance plan, which ensures you to provide guaranteed savings that helps to meet your goals like child’s education/marriage expenses, retirement planning, etc. This plan also provides life cover, which helps to take care of your family’s expenses even after your demise.BUY NOW
On the demise of the life insured within the policy term, the death benefit payable is higher of Sum assured plus guaranteed additions, Guaranteed maturity benefit plus accrued guaranteed additions, or minimum death benefit.
Sum assured on death is equal to 10 times of annual premium. Minimum death benefit is equal to 105% of the total premiums paid or 10 times of the annual base premium or chosen sum assured.
On survival of the life insured till completion of the policy term, the maturity benefit payable is the sum of accrued guaranteed additions and guaranteed maturity benefit.
Guaranteed Additions is guaranteed addition rate multiplied by sum of premiums paid till date, added at the end of every policy year. Here, Guaranteed Addition Rate is 9%/10% for 10/12 policy year, respectively.
Guaranteed Additions are payable on maturity and also considered while computing death benefit.
No bonuses are payable, as it is a non-participating insurance plan.
You can avail loan amount up to a maximum of 80% of the acquired surrender value.
Surrender Value payable is higher of Guaranteed Surrender Value plus surrender value of accrued guaranteed additions or Special Surrender Value. Surrender Value can be acquired on payment of all premiums for at least 3 full policy years, when the premium paying term is 10 years. You can acquire the surrender value after payment of 2 full policy years, when the premium paying term is 7 years.
The premiums paid is eligible for tax benefit under section 80C and policy proceeds enjoy the tax benefit under section 10 (10D) of the Income Tax Act, 1961.
|Age (as on last birthday)||6 Years (For 12 Year Policy Term), 8 Years (For 10 Year Policy Term)||60 Years|
|Age at Maturity||18 Years||72 Years|
|Policy Tenure||10 Years||12 Years|
|Premium Paying Term||7 Years (10/12 Year Policy Term), 10 Years (12 Year Policy Term)||-|
|Premium Paying Mode||Annually, Semi Annually & Monthly||-|
|Premium Amount||Rs 12,000/Rs 18,000 (depending On The Policy Term)||-|
|Sum Assured||10 Times Of The Annual Premium||-|
|Freelook Period||15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy||-|
|Grace Period||30 Days/15 Days ( For Monthly Mode)||-|
No rider can be attached under this plan.
Sumant at 30 years of age buys ICICI Pru Assured Savings Insurance Plan with the policy term of 12 years and premium payment term of 10 years, pays an annual premium of Rs 50,000 and the sum assured is Rs 5 Lacs.
Scenario A: Sumant Survives the Policy Term
On survival of Sumant till end of the policy term, the maturity benefit payable is the sum of accrued guaranteed additions and guaranteed maturity benefit.
Scenario B: Sumant dies during the Term of the Policy
In the event of the demise of Sumant within the policy term, the death benefit payable is higher of Sum assured plus guaranteed additions, Guaranteed maturity benefit plus accrued guaranteed additions, or minimum death benefit.