Insurance Plans 345 views June 19, 2020

ICICI Pru Savings Suraksha Plan

There are some individuals who want to accumulate funds for their future but they are unable to do so because of their excessive expenditure. So you must make forced savings through any investment either in an insurance plan or other instruments. If you are willing to invest in the accumulation of funds then you must see the ICICI Pru Savings Suraksha Plan. This plan includes maturity benefits and you will get a Guaranteed Additions in this plan that will boost up your savings. You can use the accumulated funds to fulfill your dreams. On the other hand, there are flexible modes for paying the amount of premiums for this endowment plan. Let’s explore the key features of this plan so that you can understand the policy better.

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Key Features of Savings Suraksha Plan

  1. The life of the insured will be covered in this plan throughout the policy term.
  2. There are two options for the payment of premiums that are Limited Pay and Regular Pay.
  3. Flexibility to choose the Sum Assured on Death.
  4. Flexibility of choosing the Premium Paying Term.
  5. Enjoy guaranteed maturity benefit in this plan.
  6. Get Guaranteed Additions on the Maturity Amount in this policy.
  7. Flexibility of choosing the Policy term.
  8. Get Deductions under 80D of the Income Tax Act.

Benefits of Savings Suraksha Plan

It is necessary to explore each and every detail of the insurance plan before buying it. So have a look at all the benefits of this insurance plan so that you can make the best use of it.

Death Benefits

During the unfortunate death of the insured, the nominee is entitled to receive the death benefits that would be the highest of the following:-

Sum Assured at the time of death plus guaranteed additions and bonuses.
Guaranteed Maturity Benefit plus Guaranteed Additions and Bonuses.
Minimum Death Benefit and it will be 105%of the total premiums paid until death.

Maturity Benefits

If the insured survives the whole policy term successfully then he is entitled to the maturity benefits. So the value of the Maturity Benefit will include the following sum of money.

  1. Guaranteed Maturity Benefit
  2. Accrued Guaranteed Additions
  3. Revisionary Bonuses
  4. Terminal Bonus

Surrender Benefits

In the ICICI Pru Savings Suraksha plan, you can surrender the policy in case of an emergency. The company will calculate the surrender value and then you can take the sum of money. But there is a condition for enjoying the surrender benefit. You will have to pay all the premiums of this policy for two consecutive years without missing any of them.

Guaranteed Additions

The company will give a guaranteed addition of 5% of the Guaranteed Maturity Benefit every year. This benefit will be only given for the five years and it will boost up your savings. You will get the guaranteed additions in cash at the time of maturity as it will be added to the maturity amount.

Loan Against Policy

Once your policy has acquired a surrender value, you can take a loan against it. The maximum amount of the loan will be 80% of the surrender value and the company will charge applicable interest on the loan amount. You can tackle emergencies that might occur during the policy term by using the loan benefit of this policy.

Free Look Period

If in case you are not satisfied with this policy then you can return it within 30 days of issuance. You will get a free-look period of 15 days if you have purchased the policy through the ICICI Prudential Branch. If you have purchased the policy through distance marketing then you will get a free-look period of 30 days. In the free-look period, you can return the policy if you don’t find it interesting.

About ICICI Pru Savings Suraksha Plan

ParticularsDetails
Premium Paying Term5 Years, 7 Years, 10 Years, and 12 Years for the Limited Pay Option.
Same as the Policy Term in case of the Regular Pay Option.
Minimum Policy Term10 Years
Maximum Policy Term30 Years
Minimum Annual PremiumRs.12000
Maximum Annual PremiumRs.30000
Minimum Age of Entry0 Year
Maximum Age of Entry60 Years
Minimum Age of Maturity18 Years
Maximum Age of Maturity70 Years
Premium Paying FrequencyMonthly, Half-Yearly, Yearly

About ICICI Prudential

ICICI Prudential is a joint venture between the ICICI Bank and Prudential Corporation. It has a wide range of insurance plans including term insurance plans, health insurance plans, endowment plans, pension plans, and many others. The company also has a high claim settlement ratio and the premiums of the policies are also affordable. So, there are numerous reasons that you should buy a plan from the ICICI Prudential Insurance Company.

How to Get Savings Suraksha Plan

You can fill the application form given above and the company’s representative will give you a call and tell all the details of the plan. On the other hand, you can give a call to the toll-free number of the ICICI Pru that is 1860-266-7766 to buy the plan. If you have a branch nearby then you can visit the branch as well to apply for the ICICI Pru Savings Suraksha Plan.

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