ICICI Prudential Saving Suraksha Plan, Policy, Premium and Maturity Calculator - ICICI Pru Savings Suraksha Plan is a non linked life insurance policy that offers protection along with growth. The ICICI Prudential Life plan offers guaranteed maturity benefit along with various other benefits. The policy also provides the insured the flexibility to choose the premium payment option based on their requirement and payment capability.
Listed below are the eligibility conditions of ICICI Pru Savings Suraksha Plan
|Minimum age at entry||0 years|
|Maximum age at entry||60 years|
|Minimum policy term||10 years|
|Maximum policy term||30 years|
|Premium payment term||5, 7, 10, 12 years or same as the policy term|
|Minimum age at maturity||18 years|
|Maximum age at maturity||70 years|
|Minimum premium||Rs. 12,000|
|Maximum premium||No cap on the maximum premium|
|Minimum sum assured||7 times the annual premium|
|Maximum sum assured||10 times the annual premium|
Listed below are the key features of ICICI Pru Savings Suraksha Plan
Non linked insurance and savings plan
10 to 30 years
|Premium payment terms||
5, 7, 10, 12 or same as the policy term
|Premium payment mode||
Annually, semi annually, and monthly
In case of unfortunate death of the insured during the policy term, the sum assured or Guaranteed Maturity benefit with accrued bonus or Minimum death benefit will be paid to the nominee depending on whichever is the highest.
On maturity of the policy, maturity benefit will be paid given that all premiums have been paid. The maturity benefit includes guaranteed maturity benefit along with vested reversionary bonuses, accrued guaranteed additions and terminal bonus if any.
If the premium payment term of the policy is 10 years or more, the policy will acquire surrender value after three years of premium payment. In case the premium payment term is less than 10 years then the policy will acquire surrender value after 2 years of premium payment.
|Free look period||
One month (30 days)
The policy can be surrendered any time during the term of the policy provided that the premiums for the first year has been paid completely.
Death benefit and maturity benefit along with guaranteed additions, vested reversionary bonus and terminal bonus
Loan facility is available under the policy when the policy acquires surrender value. One can apply for a loan up to 80% of the surrender value.
The policy can be revived within the two years from the date of the first unpaid premium in case of lapse of the policy
The policy qualifies for tax benefits under section 80C of the Income Tax Act, 1961
Listed below are the benefits of ICICI Pru Savings Suraksha Plan
There are no additional riders available under this plan.
Consider the case of Ms. Meghana, a 35 year old working at an IT firm who opts for ICICI Pru Savings Suraksha Plan, limited pay policy for a policy term of 20 years. Ms. Meghana will be paying premium an annual premium of Rs.10,000 for 10 years with a guaranteed sum assured of Rs. 3,00,000 and a guaranteed maturity benefit of Rs. 3,03,360.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017.
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