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ICICI Prudential Guaranteed Savings Insurance Plan - Policy features
Paid up policy (on discontinuing payments of premium) : In case the premiums for at least three policy years have been paid and no future premiums are paid, the policy may continue as a "Paid-up" policy for a reduced sum assured (Paid up sum assured) calculated as : Paid up sum assured (PUSA) = GMB X (no . of premiums paid/total number of premiums payable under the policy). The policy will not be eligible for further Regular additions(RAs). In case of the death of the Life Assured while the policy is in paid up status, the company shall pay a reduced death benefit, which is equal to the GDB X (Total number of premiums paid/Total number of premiums payable

Revival of policy : A policy which has lapsed for non-payment of premium within the days of grace may be revived if the application for revival is made within 2 years from the due date of the first unpaid premium and before the date of maturity of the Policy. Revival will be based on the revival norms of the company as applicable at date of revival. The arrears of premiums together with interest are to be paid, at the rate which would be Gross Redemption Yield(GRY) at review date plus 2 percent, for late payment of premiums.