Now a days Life Insurances are considered more as a savings or investment instrument. People flock to insurance policies at the end end of financial year to save tax. What so ever we have to vigilant about the instruments and policies we invest in , if we are hurried.
 Insurance agents will come to you and say ' please sir invest in this policy, your money will be doubled or trippled every two or three year. Ask them ' sir we want insurance and safety of o0ur money not 'Kuber's Khajana' .Looking at the market conditon if at all we are bound to take one insurance policy having an investment and insurance factor both, we should be care full how and what we chosse. Investing in insurance policies which invest in stock market will give us good return in long term, but we should have some safer insurance policies whic do not participate in market and still give us good returns. It is a traditional plan.
  One such plan is  " ICICI Pru Guaranteed Savings Insurance Plan " or popularly known as "GSip" plan.

  The benifits of the plan are.
  

• Limited pay: You have a choice of paying premiums for either 7 or 10 years, while enjoying a long term savings benefit under the plan.
• Guaranteed benefits: Receive guaranteed benefit at the end of the policy term in form of Guaranteed Maturity Benefit (GMB) (conditions apply*)
  • In the beginning, the GMB would be equal to sum of all premiums payable under the plan.
  • This GMB would increase every year by guaranteed Regular Additions (RA), to increase your savings payable at maturity of plan. The Regular Addition expressed as a percentage of the SA, will be declared at the beginning of every policy year Year 2010-11
    
    Regular Addition
    
    October'10 - December'10
    
    3.9%
    
    January'11 - March'11
    
    4.1%
    
    Regular Addition (RA) mentioned above is a percentage of the Sum Assured.
• Additional maturity benefit: Receive additional amount in form of Maturity Addition (MA) at the end of the policy term.
• Death Benefit:Receive a Guaranteed Death Benefit (GDB) equal to the sum of all premiums paid till date compounded at the rate of 5 percent per annum (conditions apply*)
• Easy to purchase: Easy and hassle free application process with no medical underwriting.
• Tax benefits: Tax benefits on the premium paid and benefits received under the policy, as per the prevailing Income Tax laws.

*RA will accrue at the end of each policy year. It will be disclosed at the start of that policy year. The RA shall be calculated as percentage of the SA. This percentage is guaranteed to be 50% of the annualised gross redemption yield (GRY) of the 10-year G-Sec, rounded down to the lower 0.2%,as at the Review Date immediately preceding the start of the policy year. The Review Date shall be the 7th of the first month of every quarter. In case the 7th is not a working day, the GRY of the next working day shall be considered for this purpose.
The Brochure of the plan is below