ICICI Prudential Assured Savings Insurance
ICICI Pru Assured Savings Insurance Plan Review
ICICI Pru Assured Savings Insurance Plan is a non-linked insurance plan. The plan offers guaranteed savings benefit, to meet critical milestones like child education, marriage or retirement. In the event of the unfortunate death of the policyholder during the policy term, Sum Assured + Guaranteed Additions is paid to the nomineensurance
Key Features
Every year, 9% or 10%
Lump sum amount at end of the policy term
To choose, premium payment and policy term
As per Section 80C and 10(10D) of the Income Tax Act
Benefits
In case of death of the Life Insured, the nominee would get the higher of the below:
- Sum Assured plus accrued GA
- GMB + accrued GA
- Minimum Death Benefit
Where, - Sum assured on death is equal to 10* of annual premium
- Minimum Death Benefit, is 105% of premiums paid till dates
On maturity, the policy holder gets the below benefit:
Maturity Benefit = GA+GMB
Where,
GA will be added to the policy at the end of the every policy year. GA = Guaranteed rate * total premiums paid till date.
GA rate depends upon the policy Term chosen – For 10 years GA is 9% and for 12 years its 10%
Benefit Illustration of GA
| Policy Year | Premiums paid (in Rs.) | Total Premiums paid (in Rs.) | GA pay out (in Rs.) |
| 1 | 50,000 | 50,000 | 5000 |
| 2 | 50,000 | 1,00,000 | 10,000 |
| - | - | - | - |
| 9 | 50,000 | 4,50,000 | 45,000 |
| 10 | 50,000 | 5,00,000 | 50,000 |
| 11 | 50,000 | 5,00,000 | 50,000 |
| 12 | 50,000 | 5,00,000 | 50,000 |
Where, GA benefit is 10% of the total premiums paid till date
GMB, will commence at the inception, policy term, premium payment term, age and gender. GMB can be lower than sum assured. Annual premium per Rs. 1000 GMB, is given below for healthy male life:
| Premium Payment Term | 7 | 10 | 7 |
| Age at entry/Policy Term | 12 | 12 | 10 |
| 30 | 249.61 | 157.10 | 204.35 |
Basis, the above GMB illustration, let’s understand how to calculate GMB:
Criteria,
Age: 30, Annual Premium: 50,000, Premium Payment Term: 10 years, Policy Term: 12 years
GMB = 50,000/157.10*1000
GMB = 3, 18,269
Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C
No Riders available under this plan.
If the policy is not convinced with the Terms and Conditions of the policy, s/he can cancel the policy within 15 days of receipt of policy document.
Total benefit payable under this policy, is illustrated below:
Criteria:-
Entry age – 30 years, Policy Term – 12 years, Premium Payment Term – 10 years, Annual Premium – Rs. 50,000, Sum Assured – 5,00,000, Premium Payment mode – Yearly
| Benefit Summary (Total Maturity Benefit) | |
| Guaranteed Additions | Rs. 3,75,000 |
| Guaranteed Maturity Benefit | Rs. 3,18,269 |
| Total amount | Rs. 6,93,269 |
Eligibility
| Particulars | Minimum | Maximum |
| Entry age (in years) | 6 and 8 | 60 |
| Maturity age (in years) | 18 and 72 | |
| Premium (in Rs.) | 12,000 and 18,000 | |
| Premium Payment modes | Annually, Half yearly, Monthly | |
| Premium payment term | 7 and 10 | |
| Policy Term | 10 and 12 | |
Exclusions
If the life assured, commits suicide, within a year of policy start 80% of the premiums paid, will be given to nominee. In case of suicide within one year from revival date, 80% of premiums paid or surrender value, whichever is higher would be paid and the policy will terminate.
FAQs
You stop paying the premiumIf the premium is not paid within 30 days from the grace date, the policy will lapse. Lapsed policy can be revived within 2 years of first unpaid premium. If the premium is discontinued after the policy has acquired surrender value, the policy status will be “paid up”
You want to surrender the policyThe policy will acquire surrender value, after 3 years of policy. On surrender, the higher of the below will be paid:
Guaranteed Surrender Value (GSV) +surrender value of accrued GA’s
Special Surrender Value
You want a loan against your policyYes, loan facility is available under this plan.
