1. What are the different plan options available under this plan?

ICICI Prudential Sukh Samruddhi offers two different plan options. You can choose any one of the following at inception:

• Lump sum: Provides a lump sum on maturity along with protection through life cover throughout the policy term
• Income: Provides a regular Guaranteed^* Income (GI) immediately after premium payment term along with a lump sum on maturity. Also, get protection through life cover throughout the policy term

2. What does the maturity benefit comprise of under both plan options?

• For Income plan option, maturity benefit comprises of Accrued Reversionary Bonus (if any), Terminal Bonus (if any) and the last installment of Guaranteed^* Income (GI)
• For lump sum plan option, maturity benefit comprises of Sum Assured on maturity, Accrued Reversionary Bonus (if any) and Terminal Bonus (if any)

3. What are the modes of payment of Guaranteed^* Income (GI)?

You can choose to receive the Guaranteed^* Income (GI) under the ‘Income’ plan option in either monthly or annual mode. The frequency has to be selected at Policy inception and can be changed any time before the completion of premium payment term. The GI pay-out for monthly mode will be paid from end of month after completion of premium payment term.

4. When does my Guaranteed^* Income (GI) start in monthly and yearly mode?

The Guaranteed^* Income (GI) in a policy starts from end of year/month right after the premium payment term ends.

Ex: If the policy issue date is July 2022, for a 10 pay 22 stay policy (12 Income term)

• If Guaranteed^* Income (GI) frequency is monthly, then the Income start date will be August 2032
• If Guaranteed^* Income (GI) frequency is yearly, then the Income start date will be July 2033

5. What is ‘Save the date’ feature available under this plan?

With ‘Save the date’, you have the option to receive Guaranteed^* Income (GI) on any one date, succeeding the due date of first Income pay-out, to coincide with any special date like birth date or anniversary date.

This option is available only if you have chosen annual mode of Income payout. It needs to be selected at Policy inception and can be changed any time before the completion of premium payment term.

6. What is ‘Savings Wallet’ and how does it work?

With ‘Savings Wallet’, you get the flexibility to accumulate Guaranteed^* Income (GIs), instead of taking them as payment during the policy term. The GIs will be accumulated daily at an interest rate equal to Reverse Repo Rate published by RBI. You also have an option to withdraw, completely or partially, the accumulated GIs anytime during the Income Term. In case the accumulated GIs are not withdrawn completely during the policy term, the accumulated GIs will be paid to the Claimant in the event of death, maturity or surrender, whichever is earlier along with other benefit payments (if any), and the policy will terminate. This option to accumulate GIs is available only for Income Plan, and can be availed for both in-force as well as paid-up policies. You can choose to start or stop this feature multiple times during the policy term.

7. Can I change the date selected under ‘Save the date’?

You have to choose the date selected under ‘Save the date’ at policy inception but it can be changed any time before the completion of the Premium Payment Term.

8. Can I change the premium payment frequency?

Yes, you can change the premium payment frequency during the premium payment term which will be effective only from the next policy anniversary.

9. Can ‘Save the date’ and ‘Savings Wallet’ features be selected with ‘Lump sum’ plan option?

No. ‘Save the date’ and ‘Savings Wallet’ features can be selected/availed only with ‘Income’ plan option available under ICICI Pru Sukh Samruddhi.

10. What are the boundary conditions for ICICI Pru Sukh Samruddhi?

Boundary conditions for ‘Income’ plan option:

Boundary conditions for ‘Lump sum’ plan option:

Premium Payment Frequency: Regular Pay, Annual, Half-Yearly, Monthly
Premium and Benefits will vary depending upon the plan option chosen

Max. Premium will be as per Board Approved Underwriting Policy.
Applicable Goods and Services Tax will be taken separately, as per applicable rates. The tax laws are subject to amendments from time to time.

11. What are the discounts available under ICICI Pru Sukh Samruddhi?

ICICI Pru Sukh Samruddhi offers online benefit and staff discount. Under both these benefits, an additional Benefit Sum Assured or Sum Assured on Maturity of 4% will be offered to all policies which are either purchased online or by employees of ICICI Prudential Life Insurance Company Limited and the employees of the associate companies of ICICI Bank Limited. Either online benefit or staff discount can be availed by the customer.

¹ Life cover: Life cover is the benefit payable on death of the life assured during the policy term.

For Income plan option, Death Benefit will be higher of:

• Sum Assured on Death + Accrued Reversionary Bonus, if declared + Interim Reversionary Bonus, if declared + Terminal Bonus, if declared; or
• 105% of total premiums paid up to the date of death

  Where, Sum Assured on Death is

  1. For Age 0 to 50: Higher of 10.5 X Annualised Premium or PPT X Annualised Premium
  2. For Age 51 to 60: Higher of 10 X Annualised Premium or PPT X Annualised Premium

For Lump sum plan option, Death Benefit will be higher of:

• Sum Assured on Death + Accrued Reversionary Bonuses, if declared + Interim Reversionary Bonus, if declared + Terminal Bonus, if declared; or
• 105% of total premiums paid up to the date of death

  Where, Sum Assured on Death is

  For Limited Pay

  1. For Age 0 to 50: Higher of 10.5 X Annualised Premium or PPT X Annualised Premium
  2. For Age 51 to 60: Higher of 10 X Annualised Premium or PPT X Annualised Premium

  For Regular Pay:

  1. For Age 0 to 50: 10.5 X Annualised Premium
  2. For Age 51 to 60: 10 X Annualised Premium

² Save the date: Under ‘Income’ plan option, you can choose to receive Guaranteed Income on any one date succeeding the due date of first Income to coincide with any special date. This option needs to be selected at policy inception and can be changed any time before the completion of premium payment term. If you have chosen a specific date to receive Guaranteed Income, the Income, as applicable, payable from this date will be increased for the deferment period i.e. for completed number of months between the due date of first pay-out and the specific date chosen, at an interest rate equal to Reverse Repo Rate, compounded monthly. This interest rate on GIs will be reviewed twice every year on 1st of June and 1st of December, and will be set equal to Reverse Repo Rate published on RBI’s website. This option to receive GIs on any one date can be availed by both in-force as well as paid-up policies. The last GI will be paid on the date of maturity of the policy and not on the special date chosen by You and therefore, the interest rate mentioned above shall not be applicable for the last GI. It can be chosen only if annual frequency of Guaranteed Income is selected under ‘Income’ plan option.

³ Savings Wallet: You have an option to accumulate Guaranteed Incomes (GIs), instead of taking as payment during the policy term. The GIs will be accumulated at an interest rate equal to Reverse Repo Rate published by RBI, compounded daily. This interest rate on GIs will be reviewed twice every year on 1st of June and 1st of December, and will be set equal to Reverse Repo Rate published on RBI’s website. You also have an option to withdraw, completely or partially, the accumulated GIs anytime during the Income Term. This option is only available under Income Plan option.

⁴ Tax benefits: Tax benefits may be available as per prevailing tax laws. Tax benefits under the policy are subject to conditions under 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 more details.

^* T&C Apply

ICICI Pru Sukh Samruddhi (UIN: 105N188V01), A Non-Linked, Participating Individual Life insurance Savings product.

W/II/0927/2022-23