ICICI Prudential Savings Suraksha Plan

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Introduction/Overview

ICICI Prudential Savings Suraksha Plan is a traditional savings plan providing future financial security by way of savings and life insurance protection

Key Features of ICICI Prudential Savings Suraksh

It is a participating plan with limited and Regular premium payment option
Guaranteed Additions are paid each year in the first five years of the policy
Vested Reversionary Bonuses and Terminal Bonus increase the benefits payable

Benefits of ICICI Prudential Savings Suraksha

On maturity, higher of the Guaranteed Maturity Benefit +Guaranteed Additions +vested reversionary bonuses + terminal bonus, if any is paid to the policyholder
Guaranteed Additions are credited @ 5% of Guaranteed Maturity Benefit for first five years
Guaranteed Maturity Benefit is the Sum Assured on Maturity depending on the premium, policy term, age, PPT and gender.
On death of the policyholder, higher of the Sum Assured plus accrued Guaranteed Additions plus vested bonuses (reversionary bonus and Terminal Bonus) or Guaranteed Maturity Benefit plus accrued Guaranteed Additions plus bonuses or 105% of all premiums paid till death is payable to the nominee
Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	0 years	60 years
Maturity Age (Last Birthday)	18 years	70 years
Policy Term (PT) in years	10	30
Premium Paying Term (PPT) in years	5, 7, 10, 12 or equal to policy term
Premium Paying Frequency	Annual, half-yearly, monthly
Yearly Premium	12,000	No limit
Sum Assured	7 or 10 times Annual Premium depending on age

Details About ICIC Saving Suraksha Premium

Annual premium in Rupees and benefit illustration for a male aged 35 years

	Limited Pay		Regular Pay
Policy term	20 years		20 years
PPT	10 years		20 years
Premium	30,000		20,000
	300,000		200,000
Guaranteed Maturity Benefit	303,360		368,266
Guaranteed Additions	75,840		92,067
	@ 4%	@ 8%	@ 4%	@ 8%
Vested Reversionary Bonuses	0	147,417	0	94,626
Terminal Bonus	46,362	159,481	37,719	154,031
Total Maturity Benefit	425,562	686,098	498,052	708,989

ICICI Pru Savings Suraksha Policy Details

Grace Period: 15 days’ grace period is allowed for premium payment in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 2 / 3 years’ premium has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Non -Guaranteed Surrender Value.

GSV = GSV Factor * annual premiums + GSV of Vested Bonuses + GSV of Guaranteed Additions

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

The Guaranteed Cash Benefits can be availed monthly or annually

Inclusions

A loan of a maximum of 80% of the Surrender Value is available under the plan

Exclusions

In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.

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