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.

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

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.  

FAQ's

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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ICICI Pru Savings Suraksha Reviews & Ratings

4.6 / 5 (Based on 1286 Reviews)
(Showing Newest 10 reviews)
Divya
Ranchi, June 22, 2025
Kotak E Invest plus Policybazaar equal Win
Best combo. Policybazaars help made it stress free.
Harsha
Guwahati, June 21, 2025
Promise for Growth Plus Is Understated
It quietly delivers what it promises. Good pick.
Meera
Vellore, June 20, 2025
Click to Invest Makes Investing Fun
Simple UI digital first and a great entry level product.
Nikhil
Shimla, June 19, 2025
Goal Assure IV Seems Tailored for Me
Plan gives control over fund choice and returns.
Aditi
Vijayawada, June 16, 2025
Policybazaar Helped Me Choose Confidently
Smart Fortune Plus was explained so well. Really appreciated the clarity.
Nidhi
Indore, June 11, 2025
Birla Wealth Smart Plus Has Solid Features
Low charges and good growth options. Very happy.
Siddharth
Kochi, May 10, 2025
Pramerica Smart Invest Was a Pleasant Surprise
Didnt expect it to be this flexible. Great choice.
Aisha
Kolkata, April 09, 2025
ICICI Signature Plan Was a Smart Decision
Liked the balance between life cover and returns
Raghav
Ahmedabad, April 08, 2025
LIC Index Plus is a No Brainer
Safe low risk and time tested. I didnt have to think twice.
Amit
Guwahati, March 26, 2025
Reliable and Safe Investment
Policybazaar is reliable for investment. HDFC Life Dynamic Advantage Fund performs well and is safe for long term.
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