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Why ICICI Pru Savings Suraksha Endowment Policy Is A Good Choice To Make?

Updated On Sep 08, 2021

ICICI Prudential Life Insurance is a well-known life insurance company in India, having been founded in the year 2000. ICICI Prudential is a joint venture between ICICI Bank and Prudential plc that provides consumers with a wide choice of life insurance policies. ICICI Prudential Life Insurance offers savings plans in addition to a wide range of term insurance plans, unit-linked insurance plans, retirement plans, and health insurance plans. ICICI Pru Savings Suraksha is one of the most popular savings schemes in India. 

ICICI Pru Savings Suraksha is a non-linked life insurance plan offered by ICICI Prudential. It's a standard endowment plan that includes both savings and life insurance. It is a profit-sharing life insurance plan that shares in the company's profits. ICICI Pru Savings Suraksha is one of the greatest options for people searching for a solid financial future. It's ideal for people who want to purchase a house, send their children to further school, and realize numerous ambitions without having to worry about money even once.

Major Advantages Of The ICICI Pru Savings Suraksha

The following are some of the primary advantages of the ICICI Pru Savings Suraksha plan:

1. Benefits On Death

In the event of the policyholder's death, the nominee receives a guaranteed death benefit. The policyholder's family receives the larger sum assured on death plus cumulative guaranteed additions and bonuses, the guaranteed maturity benefit plus accrued guaranteed additions and bonuses, and the minimum death benefit.

2. The Advantage Of Maturity

If the policyholder lives to the end of the policy term, they will get maturity benefits. Guaranteed maturity benefit, cumulative guaranteed additions, vested reversionary bonuses, if any, and terminal bonus, if any, make up the maturity benefit.

3. Bonus

Bonuses can be vested reversionary bonuses, interim bonuses, or terminal bonuses, depending on the situation. The ICICI Pru Savings Suraksha plan's bonuses may vary depending on the premium payment term options.

Also read - Types Of Endowment Plans That Help You Grow Your Savings And Their Benefits

4. Benefits Of A Loan

ICICI Pru Savings Suraksha policyholders are eligible for loans up to 80% of the surrender value.

5. Surrender Value

If a policyholder surrenders a higher amount, they will get the higher of the guaranteed surrender value, the cash value of accrued guaranteed additions, and the cash value of vested bonuses, or the non-guaranteed surrender value. It's worth noting that if the premium-paying term is 10 years or more, the policy gains a surrender value after three years of full payment. If the premium paying term is less than ten years, however, the policy gets a surrender value after two full years of premium payment.

6. Tax Benefit

The premiums paid for the ICICI Pru Savings Suraksha plan are tax-deductible under Section 80C. Furthermore, the death benefit is tax-deductible under section 10 (10D) of the Internal Revenue Code.


For you, the hopes and goals of your loved ones are always first. Some of your non-negotiable life goals include providing a good education for your children and financial security for your spouse. You'd like to increase your fortune in order to achieve these objectives. We introduce ICICI Pru Savings Suraksha, a plan that helps you safeguard your savings while also ensuring the dreams of your loved ones with guaranteed benefits. 

You can specify the number of years for which you want to pay premiums under the plan. You can choose between the Five Pay option (paying premiums for five years), the Seven Pay option (paying premiums for seven years), the Ten Pay option (paying premiums for ten years), the Twelve Pay option (paying premiums for twelve years), or the Regular Pay option (paying premiums for twelve years) (regular payment of premiums throughout the policy term).

You may also like to read - Features Of An Endowment Plan You Must Know About

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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