ICICI Pru Savings Suraksha Plan

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. 

Eligibility Criteria of ICICI Pru Saving Suraksha Plan

These are the eligibility criteria of the policy. 

Parameters  Details 
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.)
10 12
30,000 18,000 12,000 12,000 12,000
Liquidity  Loans are available after the plan has acquired a surrender value. Loans of up to 80% of the surrender value can be obtained. 

Benefits of ICICI Pru Savings Suraksha Policy

  1. Maturity Benefit

    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).

  2. Death Benefit

    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. 

  3. Policy Loan  Benefits

    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.  

  4. Surrender Benefit

    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. 

  5. Tax Benefits

     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

Premiums for ICICI Pru Savings Suraksha

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:

  • *Rs 12,000/- p.a for the policy term of 17 to 30 years (12 times)
  • *Rs 12,000/- p.a for the policy term of 15 to 20 years (10 times)
  • *Rs 18,000/- p.a for the policy term of 12 to 30 years (7 times)
  • *Rs 30,000/- p.a for the policy term of 10 to 30 years (5 times)

*Standard T&C Apply

For the regular pay option, the minimum premium amount would be: 

  • *Rs 12,000/- p.a for the policy term of 10 to 30 years

*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. 

Documents Required to Purchase ICICI Pru Suraksha Savings Plan

To buy ICICI Pru Suraksha Savings policy, one has to provide:

  • Identity proof, such as Aadhar card, voter's card, or passport
  • Address proof, such as Aadhar card, driving license, electricity bill, ration card, voter's card, or passport
  • Income proof, such as Income tax returns or salary slips

How to Buy This Plan Online?

One can buy ICICI Pru Savings Suraksha online by visiting the official website of ICICI Prudential. To purchase this plan, people have to:

  • Visit the official website of ICICI Prudential website and select the ICICI Pru Savings Suraksha plan. 
  • Fill in personal details with Name, Age, Sex, Mobile Number, and Email ID and submit Get Quote to start the process. 
  • Once the quote has been shared, you can select your benefit plan upon discussing it with ICICI employees online through Whatsapp or email and initiate the policy. 
  • You will receive the activated policy documents within 7 working days of payment confirmation. 
  • Freelook period – Insurer can cancel the policy within 15 days of receiving the policy offline and within 30 days of receiving the policy online. Appropriate deductions are applied at the time of cancellation of the policy and ensuing refunds. 

Exclusions of ICICI Pru Savings Suraksha Policy

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.  

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