ICICI Prudential Savings Suraksha Investment Plan | PolicyX
Buy Now
Summarize with
ChatGPT Claude Perplexity
ICICI Prudential ICICI Prudential ★ 4.6

ICICI Prudential Savings Suraksha

ICICI Pru Savings Suraksha is a combination of savings and protection ...Read More

🛡️ IRDAI Approved
⭐ 4.6/5 · 921 reviews
📊 80 years solvency ratio
✅ Minimum Age - 5 year% claim settlement ratio
🌐 Annual, half-yearly,+ pan-India

About ICICI Prudential Savings Suraksha

A quick read on what this ICICI Prudential term plan covers and why it might be a fit for you.

'A combination of savings and protection plan.'

ICICI Pru Savings Suraksha is a financial plan that helps you save for future financial goals and provides a financial net to safeguard your loved ones in your absence. It is an ideal choice if you want to collect a lump sum to fulfill your financial goals and protect your family members even in your absence.

This plan offers numerous benefits including guaranteed additions, terminal and revisionary bonuses (if declared), death benefits, surrender benefits, and maturity benefits on survival. This investment plan offers two options to pay premiums: limited pay (5, 7, 10, or 12 years) and regular pay (for 10 to 30 years). You can also get a loan on your policy if you have paid regular premiums for a minimum of two years. The sum assured paid on the uncertain demise of the policyholder usually ranges from 7 to 10 times the annual premiums paid.

ICICI Pru Savings Suraksha is a versatile life insurance plan. Let's explore the plan in detail for more clarity and a better understanding.

ICICI Savings Suraksha Plan offers a range of benefits including:

  • Guaranteed Benefits
  • Tax Benefits
  • Flexibility
  • Multiple payment options
  • Policy revival
  • Surrender value

Eligibility Criteria for ICICI Prudential Savings Suraksha

Entry age
Entry age
Minimum age: 0 years, Maximum age: 60 years
Maturity age
Maturity age
Maximum Maturity Age: 70 years
Policy tenure
Policy tenure
10 to 30 years
Premium payment term
Premium payment term
Limited Pay (5, 7, 10, 12 years) and Regular Pay
Premium payment frequency
Premium payment frequency
Monthly, Half-yearly, and Yearly
Sum assured
Sum assured
7 to 10 times the annual premium

Pros & cons

A quick honest summary — the strengths and the trade-offs.

Pros

  • Death benefits
  • Surrender benefits
  • Maturity benefits on survival

Cons

  • Exclusion for pre-existing conditions
  • Suicidal exclusion
  • Aviation accident exclusion

Who can buy this plan

Eligibility criteria pulled straight from the policy wording.

Minimum entry age: 0 years
Maximum entry age: 60 years
Minimum sum assured: 7 times annualized premiums
Maximum sum assured: 10 times annualized premiums
Maximum policy term: 30 years

How Does the ICICI Pru Savings Suraksha Plan Work?

Let's understand how the ICICI Pru Savings Suraksha Plan works with a simple premium illustration.

Problem

Mr. Saurav, aged 35, is looking for an investment plan to create long-term wealth for his child.

Solution

His financial advisor advised him to buy the ICICI Savings Suraksha Plan. He visited PolicyX.com.

Let's understand how the ICICI Savings Suraksha Plan works for him with a premium illustration table.

Age of policyholderAnnual PremiumsPolicy tenureSum AssuredMaturity Benefits
35 yearsRs 30,00020 years3 lakhs (10 times of annual premium)Rs 3,03,336

Key Takeaways: At the end of the policy tenure, maturity benefits of Rs 3,03,336 are paid to the policyholder.

Benefits of ICICI Prudential Savings Suraksha

There are various benefits to buying the ICICI Pru Savings Suraksha Plan. Let’s understand each of them in detail:

  • Death benefits: In case of your demise during the policy tenure, your loved ones will receive death benefits to secure your family’s financial future even in your absence.
  • Guaranteed additions: This policy offers guaranteed additions every year, which increases the total maturity benefits paid at the end of the policy tenure.
  • Bonuses if declared: This policy may also attract various types of bonuses such as revisionary bonuses or terminal bonuses. These bonuses are not guaranteed and are paid only when declared by the company.
  • Maturity benefits: At the end of the policy tenure, maturity benefits are paid to the policyholder. The maturity benefits are the total of the guaranteed sum assured, any additions, or bonuses if declared.
  • Policy loan: You can avail of a loan against your policy. The loan amount is a maximum of 80% of the surrender value. Interest on the loan amount must be paid as per the set interest rates.

Features of ICICI Prudential Savings Suraksha

Key features that make ICICI Prudential Savings Suraksha stand out.

Multiple Payments

You can pay the premiums of this plan either through limited pay or on a regular basis. In limited payment, pay premiums for 5, 7, 10, or 12 years. While in regular pay, you have to pay premiums during the entire policy tenure.

Free-look period

If you are not satisfied with the terms and conditions of the policy, you can return it to the company within 15 days of policy purchase after stating the reason for cancellation.

Grace Period

If by any chance you miss the premium payment, you can pay the same within the grace period. For monthly premium payments, a 15-day grace period is provided, and for any other frequency, a 30-day grace period is provided.

Policy Revival

In case your policy is lapsed or terminated due to non-payment of premiums, you can revive it within five years from the date of the first unpaid premium.

Documents Required for ICICI Prudential Savings Suraksha

Keep these documents handy when applying for ICICI Prudential Savings Suraksha.

Photo ID Proof

Any one of the following: Passport, Aadhaar card, PAN card, Driving Licence.

Age Proof

Any one of the following: Passport, Aadhaar card, PAN card, Driving Licence.

Address Proof

Any one of the following: Utility Bill, Passport, Voter ID, Ration Card.

Medical Records

Medical records of the policyholder (if requested).

Income Proof

Any one of the following: Bank Statement, last three months' salary slips (for salaried individuals).

Exclusions of ICICI Pru Savings Suraksha Plan

  • If the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. In such a case, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.

Other Features of ICICI Prudential Savings Suraksha

Here are the key features of the ICICI Prudential Savings Suraksha.

Conclusion

ICICI Pru Savings Suraksha Plan offers the benefits of both a savings plan and a family protection plan. If you want to save a lump sum amount along with a life cover that protects your family financially in case of your uncertain demise, then you can buy this plan.

Life Insurance Articles

ICICI Prudential Savings Suraksha: FAQs

The 5 most-asked questions about ICICI Prudential Savings Suraksha, answered.

The guaranteed additions to ICICI Pru Saving Suraksha increase the value of the policy by a certain percentage (4/8%) every year.
You can pay premiums of your ICICI Prudential Savings Suraksha either through Limited Pay (5/7/10/12 years) or Regular Pay.
The maximum age to buy ICICI Pru Saving Suraksha Plan is 60 years.
Yes, you can avail a loan of up to 80% of the surrender value of your ICICI Prudential Saving Suraksha Plan.
The company can declare a terminal bonus or revisionary bonus in addition to the maturity benefits for policyholders of ICICI Pru Life Saving Suraksha.

Written and reviewed by

PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.

Written by Himanshu Kumar — Term & Life Insurance Reviewed by Anchita Bhattacharyya — Health, Term & Life Insurance
Last updated: 31 Jan 2025 · Originally published: 31 Jan 2025

Compare life Insurance Plans

Select a company and plan for each side to see a detailed side-by-side comparison.

Share your Valuable Feedback

Rating Icon 4

Rated by 67 customers

Was the Information Helpful?

Select Your Rating

We would like to hear from you

Let us know about your experience or any feedback that might help us serve you better in future.

Reviews and Ratings

Do you have any thoughts you'd like to share?

📞 Call Free