ICICI Prudential Savings Suraksha is a savings cum protection plan which offers you the flexibility to choose premium payments based on your needs and preferences. You can either pay a higher premium for a limited period of time or a lower premium for the entire policy period. Under this plan, maturity benefits are offered on survival of policyholder till the end of the term.
To be eligible for the ICICI Prudential Savings Suraksha plan, you must meet the undermentioned criteria:
|Minimum age at entry||No minimum age|
|Maximum age||Not more than 60 years|
|Minimum age at maturity||18 years|
|Maximum age at maturity||70 years|
|Death Benefits||Age at entry||Sum Assured|
|Less than 45 years||10 times the annual premium|
|45 to 54 years||10 times the annual premium, or 7 times the annual premium|
|More than 54 years||7 times the annual premium|
|Premium Payment Term (Limited Pay)||Policy Term|
|5 years||10 to 30 years|
|7 years||12 to 30 years|
|10||15 to 30 years|
|12||17 to 30 years|
For regular premium payment mode, the policy term can range from 10 years to 30 years.
The policy pays out the following benefits to the policyholder or his beneficiaries:
The plan provides long-term protection and assures financial stability to the person insured. Given below are some of the benefits linked to the coverage options under ICICI Pru Savings Suraksha Plan:
|Death benefits||For premium paying policies and full paid policies, the death benefit paid shall be higher of:
|Maturity Benefits||A policy for which all the premiums have been paid, the policyholder will receive the following maturity benefits:
|Surrender Benefits||If the premium payment term of your policy is above 10 years, then it will acquire a surrender value on payment of premiums for 3 consecutive years. But if the premium payment term is less than 10 years, then your policy acquires surrender value on payment of premiums for 2 full years. On surrender of your policy, you will receive an amount which will be higher of the following:
Note that the bonus fraction of benefits include reversionary bonuses, interim bonus, and terminal bonus. The minimum death benefit offered under the plan is equal to 105% of the total premiums paid by the policyholder. This is inclusive of extra mortality premiums, service taxes, and the cesses paid. The policy will terminate once all the benefits are paid out to the policyholder or their beneficiary.
Suicide Exclusion - If the policyholder, commits suicide within a year from the date of commencement of plan, then his nominees will receive 80% of the premiums paid till date. But in case the policyholder commits suicide after 12 months from the date of policy revival, the beneficiaries will receive a sum higher of 80% premiums paid till the date of death.
The table below highlights the additional features of ICICI Prudential Savings Suraksha plan.
|Free look period||The company offers you a free look period during which you can cancel the policy contract. The free look period is 15 days. For policies bought through distance marketing mode, the free look period is 30 days.|
|Loans||Policyholders can apply for loans once the policy acquires surrender value. They can borrow up to 80% of the surrender value. The policy will be foreclosed and all benefits shall be cancelled if the borrower fails to repay the loans within the specified period.|
|Surrender value||If the premium payment term of your policy is 10 years and above, the policy will acquire surrender value after payment of three full years of payment. But if your premium payment term is less than 10 years, then your policy acquires surrender value after payment of two full years of premiums.|
|Policy revival||Your policy will be revived if the application for revival is made within 2 years from the date of first unpaid premium and before termination of the policy contract. The revival of your policy is subject to underwriting terms. While reviving a policy, you will be required to pay the arrears along with interests applicable on the same.|
Policyholders are eligible for tax benefits as per the prevailing tax laws of India and these are subject to changes from time to time. Therefore, it is advisable that you seek tax consultation before investing in the policy.
Some of the additional benefits that ICICI Prudential offers to prospective buyers are as follows:
Savings Suraksha from ICICI Prudential is a first-rate insurance cum savings plan which offers a wide range of features and benefits. With a multitude of options for premium payment term and coverage, the ICICI Pru Savings Suraksha is an ideal plan to achieve the long term goals of your life. The company operates on its five core principles – Passion, Customer focus, Integrity, Humility, and Boundless Operations, which makes it one of the most reliable insurers in the country.