All About ICICI Prudential Saving Suraksha Plan

ICICI Pru Savings Suraksha has the following features.

• Enjoy bonuses in the form of vested reversionary bonuses and, if applicable, the Terminal bonus.
• Protect your family's future in your absence with a life insurance policy.
• The ability to customize premium payment terms, payment methods, insurance terms, and death benefit amounts to meet one's specific needs.
• Tax advantages on premiums paid and benefits obtained, according to current tax laws

Even if you are not present, you can protect your loved ones.

ICICI Pru Savings Suraksha offers comprehensive security for you and your family. Your family receives a lump sum payment if something tragic happens during the policy's duration. This sum assures that your loved ones can live the life you have planned for them even if you are not present.

How much money will my family get while I'm away?

Your family will get more of:

• Guaranteed Additions and Bonuses, plus the Sum Assured on Death
• Maturity Benefit plus accumulated Guaranteed Additions and Bonuses

All About ICICI Prudential Saving Suraksha Plan

Below is everything you must know about ICICI Prudential Saving Suraksha Plan:

• Tax Benefits

By depositing up to 1.5 lakh through Section 80D of the income, you can minimize your tax liability. You'll be able to save costs on income as a result of this. Likewise, the benefits you receive upon growth or mortality are tax-free.

The policy's tax advantages are consistent with the provisions of Sections 80C, 10(10D), and certain other parts of the Income Tax Act of 1961. Taxes will be added on top of the amount at the current growth rate. From period to period, tax laws are changed.

• Savings With The Comfort Of Guarantee

ICICI Pru Savings Suraksha is a retirement fund that develops your income while also safeguarding it. You get a sum at the end of the policy period that includes the Guaranteed Maturity Benefit (GMB2), Guaranteed Additions (GA1), and any additional incentives declared by the firm.

What are Guaranteed Additions, and how can they help you?

GAs1 are 5% of Guaranteed Maturity Benefits (GMB2). If all premiums due until that year are paid, these benefits will be added every year for the first five insurance years.

What is the Maturity Guaranteed Benefit?

GMB2 (Guaranteed Maturity Benefit) is a lump sum payment made at the end of the contract.

• Product Snapshot

For you, your loved ones' hopes and goals always come first. Some of your non-negotiable life goals include providing a quality education for your children and financial security for your spouse. To achieve these objectives, you'll need to increase your fortune. 

• Suicide Clause

If the life assured, whether sane or insane, commits suicide within 12 months of the start of the risk under this policy, the policyholder or nominee, as applicable, will be entitled to the higher of 80 percent of total premiums paid, including any extra premiums, until the date of death, or the Surrender Value, as available on the date of death. In the case of a revived policy, the higher of (A, B) will be payable if the life assured, whether sane or crazy, commits suicide within 12 months after the policy's revival.

• Loans

You can take out loans under this policy after it has been surrendered. It is possible to get a loan for up to 80% of the Surrender Value. The company has the right to demand full repayment of the loan, including all interest. If the sum owed is larger than the amount owed, you must give three months' notice. If the policy is paid up, it will have a surrender value. In the event of non-payment. The policy will be foreclosed, the policy will be terminated, and the policy will be foreclosed by the required date. The policy's rights, benefits, and interests will all be terminated. The applicable interest rate will be determined on a monthly basis and will be 150 basis points.

Conclusion

With ICICI Pru Savings Suraksha, you have the choice of selecting a premium payment method that suits your needs. Premiums might be paid for a certain period or for the duration of the policy.

Also read - What Are The Key Features Of An Endowment Policy?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.