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ICICI Pru Assured Savings Insurance Plan

ICICI Pru Assured Savings Insurance Plan is a traditional non-participating non-linked endowment life insurance plan. The plan offers guaranteed savings benefits enabling you to meet your financial goals. The Assured Savings Insurance Plan is also a life insurance cover that provides financial security to your family in case of your sudden demise.

Eligibility - Who is the ICICI Pru Assured Savings Insurance Plan for?

Given below are certain eligibility criteria that need to be met when applying for the plan:

Minimum age at entry Seven Pay option
  • 10 years policy term – 8 years
  • 12 years policy term – 6 years
Ten Pay option
  • 12 years policy term – 6 years
Maximum age at entry 60 years
Minimum age at maturity 18 years
Maximum age at maturity 72 years
Premium Payment Term Seven years, Ten years
Type of plan Non-linked Endowment Life Insurance

Sum Assured and Premium Range - What you Get and What it Costs?

The table given below indicates the Sum Assured, premium range, the frequency of payment, and the payment mode under the ICICI Pru Assured Savings Insurance Plan.

Premium Policy Term Seven Pay – 10 and 12 years Ten Pay – 12 years
Minimum Annual Premium Seven Pay – Rs.18,000 Ten Pay – Rs.12,000
Premium Payment Modes Annual, Half-yearly, Monthly

*Premiums vary based on age, location, plan term and other factors

Plan Coverage - What the ICICI Pru Assured Savings Insurance Plan Covers?

The ICICI Pru Assured Savings Insurance Plan offers the following benefits:

Death Benefit Higher of Sum Assured with Guaranteed Additions or GMB (Guaranteed Maturity Benefit) with Guaranteed Additions or Minimum Death Benefit
Maturity Benefit Accrued Guaranteed Additions along with GMB
Surrender Benefit Payable as Guaranteed Surrender Value (GSV) plus any accumulated GAs (Guaranteed Additions) or Special Surrender Value (SSV), whichever is higher
Loan Benefit Policy loan can be availed at up to 80% of the Surrender Value
Guaranteed Additions Added at the end of every policy year, equivalent to Guaranteed Addition rate multiplied with total premiums paid till date
Guaranteed Maturity Benefit Depends on premium, policy term, premium payment term, gender, and age
Tax Benefit Can be availed as per prevailing Income Tax laws

Benefits in Detail:

Death Benefit: On death of the Life Assured under the Assured Savings Insurance Plan, Death Benefit is payable to the nominee. It is paid either as Sum Assured plus GAs, or GMB plus GAs, or Minimum Death Benefit, whichever is higher. Minimum Death Benefit is equivalent to 105% of total premiums paid.

Maturity Benefit: ICICI grants Maturity Benefit to the surviving policyholder at the end of the policy term, provided all premiums are paid on time. It is the sum of accrued Guaranteed Additions and Guaranteed Maturity Benefit.

Loan Benefit: Under this plan, you can avail a loan once it acquires a surrender value. You can take up to 80% of the surrender value as a policy loan. In case, the policyholder availing a loan fails to repay it by the specified date, the policy is foreclosed and all benefits and interest are considered void.

Guaranteed Additions: Payable on maturity of policy, Guaranteed Additions are used for calculation of Death Benefit. They are added at the end of policy year and are calculated by multiplying Guaranteed Addition rate with sum of premiums paid till present date, excluding extra mortality premiums, service tax and cesses, if any.

Guaranteed Maturity Benefit: It is decided at policy inception and depends on the premium, policy term, premium payment term, gender, and age. Sum Assured may be higher than your GMB.

Add-On Plans – Additional Coverage under the ICICI Pru Assured Savings Insurance Plan:

There are no add-on plans under the ICICI Pru Assured Savings Insurance Plan.

Exclusions - What the ICICI Pru Assured Savings Insurance Plan doesn’t Cover?

Suicide Clause: Whether sane or insane, if the Life Assured commits suicide within a year from the date of inception of the policy, the nominee is entitled to get 80% of the premiums paid. In case the incident occurs within a year from policy revival, either 80% of premiums paid till the date of death or surrender value, whichever is higher is payable.

Other Key Features:

Some of the other key features of the ICICI Pru Assured Savings Insurance Plan are:

Particulars Details
Free-look Period Policy can be cancelled within:
  • 15 days from the receipt of the policy document, if it is not purchased through Distance marketing
  • 30 days from the receipt of the policy document, if it is purchased through Distance marketing
Policy Revival Policy can be revived within two years from the due date of the first unpaid premium, provided the policyholder provides satisfactory evidence of his or her health
Premium Discontinuance If policy is discontinued before the policy reaches a surrender value, no benefits is payable

Tax Benefits – How you can save with the ICICI Pru Assured Savings Insurance Plan?

Under the Assured Savings Insurance Plan, policyholders can avail tax benefits as per prevailing tax laws.

Other Benefits of ICICI Pru Assured Savings Insurance Plan:

There are other benefits that a policyholder can avail while purchasing the policy, some of the most useful ones are:

  • Request to send for a financial advisor from the company
  • Arrange for a call back from ICICI
  • Download the brochure of the Assured Savings Insurance Plan from the website
  • Compare with other plans available
  • Track your policy application online
  • Purchase the policy online
  • Locate the nearest ICICI Prudential branch

Why you should Buy the ICICI Pru Assured Savings Insurance Plan from ICICI Prudential?

The ICICI Pru Assured Savings Insurance Plan provides a security net for your family in your absence. Under this plan, you can avail a lump sum payout to plan for your future, along with getting Guaranteed Additions. ICICI Prudential Life Insurance believes in customer satisfaction before anything else. The company focuses on implementing cost-effective products, offering high quality of services, deliver consistent fund performance and a hassle-free experience.

Frequently Asked Questions (FAQs):

  1. What is the minimum eligible age to take up the ICICI Pru Assured Savings Insurance Plan?

    A. The minimum eligible age for the plan is 8 years for the Seven Pay option and 6 years for the Ten Pay option.

  2. If my policy is cancelled during the free look period, will there be any deductions from my premium?

    A. If the policy is cancelled during the free look period, the premium is returned by deducting the stamp duty charges as well as medical expenses borne by the company.

  3. How is the Minimum Death Benefit calculated under the ICICI Pru Assured Savings Insurance Plan?

    A. Minimum Death Benefit is calculated as 105% of total premiums paid till date. It does not include extra mortality premiums, service tax and cess, if any.

  4. Can I take a loan under the ICICI Pru Assured Savings Insurance Plan? If yes, then what is the maximum quantum of loan that I can avail under this plan?

    A. Yes, you can take up to 80% of the surrender value as loan, under the plan. ICICI allows you to take a loan under this policy once it acquires a surrender value.

  5. What is the minimum annual premium under the Ten Pay option of the Assured Savings Insurance Plan of ICICI Pru?

    A. The minimum annual premium under the Ten Pay option is Rs.12, 000 for the ICICI Pru Assured Savings Insurance Plan.

  6. Can I revive my policy once it is discontinued?

    A. Yes, your policy can be revived even after discontinued payment of premiums, provided the revival application is made within two years from the due date of the first unpaid premium

  7. How is the GMB (Guaranteed Maturity Benefit) calculated under this plan?

    A. The GMB is decided at the commencement of policy and depends on policy conditions such as premium payment term, policy term, premium, gender, and age.

  8. What benefits can I avail once I surrender my policy?

    A. Once you surrender your policy, you can avail higher of the following benefits:

    • Special Surrender Value (SSV)
    • Guaranteed Surrender Value (GSV) plus Surrender Value of accumulated Gas
  9. Who receives the money after the policy matures in case the nominee of the policy is a minor?

    A. In case the nominee is a minor, an appointee can receive the money on behalf of the minor.

  10. Can I change my policy term and premium payment term, at any time during the term of the policy?

    A. No, once chosen at policy inception, policy term and premium payment term of the plan cannot be changed later.