Being the head of the family requires that you bear quite a few responsibilities. Some of these include: being able to fund your child's higher education, your daughter's wedding, your own cozy nest and realize all your other dreams. This is an ideal plan for those who want to accumulate funds on a regular basis while enjoying insurance protection.

What exactly does the  Save'n'Protect do?
It is a fixed term policy that combines savings with life cover.

How?
It is a fixed term plan in which you pay premia regularly during the term. On the death of the life assured, the beneficiary will get the sum assured, the guaranteed additions and the vested bonuses.

Once the policy matures, i.e. at the end of the term, you can get the full sum assured and guaranteed additions as well as the vested bonuses. In addition, you will get an extended term insurance cover for five years after the maturity date of the policy for 50% of the sum assured. You will not have to pay any premia for the same.

What are the add-ons that I can opt for?
Riders are the additional benefits that you can add on to your policy. You can opt for riders when taking the basic policy at a marginally incremental cost. No bonuses are paid on the riders.

You can opt for one or more of the following riders:

       • Accident & Disability Benefit

       • Critical Illness Benefit

       • Major Surgical Assistance

However, during the tenure of extended life cover, no rider benefits are available to you.

The health add-ons (Major Surgical Assistance Benefit and Critical Illness Benefit) are eligible for tax benefits under Sec 80D. The other add-on (Accident & Disability Benefit) when attached to Save'n'Protect is eligible for tax benefits under Sec 88.

Who can apply?
You can apply if you are in the age group of 0 to 60 years. The maximum cover-ceasing age is 70 years. The minimum sum assured you should apply for is Rs. 50,000 and the minimum term is 10 years. The minimum premium is Rs.4,800 p.a.

Can I take a loan against my policy?
Yes, you can avail of a loan under the policy, to meet your requirements. This will be dependent on the surrender value your policy acquires. Interest is charged on the amount of loan availed.

Can I discontinue my policy?
Your policy acquires a paid up value after premiums are paid for three years. A guaranteed surrender value is payable to you, if you decide to terminate the policy after 3 years premiums are paid. However, the insurance protection provided under this policy will also cease.

What are the exclusion clauses that apply?
If the Life assured commits suicide whether sane or insane, within one year from the date of commencement of the policy, the policy shall be void and the premiums paid hereunder will be refunded after deducting the expenses incurred by the Company for the issue of the policy.

Free Look period
Under the free look period, you now have the flexibility to review your policy. If, during this period, you wish to return your policy after reviewing the terms and conditions, you may do the same, by returning the original policy certificate, the policy document and a letter stating the reasons for the return. Please note that these must reach our Customer Service Desk  to reach Customer Service Desk) within 45 days from the date of receipt of the policy at your end. 
We shall refund the premium paid by you, after deducting certain charges. These charges include a proportionate risk premium for the period of cover, the stamp duty on the policy and/ or any expenses borne by the Company on the medical examination.

In case of a market linked policy, your units will be repurchased by us at the unit value determined on the Valuation Date following the date of cancellation after deducting the charges mentioned above.

Find out if the ICICPru Save'n'Protect policy suits you

For more FREE queries and detailed information, do call our ICICI Pru Advisor. That way, you can learn how best to cover your life!  Phone at Chennai :  9884001588