ICICI Pru Savings Suraksha Plan
ICICI Pru Savings Suraksha is an endowment plan which helps you grow your money and secure the future of your loved ones in your absence. The plan comes with 3 kinds of benefits namely death benefit, maturity benefit, and surrender benefit. The plan ensures wealth maximisation through guaranteed additions during the first 5 policy years and then with vested reversionary bonuses and terminal bonus.
The plan offers 4 limited premium payment terms of 5, 7, 10, and 12 years along with the regular pay option. The plan also offers a loan facility where you can avail a loan of up to 80% of the surrender value. Moreover, under this plan, a lapsed or paid-up policy can be revived within 5 years starting from the first unpaid premium.
Best Features of ICICI Pru Savings Suraksha
Below-mentioned are some of the noteworthy features of the ICICI Pru Savings Suraksha plan:
- Life Cover- The plan provides protection against death throughout the policy term.
- Guaranteed Additions- The insurer makes guaranteed additions equivalent to 5% of guaranteed maturity benefit during the first 5 years of the policy.
- Guaranteed Maturity Benefit- The plan provides guaranteed maturity benefit the value of which depends on the policy term, premium payment term, premium amount, sum assured on death, and your gender.
- Additional Bonuses- The plan provides vested reversionary bonuses each year, if declared, during the policy year, interim bonus, as well as terminal bonus at the maturity of the policy.
- Policy Loan- When the plan attains a surrender value, a policy loan of up to 80% of the surrender value can be availed by you at a current interest rate of 7.82% p.a., compounded half-yearly.
Benefits of ICICI Pru Savings Suraksha
ICICI Pru Savings Suraksha provides the following benefits to its policyholders -
- Death Benefit
In case of an unfortunate death of the life assured during the policy term, the highest of the following is paid to the nominee -
- Sum assured on death plus accrued guaranteed additions and bonuses
- Guaranteed maturity benefit plus accrued guaranteed additions and bonuses
- Minimum death benefit equivalent to 105% of the total premiums paid till the date of death.
After the payment of such benefit, the policy gets terminated and no future benefit remains payable.
- Maturity Benefit
In case the life assured survives till the end date of the policy term, an aggregate of the following benefits is payable as the maturity benefit -
- Guaranteed Maturity Benefit (GMB)
- Accrued guaranteed additions
- Vested reversionary bonuses
- Terminal bonus
After the payment of the maturity benefit, the policy ceases to exist.
- Surrender Benefit
If the premiums for the first 2 policy years are paid, the policy acquires a guaranteed surrender value. The higher of the following is payable as the surrender benefit if you choose to discontinue the policy before the completion of the policy term -
- Guaranteed surrender value plus cash value of accrued guaranteed additions and cash value of vested bonuses
- Non guaranteed surrender value i.e cash value of vested bonuses + cash value of accrued guaranteed additions.
ICICI Pru Savings Suraksha Eligibility
ICICI Pru Savings Suraksha plan comes with the below-mentioned eligibility conditions:
ICICI Pru Savings Suraksha Eligibility
Premium Payment Option
Premium Payment Term
Same as policy term
Minimum Age at Entry
Maximum Age at Entry
Minimum Age at Maturity
Maximum Age at Maturity
10 times annual premium
45 to 54 years
10 times annual premium or 7 times annual premium
7 times annual premium
Guaranteed Maturity Benefit*
Minimum Annual Premium
Premium Paying Mode
Annual / Semi-Annual / Monthly
(* For minimum entry age, minimum annual premium, minimum policy term, and annual premium payment mode)
ICICI Pru Savings Suraksha Review
ICICI Pru Savings Suraksha is a protection-oriented endowment plan which helps in wealth creation while providing protection against uncertainties of life. Besides death benefit, maturity benefit, and surrender benefit, the plan provides various additional increments for both limited pay and regular pay options like terminal bonus, vested reversionary bonuses, guaranteed maturity benefit, and guaranteed additions to boost your savings.
Moreover, the plan offers the option of policy loan to cover any financial debt and enough flexibility to choose the premium payment mode, policy term, and sum assured as per needs and financial outlook. In a nutshell, ICICI Pru Savings Suraksha plan serves as a medium to channel your savings towards growth.