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ICICI Prudential Savings Suraksha

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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 of ICICI Pru Savings Suraksha Plan

  • Guaranteed Additions (GA) – every year 5%
  • Guaranteed Maturity Benefit (GMB)– lump sum amount at end of the policy term
  • Vested Reversionary Bonus /Terminal Bonus – if any
  • Flexibility – to choose, premium payment, policy term, sum assured

COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS

 

Benefits you get from ICICI Pru Savings Suraksha Plan

Death Benefit – 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

Maturity Benefit – 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


Income Tax Benefit - Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C.
 

Benefit Illustration of ICICI Pru Savings Suraksha Plan (Regular Premium)

Maturity Benefit payable under Regular policy, is illustrated below:

CriteriaEntry 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

 

Benefit Illustration of ICICI Pru Savings Suraksha Plan (Single Premium)

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

 

Eligibility conditions and other restrictions in ICICI Pru Savings Suraksha Plan

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

 

Additional Features and Benefits of ICICI Pru Savings Suraksha Plan

Riders – No Riders available under this plan.

Free look – 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.


What happens if?

You stop paying the premium – If 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 policy – The 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 policy – yes, loan facility is available under this plan.
 

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.
 
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