ICICI Prudential Savings Suraksha is a traditional endowment plan whereby the policyholder gets a guaranteed maturity benefit. In case of death of the life insured, the nominee is paid the sum assured plus guaranteed bonus, if any.

Features and benefits of the plan

• The policy term may range from 10 to 30 years wherein the premium paying term can be 5, 7, 10, 12 years or it can also be equal to the policy term depending on whether you choose regular pay or limited pay option.
• While the minimum premium is Rs 12,000, there's no ceiling on the maximum amount of premium.
• While the minimum sum assured is seven times the annual premium, the maximum sum assured is 10 times the annual premium.
• The policy comes with a flexible feature of premium paying term. One can choose to pay either monthly, half yearly or annually.
• Maturity benefit - in the event of the maturity of the policy, the accumulated amount consisting of the guaranteed maturity benefit, guaranteed bonuses and terminal bonus (if any) will be paid to the policyholder.
• Death benefit - in the event of death of the life insured, the sum assured including accrued bonus (if any) will be paid to the nominee.
• If the policyholder wishes to Surrender the policy, s/he needs to pass at least one year from the commencement of the policy. Of course the premiums have to be paid unfailingly all through the year to avail this benefit.
• Loan benefit - loan against the policy can be availed only after the policy has got a surrender value i.e. After completion of at least one year with all the premiums paid without fail.

Eligibility

Individuals falling within the age bracket of 0-60 can avail this plan. The maximum age of maturity is 70 years.