ICICI Prudential's rural business initiative has been a game changer when it comes to making rural insurance plans accessible to the rural population of India. It has been a commendable on ICICI Prudential’s part, to have covered a vast network of more 2.5 million individuals of the rural population, over 16 states across the nation.
The company has especially designed rural plans like Sarva Jana Suraksha and Anmol Nivesh tailor-made to suit the varied needs of rural investors. The comprehensive plans offer life cover at affordable premium rates and a hassle free settlement process.
ICICI Pru Anmol Bachat
Financial savings not only ensure a better quality of life, but also safeguards us from unforeseen and unpredictable situations. In a similar vein, wealth creation is also an imperative financial goal for each one of us, and saving steadily can enable us to achieve the same.
ICICI Prudential life has especially designed ICICI Pru Anmol Bachat plan. This financial product enables depositors to save in small amounts to create a lump sum for their future needs. This unique savings plan comes with manifold benefits like savings, liquidity and life cover.
Key Benefits of ICICI Pru Anmol Bachat Plan
- Sum Assured on death is a stipulated amount which is payable in case of death of the policyholder during the policy term. The payable sum depends on the premium payment term choses during buying the policy.
- On the expiration of the policy term a guaranteed amount is paid to the policyholder. This is known as the Guaranteed Maturity Benefit.
- As per the survival benefit clause, an amount equal to one annual premium is paid during the policy term. This holds true only if the due premiums have been cleared, and the policyholder is alive. This benefit is again dependent on the Premium Payment Term
- This plan entitles policyholders to enjoy tax benefits of premium paid.
- If the life assured dies during the policy term, he/she is entitled to get death benefit. This is irrespective of the survival benefits paid. Please note that on the death of the policyholder, all the policy benefits cease.
- A policyholder is entitled to get the maturity benefit if he is alive till the end of the policy period. This is irrespective of the survival benefits. Please note that after the payment of the maturity benefit, all the benefits cease.
- If you policy is not a single premium policy, you can choose to pay your premiums yearly, half yearly or monthly. Depending on the cycle of the payment, you are entitled to discounts too.
- The policyholders can avail loan under the Anmol Bachat Plan. This comes into effect only after the policy acquires a surrender value. The loan amount availed can be up to 80% of the surrender value.
- On policy attains a surrender value, and you stop paying due premiums, the policy can still continue as a paid up policy with lesser benefits.
- A grace period of 15 days is given for the payment of premium.
ICICI Pru Sarv Jana Suraskha Plan
This life insurance plan has been tailor-made to ensure complete security, for one’s loved ones, from uncertain financial future in event of an individual’s/policyholder's death. ICICI Prudential Sarv Jana Suraksha is a first of its kind micro insurance plan which caters to the rural population of the nation, as it provides complete security to the policyholder and his family, at affordable rates.
Key Features and Benefits
- The Plan has the following unique features and benefits
- As per the Death Benefit, there is a policy for getting Sum Assured in case of death of the policyholder.
- There is no maturity benefit on this policy.
- The minimum age of the applicant, to buy the policy, needs to be 18 years. The maximum age limit is 55 years.
- The sum assured ranges from Rs. 5000 to Rs. 50,000.
- The policy tenure lasts up to 5 years.
- The premium amount needs to be paid annually.
- The cover ceases when one attains the age of 60 years.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017