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ICICI Pru Assured Savings Insurance Plan

The ICICI Prudential Assured Savings Insurance Plan is a traditional non-participating non-linked endowment life insurance plan. This policy helps you protect your loved ones while you are securing their dreams with guaranteed wealth growth. This plan lets you save with the comfort of guaranteed returns. You can make the premium payments as per your comfort. You get wealth creation along with life cover. You can avail tax benefits on the premiums paid and on the benefits received as per the prevailing tax laws.

Eligibility Conditions for the ICICI Prudential Assured Savings Insurance Plan:

Minimum Entry Age Minimum entry age for a 7 year premium payment term: Policy term of 10 years - 8 years Policy term of 12 years - 6 years Minimum entry age for a 10 year premium payment term: Policy term of 12 years - 6 years
Maximum Entry Age Minimum entry age for a 7 year premium payment term: Policy term of 10 years - 60 years Policy term of 12 years - 60 years Minimum entry age for a 10 year premium payment term: Policy term of 12 years - 60 years
Minimum Maturity Age 18 years
Maximum Maturity Age 72 years

Policy Terms for the ICICI Prudential Assured Savings Insurance Plan:

Premium payment term Policy term
7 years 10 years 12 years
10 years 12 years

Premium Payments Offered by the ICICI Prudential Assured Savings Insurance Plan:

Minimum Premium 7 year premium payment term: Policy term of 10 years - Rs.18,000 Policy term of 12 years - Rs.18,000 10 year premium payment term: Policy term of 12 years - Rs.18,000
Premium payment Seven Pay option:
  • The premiums can be paid for 7 years.
  • The policy lasts for 10 or 12 years.
  • The minimum premium payable is Rs.18,000.
  • For policy term of 10 years, you can start the plan from the age of 8 but should not exceed 60 years.
  • For policy term of 12 years, you can start the plan from the age of 6 but should not exceed 60 years.
  • The minimum policy maturity age is 18 years and the maximum cannot exceed 72 years.
Ten Pay option:
  • The premiums can be paid for 10 years.
  • The policy lasts for 12 years.
  • The minimum premium payable is Rs.12,000.
  • You can start the plan from the age of 6 but should not exceed 60 years.
  • The minimum policy maturity age is 18 years and the maximum cannot exceed 72 years.

Key Features of ICICI Prudential Assured Savings Insurance Plan:

Type of Plan Traditional non-participating non-linked endowment life insurance plan.
Premium Payment options Yearly, Half – Yearly, Quarterly, Monthly
Free look period 15 days from the date you received the policy. If the policy has been purchased through distance marketing, then the free look period is 30 days.
Loans Loan amount of up to 80% of the surrender value can be availed.
Revival A policy that has been discontinued can be revived within 2 years from the due date of the first unpaid premium.
Surrender benefit If your policy term is 10 years, you will acquire surrender value after 3 full year’s payment. If your premium payment term is 7 years, you will acquire surrender value after 2 full year’s payment. On surrender, you will get Guaranteed Surrender Value plus the value of accrued Guaranteed Additions and Special Surrender Value.

What you need to know about ICICI Prudential Assured Savings Insurance Plan:

  • You can choose the premium payment term and the policy term as per your needs.
  • In case of demise of the policyholder during the policy term for a premium paying or a fully paid up premium, the dependent will get sum assured or the guaranteed additions or the minimum death benefit, whichever is higher.

Payment Options for the Premiums offered by ICICI Prudential Assured Savings Insurance Plan:

The policyholder can pay the premiums regularly using the following options –

  • Yearly
  • Half – Yearly
  • Monthly

Advantages and Benefits of ICICI Prudential Assured Savings Insurance Plan:

The ICICI Prudential Assured Savings Insurance Plan provides the following key benefits:

  • Guaranteed Additions:

    Guaranteed Additions are payable on maturity. It is also considered for death benefit as well. Guaranteed additions will be added to the policy at the end of every policy year provided all the premiums have been paid. The Guaranteed Additions rates are:

    For 10 years term- 9%

    For 12 years term- 10%

  • Guaranteed Maturity Benefits:

    The Guaranteed Maturity Benefits will be set at the policy inception and this will depend on the premium, policy term, premium payment term, gender and age.

  • Maturity Benefits:

    Maturity benefits are offered to those who survive till the end of the policy term provided all the premiums have been paid. The maturity benefit is accrued guaranteed additions plus the guaranteed maturity benefits.

  • Death Benefits:

    Death benefit is offered to the dependent of the policyholder if the policyholder dies during the policy term. The death benefit is either the sum assured plus the accrued guaranteed additions, minimum death benefit,or guaranteed maturity benefits plus accrued guaranteed additions, whichever is higher. All other policy benefits will cease on payment of the death benefit.

  • Surrender Benefits:

    If your policy term is 10 years, you will acquire surrender value after 3 full year’s payment. If your premium payment term is 7 years, you will acquire surrender value after 2 full year’s payment. On surrender, you will get Guaranteed Surrender Value plus the value of accrued Guaranteed Additions and Special Surrender Value.

    Exclusions under the policy:

    If the policyholder commits suicide within 12 months from the date of inception of the policy, the nominee will be entitled to 80% of the premiums paid. If the policyholder commits suicide within 12 months from the date of revival of the policy, the nominee will be entitled to 80% of the premiums paid or surrender value as on the date of death, whichever is higher.

Revival of ICICI Prudential Assured Savings Insurance Plan

The policy will lapse if the premium is not paid within the days of grace. A policy that has been discontinued can be revived within 2 years from the due date of the first unpaid premium.

Loan:

Loan amount of up to 80% of the surrender value can be availed.

Assignment:

Assignment is available under this plan.

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

 4.0 / 5.0   by 898 users
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ICICI Pru Assured Savings Insurance Plan Reviews

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  • ICICI Prudential Life Insurance
    "Good Term policy with less benefits"
    0.5 4.0/5 "Great!"
    ICICI people have approached me hence i bought the life insurance policy with them. Every year i pay the premium amount of Rs. 15000 for the sum assured amount of Rs. 50 lakhs. This is a term insurance policy. It will cover upto 75 years of my age. In the documents, there is not mentioned about the partial disability and medical illness.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 16, 2019
  • ICICI Prudential
    ICICI Prudential Life Insurance
    "Nneed to be reduce premium amount"
    0.5 4.0/5 "Great!"
    I have taken a term insurance in ICICI PRUDENTIAL on one year before. The policy is for 65 years but I have taken for 32 years. I am paying premium in the monthly package and the amount is high. While getting a policy I came to know about an information about the policy details through an online.I use to do payment through an online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 15, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the life insurance policy with ICICI PRUDENTIAL since from last 1.5 years, the premium i am paying for monthly once, maturity period of the policy is for 15 years, policy coverage is for family, premium period was 10 years latter after 15 years sum assured will be given.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 12, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the term plan with ICICI PRUDENTIAL where i am using it since from last few years and the premium paying for yearly once added on that there are good returns available with the policy, it gives the self coverage with the policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 09, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken a TERM PLAN with ICICI PRUDENTIAL, the maturity period of the policy is for 15 years where the rprem9um have to paid for 10 years and 5 years it gets matured. I got the hard copy also soft copy regarding the policy. The policy has the good returns, it can be converted as pension.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 30, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using from last 4-5 months and the name of the policy is TERM PLAN but the documentation process was done through online also the customer support explained the policy details. The premium paying for monthly once also the maturity period is for 30 years. It has the coverage for self.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 27, 2019
  • ICICI Prudential Life Insurance
    "GOOD POLICY"
    0.5 4.0/5 "Great!"
    ICICI PRUDENTIAL is the company where i have purchased the policy on 2011 but i am not aware of the name of the policy also the policy premium paid for 6 months once for 5 years and the policy maturity period is for 16 years. I am not aware of the name of the policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 27, 2019
  • ICICI Prudential Life Insurance
    "Good Investment Plan"
    0.5 5.0/5 "Blown Away!"
    I pay Rs.12100 of premium for per year, now it got closed. I paid nearly for five years. I will get sum assured and bonus interest almost Rs. 40,000 extra. It doesn't have tax cover but the customer executive calls me regularly, I used to make card payment its easy to make my premium.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 25, 2019
  • ICICI Prudential Life Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy it was referred by ICICI Bank.This policy i have taken on 2013 and this policy premium paid on monthly basis .I am paying the premium of Rs.563.The agent gave all the required details about the policy and there was no difficulties faced so far on using this policy ,I have submitted the documents through the agent .
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 24, 2019
  • ICICI Prudential Life Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    Its a term plan which I taken for my family, I make around Rs. 9000 per annum it has the tenure period around 30 years. I have selected coverage of Rs.75 lakhs, its gives lump sum benefits to my family, the insurance company claim settlement ratio and grievance resolved is great but there is no critical illness benefits.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 18, 2019
  • ICICI Prudential Life Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    Purchased my term insurance policy from ICICI Prudential. For the financial security for my family, i have chosen this one. They are providing the coverage amount of Rs. 15 lakhs and i have been paying the premium amount of Rs. 10,850 and i made the premium through online and they have sent me the hard copy of the document through online.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jun 13, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken the ULIP PLAN with the ICICI PRUDENTIAL where the policy has the coverage for self. The policy has the locking period for 3 years. The premium paying for 25600 rupees for yearly once. It has the good customer support with long maturity period.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 12, 2019
  • ICICI Prudential Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in ICICI PRUDENTIAL for more than 3 years.The policy is for 30 years. Now I am paying premium in the quarterly package. While getting a policy I came to know about the details and received hard copy documents as well. I use to do payment through an online.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 10, 2019
  • ICICI Prudential Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in ICICI PRUDENTIAL. The policy is for 2 years. Now I am paying premium in once for two years. While getting a policy my agent has given an information about the policy details and provided documents as well. I use to do payments through an online.
    Was this review helpful? 0
    , panchkula
    Reviewed on Jun 09, 2019
  • ICICI Prudential Life Insurance
    "Good ULIP Policy"
    0.5 4.5/5 "Excellent!"
    Bought my ULIP policy from ICICI Prudential. I get a normal benefits from this card. I get a good life cover, disability benefits and illness benefits as well. I am investing in ULIP for last 1 year back. I have been paying the premium amount which is convenient for me.
    Was this review helpful? 0
    , kolkata
    Reviewed on May 28, 2019
  • ICICI Prudential Life Insurance
    "Very Good policy"
    0.5 5.0/5 "Blown Away!"
    I have bought my term insurance policy from ICICI. One of my friend who is there in ICICI has referred me about this policy. I have been paying the premium amount of Rs. 18000 which is yearly basis. I have selected the coverage value of Rs. 50 lakhs. Its covers for disability and partial disability also. I pay the premium through online. Each and every responsible family person need to take this term insurance policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 27, 2019
  • ICICI Prudential Life Insurance
    "Best way to protect the family"
    0.5 5.0/5 "Blown Away!"
    I have term plan with ICICI Prudential for that I pay the premium of Rs. 13,000 per annum . I need to pay upto my 75 years old and if any certain demise happen. My family will be getting Rs. 1 crore. The claim settlement ratio is good upto 90% and they give critical illness cover upto Rs. 25 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 27, 2019
  • ICICI Prudential Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in ICICI PRUDENTIAL before one year ago. The policy is for 75 years. Now I am paying premium in the monthly package for the amount of 680 rupees. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. Through an online I use to do the payments.
    Was this review helpful? 1
    , vadodara
    Reviewed on May 24, 2019
  • ICICI Prudential Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am most happy with ICICI Prudential, they are very transparent and the allocation value is less, they have explained everything clearly on their app. I can customized the products according to my needs. I have taken a normal policy and term plan, totally 3 policies. I got the insurance paper on time.
    Was this review helpful? 0
    , silvassa
    Reviewed on May 19, 2019
  • ICICI Prudential Life Insurance
    "GOOD POLICY"
    0.5 5.0/5 "Blown Away!"
    I have purchased the TERM PLAN with the ICICI PRUDENTIAL and using it since from many years. The documentation process was done through online without hassle process and the customer executive explained the details of the policy and they were responsive too.
    Was this review helpful? 0
    , pune
    Reviewed on May 17, 2019
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