ICICI Pru Assured Saving Insurance Plan
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
Guaranteed saving benefit to meet your non-negotiable goals. It provides a life insurance cover which will take care of your family in case of an unfortunate demise. Guaranteed Loyalty Addition is paid one time at the maturity and is calculated as a percentage of base SA and the rate depends on the Premium Payment Term.
Product Description
- ICICI Pru assured Saving Plan is A Traditional non participating non linked endownent Plan
- Every year, either 9% or 10% of total premiums paid will be added to your policy benefits depending on your policy term
- A guaranteed lump sum payable at the end of the policy
- Tax payable will depend on the premium paid and benefits received as per the prevailing tax laws.
COMPARE & BUY SIMILAR PLANS
Unique Features
- ICICI Prudential Assured Saving Insurance Plan is a traditional endowment plan with no bonus facility
- Every year the policy pays a Guaranteed Addition of 9% to 10% of the total premiums paid till date
- At maturity the plan pays a Guaranteed Maturity Benefit plus sum of Guaranteed Additions (Guaranteed Maturity Benefit is determined at the inception and it depends on policy term, premium paying term, age and gender)
Eligibility Criteria
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| Premium Paying term | 7 | 10 | ||||
| Min / Max Policy Term | 10 | 12 | 12 | |||
| Min Annual Premium (Rs) | 18000 | 18000 | 12000 | |||
| Min/ Max Entry Age | 8 or 60 | 6 or 60 | 6 or 60 | |||
| Min/Max maturity | 18/12 | |||||
| Premium Paying mode | Annual/ Half yearly/ Monthly | |||||
OneInsure App Benefits
Product Benefit
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| Maturity Benefit | On the survival of the life insured till the end of the policy , provided all premiums are paid | |||||
| Maturity Benefit = Accrued Guaranteed Additions + Guaranteed Maturity Benefits | ||||||
| Survival Benefit | On survival of the life assured till the end of policy term Maturity Benefit will be payable equal to GMB and GAS. | |||||
| Death benefit | Death Benefit is = A or B or C, Whichever is higher. | |||||
| A = Sum Assured + Accrued Guaranteed Additions | ||||||
| B = GMB + Accrued Guaranteed Additions | ||||||
| C = Minimum Death Benefit | ||||||
| Sum Assured on Death is equal to 10 times annual premium | ||||||
| Minimum Death benefit is 105% of the sum of premium paid till date or 10 times the annual base premium of the chosen Sum Assured | ||||||
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Surrender Benefit | If the Premium payment term of your policy is 10 years, your policy will acquire a surrender value after payment of three full years premium. | |||||
| If the Premium payment term of your policy is 7 years, your policy will acquire a surrender value after payment of two full years premium. | ||||||
| On Policy Surrender , you will get higher of the following : | ||||||
| Guaranteed Surrender Value (GSV) + Surrender Value of Accrued Gas | ||||||
| Special Surrender Value ( SSV ) | ||||||
| Guaranteed Additions | Term | Guaranteed Additions | ||||
| 10 Years | 9% | |||||
| 12 Years | 10% | |||||
| Notes :- Guaranteed Addition is Equal to Guaranteed Addition rate X Sum of Premiums paid till date . Guaranteed Addition depends on Policy Term |
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| Guaranteed Maturity Benefit | Annual Premium Per Rs 100 Guaranteed Maturity Benefit | |||||
| For a female life assured , the asset will be those applicable to the male life assured two years younger | ||||||
| GMB = Sum Assured on Maturity | ||||||
| Discontinue Premiums | Paid up Sum Assured = Sum Assured X ( Total No of premium paid ) / Total No of premium payable |
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| Paid up Guaranteed Maturity Benefit = Guaranteed Maturity X ( Total No of premium paid) / ( Total No of premium payable ) |
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| Paid up Guaranteed Additions Rate = Guaranteed Addition Rate X ( Total No of premium paid ) / ( Total No of Premium payable ) |
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| Revival of Policy | The application for Revival is made within 2 Years from the due date of the first unpaid premium and the termination date of the policy | |||||
| The policyholder furnishes, at his or her own expense, satisfactory evidence of health of the life assured as required by the company. | ||||||
| The arrears of premium together with interest at such rate of the company policy may change for late payment of premium are paid | ||||||
| Loan | Loan amount up to 80% of the Surrender Value can be availed | |||||
Add-ons
Not Available
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.
Tax Benefits
Tax benefits will be as per section 80C and section 10(10D) of the income tax, 1961
Claim Process
Know Claim Process of ICICI Pru Assured Saving Insurance Plan
Company Overview
ICICI Prudential Life Insurance Company (ICICI Prudential Life) is a joint venture between ICICI Bank Ltd., India's largest private sector bank, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential Life was amongst the first private sector life insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority of India (IRDAI).
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