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ICICI Prudential Traditional Savings/Money Back Plans

Saving is something which is inherently imbibed in our lives right from childhood. While most of us do choose some mode to save money, ICICI Prudential Traditional Savings Plans combine savings with insurance, making these schemes extremely practical. Under these plans, one is assured of getting decent returns on an investment, in addition to peace of mind, knowing that the financial welfare of their family will be taken care of if they pass away while the plan is in force.

These plans are ideal for people looking to create a corpus to meet future requirements, be it to educate their children, pay for a wedding, or just take a vacation. Unlike other investment avenues, there is limited risk involved here, with moderate earnings on offer.

Benefits of ICICI Prudential Traditional Savings/Money Back Plans

Some of the benefits of these plans are highlighted below:

  • Value for money – One can purchase these plans at affordable premiums, with the schemes offering decent returns on maturity.
  • Protection – These plans protect the family of a policyholder during unforeseen events.
  • Tax savings – A policyholder is eligible to save on tax under the Income Tax Act.
  • Flexibility – One can choose a plan which matches his/her growth needs. These plans can be customised, based on the individual requirements of a policyholder.
  • Liquidity – Under these plans, a policyholder is eligible to receive a certain amount for a predefined period of time.
  • Bonus – These plans earn a bonus, ensuring that the initial investment offers additional returns.

Types of Traditional Savings/Money Back Plans offered by ICICI Prudential

ICICI Prudential currently offers four different Traditional Savings/Money Back Plans, as highlighted below:

ICICI Pru Cash Advantage:

This plan is designed for those looking to supplement their regular source of income. Under the plan, a regular amount is paid monthly, for a period of 10 years. One can choose between three premium payment terms. The plan pays out a guaranteed maturity benefit on completion of the policy term. In the event of demise of policyholder while the plan is in force, a death benefit is paid to the nominee. Additionally, the scheme also has a provision for cash benefit, wherein a certain percentage of the assured maturity benefit is paid to the policyholder.

Plan Name Entry Age Maturity Age Premium
ICICI Pru Cash Advantage Minimum:
  • 5 pay PPT – 3 years
  • 7 pay PPT -1 year
  • 10 pay PPT – 0 years
Maximum: 60 years
Minimum: 18 years Maximum: 80 years Minimum:
  • 5 pay PPT – Rs.30,000 per year
  • 7 pay PPT – Rs.18,000 per year
  • 10 pay PPT – Rs.12,000 per year
Maximum: No upper limit

ICICI Pru Savings Suraksha:

A participating scheme, ICICI Pru Savings Suraksha is designed for those looking for protection at affordable prices. It comes with two options, Limited Pay and Regular Pay, with the policyholder eligible to choose the sum assured, term, and premium payment mode in both schemes. The policy earns guaranteed additions every year, with a guaranteed maturity benefit paid to the policyholder after the policy matures. The maturity benefit also consists of vested reversionary bonus and terminal bonus. In the event of demise of policyholder while the policy is active, a death benefit equivalent to the highest of the minimum death benefit, sum assured (plus bonuses), or guaranteed maturity benefit is paid to the nominee.

Plan Name Entry Age Maturity Age Premium
ICICI Pru Savings Suraksha Minimum: 0 years Maximum: 60 years Minimum: 18 years Maximum: 70 years Minimum:
  • 5 year PPT – Rs.30,000 per year
  • 7 year PPT – Rs.18,000 per year
  • 10 year PPT – Rs.12,000 per year
  • 12 year PPT - Rs.12,000 per year
  • Regular Pay – Rs.12,000 per year

ICICI Pru Assured Savings Insurance Plan:

This is a traditional endowment scheme which is not linked to any fund. It offers assured savings to policyholders, ensuring that they can meet their future growth plans. A policy earns assured additions each year, with a guaranteed maturity benefit paid once the policy matures. A death benefit is paid to the nominee if the policyholder passes away within the policy term. The policy also has a surrender benefit option, wherein a policyholder can surrender the policy in return for a guaranteed surrender value.

Plan Name Entry Age Maturity Age Premium
ICICI Pru Assured Savings Insurance Plan Minimum:
  • 10 year policy - 8 years
  • 12 year policy - 6 years
Maximum: 60 years
Minimum: 18 years Maximum: 72 years Minimum:
  • 10 year policy – Rs.18,000 per year
  • 12 year policy (7 year PPT) – Rs.18,000 per year
  • 12 year policy (10 year PPT) – Rs.12,000 per year

ICICI Pru Future Perfect:

This is a guaranteed returns plan which offers life protection to the policyholder. Under this scheme, the maturity amount a policyholder receives is exempt from tax, with the scheme earning bonuses as well. The policy earns guaranteed additions each year, ensuring that inflation doesn’t dilute an investment. In the event of demise of policyholder, a lumpsum amount is paid to the nominee.

Plan Name Entry Age Maturity Age Premium
ICICI Pru Future Perfect Minimum:
  • 5 year PPT – 3 years
  • 7 year PPT – 1 year
  • 10/15/20 year PPT – 91 days
Maximum:
  • 5 year PPT – 45 years
  • 7 year PPT – 58 years
  • 10 year PPT – 55 years
  • 15 year PPT – 50 years
  • 20 year PPT – 45 years
Minimum: 18 years Maximum:
  • 5 year PPT – 60 years
  • Other PPTs – 70 years
Minimum:
  • 5 year PPT – Rs.40,000 per year
  • 7 year PPT – Rs.18,000 per year
  • 10 year PPT – Rs.12,000 per year
  • 15 year PPT – Rs.9,600 per year
  • 20 year PPT – Rs.8,400 per year

Why do you need ICICI Prudential Traditional Savings/Money Back Plans?

We take a lot of risks in life, but often wish to find a safe way to see our money grow. ICICI Prudential’s Money Back Plans not only ensure that our money grows over time, but also provide the added benefit of insurance. These plans offer assured returns on maturity, earning bonuses as well. Being low-risk investments, one can be rest assured that the value of their investment doesn’t diminish over time.

In addition, ICICI Prudential is one of the most trusted insurers in the country, having a claim settlement ratio of 96.20% during 2015-2016. A high grievances solved ratio of 99.87% during the same period highlights the company’s effort towards customer satisfaction.