ICICI Pru Assured Savings Insurance Plan

life insurance
Protect your loved ones against death, disability and Illness
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ICICI Pru Assured Savings Insurance Plan aims at maximising your hard-earned savings while providing you with a life cover for unfortunate events. The plan provides you guaranteed savings benefit in the form of guaranteed maturity benefit and guaranteed additions. The plan also provides for death benefit in case of untimely demise of the life assured and for surrender benefit if you choose to do away with the plan in between the policy term.

The plan offers substantial flexibility by offering 3 premium payment terms options of 5, 7, and 10 pay along with 3 policy term options of 10, 12, and 15 years. You can also avail a loan under the policy after it acquires a surrender value. In case you fail to make premium payments, your lapsed policy can be revived within 5 years from the first due premium date. 

Best Features of ICICI Pru Assured Savings Insurance Plan

Following are the key features of the ICICI Pru Assured Savings Insurance Plan:

  1. Life Cover- The plan provides a life cover for the life assured for the entire policy term. 
  2. Guaranteed Additions- Guaranteed additions of 9% or 10% of the total premiums paid are made to your policy benefits every year depending on the policy term chosen by you.
  3. Guaranteed Maturity Benefit- The plan provides guaranteed maturity benefit which is set at the inception of the policy and provided at the maturity. The value of the GMB depends on your policy term, premium payment term, and premium amount along with your age and gender.
  4. Policy Loan- After the plan attains a surrender value, you can attain a loan of up to 80% of the surrender value at an interest rate fixed by the insurer, currently 7.37% p.a.
  5. Policy Revival - A lapsed or paid-up policy can be revived within 5 years starting from the date of the first unpaid premium.

Benefits of ICICI Pru Assured Savings Insurance Plan

The benefits provided by ICICI Pru Assured Savings Insurance Plan are as follows:

  1. Maturity Benefit

If the life assured survives till the maturity of the policy, the maturity benefit will be payable as an aggregate of accrued guaranteed additions and guaranteed maturity benefit. 

Guaranteed Additions

The plan provides guaranteed additions every policy year equivalent to guaranteed addition rate multiplied with the sum of premiums paid till date. 

Policy Term 

Guaranteed Addition Rate

10 years 

9%

12 / 15 years

10%

  1. Guaranteed Maturity Benefit 

ICICI Pru Assured Savings Insurance Plan provides Guaranteed Maturity Benefit at the maturity of the policy which entirely depends upon the premium amount, premium payment term, policy term, age, and gender of the life assured. 

  1. Death Benefit

In case of an untimely demise of the life assured during the policy term, the highest of the following is payable to the nominee as the death benefit -  

  1. Sum assured equivalent to 10 times of the annual premium plus accrued Guaranteed Additions
  2. Guaranteed Maturity Benefit plus accrued Guaranteed Additions 
  3. Minimum Death Benefit equivalent to 105% of the total premiums paid till the date of death.

After the payment of death benefit, the policy terminates and no further benefits are payable by the insurance company. 

  1. Surrender Benefit

The surrender benefit is payable as surrender value acquired only after the payment of 2 years’ premiums. The higher of the following is payable as the Surrender Value to the life assured - 

  1. Guaranteed surrender value plus surrender value of accrued guaranteed additions 
  2. Special surrender value 

ICICI Pru Assured Savings Insurance Plan Eligibility 

The plan comes with the following eligibility conditions:

ICICI Pru Assured Savings Insurance Plan Eligibility 

Premium Payment Term 

5 years

7 years

10 years

Policy Term 

10 years

15 years

10 years

12 years

15 years

12 years

Minimum Age at Entry

8 years

3 years

8 years

6 years

3 years

6 years

Maximum Age at Entry

60 years

57 years

60 years

60 years

57 years

60 years

Minimum Age at Maturity

18 years

Maximum Age at Maturity

72 years

Minimum Annual Premium

INR 30,000

INR 18,000

INR 18,000

INR 18,000

INR 18,000

INR 12,000

Premium Paying Mode

Annual / Semi-Annual / Monthly

ICICI Pru Assured Savings Insurance Plan Review

ICICI Pru Assured Savings Insurance Plan offers dual benefits of wealth maximisation and life cover. The plan provides benefits in all possible situations including death, maturity, and surrender of policy. ICICI Pru Assured Savings Insurance Plan comes with features like guaranteed additions and guaranteed maturity benefit which ensures guaranteed payout along with enhancement of your funds throughout the policy term. 

Moreover, the variety of premium payment terms and policy terms gives you enough flexibility to help you plan your savings as per your savings styles and pre-determined goals. One of the salient features of the plan is the policy loan which can be availed for up to 80% of the surrender value. ICICI Pru Assured Savings Insurance Plan can be shortlisted by individuals who are looking for a plan to increase their savings overtime while offering the benefits of a life insurance plan.

ICICI Pru Assured Savings Insurance Plan FAQs
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