Icici Prudential Savings Suraksha vs Lic Jeevan Rakshak

‘ 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 you numerous benefits including guaranteed additions, terminal and revisionary bonuses if declared, death benefits, surrender benefits, maturity benefits on survival, etc. This investment plan offers you 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 savings plan life insurance plan. We will read the plan in detail in the section below for more clarity and better understanding.

ICICI Savings Suraksha Plan offers you a range of benefits including:

• Guaranteed Benefits
• Tax Benefits
• Flexibility

• Multiple payment options
• Policy revival 
• Surrender value 

LIC Jeevan Rakshak Plan (Table No. 827) is a participating non-linked plan that provides a combination of insurance and savings. As the name suggests, the plan offers life insurance as well as maturity benefits.

This plan was introduced in August 2014 by the Life Insurance Corporation (LIC) of India. If the policyholder dies during the policy term before the maturity date, the plan offers financial assistance to the family of the insured and at the time of maturity, a lump sum amount is payable along with loyalty additions if applicable on the survival of the policyholder.

The policy is an excellent choice for those who belong to a low-income group as it is the only insurance policy that provides less than one lakh rupees as a Sum Assured. The plan also provides a loan facility to fulfill the liquidity requirements of the insured.

LIC Jeevan Rakshak Plan offers you a range of benefits including:

• Death Benefits
• Maturity Benefits
• Rider benefits

• Additional bonus
• Tax Benefits