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ICICI Pru Assured Savings Insurance Plan

What is the Plan all About?

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.

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What are the Key Features?

  • Guaranteed maturity benefit is payable
  • Avail guaranteed additions
  • Avail life cover for the entire policy term
  • Flexibility to choose policy term and premium payment term
  • Avail loan benefit
  • Get tax benefits as per IT Laws

What are the Plan Benefits?

Death Benefit

    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.

Maturity Benefit

    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

    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.

Bonus

    No bonuses are payable, as it is a non-participating insurance plan.

Loan Benefit

    You can avail loan amount up to a maximum of 80% of the acquired surrender value.

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.

Tax Benefit

    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.

Who can Buy the Plan?

Factor Minimum Maximum
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) -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider can be attached under this plan.

How the Plan Works?

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.

ICICI Pru Assured Savings Insurance Plan Scenario

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.