Life insurance contracts that pay the subscriber a lump sum amount after a certain period or after the life assured dies are known as endowment policies. Out of the most commonly used policies available today, one in high demand is ICICI Pru Savings Suraksha, a non-linked participating endowment. The ICICI Pru Savings Suraksha policy offers 5% Guaranteed additions on the subscriber's regular payment of premiums. It is a great way to provide financial assurance to the family of the policy owner in case of his/her untimely demise. The plan can be procured online and through certified agents or at the direct branches of ICICI Prudential.
These are the eligibility criteria of the policy.
|Policy Tenure||Limited pay plans: 10-30 years, 12-30 years, 15-30 years, 17-30 years Regular pay plans: 10 years to 30 years|
|Premium Paying Term||Limited Pay- 5, 7, 10, 12 (years) Regular Pay- Equal to policy tenure|
|Premium Paying Mode||Monthly, Semiannually and annually|
|Entry Age||Minimum-0 Maximum - 60 years|
|Maturity Age||18-70 years|
|Grace Period||30 Days (15 Days For Monthly Mode)|
|Minimum annual premium||Limited Pay (Rs.)||Regular Pay (Rs.)|
|Liquidity||Loans are available after the plan has acquired a surrender value. Loans of up to 80% of the surrender value can be obtained.|
Every person subscribing to this policy receives a lump sum amount upon its maturity. He/she shall be paid the sum assured amount, along with GMB or accrued guaranteed additions, accrued reversionary bonus, and terminal bonus (if applicable).
In case of death of the insured, the minimum death benefit is 105% of the ICICI Pru Savings Suraksha premiums paid. Therefore, the nominee shall receive the sum assured on death, GMB - accrued guaranteed additions plus bonuses like a reversionary bonus, interim bonus and terminal bonus (if applicable), and minimum death benefit.
Once the premiums obtain surrender value, the insurer can avail of a loan of up to 80% of the surrender value amount. The loan interest is calculated at 7.82% as of February 2020 sourced from Bloomberg and is subject to review and change as per the industry.
For the plan to acquire a guaranteed surrender value, the policyholder ICICI Pru Savings Suraksha plan must pay all the premiums of the first two consecutive years on a timely basis.
The benefits received through ICICI Pru Savings Suraksha Plan are eligible for tax benefits under Section 10(10D) and Sec 80 C of the Income Tax Act, 1961. Goods and Service Tax and Cess will be charged extra as applicable.
* Tax benefit is subject to changes in tax laws
The premium payment option offered by ICICI Pru Savings Suraksha premium is either a limited pay option or a regular pay option.
For the limited pay option, the minimum premium amount would be:
*Standard T&C Apply
For the regular pay option, the minimum premium amount would be:
*Standard T&C Apply
Anyone interested in further details can look up online ICICI Pru Savings Suraksha website for detailed information and download the brochure. They can also avail the ICICI Pru Savings Suraksha calculator on the official website to calculate their premiums for the tenure chosen.
To buy ICICI Pru Suraksha Savings policy, one has to provide:
One can buy ICICI Pru Savings Suraksha online by visiting the official website of ICICI Prudential. To purchase this plan, people have to:
ICICI Pru Savings Suraksha reviews found online suggest that it is an economical and comprehensive insurance plan with easy claim settlement procedures.
The suicide clause helps the family of the insurer obtain a lump sum payment of 80% of the premiums paid till death and the surrender value of the policy as recorded till death.