ICICI Pru Saving Suraksha Endowment Policy
Table of Contents
ICICI Pru Savings Suraksha Insurance Plan is a non-linked insurance plan. The plan offers guaranteed maturity benefit - to meet financial needs like buying a house, children’s education, dream vacation and peaceful retirement. In the event of the unfortunate death of the policyholder during the policy term, Sum Assured + Guaranteed Additions is paid to the nominee.
Key Features of ICICI Prudential Savings Suraksha
- It is a participating plan with limited and Regular premium payment option
- Guaranteed Additions are paid each year in the first five years of the policy
- Vested Reversionary Bonuses and Terminal Bonus increase the benefits payable
Investment Plan
Benefits of ICICI Prudential Savings Suraksha
- On maturity, higher of the Guaranteed Maturity Benefit +Guaranteed Additions +vested reversionary bonuses + terminal bonus, if any is paid to the policyholder
- Guaranteed Additions are credited @ 5% of Guaranteed Maturity Benefit for first five years
- Guaranteed Maturity Benefit is the Sum Assured on Maturity depending on the premium, policy term, age, PPT and gender.
- On death of the policyholder, higher of the Sum Assured plus accrued Guaranteed Additions plus vested bonuses (reversionary bonus and Terminal Bonus) or Guaranteed Maturity
- Benefit plus accrued Guaranteed Additions plus bonuses or 105% of all premiums paid till death is payable to the nominee
- Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
ICICI Pru Savings Suraksha Policy Details
- Grace Period: 15 days’ grace period is allowed for premium payment in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses
- Policy Termination or Surrender Benefit: Policyholders are allowed to surrender the policy after 2 / 3 years’ premium has been paid. The Surrender Value will be higher than the Guaranteed Surrender Value or the Non -Guaranteed Surrender Value.
GSV = GSV Factor * annual premiums + GSV of Vested Bonuses + GSV of Guaranteed Additions
- Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
Additional Features or Riders
The Guaranteed Cash Benefits can be availed monthly or annually
Inclusions
A loan of a maximum of 80% of the Surrender Value is available under the plan
Exclusions
In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid
Documents Required
Policyholders have to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.
Conclusion
ICICI Pru Saving Suraksha plan is a traditional endowment plan which is an ideal savings and protection plan. This plan is a participating life insurance plan which participates in the profits of the company. ICICI Pru Saving Suraksha offers the premium payment flexibility to pay premiums under limited pay or regular payment options.
Also Read:
Essential Documents That You Must Have For Buying Endowment Plan
Comparison Between Endowment And Other Life Investment Plans
