ICICI Guaranteed Savings Insurance Plan

ICICI Guaranteed savings insurance plan is marvelous endowment plan by ICICI Prudential. The key difference of this plan with the other endowment plan is high maturity benefit. This is a model endowment plan.  The main difference from the other plans are this plan is not ULIP, which means the maturity benefit is not linked to the market. The next notable difference is that it is not a one time payment plan, a regular payment of seven to ten year is needed.

ICICI Guaranteed Savings Insurance Plan

We are living in a world of business. There are many investment options like ULIPS, savings, mutual funds, stocks, recurring deposits, Chits and insurance plans by many companies. Investment is unavoidable for any disciplined person. Investment with insurance coverage will be the first preference of any disciplined person. We should expect the unexpected. We must have a life insurance by protecting your earnings. Here is an insurance policy for those people. This is ICICI Prudential Guaranteed Savings Insurance Plan.

ICICI Guaranteed Savings Insurance Plan is an endowment plan with limited payment options. You can choose either 15 year or 20 year term. You have to pay the premium for 7 years or 10 years in the 15 year policy and 20 year policy respectively. 60 years is the maximum entry age. 18 years is the minimum maturity age and 75 years is the maximum maturity age. Maturity benefit is that the sum of sum assured, all premiums paid and the regular additions. Regular additions are an amount credited to the fund value. It will be announced as a percentage of sum assured. It is expected that the yearly regular additions will be an average 4% of the sum assured. Minimum annual premium in the 7 year payment plan is Rs 18,000 and Rs 12,000 in 10 year payment plan.

Sum assured for the ICICI Guaranteed Savings Insurance Plan will be Annual Premium X Premium Paying Term. Premium payment terms can be selected from yearly, half yearly or monthly. The advantage of this plan is high maturity benefit. You will get an amount of the sum of sum assured, annual premiums paid and regular additions. Sum Assured + bonus is the normal maturity benefit in the majority endowment plans. We can expect more amount as maturity benefit. That is the biggest advantage of this plan

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