Guaranteed Savings Insurance Plan (GSIP) from ICICI Prudential Life Insuranceis an endowment policy which guarantees the return of premiums paid at 5% per annum on death of the policy holder. This is a non unit-linked insurance plan which offers limited premium paying option.
Death Benefit – In case of death of the Life Insured, the nominee receives the total of all premiums paid till date compounded at the rate of 5 percent per annum. This is referred to as the Guaranteed Death Benefit (GDB)
Maturity Benefit – At the maturity of the policy, the insured will get his/her Sum Assured (total of all premiums paid). In addition to this, the policy will also offer Guaranteed Regular Additions and Maturity Addition which is calculated as a percentage of the sum assured.
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Sum Assured (in Rs.)
Annual Premium x Premium Paying Term
Policy Term (in years)
Premium Payment Term (in years)
Entry Age of Policyholder
Age at Maturity
Single premium (in Rs.)
Yearly, Half-yearly or Monthly
Minimum Annual Premium Amount
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 1,00,000 and Policy Term = 15 years and 20 years respectively.
Riders- No riders are available with this plan.
You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.
Reduced Sum Assured Value= Guaranteed Maturity Benefit X (Total Number of Premiums Paid/Total Number of Premiums Payable)
However, the policy can be revived within 2 years from the first unpaid premium by paying up the due premiums along with interest as calculated.
You want to surrender the policy – On discontinuing the policy you will be entitled to a surrender value which is the higher of the Guaranteed Surrender Value (GSV) and Non Guaranteed Surrender Value (NGSV).
The GSV=35% of Premiums paid - First Year’ s Premium.
The NGSV= Present Value of Paid Up Sum Assured, discounted at the Gross Redemption Yield at the Review Date immediately preceding the date of surrender, plus 2% per annum.
You want a loan against your policy – Loan facility is available under this policy upto 80% of Surrender Value.
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