Everything To Know About ICICI Prudential Life Insurance's Money Back Plans

ICICI Prudential Life Insurance Company Limited began its operations in the fiscal year 2001 after it received approval from the Insurance Regulatory Development Authority of India (IRDAI) in November 2000. It is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, a part of the Prudential Group. ICICI Prudential Life is also the first insurance company in India to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). 

ICICI Prudential Life Money Back Plans

Money-Back plans are risk free investment policies which also come with an  insurance shield. Money-back plans are not linked to the stock market and hence carry low risk. These money-back plans give you the benefit of regular income during the term of the policy and full sum assured is paid as death benefit irrespective of money back benefits already paid. These traditional insurance plans offer bonuses such as simple reversionary bonuses and terminal bonus, for staying invested, that helps you enhance the benefits payable under the plan. 

ICICI Prudential offers two money back plans which are described below -

ICICI Pru Cash Advantage    

ICICI Pru Cash Advantage provides additional income at regular intervals and a lump sum amount at maturity to enable you to meet your future goals. With this plan, as soon as your premium term ends, you will start receiving guaranteed cash benefits at regular intervals and also a maturity benefit at the end of the plan. However, in case of unfortunate death of the life assured, the death benefit will be paid to the nominee. Hence, it provides you and your family all-round protection.  
ICICI Pru Lakshya Lifelong Income    

ICICI Pru Lakshya Lifelong Income is a protection and savings oriented conventional participating life insurance product which helps you to fulfil your financial needs through guaranteed income and cash bonus. It is specially designed to provide the policy benefits to its customers until 99 years of age. Regular incomes, in the form of guaranteed additions and cash bonus, are paid from the Income Start Date which you choose

Conclusion

ICICI Prudential Life Insurance has superior claim paying ability which is proven by consistent highest ratings awarded by ICRA, one of the well-known independent rating agencies.

Also read: Insurers' Most Popular Money-Back Plans

Key Components of a Money-Back Plan