Life usually does not follow the path that you draw out exactly. Sure your salary may be hiked each year, but will it cover all of your expenses in the event of an unexpected expense? Especially in this age where health care and education expenses are rising quickly, is your salary really enough? You may find yourself in a lot of financial trouble if you do not have a back-up plan for an unexpected expense. For example, if your partner falls ill, you would definitely want to stand on your own feet to meet the related expense. Â Â ICICI Pru Anmol Bachat helps you to plan ahead for such events by aiding you to save small sums now, creating a lump sum amount to meet your future needs. The benefit of this ICICI Prudential Life Insurance plan is three-folds: Liquidity, Savings and Life cover.
Eligibility for ICICI Pru Anmol Bachat:
| Single Premium | |
| Minimum entry age | 15 years |
| Maximum entry age | 50 years |
| Minimum Single Premium | Rs. 2,500 |
| Maximum Single Premium | Rs.15,000 |
| Five Pay | |
| Minimum entry age | 18 years |
| Maximum entry age | 52 years |
| Minimum Annual Premium | Rs.1,200 |
| Maximum Annual Premium | Rs.6,000 |
| Ten Pay / Fifteen Pay | |
| Minimum entry age | 18 years |
| Maximum entry age | 55 years |
| Minimum Annual Premium | Rs.1,200 |
| Maximum Annual Premium (if age at entry < 45 years) | Rs.3,000 |
| Maximum Annual Premium (if age at entry >= 45 years) | Rs. 4,285 |
Key Features of ICICI Pru Anmol Bachat:
| Plan type | Non-linked, participating endowment insurance plan |
| Plan Basis | Individual |
| Sum Assured on Death (Single Premium) | This is a guaranteed amount which is payable upon the policy holder’s death during the policy term. The Sum Assured on death will be equal to the higher of either the following:
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| Sum Assured on Death (Five pay) | This is a guaranteed amount which is payable upon the policy holder’s death during the policy term. The Sum Assured on death will be equal to the higher of either the following:
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| Sum Assured on Death (Ten Pay/ Fifteen Pay) | This is a guaranteed amount which is payable upon the policy holder’s death during the policy term. The Sum Assured on death will be equal to the higher of either the following if the age at entry of the life assured is less than 45 years:
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| Grace Period | 15 days if monthly premium payment mode and 30 days if other modes. |
| Premium payment mode | Unless your policy is a Single Premium policy, you have a choice to pay your premiums monthly, half yearly or yearly. You can avail premium discounts if you pay premiums yearly or half-yearly. The discounts is as follows:
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| Surrender value |
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| Revival | In case a policy has discontinued payment of premiums, it is possible to revive it under these conditions:
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Benefits of ICICI Pru Anmol Bachat:
- Survival Benefit: Survival Benefit, which is equal to one annual premium, will be paid during the policy term. This holds true only if the life assured is alive and all due premiums have been paid.
- Death benefit: If the death of the life assured is during the policy term, Death Benefit will be payable, irrespective of the survival benefits paid. This is under the condition that it is a fully paid policy.
- Guaranteed Maturity Benefit: Guaranteed Maturity Benefit is a guaranteed amount that will be payable at the end of the policy term. The Guaranteed Maturity Benefit will be shown on the benefit illustration.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
