ICICI Pru Savings Suraksha Plan Details

ICICI Pru Savings Suraksha - Limited Pay gives you the following benefits:

• Protection- Get life insurance for the duration of the policy 
• Savings with the assurance of guarantees - When the policy reaches its maturity date, you will receive:
• Guaranteed Maturity Benefit (GMB) Accrued Guaranteed Additions (GAs)- A GA equivalent to 5% of GMB will accrue to the policy for each of the first five policy years. 
  If there are any vested reversionary bonuses, they will be vested. If there are any terminal bonuses, they will be vested.
• Flexibility - Select your preferred premium payment period, premium payment mode, Sum Assured on Death, and policy duration.
• Tax advantages - According to current tax legislation, tax advantages apply to premiums paid and benefits

Everything You Need to Know About ICICI Pru Savings Suraksha Plan

Below are a few points about ICICI Prudential Life Insurance Savings Suraksha Plan:

1. Maturity Benefit

If the life guaranteed survives until the end of the policy term and all required premiums have been paid, the following will be paid:

• Guaranteed Maturity Benefit (GMB) + accrued Guaranteed Additions + vested reversionary bonuses, if any + terminal bonus, if any Maturity Benefit = Guaranteed Maturity Benefit (GMB) + accrued Guaranteed Additions + vested reversionary bonuses, if any
• Your GMB will be determined at the start of your policy and will be determined by the policy term, premium, premium payment term, and Sum Assured on Death.

2. Maturity

For a premium-paying or fully paid policy, the following will be payable upon the death of the life assured during the policy term:

• Sum Assured on Death plus accumulated Guaranteed Additions and Bonuses 
• GMB plus accrued Guaranteed Additions and Bonuses
• Bonuses include vested reversionary bonuses, intermediate bonuses, and, if applicable, terminal bonuses.
• The Minimum Death Benefit is 105 percent of all premiums paid up to the date of death. When the death benefit is paid, all policy benefits end.

3. Surrender Benefit

The policy will have a Guaranteed Surrender Value if all premiums have been paid for at least two years.
You'll get the highest of the following if you surrender your policy:

• GSV + the cash equivalent of accumulated GAs and, if necessary, the cash value of vested bonuses
• Surrender Value Isn't Guaranteed (NGSV), Where the Cash value of vested bonuses = Vested Bonuses X Guaranteed Cash Value Factors

4. Revival Of The Policy

A policy that has stopped paying premiums may be revived, but only if the following conditions are met: 

• The application for revival is made within five years after the first unpaid premium's due date and before the policy's termination date. 
• The current Board-approved underwriting policy will be used for the revival.

5. Free Look Period

If you are not satisfied with the policy's terms and conditions, please return the policy document to the Company with reasons for cancellation within: 

• 15 days from the date you received it if your policy was not obtained through distance marketing; 
• 30 days from the date you received it if your policy was obtained through distance marketing

Conclusion

To attain our life goals of purchasing a home, ensuring our children's education, taking a dream vacation, and living well after retirement, we all require a good financial strategy. If you're looking for a savings and protection plan, the ICICI Pru Savings Suraksha is a good choice.

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