Term Insurance 312 views May 7, 2021

ICICI Pru Sarv Jana Suraksha Plan is a Micro Insurance Term Plan that provides a lump sum amount to a policyholder’s family if something unfortunate like a death happens to him or her. This plan could help you secure your family’s tomorrow in your absence. Let’s look at its key features mentioned below.

  1. Death Benefit to the nominee
  2. Five-year regular premium payment term
  3. Multiple premium payment modes
  4. 15 or 30-day free look period
  5. 15 or 30-day grace period
  6. Tax Benefits under Income Tax Act, 1961

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Benefits of ICICI Pru Sarv Jana Suraksha Plan

ICICI Pru Sarv Jana Suraksha Plan is a non-linked, non-participating term micro insurance plan that comes with several benefits. We are showing them below so that you don’t face any problem choosing this plan. Let’s start!

Death Benefit

If a policyholder (life assured) dies during the policy term, ICICI Pru Sarv Jana Suraksha Plan provides death benefits to your family. This amount will be equal to the sum assured on death under the policy to the nominee or beneficiary.

Here, the sum assured on death will be the highest of the following amounts.

  1. 7 times the annualized premium
  2. 105% of all the total premiums paid as on date of death
  3. Absolute amount assured to be paid on death

The absolute amount assured to be paid on death is the basic sum assured chosen by the policyholder at the inception of the policy.

What will be the Policy Term and Premium Payment Term?

For the ICICI Pru Sarv Jana Suraksha Plan, the policy term will be a maximum of 5 years. To get the benefits, you will need to pay the premium once a year for 5 years. So, you can see that the premium payment term is equal to the policy term.

What is the Sum Assured for ICICI Pru Sarv Jana Suraksha Plan?

The sum assured for the ICICI Pru Sarv Jana Suraksha Plan can go as low as INR 5,000 while it can go up to INR 2,00,000. Within this range, policyholders can choose the sum assured according to their affordability. Do remember that sum assured on death once chosen at the start of the policy cannot be increased or decreased.

What is the Minimum and Maximum Premium Amount?

The premium amount for this Micro Insurance plan depends on the minimum & maximum sum assured on death and age of the life assured. So, if you choose a higher sum assured, the premium amount will be higher and vice versa. ICICI Prudential also provides multiple premium payment modes such as yearly, half-yearly and yearly.

Free Look Period

If a policyholder is not satisfied with the terms and conditions of the policy, he/she can return the policy document to ICICI Prudential along with reasons for cancellation within a free look period of 15 or 30 days (if your policy is purchased through electronic and voice modes).

When a policyholder cancels the policy within a free look period, ICICI Prudential will return the premium paid after deducting the following amounts.

  1. Stamp duty under the plan
  2. Expenses on pre-medical screening (if any)
  3. The proportionate risk premium for the cover period

ICICI Pru Sarv Jana Suraksha Plan Eligibility Criteria

We are mentioning crucial points related to the eligibility criteria below. Please check!

  1. The minimum age at the time of entry stands at 18 years.
  2. When we talk about the maximum age at entry, it can be 55 years.

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