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ICICI Prudential Save N Protect Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

ICICI Prudential Save n Protect Plan

ICICI Pru Save’n’Protect Plan is a Regular Premium and Participating Endowment Plan. It is a Traditional Plan with Bonus facility.
 
How it works – In this plan, premium needs to be paid for the entire policy tenure. The policy can be opted for children from the time they are born but the risk cover on a child’s life starts only after he/she attains 7 years of age.

Thus, on survival till the end of the Policy Tenure, (the Sum Assured + Guaranteed Additions of 3.5% compounded annually for the first 4 years + Vested Bonus) is paid to the policyholder as Maturity Benefit and the policy terminates.
 
However, if the Life Insured dies before attaining 7 years of age, only the premiums paid till date without interest would be paid back as Death Benefit and the policy would terminate. However, after attaining 7 years of age, the full risk cover on his life starts and then if he dies within the policy tenure, (the Sum Assured + Guaranteed Additions of 3.5% compounded annually for the first 4 years + Accrued Bonus till date) would be paid to the nominee as Death Benefit and the policy terminates.
 
There is a unique feature of Extended Life Coverage in this plan where 50% of the Life Coverage of the Plan continues for 5 years beyond the Policy Tenure without any additional premium or medical examination.
 
 

Key Features of ICICI Prudential Save’n’Protect Policy

  • It is an Endowment Plan with Bonus facility
  • This plan offers Annual Guaranteed Additions of @ 3.5% p.a. of the Sum Assured compounded annually for the first 4 policy years
  • Bonus in this plan accrues from the 5th policy year onwards
  • Risk cover on a child’s life starts once he is 7 years old
  • When the policy matures, Sum Assured + Guaranteed Additions of 3.5% compounded annually for the first 4 years + Vested Bonus is paid to the policyholder as Maturity Benefit
  • If the Life Insured dies within the Policy Tenure, Sum Assured + Guaranteed Additions of 3.5% compounded annually for the first 4 years + Vested Bonus is paid to the nominee as Death Benefit
  • There is Extended Life Cover in this plan for 5 years after the policy maturity for 50% of the Sum Assured without any additional payment or medical examination
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
 

Benefits you get from ICICI Prudential Save’n’Protect Insurance Policy

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets Sum Assured + Guaranteed Additions of 3.5% compounded annually for the first 4 years + Vested Bonus as Death Benefit.
However, if the Life Insured is less than 7 years of age, only the premiums paid till date without interest is paid back since risk cover on a child’s life starts only after 7 years of age.
 
Maturity Benefit – On survival till the end of the Policy Tenure, Sum Assured + Guaranteed Additions of 3.5% compounded annually for the first 4 years + Vested Bonus is paid back to the policyholder as Maturity Benefit.
 
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 Pru Save’n’Protect Insurance Plan

 
Minimum
Maximum
Sum Assured (in Rs.)
50,000
1 Crore
Policy Term (in years)
10
30
Premium Payment Term (in years)
Equal to Policy Term
Entry Age of Life Insured (in years)
0
60
Age at Maturity (in years)
18
70
Annualized Premium (in Rs.)
6,000 p.a.
No Limit
Payment modes
Yearly, Half-Yearly and Monthly
 
 

Sample Benefit Illustration of ICICI Pru Save’n’Protect Plan

The below illustration is for a 30 year old healthy male, opting for a Sum Assured of Rs 2,00,000 for a Policy Term of 20 years and has Annual Premium of Rs 9,333

ICICI Prudential Save'n'Protect Plan Sample Benefit Illustration

 

Additional Features and Benefits of ICICI Pru Save’n’Protect Plan

Riders – There are 3 additional riders in this plan:
  1. Critical Illness Rider
  2. Accident and Disability Rider
  3. Accident Benefit Rider
 

What happens if? 

You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease. If the minimum number of premiums has been paid, then the policy gets converted to Paid Up Value.
You want to surrender the policy – There is Surrender Benefit in this plan after the policy acquired Paid Up Value.
You want a loan against your policy – Loan facility is available in this plan which depends on the Paid Up Value that the policy acquired.




 
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