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ICICI Pru Saving Suraksha Plan

What is the Plan all About?

ICICI Pru Saving Suraksha plan is a traditional endowment plan which is an ideal savings and protection plan. This plan is a participating life insurance plan which participates in the profits of the company. ICICI Pru Saving Suraksha offers the premium payment flexibility to pay premiums under limited pay or regular payment options.

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What are the Key Features?

  • Comprehensive saving plan
  • Get guaranteed benefits
  • Flexible premium paying term
  • Get life cover for the entire policy term
  • Avail Tax Benefit under IT Act

What are the Plan Benefits?

Death Benefit

    On the death of the life insured during the policy term, a Guaranteed Death Benefit is payable which is Highest of any of the Sum Assured plus accrued Guaranteed Additions and Bonuses, Guaranteed maturity benefit plus accrued Guaranteed Additions and Bonuses or Minimum Death Benefit.

Maturity Benefit

    Maturity benefit is payable if the insured survives the policy term. Maturity Benefit = Guaranteed Maturity Benefit (GMB) + accrued Guaranteed Additions + vested reversionary bonuses, if any + terminal bonus, if any.

Bonus

    Bonuses comprise of vested reversionary bonuses, interim bonus and terminal bonus, as applicable. Reversionary bonus is declared for the first policy year annually during the term of the policy. The bonuses declared under this plan may vary as per the premium payment term options.

Loan Benefit

    The policyholder is eligible for loans up to  80% of the Surrender Value.

Surrender Value

    On policy surrender, the policyholder will get higher of Guaranteed Surrender Value (GSV) plus the cash value of accrued GAs and cash value of vested bonuses or Non Guaranteed Surrender Value (NGSV). If the PPT (premium paying term) is 10 years or more, the policy will acquire a surrender value after payment of three full years’ premium. If PPT is less than 10 years, the policy will acquire a surrender value after payment of two full years’ premium.

Tax Benefit

    Premiums paid, are eligible for the tax benefits as per Section 80C  and the death benefit qualify for tax benefits under section 10 (10D) of the Income Tax Act.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) No Minimum Age Restriction 60 Years
Age at Maturity 18 Years 70 Years
Policy Tenure 10 Years 30 Years
Premium Paying Term Limited Pay( 5/7/10/12) 0r Regular Pay -
Premium Paying Mode Monthly, Semi Annually & Annually -
Premium Amount Rs 12,000 No Limit (subject To Underwriting)
Sum Assured If Age At Entry Is <45 SA= 10 Times Annual Premiums If Age At Entry Is 45 To 54 SA= 10 Or 7 Times Annual Premiums If Age At Entry Is >54 SA= 7 Times Annual Premiums No Limit (subject To Underwriting)
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 Online -

Is any Rider Available with this Plan?

No Riders are available under this plan.

How the Plan Works?

Let us understand with the help of an illustration for ICICI Pru Savings Suraksha Limited Pay:

Age at entry: 35 years

 Policy Term: 20 years

Premium paying term: 10 years

Premium paying mode: Yearly

Annual premium: Rs 30,000

Sum Assured:  Rs 3,00,000

Maturity Benefits

ICICI Pru Saving Suraksha

Illustration for ICICI Pru Savings Suraksha Regular Pay:

Age at entry: 35 years

Policy Term: 20 years

Premium paying term: 20 years

Premium paying mode: Yearly

Annual premium: Rs 20,000

Sum Assured: Rs 2,00,000

ICICI Pru Saving Suraksha Plan