ICICI Pru Anmol Bachat Plan
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- Do more with plans that offer pure protection, retirement planning and investment options
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.
Eligibility - Who is the ICICI Pru Anmol Bachat Plan for?
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 |
Policy Term, Premium, and Premium Payment Term:
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
Plan Coverage - What the ICICI Pru Anmol Bachat Plan Covers?
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 |
Benefits in Detail:
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.
- Single Pay Policy – Highest of Sum Assured X Single Premium, minimum guaranteed Sum Assured, or absolute amount assured on death
- Limited/Regular Pay Policy – Highest of Sum Assured X Annualised Premium, minimum guaranteed Sum Assured, or absolute amount assured on 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.
Add-On Plans – Additional Coverage under the ICICI Pru Anmol Bachat Plan:
There are no add-on plans under the ICICI Pru Anmol Bachat Plan.
Exclusions - What the ICICI Pru Anmol Bachat Plan doesn’t Cover?
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.
Other Key Features:
Other key features of the ICICI Pru Anmol Bachat Plan are:
| Particulars | Details |
| Policy Revival | Policy can be revived within two years from the date of the first unpaid premium |
| Free-look Period |
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Tax Benefits – How you can save with the ICICI Pru Anmol Bachat Plan?
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.
Other Benefits of ICICI Pru Anmol Bachat Plan:
Some of the other benefits that can be utilised by a policyholder while purchasing the ICICI Pru Anmol Bachat Plan are:
- Downloadable brochure of the plan from the ICICI Prudential website
- Facility to request for a call back from the company
- Get a financial advisor
- Apply for the plan online
- Make online comparisons with other plans
- Locate the nearest ICICI Prudential branch
Why you should Buy the ICICI Pru Anmol Bachat Plan from ICICI Prudential?
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.
Frequently Asked Questions (FAQs):
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At what age can I start investing in the ICICI Pru Anmol Bachat Plan?
A. You are required to be at least 18 years old to start investing in the Anmol Bachat Plan.
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What is the minimum and maximum annual premium under the Anmol Bachat Plan from ICICI Prudential?
A. The minimum annual premium is Rs.2, 400 and the maximum annual premium is Rs.12, 000 under this plan.
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What is the age range within which I can apply for the Anmol Bachat Plan from ICICI Prudential for Single Premium Payment Term?
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
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What is the longest policy term that I can choose if I take up the Anmol Bachat Plan?
A. The longest policy term under the plan is 15 years.
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Till when will life cover be provided if the policy term of the Anmol Bachat Plan chosen is lower than the tenure of the loan?
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.
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What are the Premium Payment Modes offered by the Anmol Bachat Plan of ICICI Prudential?
A. The Premium Payment Modes under the Anmol Bachat Plan is monthly, half-yearly, or yearly.
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Will I be charged anything If I cancel the plan within the free-look period?
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.
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Can I avail a loan under the ICICI Pru Anmol Bachat Plan?
A. Yes, you can avail loans under the policy of up to 80% of the Surrender Value.
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Under the One Pay option of the ICICI Pru Anmol Bachat Plan, what is the number of times I will have to pay my premium for?
A. Under the One Pay option of the plan, you are required to pay premium only once.
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Can I change the policy term and premium payment term of the ICICI Pru Anmol Bachat Plan at any time during the term?
A. No, once chosen at policy inception, the policy term as well as the premium payment term of the policy cannot be changed.
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