ICICI Pru Savings Suraksha Plan

ICICI Pru Savings Suraksha Insurance Plan is a non-linked insurance plan. The plan offers guaranteed maturity benefit - to meet financial needs and gives you protection. This plan gives your money invested with profit upon maturity and also covers your life including illness during the policy term. It is a perfect combination of savings and protection to your life.

Key Features

  • Guaranteed Additions up to 5% per year
  • Lump sum amount at the end of the policy term
  • Flexibility to choose your premiums
  • Tax Benefit under Section 80C and Section 10(10D) of Income Tax Act, 1961

Benefits

  • Maturity benefit
At the end of the Policy tenure, guaranteed matured benefit, accrued guaranteed additions, accrued revisionary bonuses and terminal bonus if any would be paid as Maturity Benefit and the policy would terminate.
  • Death benefit
In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of: Sum Assured on Death + Accrued Guaranteed Additions + Minimum Death bonus (if any) and 105% of the premiums paid till date as Death Benefit and the policy would be terminated.
  • 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 0 60
POLICY TERM 10 30
AGE OF MATURITY 18 70
SUM ASSURED 7 times annual premium NO LIMIT
PREMIUM PAYEMENT TERM 5 12
PAYMENT TERMS ANNUAL, HALF-YEARLY, MONTHLY

What if?

  • I am unable to pay on time
If the policy holder stops paying the premium, then all benefits of the policy will stop after the grace period ends. The policy can be reinstated within 2 policy years from the date of discontinuance after paying all the unpaid premiums.
  • I stop the payment
If minimum of 2 years premium is paid for a policy of less than 10 years and 3 years premium is paid for a policy for more than 10 years, then the policy is converted to Guaranteed Surrender value else the policy is lapsed.
  • I wish to take a loan
If policy has acquired surrender value a loan amount of up to 80% of the surrender value can be availed.

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.