ICICI Pru Assured Savings
Endowment policies help to protect the family and also give assured returns upon maturity. Traditional insurance plans have always been on demand, and one such well-performing policy is ICICI Pru Assured Savings Insurance Policy. It is backed by the robust financial framework of ICICI Prudential, which gives purchasers the guarantee of assured returns. The policyholder can enjoy guaranteed additions of 9% to 10% accrued on a yearly basis upon the cumulative premium amount, and this comes in addition to the guaranteed returns promised upon maturity of the policy.
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Investment Plans
- Guaranteed Tax Savings^Under sec 80C & 10(10D)
- Under sec 80C & 10(10D)Invest ₹10k Per Month*
- Zero LTCG Tax^
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- ICICI Pru Assured Savings
Eligibility Criteria of ICICI Pru Assured Savings Plan
Let’s take a look at the eligibility criteria of the policy.
| Parameters | Details |
| Policy Tenure | 10,12 and 15 years |
| Premium Paying Term | 5,7, 10 (years) |
| Premium Paying Mode | Monthly, Half-yearly and Annually |
| Entry Age | Min - 8 – Max - 60 years (10-year policy term/5 year payment term) Min - 3- Max - 57 years (15 year policy term/ 5 year payment term) |
| Maturity Age | 18-72 years |
| Grace Period | 30 Days (15 Days For Monthly Mode) |
| Maximum Annual Premium | Rs.1,00,000 |
| Liquidity | Loans are available under this policy |
Benefits of the ICICI Pru Assured Savings Policy
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Maturity Benefit
The policyholder receives a lump sum amount upon maturity of the ICICI Pru Assured Savings Policy. In this case, it is ten times the annualized premiums along with 9% (10 years policy term) or 10% (15 years policy term) guaranteed additions to the returns. Guaranteed Maturity Benefit is provided on the basis of the age, policy term, and sum assured.
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Death Benefit
Death benefit received by the family of the life assured is 105% of the total premiums paid till the time of death. The family member or beneficiary also receives 10 times the annual base premium and the chosen sum assured as selected by the policyholder at the time of opening of the policy. The policy then gets terminated upon release of these benefits.
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Personal Loan Benefit
The policyholder can be granted a loan of up to 80% of the policy's surrender value. The calculated rate of interest on loan amount is 7.25%, as recorded in July 2020.
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Surrender Value Benefit
Once your policy acquires a surrender value after the timely payment of all premiums for the first two years, you can request for premature withdrawal of the policy at any time and will be granted benefits on the basis of the surrender value.
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Tax Benefits
The returns received through the ICICI Pru Assured Savings Plan are eligible for tax benefits under the country's prevailing income tax rules like Section 10(10D) and Sec 80 C of the Income Tax Act, 1961.
* Tax benefit is subject to changes in tax laws
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Premiums for ICICI Pru Assured Savings Insurance Policy
The ICICI Pru Savings Suraksha premium is a regular pay traditional insurance policy that provides financial protection to your family and a host of guaranteed benefits.
For the regular pay option, the minimum premium amount would be:
- *Rs 40,000/- p.a for the policy term of 10 years
- *Rs 50,000/- p.a for the policy term of 15 years
*Standard T&C Apply
The ICICI Pru Assured Saving Calculator is available on the official website. If interested, for further details, use the calculator and submit your details on the online ICICI Pru Assured Savings website for a representative to get back in touch with you over SMS, Whatsapp, and email.
Documents Required to Buy this Plan?
To buy ICICI Pru Assured Savings policy, you must have all or one of each of the points enlisted below:
- Identity proof – passport, Aadhar card, or voter's card
- Address proof - driving license, Aadhar card, electricity bill, voter's card, ration card, or passport
- Income proof - salary slips or Income tax returns
How to Buy This Plan Online?
You cannot buy ICICI Pru Assured Savings online by visiting the official website of ICICI Prudential. To purchase this plan, people have to:
- Visit the official website of ICICI Prudential and select the ICICI Pru Assured Savings plan.
- Personal details like Name, Age, Sex, Mobile Number, and Email ID should be submitted using the Get Quote button.
- Once the quote has been shared, the representative of ICICI Prudential will get in touch with you with further details like riders or rebates.
- You have to discuss in detail with them and then close in on the policy term that serves your needs the best.
- You should receive activated policy documents within 7 working days of payment confirmation.
- You can enjoy a free look period of 30 days from receiving the documents and can decide in the meantime whether you want to cancel the policy.
Exclusions of ICICI Pru Assured Savings Policy
ICICI Pru Assured Savings reviews found online suggest that it is one of India's most successful and popular traditional insurance plans. The Suicide clause provided as an exclusion grants a lump-sum payment of 80% of the premiums paid till death or the policy's surrender value as recorded till death, whichever is higher.
FAQ's
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Q: Is there a way to check the ICICI Pru Assured Savings policy status?
Ans: ICICI Pru Assured Savings policy status can be easily checked by emailing the relationship manager or giving the toll-free number a call. -
Q: How does one change or update the nominee's name in this plan?
Ans: Written communication to be provided to the relationship manager regarding change or update in nominee name along with KYC documents of the nominee. -
Q: Would it be possible to terminate ICICI Pru Assured Savings policy?
Ans: The insurer can terminate this policy if it has obtained surrender value. This means that the first two years' premiums have been paid on time, and the insurer wants to take a refund of the amount deposited. Refunds are subject to deductions. -
Q: Can one calculate the guaranteed additions online?
Ans: The guaranteed additions can be easily calculated on one's own by following the brochure's example. It shows the segregated income that finally is paid out as an accrued bonus at the time of maturity. -
Q: Are sum assured amount adjustments and changes possible later on?
Ans: Yes. Ensuring that your annualized premium is raised or reduced can increase or decrease the sum assured. -
Q: If premium payment is discontinued, can this policy be revived?
Ans: Yes, the policy can be revived to its original form if the remaining premiums are paid within five years from the date of last payment failure during the policy's valid tenure. -
Q: Is there a grace period for premium payments made every month?
Ans: Yes, the grace period is 15 days from the due date.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
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