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|
|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
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