Why is ICICI Pru Savings Suraksha special?
ICICI Pru Savings Suraksha grows your wealth with the promise of protecting your money. This is done through two guaranteed features in the plan called Guaranteed Additions (GA) and Guaranteed Maturity Benefit (GMB). At the end of the policy term, you receive a sum that includes Guaranteed Maturity Benefit (GMB), Guaranteed additions (GA) and additional bonuses declared by the company, if any.
What are Guaranteed Additions?
Guaranteed Additions (GAs) are equal to 5% of Guaranteed Maturity Benefits (GMB). These benefits will be added each year for the first five policy years, if all premiums due till that year are paid.
What is Guaranteed Maturity Benefit?
Guaranteed Maturity Benefit (GMB) is the guaranteed lump sum payable at the end of the policy term.
ICICI Pru Savings Suraksha provides you and your family all-round protection. In case of an unfortunate event during the policy term, your family receives a lump sum amount. This amount ensures that even in your absence, your loved ones are able to live the life you planned for them.
How much money will my family receive in my absence?
Your family will receive the higher of:
A fixed Sum Assured including Guaranteed Additions and Bonuses*
Guaranteed Maturity Benefit including Guaranteed Additions and Bonuses*
Minimum Life Cover that is equal to 105% of sum of premiums paid till date **
*Consists of vested reversionary bonuses, interim bonus and terminal bonus, if any.
Reversionary Bonus is declared every year as a percentage of GMB/ Sum Assured plus earlier reversionary bonuses, and is payable on death of the life assured or maturity of the policy.
After declaring reversinonary bonuses, if there are still residual profits avaliable in the policy, they are declared as Terminal Bonus. Terminal Bonus or Final additional bonus is paid at maturity or at the time of death claim.
**Excluding extra Mortality Premiums, service tax and cesses, if any. The cost of providing a Life Cover under the policy is called Mortality Premium.
With this plan, you can reduce your taxable income by investing up to 1.5 lakh under Section 80C. This will help you save tax. The money you get on maturity or death is also completely tax-free*.
*Tax benefits under the policy are subject to conditions under Section 80C, 10(10D) and other provisions of the Income Tax Act, 1961. Service tax and applicable cesses will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time.