ICICI Prudential Assured Savings Insurance Plan

ICICI Prudential Assured Savings Insurance Plan is a non-linked insurance plan. The plan offers guaranteed savings benefit, to meet critical milestones like child education, marriage or 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

  • Guaranteed Additions (GA) – every year, 9% or 10%
  • Guaranteed Maturity Benefit (GMB) – lump sum amount at end of the policy term
  • Flexibility – to choose, premium payment and policy term

Benefits

  • Maturity benefit
Maturity Benefit = GA+GMB Where, GA will be added to the policy at the end of the every policy year. GA = Guaranteed rate * total premiums paid till date. GA rate depends upon the policy Term chosen – For 10 years GA is 9% and for 12 years its 10%.
  • Death benefit
In case of death of the Life Insured, the nominee would get the higher of the below:
  • Sum Assured plus accrued GA.
  • GMB + accrued GA
  • Minimum Death Benefit
    • Income Tax Benefit
    Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C.

    Am I eligible?

    PARAMETER MINIMUM MAXIMUM
    ENTRY AGE 6 60
    POLICY TERM 10 12
    AGE OF MATURITY 18 72
    SUM ASSURED 12,000 NO LIMIT
    PREMIUM PAYEMENT TERM 7 10

    What if?

    • I am unable to pay on time
    If the premium is not paid within 30 days from the grace date, the policy will lapse. Lapsed policy can be revived within 2 years of first unpaid premium. If the premium is discontinued after the policy has acquired surrender value, the policy status will be “paid up”.
    • I stop the payment
    If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund.
    • I wish to take a loan
    Yes, loan facility is available under this plan.

    Exclusions

    • If the life assured, commits suicide, within a year of policy start 80% of the premiums paid, will be given to nominee. In case of suicide within one year from revival date, 80% of premiums paid or surrender value, whichever is higher would be paid and the policy will terminate.