ICICI Prudential Savings Suraksha
ICICI Pru Savings Suraksha Plan Review
ICICI Pru Savings Suraksha Insurance Plan is a non-linked insurance plan. The plan offers guaranteed maturity benefit – to meet financial needs like buying a house, children’s education, dream vacation and peaceful retirement. In the event of the unfortunate death of the policyholder during the policy term, Sum Assured + Guaranteed Additions is paid to the nominee.
Key Features
Every year 5%
Lump sum amount at end of the policy term
If any
To choose, premium payment, policy term, sum assured
Benefits
In case of death of the Life Insured, the nominee would get the higher of the below:
Sum Assured plus accrued GA and Bonuses
GMB + accrued GA + Bonuses
Minimum Death Benefit
Where,
Sum assured on death is equal to 10* of annual premium
Minimum Death Benefit, is 105% of premiums paid till dates
On maturity, the policy holder gets the below benefit:
Maturity Benefit = GMB + Guaranteed Additions + Vested Reversionary Bonus +Terminal Bonus, if any
Where,
- GMB is sum assured on maturity and will commence at the inception, policy term, premium payment term, age and gender. GMB can be lower than sum assured
- GA will be 5% of GMB each year will accrue during the first five policy years
- Reversionary bonus, if any, will be declared each year during the term of the policy starting from the first policy year
GMB illustrated below:
| Entry Age (in years) | Premium Payment Term (in years) | Policy Term (in years) | Premium (in Rs.) | GMB pay out (in Rs.) |
| 35 | 10 | 20 | 50,000 | 5,05,561 |
Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C
Maturity Benefit payable under Regular policy, is illustrated below:
Criteria: Entry age – 35 years, Policy Term – 20 years, Premium Payment Term – 20 years, Annual Premium – Rs. 20,000, Sum Assured – 2,00,000, Premium Payment mode – Yearly
| Benefits | @4% (in Rs.) | @8% (in Rs.) |
| Guaranteed Maturity Benefit (A) | 3,68,266 | 3,68,266 |
| Guaranteed Additions (B) | 92,067 | 92,067 |
| Estimated vested reversionary bonuses (C) | 0 | 94,626 |
| Estimated terminal bonus (D) | 37,719 | 1,54,031 |
| Estimated Maturity Benefit (A+B+C+D) | 4,98,052 | 7,08,989 |
Maturity Benefit payable under Single policy, is illustrated below:
Criteria: Entry age – 35 years, Policy Term – 20 years, Premium Payment Term – 10 years, Annual Premium – Rs. 30,000, Sum Assured – 3,00,000, Premium Payment mode – Yearly
| Benefits | @4% (in Rs.) | @8% (in Rs.) |
| Guaranteed Maturity Benefit (A) | 3,03,360 | 3,03,360 |
| Guaranteed Additions (B) | 75,840 | 75,840 |
| Estimated vested reversionary bonuses (C) | 0 | 1,47,417 |
| Estimated terminal bonus (D) | 46,362 | 1,59,481 |
| Estimated Maturity Benefit (A+B+C+D) | 4,25,562 | 6,86,098 |
No Riders available under this plan.
If the policy is not convinced with the Terms and Conditions of the policy, s/he can cancel the policy within 15 days of receipt of policy document.
Eligibility
| Particulars | Premium Payment Options | ||||
| Limited Pay | Regular Pay | ||||
| Premium Payment Term (in years) | 5 | 7 | 10 | 12 | Equal to Policy Term |
| Policy Term (in years) | 10 to 20 | 12 to 30 | 15 to 30 | 17 to 30 | 10 to 30 |
| Minimum Annual Premium (in Rs.) | 30,000 | 18,000 | 12,000 | 12,000 | 12,000 |
| GMB* for: minimum entry age,
annual premium, term, annual premium, payment mode |
1,25,359 | 1,09,897 | 1,08,059 | 1,34,048 | 93,750 |
| Entry Age (in years) | Minimum | Maximum | |||
| 0 | 60 | ||||
| Maturity Age (in years) | 18 | 70 | |||
| Premium Payment Modes | Annual / Half-yearly / Monthly | ||||
| Sum Assured on Death | Entry Age (in years) | Sum Assured | |||
| Less than 45 | 10 times annual premium | ||||
| 45 to 54 | 10 or 7 times annual premium | ||||
| Greater than 54 | 7 times annual premium | ||||
Exclusions
If the life assured, commits suicide, within a year of policy start 80% of the premiums paid, will be given to nominee. In case of suicide within one year from revival date, 80% of premiums paid or surrender value, whichever is higher would be paid and the policy will terminate.
FAQs
You stop paying the premiumIf the premium is not paid within 30 days from the grace date, the policy will lapse. Lapsed policy can be revived within 2 years of first unpaid premium. If the premium is discontinued after the policy has acquired surrender value, the policy status will be “paid up”
You want to surrender the policyThe policy will acquire surrender value, after 3 years of policy. On surrender, the higher of the below will be paid:
- Guaranteed Surrender Value (GSV) + cash value of accrued GA’s and bonuses
- Non-Guaranteed Surrender Value
You want a loan against your policyYes, loan facility is available under this plan.
