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  • ICICI Pru Anmol Bachat Plan

    ICICI Prudential Life Insurance

    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.   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:
    • 2 times Annual Premium
    • Guaranteed Maturity Benefit
    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:
    • Guaranteed Maturity Benefit
    • 5 times Annual Premium
    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:
    • Guaranteed Maturity Benefit
    • 10 times Annual Premium
    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 45 years or higher:
    • Guaranteed Maturity Benefit
    • 7 times Annual Premium
    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:
    • Monthly: Nil
    • Half yearly: 2.5%
    • Yearly: 4.5%
    Surrender value
    • Single Premium policies: From the start of the policy, your policy has a surrender value.
    • Five Pay policies: A surrender value is acquired on payment of two full years’ premium.
    • Ten Pay/ Fifteen Pay policies: Upon payment of 3 full years’ premium, your policy acquires a surrender value. Once your policy has acquired a surrender value, on surrender you will get surrender value of vested bonuses or Special Surrender Value, whichever is higher. You will also get the Guaranteed Surrender Value.
    Revival In case a policy has discontinued payment of premiums, it is possible to revive it under these conditions:
    • The application for revival is made before the termination date of the policy and within two years from the due date of the first unpaid premium.
    • The prevailing Board approved underwriting policy will decide the revival.
    • The policyholder must provide evidence of health of the life assured, which must satisfactory to the Company.
    • The late payments of premiums are paid.

    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.
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