ICICI Pru Guaranteed Savings Insurance Plan (GSIP) Review
Plan Name: Guaranteed Savings Insurance Plan
Insurer: ICICI Pru Insurance Company Limited
Category: Traditional Plan
Objective: Financial protection of family and returns on investment
Major USP of ICICI Pru Guaranteed Savings Insurance Plan
Eligibility of ICICI Pru Guaranteed Savings Insurance Plan
Minimum Entry Age: 0 Years
Maximum Entry Age: 60 Years
Maximum Age at Maturity: 75 Years
Policy Term: 15, 20 Years
Premium Payment Term: 7, 10 Years
Minimum Premium: Rs 12,000 per annum
Premium Payment Mode: Yearly, Half Yearly or Monthly
What benefits does ICICI Pru IAssure offer?
In case of unfortunate death of the life insured, guaranteed death benefit which is equal to sum of all premiums paid till date compounded at the rate of 5% per annum.
At the end of policy term, Sum Assured (equal to all premiums paid), regular additions and maturity additions will be paid.
You can apply for loans against the policy. You can get maximum of 80% of the surrender value.
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Surrender Value: You can surrender the policy after 1st policy year. The guaranteed surrender value will be equivalent to 35% of all premiums paid less the first years’ premium.
Free Look Period: GSIP plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
How can I buy ICICI Pru Guaranteed Savings Insurance Plan?
Policybazaar representatives will assist you in buying Guaranteed Savings Insurance Plan.
Compare Returns in Guaranteed Plans!!
How much will you get?