"Spending a whole day looking for insurance is fun," said nobody, EVER!
"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • ICICI Pru Savings Suraksha

    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.

    Eligibility – Who is the ICICI Prudential Savings Suraksha for?

    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

    Sum Assured and Premium Payment Term - What you get and what it costs

    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.

    Pay-out options under ICICI Pru Savings Suraksha Plan

    The policy pays out the following benefits to the policyholder or his beneficiaries:

    • Guaranteed Maturity Benefits
    • Guaranteed Additions
    • Estimated Vested Reversionary Bonuses
    • Estimated Terminal Bonus
    • Estimated Maturity Benefits

    Plan Coverage- What the ICICI Pru Savings Suraksha Plan covers

    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:
    • The sum assured and guaranteed additional bonuses
    • Guaranteed Maturity Benefits (GMBs) plus guaranteed additions and bonuses
    • Minimum death benefit
    Maturity Benefits A policy for which all the premiums have been paid, the policyholder will receive the following maturity benefits:
    • Guaranteed Maturity Benefits (GMB)
    • Accrued guaranteed additions
    • Vested reversionary bonuses, and
    • Terminal bonuses (if applicable)
    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:
    • Guaranteed Surrender Value (GSV) plus guaranteed additions and vested bonuses
    • Non-guaranteed surrender value

    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.

    Exclusions - What the ICICI Pru Savings Suraksha Plan doesn’t cover

    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.

    Other Key Features – Free Look Period, Surrender Values, Policy Revival, etc.

    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.

    Tax benefits – How you can save with the ICICI Pru Savings Suraksha Plan

    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.

    Other benefits

    Some of the additional benefits that ICICI Prudential offers to prospective buyers are as follows:

    • A financial advisor provided by the company
    • Online plan brochure
    • Call back from ICICI with details of the plan
    • Online comparison with other plans
    • Online application for the plan
    • ICICI Prudential branch locator

    Why you should buy the Savings Suraksha Plan from ICICI Prudential

    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.