Understanding Icici Life Insurance Save'n'protect

Understanding Icici Life Insurance Save'n'protect. Do not overpay for life cover: compare the whole market and save up to 40% on life insurance.

Icici Life Insurance Save'n'protect is better known as a fixed term policy and it is a combination of savings and life coverage. In this type of plan you will just pay for the premium on a regular basis within the term. It may also be a good choice for you.

What is Icici Life Insurance Save'n'protect?

It is known as a fixed term type of policy and it is also a combination of savings and life coverage. You will only pay for this during a certain term and in the event of death the beneficiaries will get the assured sum of money after seven years. But there is a guaranteed addition of like 3.5% that is compounded yearly for the first four years and the vested bonuses. When the insured person died, the basic premium paid by him/her will be returned without any interest at all. As soon as the policy matures at the end of the term, you can get the sum of the assured and the additions at 3.5% compounded yearly for the first four years along with the bonuses.

Saving in it will provide you and your family the absolute protection, since it is packed with features like sum assured, three premium paying modes, death benefit, maturity benefit, extended life coverage, additional riders and tax benefits too. With this kind of insurance you will get the flexibility that you need to pick the premium payment that is based on your needs. You can pay within a period of time or for the entire policy term too if you want.

Better alternatives in using Save'n'protect

You can stop paying for the premium and then get the converted policy value, you can also surrender the policy after acquiring the paid up value or you can get a loan against the policy, but the loan depends on the paid up value acquired by the policy.

The benefits

There is a death benefit, maturity benefit and income tax benefit that the insured person will get. In case of death only the premiums paid will be given without interest if the insured is less than seven years of age. The maturity proceeds are absolutely tax free yet it is subject to fulfilment of terms.

The disadvantages

As soon as you stop paying for the insurance premium after three years, the policy will then acquire a paid up value for the reduced sum assured. You can also surrender the policy, but you will be required to surrender higher value for the GSV.