ICICI Prudential Savings Suraksha Plan

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

Best Investment Plans
  • Save Upto ₹46,800 in tax under Sec 80C

  • Inbuilt Life Cover

  • Tax Free Returns Unlike FD+

In-built life cover
Buy Online & Get upto 4% extra#
Get Guaranteed returns along with life cover
invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*
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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

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

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

People Also Read: ICICI Prudential Nifty Midcap 150 Index Fund


Details About ICICI 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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^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.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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