ICICI Pru Savings Suraksha Plan 2023 Benefits Features Details Reviews

ICICI Pru Savings Suraksha Plan – ICICI Pru Investment funds Suraksha Protection Plan is a non-connected protection plan. The plan has a guaranteed maturity benefit that can be used to pay for things like buying a house, educating children, taking a dream vacation, and retiring in peace. Sum Assured plus Guaranteed Additions are paid to the nominee in the event of the unfortunate death of the policyholder during the term of the policy. The traditional endowment ICICI Pru Saving Suraksha plan is an excellent savings and protection plan. This plan is a life insurance policy that participates in the company’s profits. The premium payment options for ICICI Pru Savings Suraksha include regular payment and limited pay options.

If you’re looking to lock in a low rate on your savings account, the ICICI Pru Savings Suraksha Plan 2023 is the perfect option for you! This plan offers competitive rates on deposits up to Rs 1 lakh, with no lock-in period. You can also choose to invest in a range of products that offer high returns and diversification. So what are you waiting for? Apply now and get started!

ICICI Pru Savings Suraksha Plan 2023

A non-linked life insurance policy, the Pru Savings Suraksha Plan, provides growth and protection. In addition to a variety of other advantages, the ICICI Prudential Life plan provides a guaranteed maturity benefit. In addition, the insured has the option to choose how to pay their premiums based on their needs and ability to pay. ICICI Pru Investment funds Suraksha Protection Plan is a non-connected protection plan. The plan provides protection and a guaranteed maturity benefit to meet your financial needs. This plan covers your life, including illness, during the policy term and returns your invested funds with a profit at maturity. It’s the ideal way to save money and safeguard your life.

ICICI Pru Savings Suraksha Plan 2023 is a comprehensive financial product that covers your entire life – from your first salary to retirement. It’s an insurance product that mortages your future salary and invests the money to generate superior returns. The product has been designed with three objectives in mind: to help you save for a rainy day, to help you build a corpus for retirement, and to provide you with a secure fiscal future. To find out more about the ICICI Pru Savings Suraksha Plan 2023, please read on!

ICICI Pru Savings Suraksha Plan

ICICI Pru Savings Suraksha Plan 2023 Details

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About ICICI Pru Savings Suraksha Plan

Since its inception in the year 2000, ICICI pru Life Insurance has established itself as a prominent life insurance provider in India. Life insurance policies from ICICI Prudential, a joint venture between ICICI Bank and Prudential plc, are available to customers. In addition to a wide range of term insurance plans, unit-linked insurance plans, retirement plans, and health insurance plans, Prudential Life Insurance offers savings plans. Pru Reserve funds Suraksha is perhaps of the most well known saving plans in India. ICICI Prudential offers the non-linked life insurance plan ICICI Pru Savings Suraksha.

It is a typical endowment plan that includes life insurance and savings. It is a life insurance plan that shares in the profits of the business. ICICI Pru Reserve funds Suraksha is one of the best choices for individuals looking for a strong monetary future. It’s ideal for people who want to buy a house, send their children to college, and accomplish a lot of goals without worrying about money.

Eligibility Conditions of ICICI Pru Savings Suraksha

The eligibility requirements for the ICICI Pru Savings Suraksha Plan are listed below.

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

Also Read-Canara HSBC Term Insurance Calculator Plan 2023

Key Features of ICICI Pru Savings Suraksha

The most important features of the ICICI Pru Savings Suraksha Plan are listed below.

Type Non linked insurance and savings plan
Basis Individual
Policy terms 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
Death benefit The nominee will receive the sum assured, guaranteed maturity benefit with accrued bonus, or minimum death benefit, whichever is higher, in the event of the insured’s unfortunate death during the policy term.
Maturity benefit If all premiums have been paid, the maturity benefit will be paid when the policy comes to an end. The guaranteed maturity benefit, vested reversionary bonuses, accrued guaranteed additions, and any terminal bonus are all included in the maturity benefit.
Surrender benefit After three years of premium payment, the policy will acquire surrender value if the premium payment term is 10 years or longer.
Free look period 15 days
Grace period One month (30 days)
Surrender As long as the first year’s premiums have been paid in full, the policy can be surrendered at any time during its term.
Policy cover Guaranteed additions, maturity benefit, death benefit, vested reversionary bonus, and terminal bonus
Loan facility When the policy reaches its surrender value, it becomes eligible for a loan facility under the policy. A loan of up to 80% of the surrender value can be requested.
Policy revival In the event that the policy lapses, it can be reinstated within two years of the first unpaid premium.
Tax benefits Section 80C of the Income Tax Act of 1961 grants the policy tax benefits.

Death Benefit

The nominee would receive the higher of the following in the event of the Life Insured’s death:

  • Sum Assured plus accrued GA and Bonuses
  • GMB + accrued GA + Bonuses
  • Minimum Death Benefit

The minimum death benefit, or sum assured upon death, is equal to 105 percent of all premiums paid up to that point.
GMB is a sum assured upon maturity that begins at the policy’s inception, the premium payment term, age, and gender. GMB may be less than the sum insured.
– GA will be 5% of GMB each year will accrue during the first five policy years
– Starting with the first policy year, a reversionary bonus, if any, will be announced each year during the policy’s term.

Benefits of ICICI Pru Savings Suraksha

The advantages of the ICICI Pru Savings Suraksha Plan are listed below.

  • Death benefit- In the event of the insured’s untimely death, the nominee receives a death benefit. The highest of the guaranteed maturity benefit, sum assured, or minimum death benefit will be paid.
  • Maturity benefit-Guaranteed maturity benefit, vested reversionary bonuses, accrued guaranteed additions, and a terminal bonus are all forms of maturity benefit.
  • Surrender benefit- Depending on whether the premium payment term is less than or more than ten years, the policy will not acquire surrender value until after two or three years have passed since the last premium payment.
  • Tax benefit- According to section 80C of the Indian Income Tax Act of 1961, the policy is eligible for tax benefits.
  • Loan facility-Once the policy has the surrender value, it is eligible for a loan facility.
    According to their requirements, the insured can select the premium payment term, mode, and sum assured.
    You can buy the policy online.

Riders

Under this plan, there are no additional riders available.

How does the plan work?

Take the example of Ms. Meghana, a 35-year-old IT worker who selects a limited pay ICICI Pru Savings Suraksha Plan policy with a 20-year term. Ms. Meghana will pay a premium of Rs. 10,000 per year for ten years, with a guaranteed amount of  Rs. 3,00,000 and a guaranteed benefit at maturity 3,03,360.

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