Reviewed by InsuranceBolo Expert | Last updated: 29 July 2026
Direct Answer: ICICI Pru Assured Savings Insurance Plan
The ICICI Pru Assured Savings Insurance Plan is a non-linked, participating savings-cum-protection plan. It guarantees financial security for your family while helping you build a disciplined savings corpus. With a claim settlement ratio of 98.5% (FY26) and a robust solvency margin, ICICI Prudential ensures reliable payouts. The plan offers flexible premium payment terms, a choice of payout options, and tax benefits under Section 80C and 10(10D).
In the Indian insurance market, ICICI Prudential stands out as a preferred choice for millions. The ICICI Pru Assured Savings Insurance Plan is designed for individuals looking to create a long-term savings corpus while ensuring their family's financial safety. This plan combines the benefits of guaranteed savings with life insurance, making it a versatile financial instrument.
This definitive guide covers every aspect of the ICICI Pru Assured Savings Insurance Plan. We explore its features, benefits, variants, claim process, and provide a detailed comparison with other products to help you make an informed choice.
A savings insurance plan is a dual-purpose financial tool. It protects your family if you pass away. And it helps you save a lump sum for goals like retirement, a child's education, or a wedding. It's a structured, disciplined way to build wealth.
The ICICI Pru Assured Savings Insurance Plan is a par (participating) plan. Policyholders receive bonuses from the insurer's investment returns. These bonuses are added to the sum assured.
For a 30-year-old, a savings plan builds a guaranteed corpus by age 60. A pure term plan only offers a death benefit. The savings plan is more expensive but provides a guaranteed maturity value. You need this if you lack other savings avenues.
Understanding the components helps you make better decisions.
This plan is a non-linked, participating product. It differs from term and ULIP in these ways:
The savings plan offers guaranteed savings and protection. It's ideal for those who want a disciplined, risk-free saving mechanism.
Before buying, consider these crucial aspects:
Following these steps ensures the plan serves your purpose without surprises.
π Direct Answer:
ICICI Prudential is a joint venture between ICICI Bank and Prudential plc, UK. It is one of India's leading private insurers with a strong presence and high trust factor. The insurer reported an individual claim settlement ratio of 98.5% in FY26 and a solvency ratio of ~2.10x, reflecting its robust financial health and commitment to policyholders.
ICICI Prudential has a wide branch network and a strong digital presence. The company's assets under management are significant, and it has consistently delivered strong returns to policyholders. Its parentageβICICI Bank's financial strength and Prudential's global expertiseβmakes it a reliable choice.
For savings plans, ICICI Prudential's bonus track record has been stable, with consistent reversionary bonuses. This stability is a key factor in the plan's appeal.
Earn reversionary and terminal bonuses, enhancing the maturity amount.
Choose between a lump sum payout or an income option at maturity.
A fixed percentage (e.g., 4% of sum assured) is added annually as Guaranteed Additions.
Take loans and choose paid-up value in case of premium payment difficulty.
Other features include a free-look period of 15 days (30 days for online policies) and the option to choose between various premium payment frequencies.
These benefits make the plan a powerful tool for long-term financial planning.
Standard Plan
Short Premium Payment
The standard version is ideal for those with a steady income and long-term savings goals. The limited pay variant is excellent for those who want to complete premium payments quickly.
Overall, the ICICI Pru Assured Savings Plan offers a well-rounded package with a strong focus on guaranteed savings and protection. It's a solid choice for long-term financial planning.
Scenario: Amit (age 32, salaried) wants a guaranteed corpus of βΉ10 lakhs for his daughter's wedding in 20 years. He is considering a savings plan.
Amit chooses the ICICI Pru Assured Savings Plan with a sum assured of βΉ5 lakhs and a 20-year term. The plan's Guaranteed Additions and bonuses build a maturity value that could easily exceed βΉ10 lakhs. He also has a life cover that protects his family in case of an unforeseen event.
InsuranceBolo Advice: Define your goal amount and term. Use the plan's guaranteed additions and bonus history to estimate the maturity value. This plan is ideal for such medium-to-long-term, goal-based savings.
It is critical to disclose all relevant health information and understand these exclusions to avoid claim rejection.
π Direct Answer:
ICICI Prudential settles 98.5% of claims, typically within 7-15 working days of receiving complete documentation. The process involves intimation, document submission, verification, and payout.
For maturity claims, you simply need to submit the policy document and ID proof at maturity to receive the guaranteed amount.
ICICI Prudential processes thousands of claims efficiently. But one mistake slows things down: submitting an incomplete death certificate or forgetting the original policy document.
Nominees often get the death certificate from a local authority but don't get the cause of death mentioned. This leads to back-and-forth with the insurer.
Pro tip: Register your nominee's details and share a digital copy of your policy document with them. This simple step can save them a lot of trouble during the claim process.
Always keep a digital backup of these documents and share access with your nominee.
βοΈ Quick, paperless, and often includes a discount.
βοΈ Personalized guidance, but takes longer.
Online is faster, cheaper, and more convenient for most people. We recommend buying online unless you need personalized advice.
For critical illness riders, the policyholder must submit diagnostic reports and hospital records. The lump sum is paid directly to the policyholder upon confirmation of the illness.
For accidental death riders, the process requires additional documents like the police FIR and post-mortem report. The additional sum assured is paid along with the base sum assured.
ICICI Prudential processes these claims within 7-15 days, provided all documents are complete.
Choose riders that align with your health history and lifestyle. Critical Illness is useful if you have a family history of lifestyle diseases.
Socho aap ek naya phone le rahe ho β screen protector aur back cover lena hai ya nahi? Same logic applies to riders.
Accidental Death rider is like a robust case β it protects against unexpected falls (accidents). Critical Illness rider is like a screen protector β extra cost, but saves you from a big financial hit if you get cancer or heart attack.
Agar aapki job risky hai (travel, construction) ya family mein bimari ka history hai, toh riders lo. Warna basic variant bhi kaafi hai.
Premiums for the ICICI Pru Assured Savings Plan depend on age, sum assured, and term. Below is an illustrative annual premium for a non-smoker male, βΉ5 lakhs sum assured, 15-year term.
Smokers pay significantly more due to higher health risks. The limited pay variant has higher annual premiums but offers the convenience of shorter payment terms.
Scenario: Priya (age 30) wants a βΉ5 lakh sum assured plan for 20 years. The standard premium is βΉ16,000/year. She can pay for 20 years, or choose the limited pay option and complete payments in 10 years at βΉ28,000/year.
Priya chooses the limited pay. She prefers to complete the commitment while she has a steady income, ensuring the plan continues even if her cash flow changes later. She also gets the full maturity value at the end of 20 years.
InsuranceBolo Advice: If you have a stable income, the regular premium is fine. If you are self-employed or expect income variability, the limited pay option can be a smarter choice.
Aged 22-30, low liabilities. Use the savings plan to build a corpus for a down payment or marriage.
Married, children. Ensure you have adequate protection while saving for your child's education.
Use the plan to build a corpus that can help pay off the loan or act as a contingency fund.
Can buy this plan, subject to underwriting. Check for specific documentation and premium variations.
In essence, this plan is for anyone looking for guaranteed savings with insurance cover. It is a versatile product for all age groups and income levels.
For claim assistance, use the toll-free number or visit the nearest branch. You can also raise a service request online.
ICICI Prudential excels in flexible payout options and a strong brand reputation, making it a top contender.
The ICICI Pru Assured Savings Insurance Plan is a comprehensive financial product that addresses both savings and protection needs. In an era of market volatility, its guaranteed additions and bonuses offer a stable way to build wealth. The plan's flexibility in payout and payment terms makes it suitable for a wide range of investors.
With a claim settlement ratio of 98.5% and a strong solvency margin, ICICI Prudential provides the confidence that your family's financial future is secure. This plan is particularly attractive for those who need a disciplined, risk-free savings option combined with a significant life cover.
Actionable next step: Calculate your specific premium on the ICICI Prudential website or through InsuranceBolo. Choose the variant that aligns with your financial goals. Remember, the sooner you start, the more the power of compounding works in your favor.
Compare these plans on InsuranceBolo to find the one that fits your specific needs best.
Following these guidelines ensures your family receives the claim without unnecessary hurdles.
1. What is the ICICI Pru Assured Savings Insurance Plan?
2. What are the key benefits of the ICICI Pru Assured Savings Plan?
3. How does the ICICI Pru Assured Savings Plan work?
4. What is the minimum and maximum sum assured for this plan?
5. What is the policy term for ICICI Pru Assured Savings?
6. Is a medical test required to buy this plan?
7. What are the exclusions in the ICICI Pru Assured Savings Plan?
8. Can I pay premiums monthly for this plan?
9. What happens if I stop paying premiums?
10. Are there any tax benefits under this plan?
11. What is the grace period for premium payment?
12. Can I take a loan against my ICICI Pru Assured Savings policy?
13. What is the free-look period for this plan?
14. Is this plan suitable for NRIs?
15. What is the claim process for death benefit?
16. What is the surrender value of the policy?
17. What is the maximum entry age for this plan?
18. Does the plan cover accidental death?
19. Can I increase my cover later?
20. What is the claim settlement ratio of ICICI Prudential?
21. What are the riders available with this plan?
22. What happens to the policy if the policyholder dies by suicide?
23. Does ICICI Pru Assured Savings plan offer bonus?
24. What is the minimum premium for this plan?
25. Is the maturity benefit from this plan tax-free?
26. How can I check the policy details online?
27. What is the solvency ratio of ICICI Prudential?
28. Can I buy this plan online?
29. What is the difference between this plan and a term insurance plan?
30. How can I revive a lapsed policy?
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