ICICI Pru Savings Suraksha Plan

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

In case of unfortunate death of the insured during the policy term, the sum assured or Guaranteed Maturity benefit with accrued bonus or Minimum death benefit will be paid to the nominee depending on whichever is the highest.

Maturity benefit

On maturity of the policy, maturity benefit will be paid given that all premiums have been paid. The maturity benefit includes guaranteed maturity benefit along with vested reversionary bonuses, accrued guaranteed additions and terminal bonus if any.

Surrender benefit

If the premium payment term of the policy is 10 years or more, the policy will acquire surrender value after three years of premium payment. In case the premium payment term is less than 10 years then the policy will acquire surrender value after 2 years of premium payment.

Free look period

15 days

Grace period

One month (30 days)

Surrender

The policy can be surrendered any time during the term of the policy provided that the premiums for the first year has been paid completely.

Policy cover

Death benefit and maturity benefit along with guaranteed additions, vested reversionary bonus and terminal bonus

Loan facility

Loan facility is available under the policy when the policy acquires surrender value. One can apply for a loan up to 80% of the surrender value.

Policy revival

The policy can be revived within the two years from the date of the first unpaid premium in case of lapse of the policy

Tax benefits

The policy qualifies for tax benefits under section 80C of the Income Tax Act, 1961