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ICICI Pru Guaranteed Savings Insurance Plan Review

Discussion in 'Life insurance' started by real_buzz, Dec 11, 2012.

  1. real_buzz Moderator

    ICICI Pru Guaranteed Savings Insurance Plan Review

    ICICI Pru Guaranteed Savings Insurance Plan is a non-participating limited premium endowment life insurance plan that allows you to enjoy the benefits of a long term savings plan ensuring that you and your family are free of any financial worries.

    ICICI Pru Guaranteed Savings Insurance Plan is not a ULIP. In this plan you get a Guaranteed Maturity Benefit which is not linked to market movements.

    ICICI Pru Guaranteed Savings Insurance Plan is Regular Premium plan in which you need to invest premiums regularly over a period of time.

    Premiums paying terms for 7 or 10 years.

    Maturity benefit of ICICI Pru Guaranteed Savings Insurance Plan
    You will get the sum of all premiums paid along with regular additions which will be declared at the beginning of every policy year.
    Eligibility criteria for ICICI Pru Guaranteed Savings Insurance Plan
    Minimum / maximum age at entry – 0-60 years
    Minimum / Maximum maturity age – 18/75 years
    Premium payment term – 7 years and 10 years
    Policy term – 15 years and 20 years
    Minimum Annual Premium (Rs.) – 18000 for 15 year term and 12000 for 20 year term
    Sum Assured -- Annual Premium X Premium Paying Term
    Premium paying modes -- Yearly / Half Yearly / Monthly
    Grace Period -- 15 days for monthly mode, 30 days for yearly and half yearly modes
    Features of ICICI Pru Guaranteed Savings Insurance Plan
    • Limited pay: You have a choice of paying premiums for either 7 or 10 years, while enjoying a long term savings benefit under the plan.
    • Guaranteed benefits: Receive guaranteed benefit at the end of the policy term in form of Guaranteed Maturity Benefit (GMB) (conditions apply*)
      • In the beginning, the GMB would be equal to sum of all premiums payable under the plan.
      • This GMB would increase every year by guaranteed Regular Additions (RA), to increase your savings payable at maturity of plan. The Regular Addition expressed as a percentage of the SA, will be declared at the beginning of every policy year.
    • Additional maturity benefit: Receive additional amount in form of Maturity Addition (MA) at the end of the policy term.
    • Death Benefit: Receive a Guaranteed Death Benefit (GDB), which is the higher of sum of all premiums paid till date compounded at the rate of 5% per annum and 10 times of annualized premium.
    • Tax benefits: Tax benefits on the premium paid and benefits received under the policy, as per the prevailing Income Tax laws.
    *RA will accrue at the end of each policy year. It will be disclosed at the start of that policy year. The RA shall be calculated as percentage of the SA. This percentage is guaranteed to be 50% of the annualised gross redemption yield (GRY) of the 10-year G-Sec, rounded down to the lower 0.2%,as at the Review Date immediately preceding the start of the policy year. The Review Date shall be the 7th of the first month of every quarter. In case the 7th is not a working day, the GRY of the next working day shall be considered for this purpose
    ICICI Pru Guaranteed Savings InsurancePlan working
    • Select your premium paying term- 7 years or 10 years.
    • Choose your Premium or Sum Assured (SA)
      • (SA = Premium * premium payment term).
    • At maturity of the policy, you will receive sum of:
      • Sum Assured (SA)- which is sum of all premiums in the policy
      • Regular Additions(RA)
    • This guaranteed addition, expressed as a percentage of the SA, will be declared at the beginning of every policy year subject to conditions
    Regular Addition (RA) mentioned above is a percentage of the Sum Assured.
    • Maturity Addition (MA)- A lumpsum amount expressed as a percentage of the SA
    On death during the term of the policy, while the policy is in force
    • Death benefit : Receive a Guaranteed Death Benefit (GDB), which is the higher of sum of all premiums paid till date compounded at the rate of 5% per annum and 10 times of annualized premium

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