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ICICI Prudential Assured Savings Insurance Plan and Policy

ICICI Prudential Assured Savings Insurance Plan and Policy - The ICICI Prudential Assured Savings Insurance Plan is a traditional non-participating non-linked endowment life insurance plan. This policy helps you protect your loved ones while you are securing their dreams with guaranteed wealth growth. This plan lets you save with the comfort of guaranteed returns. You can make the premium payments as per your comfort. You get wealth creation along with life cover. You can avail tax benefits on the premiums paid and on the benefits received as per the prevailing tax laws.

Eligibility - ICICI Prudential Assured Savings Insurance Plan

Minimum Entry Age
Minimum entry age for a 7 year premium payment term: Policy term of 10 years - 8 years Policy term of 12 years - 6 years Minimum entry age for a 10 year premium payment term: Policy term of 12 years - 6 years
Maximum Entry Age
Minimum entry age for a 7 year premium payment term: Policy term of 10 years - 60 years Policy term of 12 years - 60 years Minimum entry age for a 10 year premium payment term: Policy term of 12 years - 60 years
Minimum Maturity Age
18 years
Maximum Maturity Age 72 years

Policy Terms - ICICI Prudential Assured Savings Insurance Plan

Premium payment term Policy term
7 years 10 years 12 years
10 years 12 years

Premium Payments Offered by the ICICI Prudential Assured Savings Insurance Plan:

Minimum Premium 7 year premium payment term: Policy term of 10 years - Rs.18,000 Policy term of 12 years - Rs.18,000 10 year premium payment term: Policy term of 12 years - Rs.18,000
Premium payment Seven Pay option:
  • The premiums can be paid for 7 years.
  • The policy lasts for 10 or 12 years.
  • The minimum premium payable is Rs.18,000.
  • For policy term of 10 years, you can start the plan from the age of 8 but should not exceed 60 years.
  • For policy term of 12 years, you can start the plan from the age of 6 but should not exceed 60 years.
  • The minimum policy maturity age is 18 years and the maximum cannot exceed 72 years.
Ten Pay option:
  • The premiums can be paid for 10 years.
  • The policy lasts for 12 years.
  • The minimum premium payable is Rs.12,000.
  • You can start the plan from the age of 6 but should not exceed 60 years.
  • The minimum policy maturity age is 18 years and the maximum cannot exceed 72 years.

Key Features - ICICI Prudential Assured Savings Insurance Plan

Type of Plan
Traditional non-participating non-linked endowment life insurance plan.
Premium Payment options
Yearly, Half – Yearly, Quarterly, Monthly
Free look period
15 days from the date you received the policy. If the policy has been purchased through distance marketing, then the free look period is 30 days.
Loans
Loan amount of up to 80% of the surrender value can be availed.
Revival
A policy that has been discontinued can be revived within 2 years from the due date of the first unpaid premium.
Surrender benefit
If your policy term is 10 years, you will acquire surrender value after 3 full year’s payment. If your premium payment term is 7 years, you will acquire surrender value after 2 full year’s payment. On surrender, you will get Guaranteed Surrender Value plus the value of accrued Guaranteed Additions and Special Surrender Value.

Policy Details - ICICI Prudential Assured Savings Insurance Plan

  • You can choose the premium payment term and the policy term as per your needs.
  • In case of demise of the policyholder during the policy term for a premium paying or a fully paid up premium, the dependent will get sum assured or the guaranteed additions or the minimum death benefit, whichever is higher.

Payment Options for the Premiums - ICICI Prudential Assured Savings Insurance Plan

The policyholder can pay the premiums regularly using the following options –

  • Yearly
  • Half – Yearly
  • Monthly

Advantages and Benefits - ICICI Prudential Assured Savings Insurance Plan

The ICICI Prudential Assured Savings Insurance Plan provides the following key benefits:

  • Guaranteed Additions:

    Guaranteed Additions are payable on maturity. It is also considered for death benefit as well. Guaranteed additions will be added to the policy at the end of every policy year provided all the premiums have been paid. The Guaranteed Additions rates are:

    For 10 years term- 9%

    For 12 years term- 10%

  • Guaranteed Maturity Benefits:

    The Guaranteed Maturity Benefits will be set at the policy inception and this will depend on the premium, policy term, premium payment term, gender and age.

  • Maturity Benefits:

    Maturity benefits are offered to those who survive till the end of the policy term provided all the premiums have been paid. The maturity benefit is accrued guaranteed additions plus the guaranteed maturity benefits.

  • Death Benefits:

    Death benefit is offered to the dependent of the policyholder if the policyholder dies during the policy term. The death benefit is either the sum assured plus the accrued guaranteed additions, minimum death benefit,or guaranteed maturity benefits plus accrued guaranteed additions, whichever is higher. All other policy benefits will cease on payment of the death benefit.

  • Surrender Benefits:

    If your policy term is 10 years, you will acquire surrender value after 3 full year’s payment. If your premium payment term is 7 years, you will acquire surrender value after 2 full year’s payment. On surrender, you will get Guaranteed Surrender Value plus the value of accrued Guaranteed Additions and Special Surrender Value.

    Exclusions under the policy:

    If the policyholder commits suicide within 12 months from the date of inception of the policy, the nominee will be entitled to 80% of the premiums paid. If the policyholder commits suicide within 12 months from the date of revival of the policy, the nominee will be entitled to 80% of the premiums paid or surrender value as on the date of death, whichever is higher.

Revival - ICICI Prudential Assured Savings Insurance Plan

The policy will lapse if the premium is not paid within the days of grace. A policy that has been discontinued can be revived within 2 years from the due date of the first unpaid premium.

Loan:

Loan amount of up to 80% of the surrender value can be availed.

Assignment:

Assignment is available under this plan.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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