All you Need to Know About The ICICI Pru Cash Advantage Plan
Updated On Aug 20, 2021
Table of Contents
You have always worked hard to fulfil your family's needs, saved for your children's education, helped pay for your parent’s medical expenses, or have always wanted to have that dream family vacation. You need a comprehensive financial solution to be able to meet these responsibilities. This solution has to provide regular payouts and help you meet your recurring expenses. You will also need to build a corpus for unfortunate or unforeseen events that may occur in the future.
ICICI Pru Cash Advantage plan is a savings and protection plan. It offers you a guaranteed amount every month for 10 years. It also provides you with a guaranteed lump sum at maturity along with bonuses and life cover. This provides financial security to your family in the event of your unfortunate accidental death.
Advantages Offered By ICICI Pru Cash Advantage Plan
A plan that helps you save and build a corpus has to be perfect and must come along with all the possible benefits. The benefits that are offered by the ICICI Pru Cash Advantage plan are as follows -
The ICICI Pru Cash Advantage plan comes with regular payouts. The payout term starts right after the premium payment term. These regular payouts help the life assured to fulfil their short-term or time to time goals.
The plan offers Guaranteed Cash Benefit (GCB). It is generally equal to 1% of GMB every month. It is offered throughout the payout term of 10 years.
The ICICI Pru Cash Advantage plan offers life cover to the life assured for the entire duration of the policy term.
You may like to read: Top Questions To Ask When Buying Retirement Insurance Plans
4. Limited Premium Payment Term
The ICICI Pru Cash Advantage plan comes with premium payment options. There are three options being 5,7, or 10 years.
5. Tax Benefits
Tax benefits are applicable to premiums paid and benefits T&C3 received as per the tax laws.
You can also avail of loans after the policy acquires a surrender value. Up to 80% of loans of the surrender value can be availed. The insurer shall be entitled to call for repayment of the loan with all due interest by giving a three-month notice if the amount outstanding is greater than the surrender value. If you fail to repay by the required date, the policy will be foreclosed. The applicable interest rate is set monthly. It will be equal to 150 basic points along with the prevailing yield on 10 year Government Securities.
7. Grace Period
A grace period for payment of premium of 15 days is applicable for monthly premium payment mode. It is 30 days for other payment modes.
The ICICI Pru Cash Advantage plan offers many benefits to help you efficiently save and grow for your future like protection of life until the policy term ends, a death benefit to ensure your family’s safety after you are gone, loan availability, liquidity of cash for your short-term goals, comfortable payment options and many more which makes it a good option to invest in.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.