Savings Suraksha Insurance Plan
ICICI Prudential 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 are paid to the nominee.
ICICI Prudential Savings Suraksha Insurance Plan offers guaranteed maturity benefit along with various other benefits. The policy also provides the insured the flexibility to choose the premium payment option based on their requirement and payment capability.
ICICI Prudential Savings Suraksha Insurance Plan is a traditional endowment plan which is an ideal savings and protection plan. This plan is a participating life insurance plan which participates in the profits of the company. ICICI Pru Saving Suraksha offers the premium payment flexibility to pay premiums under limited pay or regular payment options.
Key Features of ICICI Prudential Savings Suraksha Insurance 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
Benefits of ICICI Prudential Savings Suraksha 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 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
- Surrender benefit- The policy will acquire surrender value only after 2 or 3 years of complete premium payment depending on whether the premium payment term is below or above 10 years.
- Tax benefit- The policy qualifies for tax benefits under section 80C of the Indian Income Tax Act, 1961.
- Loan facility- The policy qualifies for loan facility once it acquires the surrender value.
- The insured can choose the premium payment term, premium payment mode and sum assured as per their requirement.
- The policy can be purchased online
- Bonus – Bonuses comprise of vested reversionary bonuses, interim bonus and terminal bonus, as applicable. Reversionary bonus is declared for the first policy year annually during the term of the policy. The bonuses declared under this plan may vary as per the premium payment term options.
Additional Features of ICICI Prudential Savings Suraksha Insurance Plan
- Riders– No Riders available under this plan.
- Free look– If the policy is not convinced with the Terms and Conditions of the policy, she/he can cancel the policy within 15 days of receipt of policy document.
- Comprehensive saving plan
- Get guaranteed benefits
- Flexible premium paying term
- Get life cover for the entire policy term
- Avail Tax Benefit under IT Act