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Investment Plans 3321 views June 19, 2020
Some individuals want to accumulate funds for their future but don’t find the appropriate instruments where they could invest in to fulfill the same. For these individuals, ICICI Pru Savings Suraksha Plan could be the right fit. This plan includes maturity benefits and comes with Guaranteed Additions to 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 premium for this endowment plan. Let’s explore the key features of this plan so that you can understand the policy better.
Table of Contents
Key Features of ICICI Pru Savings Suraksha Plan
- The life of the insured will be covered in this plan throughout the policy term.
- There are two options for the payment of premiums – Limited Pay and Regular Pay.
- Flexibility to choose the Sum Assured on Death.
- Flexibility of choosing the Premium Paying Term.
- Enjoy guaranteed maturity benefits
- Get Guaranteed Additions on the Maturity Amount
- Flexibility of choosing the Policy term
- Get Deductions under 80D of the Income Tax Act
Benefits of ICICI Pru 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 benefit 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.
The Minimum Death Benefit will be 105% of the total premiums paid until death.
Maturity Benefits
If the insured survives the whole policy term successfully, he is entitled to the maturity benefits. So the value of the Maturity Benefit will include the following sum of money.
- Guaranteed Maturity Benefit
- Accrued Guaranteed Additions
- Revisionary Bonuses
- 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 given only for the five years and it will boost up your savings. You will get guaranteed additions in cash at maturity.
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, 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
| Particulars | Details |
|---|---|
| Premium Paying Term | 5 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 Term | 10 Years |
| Maximum Policy Term | 30 Years |
| Minimum Annual Premium | Rs.12000 |
| Maximum Annual Premium | Rs.30000 |
| Minimum Age of Entry | 0 Year |
| Maximum Age of Entry | 60 Years |
| Minimum Age of Maturity | 18 Years |
| Maximum Age of Maturity | 70 Years |
| Premium Paying Frequency | Monthly, 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 for which you should buy a plan from the ICICI Prudential Insurance Company.
How to Get ICICI Pru 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. You can dial the toll-free number of the ICICI Pru – 1860-266-7766 – to buy the plan. If you have a branch nearby, you can visit there as well to apply for the ICICI Pru Savings Suraksha Plan.