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ICICI Pru Srav Jana Suraksha Plan

Life Insurance
  • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
  • Claim up to Rs. 1,50,000 deduction under section 80C**
  • Choose between annual and monthly premium payment options

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.

Eligibility - Who is the ICICI Pru Sarv Jana Suraksha Plan for?

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

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 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

Plan Coverage - What the ICICI Pru Sarv Jana Suraksha Plan Covers?

The ICICI Pru Sarv Jana Suraksha Plan offers the following benefits:

Death Benefit Highest of:
  • Guaranteed Sum Assured on maturity
  • 5 times the Annualised Premium
  • Absolute amount assured to be paid on death
  • 105% of all the premiums paid as on date of death
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

Benefits in Detail:

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.

Illustration of a 35-year old Policyholder of the ICICI Pru Sarv Jana Suraksha Plan:

Yearly Premium Life Cover Amount
Rs.50 Rs.5,000
Rs.100 Rs.10,000
Rs.500 Rs.50,000
Rs.1,000 Rs.1,00,000
Rs.2,000 Rs.2,00,000

*Premiums excludes Service tax and Education cess

Add-On Plans – Additional Coverage under the ICICI Pru Sarv Jana Suraksha Plan:

There are no add-on plans under the ICICI Pru Sarv Jana Suraksha Plan.

Exclusions - What the ICICI Pru Sarv Jana Suraksha 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 Sarv Jana Suraksha Plan are:

Particulars Details
Free-look Period If dissatisfied with the policy, it can be cancelled within:
  • 15 days from the receipt of the policy document
  • 30 days from the receipt of the policy document via voice mode, electronic mode, physical mode, or any other mode other than in person
Policy document must be returned within this period.
Grace Period Grace period for premium payment is:
  • 15 days – monthly mode
  • 30 days – other modes
If the premium is not within this period, the policy lapses and the cover will cease to exist.
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 Sarv Jana Suraksha Plan:

Under the Sarv Jana Suraksha Plan, policyholders can avail tax benefits as per prevailing tax laws.

Other Benefits of ICICI Pru Sarv Jana Suraksha 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 Sarv Jana Suraksha 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 Sarv Jana Suraksha Plan from ICICI Prudential?

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.

Frequently Asked Questions (FAQs):

  1. What is the minimum and maximum eligible age to take up the ICICI Pru Sarv Jana Suraksha Plan?

    A. The minimum eligible age for the plan is 18 years, while the maximum eligible age is 55 years.

  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 under the policy, expenses borne by ICICI Prudential for medical examination, and proportionate risk premium for the period of cover.

  3. Is there a maturity and surrender benefit under the ICICI Pru Sarv Jana Suraksha Plan?

    A. No, there is no maturity as well as surrender benefit under the Sarv Jana Suraksha Plan.

  4. Can I take a loan under the ICICI Pru Sarv Jana Suraksha Plan?

    A. There is no loan benefit available under this plan.

  5. What is the minimum annual premium under the Sarv Jana Suraksha Plan of ICICI Prudential?

    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.

  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. What is the condition for revival of the ICICI Pru Sarv Jana Suraksha Plan?

    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.

  8. If I have taken up the Sarv Jana Suraksha Plan from ICICI Prudential and I fail to make the premium payments within the grace period, what happens with the policy?

    A. If you fail to make premium payment on time, the policy will lapse and the cover will not continue further.

  9. How many times am I required to pay the policy premium under the ICICI Pru Sarv Jana Suraksha Plan?

    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.

  10. Can I change the Sum Assured under the Sarv Jana Suraksha Plan later in the policy term?

    A. Once chosen at the inception of the policy, the Sum Assured cannot be changed by the policyholder.