If you are looking for options to increase your savings as well as insure your life against an unfortunate fatal or near fatal accident, you can opt for the ICICI Pru Save ‘n’ Protect plan. Just like a typical ICICI Pru Endowment insurance plan, this plan has death benefit, maturity benefit, guaranteed accumulated add-ons, vested bonus, tax concessions, and various riders. The riders, if taken, would provide an extra financial help in case of a calamity.
Find out more about the facts and figures available with the ICICI Pru Save ‘n’ Protect plan and why it is one of the popular ICICI Prudential Life Insurance policies for those who want life protection as well as save money for future expenses.
The ICICI Pru Save ‘n’ Protect Plan at a Glance
|Minimum Limit||Maximum Limit|
|Sum Assured (in Rs)
|Policy Term||10 years
|Age of Policy Holder during Buying the Policy||0 years
|Age of Policy Holder during Maturity of the Policy||18 years||70 years|
|Minimum Premium||Rs. 6,000 per year
|Premium Mode||Annually/ half yearly/ monthly||Annually/ half yearly/ monthly|
Estimated Benefits of the ICICI Pru Save ‘n’ Protect Plan under Various Rates of Return
|Benefits||Return calculated at the Rate of 6 percent per Year (in Rs.)||Return calculated at the Rate of 10percent per Year (in Rs.)|
|Guaranteed Sum Assured||200,000||200,000|
|Vested Bonus (not guaranteed)||85,556||200,353|
|Guaranteed Accumulated Add-ons||29,505||29,505|
|Expected Maturity Amount||315,061||429,858|
In the sample, the following data has been used:
Yearly Premium = Rs.9,333
Age = 30 years
Policy Term = 20 years
Sum Assured = Rs 2 Lakh
ICICI Pru Save ‘n’ Protect Plan Details
ICICI Pru Save ‘n’ Protect plan attracts people who want risk cover along with savings option. Like a typical participatory ICICI Prudential endowment plans, this plan provides lucrative vested bonus, guaranteed accumulated add-ons to increase savings at maturity. And, there is an extended life cover even after the end of the term and other benefits. Here are some features of ICICI Pru Save ‘n’ Protect plan:
- In case the life assured with age above 7 years dies within the policy term, the nominee gets death benefit which is equal to the sum assured along with guaranteed accumulated additions, vested bonus, interim bonus, and terminal bonus as awarded by the company.
- In case the life assured with age below 7 years dies within the policy term, the nominee gets death benefit which is equal to the paid premiums. However, extra premiums and premiums for riders are not included in the death benefit.
- In case the life assured survives the term, a maturity benefit is awarded to him or her that is equal to the sum assured along with guaranteed accumulated additions, vested bonus, interim bonus, and terminal bonus as awarded by the company.
- Guaranteed accumulated additions are added at 3.5 percent yearly and compounded at this rate for the initial 4 years of the policy term.
- Vested bonus is added depending on the performance of the company every year. However, this addition is not guaranteed.
- After completion of the policy term, there is an additional life insurance cover for next 5 years. The sum assured in this case is 50 percent of the original value that is awarded to the nominee in case the life assured dies during this time. No premiums are to be paid for the extended cover of the ICICI Prudential Life Insurance plan.
- Some riders are available under this ICICI Pru Life Insurance endowment plan. The policy holder has to pay a nominal amount as premium for a particular rider. If you claim on any one of the riders, that particular rider is terminated from the policy and you are not required to pay any premium for the same. However, the base premium for the policy would continue as per the norms of the policy. The 3 riders available under the planare:
- Critical Illness Benefit Rider – The ICICI Pru Save ‘n’ Protect plan has identified 9 critical illnesses under this rider, where sum assured equal to the base sum assured is offered as critical illness benefit. The life assured should survive the disease for at least 28 days after being diagnosed with the same.
- Accident and Disability Benefit Rider – Just like many ICICI Pru Life Insurance plans, this plan too has the accident and disability rider where the nominee would get additional sum assured along with base sum assured if the life assured dies in an accident. In case the fatal accident is due to mass public transport, the nominee gets two times the additional sum along with the base sum assured. For a near fatal accident where the life assured suffers from permanent and total disability due to the accident, 10 percent of the sum assured for every 10 years is awarded to him or her.
- Accident Benefit Rider – If the life assured dies within the policy term in an accident, an additional sum assured is offered to the nominee.
- Riders are not available during the period of the extended cover after the completion of the policy term.
- Tax benefits are available on the ICICI Pru Save ‘n’ Protect plan. Tax relief is provided on the paid premiums and benefits awarded to the beneficiary as per Income Tax Act.
- Loans are available with the plan. However, the policy must have attained a surrender value. The amount of loan disbursed in this plan is based on the paid value of the policy.
- Term policy is fixed where the policy holder has to pay regular premium for the entire term.
- The ICICI Pru Save ‘n’ Protect plan allows the policy holder to discontinue the policy or surrender the same. In case of policy surrender, 30 percent of paid premium sans the premium paid for the 1st year is provided to the beneficiary. This option can be availed after completion of 3 years of the policy term.
Advantages of ICICI Pru Save ‘n’ Protect Plan
The ICICI Pru Save ‘n’ Protect plan reviews state that the plan is one of the customer-friendly ICICI Pru savings plans as it helps to accumulate guaranteed wealth through bonus accumulation and also protects the family in case there is death of the life assured. Take a look at few more advantages of the ICICI Pru Save ‘n’ Protect plan:
- The paid premiums and benefits are exempted from tax, giving financial relief to the policy holders.
- Guaranteed accumulated additions available under the plan make it one of the key investment in ICICI Prudential plans.
- Guaranteed surrender value under the plan allows the policy holder to surrender or discontinue the policy.
- Rider benefits from critical illnesses, accidents and disability, and additional accident riders provide financial relief to the beneficiary.
- Loans allow policy holder some financial assistance on paid-up value during the policy term.
The ICICI Pru Save ‘n’ Protect plan provides dual benefit where there is life protection as well as savings option. It is a viable investment option for people looking for ICICI Prudential plans as it offers risk cover, guaranteed additions as well as vested bonus.