ICICI Pru Anmol Bachat Plan is a non-linked micro-insurance plan that offers life cover as well as helps secure savings for the future. The plan allows its policyholders flexibility to choose the frequency of premium payments and pay as per their comfort.
When applying for the ICICI Pru Anmol Bachat Plan, applicants must fulfil the following eligibility criteria:
|Minimum age at entry||18 years|
|Maximum age at entry||Single Premium Payment Term – 60 years Five Pay – 40 years Seven Pay – 50 years Ten Pay – 50 years Ten Pay (15 years Policy Term) – 55 years|
|Type of Plan||Non-linked Micro-Insurance Plan|
The maximum and minimum premium, the policy term, and the premium payment term under the ICICI Pru Anmol Bachat Plan are indicated in the table below:
|Policy Term||Single Pay – 5 and 10 years Five Pay – 10 years Seven Pay – 10 years Ten Pay – 10 and 15 years|
|Minimum Premium||Rs.2,400 p.a.|
|Maximum Premium||Rs.12,000 p.a.|
|Premium Payment Term (PPT)||Single, Five, Seven, Ten|
|Premium Payment Mode||Yearly, half-yearly, monthly|
*Premiums vary based on age, location, plan term and other factors
The ICICI Pru Anmol Bachat Plan offers the following benefits:
|Death Benefit||Payable as higher of Sum Assured or 105% of sum of all premiums|
|Maturity Benefit||On survival of the Life Assured, higher of Guaranteed Maturity Benefit or 100.1% of sum of all premiums|
|Surrender Benefit||On surrender of policy, policyholder gets higher of the guaranteed Surrender Value along with bonuses or special Surrender Value|
|Tax Benefit||As per prevailing tax laws|
|Loan Benefit||Can be availed once the policy acquires Surrender Value|
Death Benefit: On death of the Life Assured, Death Benefit is payable as higher of Sum Assured plus additional bonuses, if any or 105% of sum of all premiums paid until the date of death.
Maturity Benefit: The policyholder gets maturity benefit on survival till the end of the policy term. It is payable as higher of Guaranteed Maturity Benefit (GMB) along with bonuses, if any, or 100.1% of total annual premiums paid.
Surrender Benefit: The policyholder of the ICICI Pru Anmol Bachat Plan will be entitled to Surrender Value, which is higher of the Guaranteed Surrender Value along with bonuses, or the Special Surrender Value.
Loan Benefit: Under the Anmol Bachat Plan, you can also avail loans once it acquires a Surrender Value. Up to 80% of the Surrender Value can be taken as loan under this plan. If the outstanding amount exceeds the Surrender Value, ICICI can call for repayment of loan with due interest within a three month notice period. Failure to repay the loan within this period results in termination of all rights and benefits under the policy, which stands extinguished in this case.
There are no add-on plans under the ICICI Pru Anmol Bachat Plan.
Suicide Exclusion: If the Life Assured, whether sane or insane, commits suicide within a period of one year from the commencement of policy, the nominee will receive 80% of the premiums paid until the date of death. If the policy is revived and the same case as above happens within one year of reinstatement of the policy, higher of 80% of premiums or Surrender Value as available on death, is payable.
|Policy Revival||Policy can be revived within two years from the date of the first unpaid premium|
Under the Anmol Bachat Plan, policyholders can avail tax benefits as per prevailing tax laws. Service tax and cess are charged additionally and are subject to amendments from time to time.
Some of the other benefits that can be utilised by a policyholder while purchasing the ICICI Pru Anmol Bachat Plan are:
The Anmol Bachat Plan from ICICI Prudential is a plan that helps you protect and grow your savings, along with providing a life cover. The plan also offers you flexibility to choose a premium payment term based on your requirements. With this plan, ICICI helps you secure your future dreams and financial goals. ICICI Prudential Life Insurance is an ideal choice for those planning to buy a policy like this as the company believes in customer focus and is driven by quality services.
A. You are required to be at least 18 years old to start investing in the Anmol Bachat Plan.
A. The minimum annual premium is Rs.2, 400 and the maximum annual premium is Rs.12, 000 under this plan.
A. You can apply for the plan at any time between the ages of 18 to 60 years for a Single Pay Option under the plan
A. The longest policy term under the plan is 15 years.
A. Under the Anmol Bachat Plan, ICICI provides life cover only until the end of the policy term and not till the end of the loan tenure.
A. The Premium Payment Modes under the Anmol Bachat Plan is monthly, half-yearly, or yearly.
A. Yes, ICICI Prudential charges stamp duty fees, medical examination expenses, and the proportionate risk premium for the period of cover. These charges are deducted from the premiums paid till date, before returning.
A. Yes, you can avail loans under the policy of up to 80% of the Surrender Value.
A. Under the One Pay option of the plan, you are required to pay premium only once.
A. No, once chosen at policy inception, the policy term as well as the premium payment term of the policy cannot be changed.