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ICICI Prudential Iassure Single Premium Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
ICICI Prudential iAssure Single Premium Plan
ICICI Prudential iAssure Single Premium Plan is a Single Premium Endowment Plan. It is a Traditional Plan without Bonus facility.
How it works – In this plan, premium needs to be paid in a lumpsum while the policy continues for the entire policy tenure of 5 or 10 years as selected.
There is Guaranteed Maturity Benefit in this plan which depends on age, gender, premium amount, policy term, Sum Assured multiple and the Reference Rates applicable at policy inception. Thus, on survival till the end of the policy tenure, Guaranteed Maturity Benefit is paid to the policyholder as Maturity Benefit and the policy terminates.
However, if the Life Insured dies within the Policy Tenure, then the higher of the Sum Assured and the Guaranteed Maturity Benefit is paid to the nominee as Death Benefit.
Key Features of ICICI Prudential iAssure Single Premium Insurance Plan
It is a single premium Endowment Plan
In this plan, premium is paid only once but the policy continues till the end of the policy tenure of 5 or 10 years as selected
This plan has Guaranteed Maturity Benefit along with life cover
In case of death of the Life Insured, higher of Sum Assured or Guaranteed Maturity Benefit is paid to the nominee as Death Benefit
On survival till maturity, the Guaranteed Maturity Benefit declared at policy inception is paid to the policyholder
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits you get from ICICI Prudential iAssure Single Premium Policy
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of the Sum Assured or Guaranteed Maturity Benefit as Death Benefit.
Maturity Benefit – On survival till maturity, the Guaranteed Maturity Benefit declared at policy inception is paid to the policyholder.
Guaranteed Maturity Benefit = Single Premium amount X Guaranteed Maturity Benefit Factor
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
Eligibility conditions & other restrictions in ICICI Prudential iAssure Single Premium Policy
Minimum
Maximum
Sum Assured (in Rs.)
125% of Single Premium
500% of Single Premium for Age 18-55
125% of Single Premium for Age 56-70
Policy Term (in years)
5
10
Premium Payment Term (in years)
Single
Entry Age of Life Insured (in years)
13 for PT=5
8 for PT=10
70
Age at Maturity (in years)
18
75 for PT=5
80 for PT=10
Single Premium (in Rs.)
20,000
No Limit
Payment modes
Single
Sample Benefit Illustration for ICICI Prudential iAssure Single Premium Plan
The below illustration is for a healthy male of 35 years opting for a Sum Assured of Rs 5,00,000
Premium=Rs 1,00,000 for a Policy Term of 10 years
Additional Features and Benefits of ICICI Prudential iAssure Single Premium Plan
Riders – There are no additional riders in this plan
What happens if?
You stop paying the premium – Being a single premium plan, there is no requirement of further premium payment.
You want to surrender the policy – There is Surrender Benefit in this plan after the first policy year. The Surrender Value will be the higher of the Guaranteed Surrender Value (GSV) and the Non-Guaranteed Surrender Value (NGSV).
You want a loan against your policy – Loan facility is available in this plan but after the policy has attained a Surrender Value. A loan amount of up to 80% of the Surrender Value can be availed.
