December 25, 2011 by akhilendra
ICICI Pru Guaranteed Savings Insurance Plan Review
ICICI Pru Guaranteed Savings Insurance Plan is a limited premium endowment and non-participating life insurance policy. These plans are basically aimed at creating corpus in long term without putting your money in speculative funds like stock market funds. ICICI Pru Guaranteed Savings Insurance Plan is a slow and steady kind of life insurance plan which helps investor in creating good amount of money over long term without involving too much risk on the principal.
ICICI Pru Guaranteed Savings Insurance Plan Summary
- 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 (conditions apply*)
| Year 2010-11 | |
| October’10 – December’10 | 3.9% |
| January’11 – March’11 | 4.1% |
- 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
- Receive a Guaranteed Death Benefit (GDB) (conditions apply*)- which is sum of all premiums paid till date compounded at the rate of 5 percent per annum.
*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.
Regular Addition rate for ICICI Pru Guaranteed Savings Insurance Plan
| October’10 – December’10 | 3.9% |
| January’11 – March’11 | 4.1% |
| April’11 – June’11 | 3.9% |
| July’11 – Sept’11 | 4.1% |
| Oct’11 – Dec’11 | 4.3% |
ICICI Pru Guaranteed Savings Insurance Plan Details
| Minimum / Maximum age at entry | 0 / 60 years | |
| Minimum / Maximum maturity age | 18 / 75 years | |
| Premium payment term | 7 years | 10 years |
| Policy term | 15 years | 20 years |
| Minimum Annual Premium (Rs.) | 18,000 | 12,000 |
| 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 | |
ICICI Pru Pinnacle Super Review
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