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ICICI Pru Savings Suraksha Plan

ICICI Pru Savings Suraksha Plan is a non linked life insurance policy that offers protection along with growth. The ICICI Prudential Life plan offers guaranteed maturity benefit along with various other benefits. The policy also provides the insured the flexibility to choose the premium payment option based on their requirement and payment capability.


Eligibility Conditions of ICICI Pru Savings Suraksha

Listed below are the eligibility conditions of ICICI Pru Savings Suraksha Plan

Minimum age at entry 0 years
Maximum age at entry 60 years
Minimum policy term 10 years
Maximum policy term 30 years
Premium payment term 5, 7, 10, 12 years or same as the policy term
Minimum age at maturity 18 years
Maximum age at maturity 70 years
Minimum premium Rs. 12,000
Maximum premium No cap on the maximum premium
Minimum sum assured 7 times the annual premium
Maximum sum assured 10 times the annual premium

Key Features of ICICI Pru Savings Suraksha

Listed below are the key features of ICICI Pru Savings Suraksha Plan

Type Non linked insurance and savings plan
Basis Individual
Policy terms 10 to 30 years
Premium payment terms 5, 7, 10, 12 or same as the policy term
Premium payment mode Annually, semi annually, and monthly
Death benefit In case of unfortunate death of the insured during the policy term, the sum assured or Guaranteed Maturity benefit with accrued bonus or Minimum death benefit will be paid to the nominee depending on whichever is the highest.
Maturity benefit On maturity of the policy, maturity benefit will be paid given that all premiums have been paid. The maturity benefit includes guaranteed maturity benefit along with vested reversionary bonuses, accrued guaranteed additions and terminal bonus if any.
Surrender benefit If the premium payment term of the policy is 10 years or more, the policy will acquire surrender value after three years of premium payment. In case the premium payment term is less than 10 years then the policy will acquire surrender value after 2 years of premium payment.
Free look period 15 days
Grace period One month (30 days)
Surrender The policy can be surrendered any time during the term of the policy provided that the premiums for the first year has been paid completely.
Policy cover Death benefit and maturity benefit along with guaranteed additions, vested reversionary bonus and terminal bonus
Loan facility Loan facility is available under the policy when the policy acquires surrender value. One can apply for a loan up to 80% of the surrender value.
Policy revival The policy can be revived within the two years from the date of the first unpaid premium in case of lapse of the policy
Tax benefits The policy qualifies for tax benefits under section 80C of the Income Tax Act, 1961

Benefits of ICICI Pru Savings Suraksha

Listed below are the benefits of ICICI Pru Savings Suraksha Plan

  • Death benefit- Death benefit is paid to the nominee in case of unfortunate death of insured. Guaranteed maturity benefit or sum assured or minimum death benefit will be paid depending on which is the highest.
  • Maturity benefit- maturity benefit is paid in form of guaranteed maturity benefit, vested reversionary bonuses, accrued guaranteed additions and terminal bonus.
  • Surrender benefit- The policy will acquire surrender value only after 2 or 3 years of complete premium payment depending on whether the premium payment term is below or above 10 years.
  • Tax benefit- The policy qualifies for tax benefits under section 80C of the Indian Income Tax Act, 1961.
  • Loan facility- The policy qualifies for loan facility once it acquires the surrender value.
  • The insured can choose the premium payment term, premium payment mode and sum assured as per their requirement.
  • The policy can be purchased online

Riders

There are no additional riders available under this plan.

How does the plan work?

Consider the case of Ms. Meghana, a 35 year old working at an IT firm who opts for ICICI Pru Savings Suraksha Plan, limited pay policy for a policy term of 20 years. Ms. Meghana will be paying premium an annual premium of Rs.10,000 for 10 years with a guaranteed sum assured of Rs. 3,00,000 and a guaranteed maturity benefit of Rs. 3,03,360.

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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Plan Benefits

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ICICI Pru Savings Suraksha 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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