Benefits Of Investing In ICICI Pru Savings Suraksha Endowment Policy

ICICI Prudential Savings Suraksha Key Features:

• It is a participating plan with two premium payment options: limited and regular.
• In the first five years of the policy, Guaranteed Additions are paid every year.
• The benefits payable are increased by vested reversionary bonuses and terminal bonuses.
• On maturity, the policyholder receives the higher of the Guaranteed Maturity Benefit + Guaranteed Additions +vested reversionary bonuses + terminal bonus, if any.
• For the first five years, Guaranteed Additions are credited at 5% of the Guaranteed Maturity Benefit.
• The Sum Assured on Maturity is determined by the premium, policy term, age, PPT, and gender and is based on the premium, policy term, age, PPT, and gender.

Benefits Of Investing In ICICI Pru Savings Suraksha Endowment Policy

Below are a few benefits of investing in ICICI Pru Savings Suraksha Endowment Policy:

• Tax Benefits

By investing up to 1.5 lakh under Section 80C, you can minimize your taxable income. You'll be able to save money on taxes as a result of this. Additionally, the money you receive upon maturity or death is tax-free. 

• Even If You're Not Around, Your Loved Ones Are Safe

ICICI Pru Savings Suraksha offers comprehensive coverage for you and your family. Your family receives a lump sum amount if something bad happens during the insurance term. This sum assures that your loved ones can live the life you intended for them even if you are not present.

• Plan 

The hopes and dreams of your family members are always the first in your mind. Providing a solid education for your children and financial security for your spouse are two of your non-negotiable life goals. In order to fulfill these goals, you'd like to improve your luck. ICICI Pru Assets Suraksha is a plan that helps you protect your savings while also ensuring that your loved ones' goals are realized through came-to-be associated.

• Grace Period

Premium payments in monthly mode have a 15-day grace period, whereas other modes have a 30-day grace period. The policy will lapse if the policyholder fails to pay within the grace period. 

• Payment

The number of years for which you want to pay for coverage underneath the program can be specified. Five Pay (paying premiums for five years), Seven Pay (buying insurance for seven years), Ten Pay (buying insurance for ten years), Twelve Pay (paying insurance for twelve years), or Regular Pay (paying into the system for twelve years) are the options available (regular payment of premiums throughout the policy term).

• Surrender Benefit

After two or three years of premiums have been paid, the policyholder may surrender the policy. The Guaranteed Surrender Value or the Non-Guaranteed Surrender Value will be the higher of the two.

• Additions Free Look Period

If you are unhappy with the policy's coverage or terms and conditions, you have the option of canceling it within 15 days of receiving the policy documents, assuming no claim has been filed.

• Exclusions

Only 80% of premiums paid are repaid to the nominee if the suicide occurs within the first 12 months of the policy's start. If a person commits suicide within 12 months of being revived, the higher the premiums paid or the gained Surrender Value is paid.

• Death Benefit

Upon the death of the insured person, the nominee receives the greater of the Sum Assured and as well as accumulated Guaranteed Additions + invested incentives (reversionary bonus and Terminal Bonus) or 105 % of all premiums paid till death.

Conclusion

The ICICI Pru Savings Suraksha plan is an excellent way to save and safeguard your funds. You can choose a premium payment plan that best meets your needs with ICICI Pru Savings Suraksha. Premiums might be paid for a set period of time or for the duration of the policy. The ICICI Prudential Life Insurance Organization is a partnership between India's largest bank, ICICI Bank, and Prudential plc, the world's largest financial services company.

Also read: 

List of Latest Endowments Plans

What To Consider When Purchasing An Endwoment Plan?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.