ICICI Pru: Secure Save

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In line of providing ULIP plan with mix features of growth as well as assured return ICICI Prudential Life Insurance has launched Secure Save.

This plan provides option to get assured return while enjoying the potential of higher return.

Key Features:

Min/Max Entry Age: 18/45 years.

Max maturity age: 65 years.

Min. Premium: Rs. 20,000 PA for 10 years term

Rs. 15,000 PA for rest.

Term and Premium payment term:

It has a limited premium payment term.

If your policy term is 10 years then you need to pay premium only for 5 years.

For 15 years term it is 7 years PPT and for 20 years it is 10 years PPT.

Allocation Charge: 15% of investment premium in first year, there after nil.


This plan comes with two investment funds.


1) Secure Save guaranteed Fund.

In this fund maturity amount would be higher of fund value or GMV(Guaranteed Maturity Value).

What is GMV?

It is multiple of sum of all the “Investment premium (IP)” paid and it depends on the term of policy.

IP is gross premium paid less mortality charges.

PPT

5

7

10

Term

10

15

20

GMV

110%

125%

150%

For eg. If you have paid Rs. 1,00,000 as IP and choose PPT of 7 years then on maturity you will get Rs. 1,25,000 guaranteed or fund value if it is higher.

Conditions:

GMV is paid only if all the premium is paid.

Lapse policy if not revived within 6 months is not eligible for GMV.

Only applies on maturity and not on surrender, partial withdrawal.

2) Secure Save Builder fund.

Maturity benefit is fund value.

Death Benefit:

Good part is on death Sum assured + Fund value is paid and hence enhanced risk cover.


Partial Withdrawal:

It has a strict condition for partial withdrawal compared to other policies.

It is allowed only after PPT.

Only 1 PW per year is allowed.

Switch is allowed only if you have invested in Secured Saver fund

Surrender:

Policy can be surrender with below charges only after 3 years of policy.

1) If 3 full year’s premium not paid.

1 years premium paid

0% of fund value

1 year but less then 2 year

25% of fund value

2 years paid but less then 3 year

40% of fund value

2) Full 3 years premium paid

Completed 3 years

80% of fund value

Completed 4 years

90 of fund value

Completed 5 years

1005 of fund value


This plan is good for all those who want GMV and limited payment term.

For those who opt for Secure Save Builder the things to consider is no allocation charge from 2nd year onwards which means more investment and which in turn leads to a better return. The other good part is high risk cover in term of SA + Fund value.

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