Why is ICICI Pru Assured Savings Insurance Plan special?
At the end of the policy period, you will receive a lump sum pay out called Maturity Benefit, which helps you fulfil your family’s dreams.
How much money will I get at policy maturity?
At the end of the policy term, provided all due premiums have been paid, Maturity Benefit would be payable. It will be a sum of Accrued Guaranteed Additions# and Guaranteed Maturity Benefit1.
The GMB depends on several factors such as policy term, premium payment term, age and gender. Your Guaranteed Maturity Benefit (GMB) will be set at policy inception and will depend on age, policy term, premium, premium payment term and gender. Your GMB may be lower than your Sum Assured on death. Please read further for more details on GAs.
#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).
Every year, 9% or 10% Guaranteed Additions would be added to your policy depending on your policy term.
How is the Guaranteed Addition (GA) calculated?
Guaranteed Addition (GA) is equal to a fixed Guaranteed Addition Rate multiplied by the sum of all premiums paid.
For example, if your annual premium is `50,000, the GA will be as below:
| Policy Year | Premiums Paid for the Year | Total Premiums paid till date | Guaranteed Addition for the year = GA Rate x sum of all premiums paid |
|---|---|---|---|
| 1 | 50,000 | 50,000 | 9% x 50,000 = `4,500 |
| 2 | 50,000 | 1,00,000 | 9% x 1,00,000 = `9,000 |
| 3 | 50,000 | 1,50,000 | 9% x 1,50,000 = `13,500 |
| 4 | 50,000 | 2,00,000 | 9% x 2,00,000 = `18,000 |
| 5 | 50,000 | 2,50,000 | 9% x 2,50,000 = `22,500 |
| 6 | 0 | 2,50,000 | 9% x 2,50,000 = `22,500 |
| 7 | 0 | 2,50,000 | 9% x 2,50,000 = `22,500 |
| 8 | 0 | 2,50,000 | 9% x 2,50,000 = `22,500 |
| 9 | 0 | 2,50,000 | 9% x 2,50,000 = `22,500 |
| 10 | 0 | 2,50,000 | 9% x 2,50,000 = `22,500 |
How is the Guaranteed Addition (GA) Rate calculated?
The GA rate depends upon the policy term you have chosen, as shown below:
| Policy Term | Guaranteed Addition |
|---|---|
| 10 years | 9% |
| 15 years | 10% |
ICICI Pru Assured Savings Insurance Plan provides your loved ones a lump sum pay-out. This amount ensures that even in your absence your family members are able to live the life you planned for them.
How much money will my family receive in my absence?
Your family will receive a lump sum amount, which will be the higher of:
A fixed amount called the Sum Assured^ including Guaranteed Additions. Here, Sum assured is 10 times of the annual premium.
Guaranteed Maturity Benefits (GMB)1 including Guaranteed Additions
Minimum Life Cover2 that is the higher of the following:
- 105% of sum of premiums paid till date#
- 10 times the annual base premium
- Chosen Sum Assured^
#Excluding extra mortality premiums* and taxes. The cost of providing a Life Cover under the policy is called Mortality Premium.
^Sum Assured is the fixed minimum amount guaranteed on maturity.
With this plan, you can reduce your taxable income by investing up to ` 1.5 lakh under Section 80C. This will help you save tax. What's more, the money you get on maturity or death is also completely tax-free*.
*Tax benefits under the policy are subject to conditions under Section 80C, 10(10D) and other provisions of the Income Tax Act, 1961. Applicable taxes will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time.
