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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

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

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ICICI Pru Savings Suraksha Plan Reviews

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  • ICICI Prudential Life Insurance
    "Good Plan"
    0.5 4.0/5 "Great!"
    I have taken my term insurance from ICICI prudential. I have trusted this bank because its a top most high, that is the reason i have chosen them. I'm happy about the claim ratio. I'm satisfied with the sum assured amount. I have chosen the annual payment mode after 1 year, i will change the payment mode on a monthly basis.
    Was this review helpful? 0
    , rajahmundry
    Reviewed on Dec 05, 2019
  • ICICI Prudential
    ICICI Prudential Life Insurance
    "Not that much good Policy"
    0.5 1.0/5 "Really Bad"
    I took my life insurance policy from ICICI prudential and the agent cheated by saying the benefits. In this plan, i need to pay for 7 years with the amount of Rs. 50000. Once i paid the money, there is a lock in period of 8 years but the interest rates are getting less and i feel like end of the term i won't get any additional benefit.
    Was this review helpful? 1
    , tirupur
    Reviewed on Nov 26, 2019
  • ICICI Prudential Life Insurance
    "Not worthy"
    0.5 1.0/5 "Really Bad"
    Earlier i was having a life insurance policy from ICICI Prudential. Agent were explained me about the policy details. They said my money will get doubled after 5 years hence i have paid the premium amount of Rs. 25000 annually for 3 years and there is a lock in period for 2 years. Once i went to withdraw the policy i got Rs. 1000 extra.
    Was this review helpful? 1
    , tiruchirapalli
    Reviewed on Nov 25, 2019
  • ICICI Prudential Life Insurance
    "Good insurer"
    0.5 4.5/5 "Excellent!"
    I have taken term insurance with ICICI PRUDENTIAL on 4 years before. They have updated same policy so I discontinued old one and opened new policy. It is a term policy with tenure period of 30 years. I use to pay premium amount on annual basis of 18K. Agent has provided all the details and I received soft copy. One drawback with this insurer is their rates are high.
    Was this review helpful? 0
    , bangalore
    Reviewed on Nov 12, 2019
  • ICICI Prudential Life Insurance
    "Average Service"
    0.5 3.0/5 "Satisfactory"
    Taken my life insurance policy from ICICI Prudential one of my friend has recommended me about this policy. It was a systematic investment plan. I have paid the premium amount of Rs. 1,500 on every month. Total term period of policy is 3 years.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 08, 2019
  • ICICI Prudential Life Insurance
    "Daring policy"
    0.5 4.0/5 "Great!"
    My life insurance was taken from ICICI Prudential. I have a kid so that i have thought of investing them . ICICI people have suggested me a good product based on my investment amount. If i invest of Rs. 1 lakh per year for the payment of 6 years and the next 15 years, i don't need to pay any money after 21 years, i get some lumpsum sum assured amount. They are providing the life insurance policy worth of Rs. 10 lakhs for myself. They will give some ULIP when i pay the premium. Its a market based policy.
    Was this review helpful? 0
    , nellore
    Reviewed on Nov 07, 2019
  • ICICI Prudential Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    On 5 years before I have taken a life insurance from ICICI PRUDENTIAL. The policy is for 15 years. I am paying premium in the annual package the amount of 13 thousands which is nominal. It is a retirement policy for the amount of 15 lakhs. While getting a policy my agent has given an information about the policy details. It covers my whole family.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 31, 2019
  • ICICI Prudential Life Insurance
    "Good "
    0.5 4.0/5 "Great!"
    I took term insurance policy with ICICI PRUDENTIAL on one year before , they have given clear details about benefits and are good. The agent has given hard copy documents on time. My premium is paying through credit card on monthly basis for 14 thousands. The tenure period for 20 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 24, 2019
  • ICICI Prudential Life Insurance
    "Average"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in ICICI PRUDENTIAL on 6 months before. The policy is for 15 years. Now I am paying premium for 25 thousands rupees. While getting a policy my agent has given an information about the policy details, however there are some charges applicable.
    Was this review helpful? 0
    , saharsa
    Reviewed on Oct 14, 2019
  • ICICI Prudential Life Insurance
    "Better"
    0.5 3.0/5 "Satisfactory"
    My term insurance is with ICICI Prudential because of the good benefits. The tenure is 2years, if Incase any demise happened then nominee would be getting 2L from the insurer. I am paying monthly Rs.258 through ECS. The customer service is not up to the mark.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 10, 2019
  • ICICI Prudential Life Insurance
    "Better Policy"
    0.5 5.0/5 "Blown Away!"
    ICICI prudential is providing me a best policy so i have taken them. Its ULIP (Unit Linked Insurance Policy) policy. I am paying the premium amount of Rs. 30000 every year. I pay the sum assured amount of Rs. 2.10 lakhs. I used to pay the premium through online.
    Was this review helpful? 0
    , dibrugarh
    Reviewed on Oct 04, 2019
  • ICICI Prudential Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    ICICI Prudential premium was less for my life insurance so i chosen. I am holding the policy for past 3 years and they are providing me a satisfactory coverage amount. This is a term policy. Its covers with the accidental cover and disability cover.
    Was this review helpful? 0
    , pune
    Reviewed on Oct 03, 2019
  • ICICI Prudential Life Insurance
    "Good policy"
    0.5 4.5/5 "Excellent!"
    My husband is working in ICICI Prudential so have taken 2life insurance policy. They are giving better benefits than others. I am not sure about the tenure details and premium because it has been dealt by husband. The payment mode is online.
    Was this review helpful? 0
    , thiruvananthapuram
    Reviewed on Sep 29, 2019
  • ICICI Prudential Life Insurance
    "Happy with the benefits"
    0.5 5.0/5 "Blown Away!"
    I have taken an accidental policy with ICICI prudential. They have insured me 1crore and the premium is very low which am happy. I have taken the policy last year and got the insurance paper on time. They are offering information time to time and the response was very nice.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 24, 2019
  • ICICI Prudential Life Insurance
    "Benefits need to be increased"
    0.5 3.5/5 "Pretty good"
    From ICICI Prudential I took term plan it has the premium Rs. 511 per month, if there is any accident at the time the family member get Rs. 10 lakhs of coverage. They gave me the acknowledge from their end but response is lacking and I feel its not good plan which has other benefits after the maturity.
    Was this review helpful? 0
    , bangalore
    Reviewed on Sep 22, 2019
  • ICICI Prudential Life Insurance
    "Good policy "
    0.5 4.0/5 "Great!"
    I want to all the financial portfolio to be with ICICI hence i am using all the services through ICICI so i took the term insurance policy from ICICI prudential. I am paying the premium amount of Rs. 10000 every year and this policy has coverage value of Rs. 50 lakhs. This covers upto 75 years of my age.
    Was this review helpful? 0
    , new delhi
    Reviewed on Sep 19, 2019
  • ICICI Prudential Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I am having a good relationship with ICICI BANK so I have taken life plan from ICICI Prudential. I need to pay the premium for 7 years and the maturity is 10 years. I am paying monthly 5K through auto debit and am not sure about the benefits. I got the insurance paper.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Sep 17, 2019
  • ICICI Prudential Life Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    My company has provided me a life insurance policy from ICICI Prudential. Its a life insurance policy which gives for the customer who takes the loan. This policy has a coverage value of Rs. 10 lakhs. I'm paying the premium amount of Rs. 5000 and i have chosen the annual payment mode.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Sep 10, 2019
  • ICICI Prudential Life Insurance
    "Secure life with a term policy"
    0.5 4.0/5 "Great!"
    Bought my term plan from ICICI Prudential and i have closed the fore-closed policy from ICICI prudential which is a pension policy and wealth plus hence i have chosen the term plan. It was a ULIP plan earlier. In this ICICI terms, critical illness also covered. I am satisfied with the coverage value. I need to keep a balance in my account when they are taking a premium.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 27, 2019
  • ICICI Prudential Life Insurance
    "Not recommendable policy"
    0.5 2.0/5 "Expected more"
    The money which i invested its not in a growth mode hence i won't recommend the Life insurance policy from ICICI Prudential. That time I was an agent for ICICI thats the reason, i have taken this policy. I am paying the premium amount of RS. 14000 in a yearly basis. Total sum assured amount is Rs. 2 to 5 lakhs. No one has contacted me from ICICI. This is a market based policy.
    Was this review helpful? 1
    , mumbai
    Reviewed on Aug 27, 2019
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