Terms & Conditions
  • *T&C Applied. Returns guaranteed by the Insurer as per the Insurance Plans.
  • **Returns guaranteed by the insurer
  • *** Tax adjusted Returns - assuming 30% tax bracket

ICICI Prudential Savings Suraksha Plan

*Please note that the quotes shown will be from our partners


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:




Entry Age (Last Birthday)

0 years

60 years

Maturity Age (Last Birthday)

18 years

70 years

Policy Term (PT) in years



Premium Paying Term (PPT) in years

5, 7, 10, 12 or equal to policy term

Premium Paying Frequency

Annual, half-yearly, monthly

Yearly Premium


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


10 years

20 years







Guaranteed Maturity Benefit



Guaranteed Additions




@ 4%

@ 8%

@ 4%

@ 8%

Vested Reversionary Bonuses





Terminal Bonus





Total Maturity Benefit






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


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


  • 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.

fixed deposit with life cover
Written By: PolicyBazaar - Updated: 10 April 2020