ICICI Pru Sarv Jana Suraksha Plan

1. Policy term: Fixed policy term of 5 years.
2. Premium payment frequency: Yearly.
3. Premium payment option: Regular
4. Sum Assured: Rs.5,000-Rs.50,000.
5. Grace period: There is a grace period of 30 days to make premium payment once the due date has passed.
6. Free look period: Customers are given a 15 days free look period for non-distance marketing policy purchases and 30 days for distance marketing policy purchases, during which period the policyholder may surrender the policy and get refunds subject to deductions.

Benefits of ICICI Pru Sarv Jana Suraksha

There are several benefits associated with this policy, such as:

1. Death benefits: Death benefits are paid out on death of the life assured during policy term. The Sum Assured is paid out as death benefit and the policy will terminate.
2. Riders: You have the option to enhance the protection using riders which are offered subject to prior approval from the regulator.
3. Tax benefits: Tax benefits applicable on premium payments as per relevant sections of the Income Tax Act, 1961.

Example

Suppose Mr Gupta has opted for with a tenure of 5 years and Sum Assured of Rs.50,000. To this end, he is paying an annual premium of Rs.500 (plus taxes). He unfortunately expires in the 2^nd policy year. In this case, his nominees will receive Rs.50,000 as lump sum benefits and the policy will cease to exist.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017