Saving money is one of the essential aspects of building wealth and having a secure financial future. Saving money gives you a way out of the uncertainties of life and provides you with an opportunity to enjoy a quality life. Putting aside a sum of money in a systematic manner can help you steer out of many hurdles and obstacles in life. It can support you in your hour of need and ensure that your family has something to fall back on in case of an unfortunate event. There are many reasons to save and several ways to save with ease.

Here are some of the important aspects of savings that you should know.

5 Reasons to Save Money

Long-Term Security

Among the many advantages of saving is the long-term security it provides you. The future is unpredictable, and financial emergencies can crop up anytime. Saving money allows you to create a safety net for your future expenses as well as unplanned financial needs. The more you save, the more peace of mind you have, as you are better prepared for anything life throws at you.

Saving money is a step towards financial independence

The importance of saving money cannot be understated when it comes to independence. Financial independence plays a critical role in making you self-sufficient. It helps you live life according to your preferences and comfort. You have the liberty and authority to spend your money on the things you like and live a comfortable and enriched life.

Saving money enables you to take calculated risks

Another reason why saving money is important is because it allows you to take calculated risks. When you have enough money, you can take risks like starting a business, changing professions and exploring your interests without the immediate pressure of generating income.

Savings Reduce Stress

Having adequate savings enables you to live a more fulfilled life. You are more likely to be less stressed about your future goals like retirement or unexpected expenses like healthcare. Savings allow you to be relieved and at ease, knowing you have sufficient funds to navigate different situations in life.

Compound interest can be benefited from savings

Savings offer you the opportunity to take advantage of the power of compounding. Compound interest is added to your initial savings at periodic intervals, such as annually. In the next compounding period, the interest is added not just to your initial amount but also to the interest previously earned. Over time, this helps you increase your savings and beat inflation.


Tips to enable savings

If you are new to savings or find it difficult to stick to your objective of saving, then you can try the following steps.

Limit your credit card usage

Credit cards may provide a temporary sense of relief, but the high rates of interest can deplete your savings in no time. It helps to limit your debt and restrict credit card purchases to ensure that your savings are intact and growing.

Keep a track of your expenses

If you find it difficult to save regularly, try to record and keep a track of your monthly expenditure. This will offer you a clear picture of where you spend. You can then identify the things that are not important and aim at saving more by avoiding those purchases.

Create a budget for savings

It helps to devise a budget for each month. You can create a plan at the beginning of the month to target savings and set limits for spending. This lets you focus on what is important, reduces the chances of over-spending, and lets you save as planned.

Invest in long-term financial tools

When you save, it is also important to see your savings grow with time. Investing your money in a long-term investment plan can have many additional benefits. These plans offer a lucrative rate of interest that lets your money retain its value and beat inflation. One such instrument is the savings or endowment plan. The ICICI Pru Assured Savings Insurance Plan is a new-age endowment plan that is designed to address your life insurance needs.

Let’s find out more about this savings plan.

Why Choose ICICI Pru Assured Savings Insurance Plan?

ICICI Pru Assured Savings Insurance Plan is a new-age endowment plan that comes with the following benefits:

  • Lump sum payout to secure your future: At the end of the term of your policy you will receive a guaranteed$ lump sum payout as the maturity benefit which will help you secure your family’s financial future.
  • Grow your wealth with guaranteed additions#: Every year 9% or 10% guaranteed additions# would be added to your policy depending on the term of your policy.
  • Life cover^: The plan also provides a lump sum payout to your family in case of an unfortunate event. This amount ensures that even in your absence your family members are able to live the life you planned for them.
  • Get tax benefits*: With this plan, you can enjoy tax benefits* subject to the prevailing tax laws.

$T&Cs apply




Savings is a vital component of your life. Most importantly you can also rely on savings for safeguarding your family’s needs and providing financial security in unfavourable times. But it is important to find an instrument that allows your savings to grow. Here is when a financial tool like ICICI Pru Assured Savings Insurance Plan comes into the picture and proves to be a perfect fit.


Savings Plans Offered by ICICI Pru Life

A savings plan offers the dual benefit of life insurance and savings. These plans help you financially secure your loved ones in case of any unfortunate event with a life cover1. At the same time, they help you save money and achieve your financial goals such as travelling, buying a house, child’s education or marriage, being financially independent during retirement and more. These plans are not market-linked. The amount you receive from these plans is fixed at the time of the purchase of the plan.

ICICI Pru GIFT Pro is one such savings plan that provides guaranteed2 income along with financial security.

2Conditions apply

What makes ICICI Pru GIFT Pro suitable for you?

A savings-oriented insurance plan like the ICICI Pru GIFT Pro can help you cater to diverse financial needs. This customisable life insurance plan offers financial security to your family through a life cover1 and enables you to achieve your future financial goals with guaranteed2 benefits. This plan also comes with the MoneyBack Benefit3, which allows you to get a percentage of your total premiums as a lump sum. You can choose the percentage of your premiums you want as a lump sum and when you want to receive the MoneyBack Benefit3.

2Conditions apply

Below are some key features of the plan that make it suitable for everyone:

Flexibility to choose the Guaranteed2 Income option4

One of the benefits of saving with ICICI Pru GIFT Pro is the flexibility to customise how you receive your Guaranteed2 Income. You can choose to receive income that remains the same throughout the income period or opt to receive income that increases by 5% (simple interest) every year. This flexibility allows you to tailor the plan according to your financial requirements.

Withdraw future benefits as a lump sum

With ICICI Pru GIFT Pro, you have the option to convert all future Guaranteed2 Income and the MoneyBack Benefit3 into a lump sum at a discounted rate. You can choose to receive this lump sum at the time of maturity or any time during the income period. This ensures that your funds are available to you and your loved ones during emergencies or in case of an unfortunate event.

Choose income on any date of your choice5

This plan offers the flexibility to choose the exact date on which you want to receive the Guaranteed2 Income. This is called the Save the Date5 feature. This allows you to align the returns from the plan to your major expenses such as paying for your child’s higher education, a payment for your new home and more.

Life Cover1

ICICI Pru GIFT Pro offers a life cover1 to help you financially secure your loved ones in case of an unfortunate event. The life cover1 amount helps ensure that your loved ones can continue to pursue their goals without compromises. At the time of purchase, you can also choose the “Low Cover Income Booster” option. With this option, you can receive higher income in exchange for a lower life cover.

Tax6 benefits

With this plan, you can get tax6 benefits of up to ₹ 46,800 per annum on the premiums paid under Section 80C of The Income Tax Act, 1961. Additionally, the returns received are exempt from tax under Section 10(10D) of The Income Tax Act, 1961.

2Conditions apply

1. Do savings plans offer a lump sum payout option?

Yes, a savings plan can offer you a lump sum payout option. Most plans let you choose whether to receive your money as a lump sum or as regular income. Under the lump sum option, you pay premiums for a pre-determined number of years and then receive a guaranteed$ lump sum payment at the end of the term. On the other hand, under the regular income option, you pay premiums for a fixed term and then receive either monthly or yearly regular income for the chosen term.

2. How much should I invest in my savings plans?

The amount to be invested in a plan depends on your goals, current income and several other factors like important milestones and various financial needs. Hence, there is no one figure that can suit everyone. In order to ascertain the minimum amount of investment required for your financial needs, you should take into consideration your future requirements and the time you have left to plan for them. Based on those requirements, you can decide on the amount you should invest in your savings plan. The importance of savings cannot be stressed enough.

3. As I grow older, do I need to save more or less in my savings plans?

Although it is always better to contribute more to your savings plans, the answer would depend on your current savings pool and needs. If you had started saving from an early age and have built a significant savings amount, you may not need to save more. On the other hand, if you started saving late, you may have to make up for the lost years by contributing more to your savings plan.


$T&Cs apply


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# Every year an amount called the Guaranteed Addition is added to the policy. Guaranteed Addition (GA) is equal to the predetermined Guaranteed Addition rate multiplied by the sum of all premiums paid till date (excluding extra mortality premiums and taxes).

* Tax benefits under the policy are subject to conditions under Sections 80C, 80D, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on the above.

$ Guaranteed benefits are payable subject to all due premiums being paid and the policy being in force on the date of maturity.

1Life Insurance Cover is the benefit payable on death of the Life Assured during the policy term

2Guaranteed Benefits will be payable subject to all due premiums being paid

3You can choose to receive any percentage from 0% to 100% of the sum total of all annualised premiums payable by you as MoneyBack Benefit. This will be paid as a Lump sum amount. Additionally, you also have the flexibility to choose any year, on or after the maturity date of the policy up to the last income year, to receive this MoneyBack Benefit. Your Guaranteed Income amount will be adjusted based on the MoneyBack Benefit % and payout year selected by you

4Level Income and Increasing Income are income options available under GIFT Pro. Under Level Income, the Guaranteed Income will remain constant throughout the income period. If Increasing Income is selected, the Guaranteed Income will increase at a simple interest rate of 5% p.a.

5You have an option to receive GI every year on a Special Date of your choice preceding the due date of first GI pay-out during the Income Period. The Special date can be chosen to coincide with any date such as, Date of Maturity, birth date or anniversary date etc. Payment of GI will commence from this Special Date and all further GIs will be paid every year on this Special Date chosen. In case You opt for a Special Date, the GI payable each year would be adjusted by multiplying the GI amount with a discount loading factor, varying by the policy month in which the Special Date falls

6Tax benefits under the policy are subject to conditions under Sections 80C, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any will be charged extra as per applicable rates. Tax laws are subject to amendments from time to time. Please consult your tax advisor for more details.

ICICI Pru GIFT Pro (A non-linked non-participating individual savings life insurance plan) UIN: 105N201V04

ICICI Pru Assured Savings Insurance Plan UIN: 105N144V10



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