ICICI Pru Savings Suraksha Plan
ICICI Prudential Investment Plans
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ICICI Pru Savings Suraksha Plan

ICICI Pru Savings Suraksha is a protection and savings oriented plan. It offers flexible premium payment options according to customer needs.  Under this plan, two variants are offered – limited pay and regular pay.

Eligibility:

Entry Age

0-60 years

Maturity Age

18- 70 years

Policy Term (in years)

10-30 years

Premium Paying  Term

5,7,10,12 or equal to the policy term

Premium Paying Mode

Annual, Half-yearly, monthly

Minimum Yearly Premium

Rs.12,000

Sum Assured

7 or 10 times annual premium depending on age

**Last Updated on 14-12-2020

The values may change as per the chosen plan option.

What are the features of ICICI Pru Savings Suraksha?

Considering the customer needs, ICICI Pru Savings Suraksha offers several useful features. Let's have a look at it. 

  • Protection- Under this policy, an insured can get protection for the entire policy term.
  • Savings with guarantees of return- The plan provides the following at maturity-
    1. Guaranteed  maturity benefit 
    2. Accrued Guaranteed Additions
    3. Vested reversionary bonus (if any)
    4. Terminal Bonus (if any)
  • Free Look period: If you are not satisfied with the terms and conditions of the policy, you can cancel the policy within 15 days of purchasing it. This deadline is 30 days for electronic and distance marketing policies.
  • Flexibility: Policyholders can choose the premium payment mode, premium payment term, sum assured, etc. according to their needs. 
  • Tax benefits: Premiums paid and benefits received are tax-deductible under the Income Tax Act, 1961. 
  • Suicide clause: If the insured commits suicide within 12 months from the date of commencement of risk, the nominee will get 80% of premiums paid until death/surrender value. If the insured commits suicide within 12 months from the revival date of the policy, the higher of (A, B) will be payable-

    Where,

    A= 80 % of total premiums paid until death.

    B= surrender value available until the death.

    What are the benefits of the ICICI Pru Savings Suraksha plan?

    ICICI Pru Savings Suraksha comes with a long list of benefits. Some of the important ones are listed below for your convenience. 

  • Death Benefit: On the death of the policyholder during the policy term, the following will be payable to his/her nominee-

    Death benefit=  high of A, B, or C

    A= Sum assured on death plus accrued guaranteed additions and bonuses.

    B= GMB Plus accrued Guaranteed Additions and Bonuses.

    C= Minimum death benefit

    The minimum death benefit is equal to 105% of the total premiums paid until death.

    Once the death benefit is paid, all policy benefits will cease.

  • Maturity Benefit: On survival of the policyholder till the end of the policy term, the following is payable (if all due premiums are paid)-

    Maturity benefit=  guaranteed maturity benefit + accrued guaranteed additions + vested reversionary bonuses (if any)+ terminal bonus (if any)

  • Surrender benefit: On payment of premiums for at least two consecutive policy years, the policy acquires the guaranteed surrender value. When that happens, you get the following-
    1. Guaranteed surrender value + cash value of accrued GAs and vested bonuses cash value (if any)
    2. Non guaranteed surrender value 
  • Loan: Policyholders can avail of loans under this policy. For that, the policy must acquire a surrender value. The loan amount will be 80% of the surrender value.

How does ICICI Pru Savings Suraksha plan function?

Sanju is a software engineer and he has so many financial goals. To achieve those goals, he invested in the ICICI Pru Savings Suraksha plan. He chooses a premium payment term of 5 years, the policy term as 30 years, and the payment mode is monthly. His total monthly premium is Rs.5000, and the sum assured is Rs. 6,00,000. He will get Rs.6 lakh life cover for 30 years.

Let's look at the below table for a benefits summary

 

At 4%

At 8%

Total guaranteed maturity benefit

480,615

480,615

Guaranteed maturity benefit 

384,492

384,492

Guaranteed additions

96,123

96,123

Estimated accumulated reversionary bonus

0

422,007

Estimated terminal bonus

158,051

699,272

Estimated total maturity amount

638,666

1,601,894

**Last Updated on 14-12-2020

How to buy the ICICI Pru Savings Suraksha plan?

ICICI Prudential offers an easy and simple buying process for its customers. Let's know more about it. 

  1. Visit ICICI Prudential's official website and click on the 'Plans' tab.
  2. Tap on the 'Savings Plans' and choose the 'ICICI Pru Savings Suraksha' plan. Click on the 'Buy Online' tab.
  3. Enter the necessary details like DOB, mobile number, etc., and tap on 'Get Your Quote.'
  4. Choose the premium amount and pay using available payment methods.
  5. The policy document will be sent to your registered mail id.

You can also buy the plan from PolicyX.com; the buying process is quick and straightforward. Let's have a look.

  1. Go to the top of this page and on the left corner, find 'Get Quotes From Top Insurers'.
  2. Fill in all the details and continue ahead. 
  3. A list of plans will be displayed in front of you; choose the ICICI Pru Savings Suraksha plan.
  4. Pay the premium online. The policy document will be sent to your registered mail id.

What is the claim process of the ICICI Pru Savings Suraksha plan?

The customers can get a claim settlement with a few basic steps.

  • Report the claim information to ICICI Prudential through its website, branch, claim care helpline, SMS, or email.
  • The company will ask for mandatory documents. Submit them on time.
  • Once all the necessary documents are submitted, the company will make a decision.
  • If the claim is accepted, the company will settle it, and the amount will be transferred to your registered bank account.

How to contact ICICI Prudential Life Insurance?

Contact Adress- ICICI Pru Life Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025.

Contact number- 1860 266 7766

FAQ's

1. What happens if I don't pay the premiums at all?

If you stop paying the premiums before the plan acquires a surrender value, the plan will lapse and no benefits will be paid.

2. Is it safe to purchase ICICI Pru Savings Suraksha online?

Yes, it is. Both the platforms (ICICI and PolicyX.com) have strict privacy policies and a secure payment platform to offer ease to its customers.

3. Is it possible to change my nominee in the middle of the policy?

Yes, can you change your nominee, but only as per the company's TNCs.

Last updated on 14-12-2020