Exploring ICICI Pru Savings Suraksha Endowment Policy

Founded in the year 2000, ICICI Prudential Life Insurance is a celebrated life insurance company in India. A joint venture between ICICI Bank and Prudential plc, ICICI Prudential offers a vast range of life insurance policies to its customers. Other than a massive array of term insurance plans, unit linked insurance plans, retirement plans, health insurance plans, ICICI Prudential Life Insurance offers savings plans. One of the key savings plans that is widely sought after is ICICI Pru Savings Suraksha. Let us learn more about it to find out how much it is worth investing in. 

What is ICICI Pru Savings Suraksha Plan?

ICICI Pru Savings Suraksha is a non-linked life insurance plan. It is a traditional endowment plan that offers savings as well as life insurance cover. It is a participating life insurance plan that participates in the profits of the company.  One of the best choices for people looking for a secure solution for their financial future, ICICI Pru Savings Suraksha is the perfect choice for people who want to buy a house, promote their children for higher education and fulfill many dreams without being concerned about the finances, even once. 

Key Features of ICICI Pru Savings Suraksha 

Some of the prime features of ICICI Pru Savings Suraksha plan are:

• Online policy 
• Comprehensive saving plan
• Life coverage for entire policy term
• Get guaranteed benefits
• Flexible premium paying term
• Minimum entry age: No restriction; Maximum entry age: 60 years 
• Minimum age at maturity: 18 years; Maximum age at maturity: 70 years 
• Policy tenure: Minimum - 10 years; Maximum - 30 years 
• Premium paying term - Limited or regular pay 
• Free look period - 15 days (30 days for distance marketing channel)
• Grace period - 30 days (15 days for monthly mode)
• Rider facility not available under the plan
• Tax benefits under IT Act

Major Benefits Under of ICICI Pru Savings Suraksha 

Some of the major benefits one can expect under ICICI Pru Savings Suraksha plan are:

• Death Benefit

A guaranteed death benefit is paid to the nominee in case of the policyholder’s demise. The family of the deceased policyholder receives higher or sum assured on death plus accrued guaranteed additions and bonuses, guaranteed maturity benefit plus accrued guaranteed additions and bonuses and minimum death benefit. 
 

• Maturity Benefit

In case the policyholder survives the policy term, they are given maturity benefits. Maturity benefit is the addition of guaranteed maturity benefit, accrued guaranteed additions, vested reversionary bonuses, if any + terminal bonus, if any.
 

• Bonus

Bonuses include vested reversionary bonuses, interim bonus and terminal bonus, as per the applicability. The bonuses declared under the ICICI Pru Savings Suraksha plan may differ as per the premium payment term options.
 

• Loan Benefit

A policyholder of ICICI Pru Savings Suraksha is eligible for loans up to  80% of the surrender value. 
 

• Surrender Value

If a policyholder surrenders a higher, they get the higher of guaranteed surrender value along with the cash value of accrued guaranteed additions and cash value of vested bonuses or non guaranteed surrender value. It must be noted that if the premium paying term is 10 years or more, the policy acquires a surrender value after full payment of three years is done. On the contrary, if the premium paying term is less than 10 years, the policy acquires a surrender value after two full years’ premium payment is done. 
 

• Tax Benefit

Premium paid for ICICI Pru Savings Suraksha plan is eligible for the tax benefits as per Section 80C. Moreover, the death benefit qualifies for tax benefits under section 10 (10D) of the Income Tax Act.

Now that you know a lot about the ICICI Pru Savings Suraksha endowment policy, go ahead and buy it after considering your primary needs in the first place.

Also Read: Are Endowment Plans Risk Free Investment Tools?

Things That Need Your Attention Before Purchasing an Endowment 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.