ICICI Prudential Assured Savings Insurance Plan
ICICI Pru Assured Savings Insurance Plan is a non-linked insurance plan. The plan offers guaranteed savings benefit, to meet critical milestones like child education, marriage or retirement. In the event of the unfortunate death of the policyholder during the policy term, Sum Assured + Guaranteed Additions are paid to the nominee.
ICICI Pru Assured Savings Insurance plan allows you to choose the number of years for which you wish to pay premiums. You can opt for either the Seven Pay option (payment of premiums for 7 years), or the Ten Pay option (payment of premiums for 10 years).
The ICICI Pru Assured Savings Insurance Plan is a traditional non-participating non-linked endowment life insurance plan. This policy helps you protect your loved ones while you are securing their dreams with guaranteed wealth growth. This plan lets you save with the comfort of guaranteed returns. You can make the premium payments as per your comfort. You get wealth creation along with life cover. You can avail tax benefits on the premiums paid and on the benefits received as per the prevailing tax laws.
Key Features of ICICI Pru Assured Savings Insurance Plan
- Guaranteed Additions (GA)– every year, 9% or 10%
- Guaranteed Maturity Benefit (GMB)– lump sum amount at end of the policy term
- Flexibility – to choose, premium payment and policy term
- Tax Benefits– as per Section 80C and 10(10D) of the Income Tax Act
Benefits you get from ICICI Pru Assured Savings Insurance 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
- GMB + accrued GA
- Minimum Death Benefit
-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 = GA+GMB
GA will be added to the policy at the end of the every policy year. GA = Guaranteed rate of total premiums paid till date. GA rate depends upon the policy Term chosen – For 10 years GA is 9% and for 12 years its 10%
- Guaranteed Additions:
Guaranteed Additions are payable on maturity. It is also considered for death benefit as well. Guaranteed additions will be added to the policy at the end of every policy year provided all the premiums have been paid. The Guaranteed Additions rates are:
For 10 years term- 9%
For 12 years term- 10%
- Guaranteed Maturity Benefits:
The Guaranteed Maturity Benefits will be set at the policy inception and this will depend on the premium, policy term, premium payment term, gender and age.
- Surrender Benefits:
If your policy term is 10 years, you will acquire surrender value after 3 full year’s payment. If your premium payment term is 7 years, you will acquire surrender value after 2 full year’s payment. On surrender, you will get Guaranteed Surrender Value plus the value of accrued Guaranteed Additions and Special Surrender Value.
Exclusions under the policy:
If the policyholder commits suicide within 12 months from the date of inception of the policy, the nominee will be entitled to 80% of the premiums paid. If the policyholder commits suicide within 12 months from the date of revival of the policy, the nominee will be entitled to 80% of the premiums paid or surrender value as on the date of death, whichever is higher.
Revival of ICICI Pru Assured Savings Insurance Plan
The policy will lapse if the premium is not paid within the days of grace. A policy that has been discontinued can be revived within 2 years from the due date of the first unpaid premium.