ICICI Pru Sarv Jana Suraksha Plan is a non-participating non-linked, micro-insurance plan that offers security to the policyholder and his or her family at an economical cost. It is a term plan where in case of an unfortunate death of the policyholder, the family receives a lump sum amount. Through this plan, you can ensure that your family does not face any financial difficulties in your absence.
Given below are certain eligibility criteria that need to be met when applying for the plan:
|Minimum age at entry||18 years|
|Maximum age at entry||55 years|
|Premium Payment Term||Policy Term|
|Type of plan||Non-linked micro-insurance term plan|
The table given below indicates the Sum Assured, premium range, the frequency of payment, and the payment mode under the ICICI Pru Sarv Jana Suraksha Plan.
|Premium Policy Term||Regular Pay – 5 years|
|Minimum Sum Assured||Rs.5,000|
|Maximum Sum Assured||Rs.2,00,000|
|Minimum and Maximum Premium||As per the minimum and maximum Sum Assured on death, age of the Life Assured|
|Premium Payment Modes||Annual, Half-yearly, Monthly|
*Premiums vary based on age, location, plan term and other factors
The ICICI Pru Sarv Jana Suraksha Plan offers the following benefits:
|Death Benefit||Highest of:
|Maturity Benefit||No maturity benefit or survival benefit available|
|Surrender Benefit||No surrender benefit available|
|Loan Benefit||No loan benefit available|
|Tax Benefit||Can be availed as per prevailing Income Tax laws|
Death Benefit: On death of the Life Assured under the Sarv Jana Suraksha Plan, Death Benefit is payable to the nominee. It is paid either as Guaranteed Sum Assured on maturity, five times the annualised Premium, the Sum Assured on death, or 105% of the total premiums paid till date of death, whichever is higher. Guaranteed Sum Assured on maturity is nil.
Five year regular pay: It is a five year policy with a life cover throughout the policy.
|Yearly Premium||Life Cover Amount|
*Premiums excludes Service tax and Education cess
There are no add-on plans under the ICICI Pru Sarv Jana Suraksha Plan.
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.
|Free-look Period||If dissatisfied with the policy, it can be cancelled within:
|Grace Period||Grace period for premium payment is:
|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|
Under the Sarv Jana Suraksha Plan, policyholders can avail tax benefits as per prevailing tax laws.
There are other benefits that a policyholder can avail while purchasing the policy, some of the most useful ones are:
The ICICI Pru Sarv Jana Suraksha 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 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.
A. The minimum eligible age for the plan is 18 years, while the maximum eligible age is 55 years.
A. If the policy is cancelled during the free look period, the premium is returned by deducting the stamp duty charges under the policy, expenses borne by ICICI Prudential for medical examination, and proportionate risk premium for the period of cover.
A. No, there is no maturity as well as surrender benefit under the Sarv Jana Suraksha Plan.
A. There is no loan benefit available under this plan.
A. The minimum and maximum premium under the plan depends on the Sum Assured on death of the policyholder as well as the age of the Life Assured.
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
A. If a policyholder wants to revive the policy, he or she must present a satisfactory evidence of health as required and approved by the prevailing Board. Also, the revival of the policy may have different terms than those applicable before its lapse. The revival takes effect only once it is communicated to the policyholder by ICIC Prudential.
A. If you fail to make premium payment on time, the policy will lapse and the cover will not continue further.
A. You are required to pay the premium every once in five years, which means for a policy term of five years, it would be five times.
A. Once chosen at the inception of the policy, the Sum Assured cannot be changed by the policyholder.