Everything You Must Know About Money Back Plans Offered By ICICI Prudential Life Insurance
Published On Feb 02, 2022 10:10 AM By InsuranceDekho
Table of Contents
ICICI Prudential introduces the 'ICICI Pru Cash Advantage' Money Back Policy. It's a typical participation life insurance policy that includes protection as well as a unique savings scheme. ICICI Pru Cash Advantage provides you with guaranteed monthly earnings for a period of ten years, as well as a guaranteed lump sum amount with bonuses and life cover at maturity, which gives financial security to your family in the event of your death. In this post, we will go through the benefits of the ICICI Pru Cash Advantage Policy, which was created by ICICI Prudential, so that you have a complete understanding.
Features of ICICI Prudential Life Insurance Plans
- On the purchase of a low-cost premium, you can get a comprehensive life insurance policy.
- Both the Death Benefit and the Maturity/Survival Benefit are included.
- Serves as both life insurance and an investment, allowing you to plan ahead for several financial goals.
- Section 80C of the Income Tax Act of 1961 provides tax benefits on premium payments, and Section 10(10D) of the Income Tax Act of 1961 provides maturity benefits.
- Life insurance retirement programmes can assist you in strategizing your retirement savings.
- Provides a no-cost look. Period of I 15 days from the date of receiving the ICICI Prudential Life Insurance policy, if the policy was not purchased through Distance Marketing, and (ii) 30 days from the date of receiving the policy, if the policy was purchased through Distance Marketing or through electronic policy purchase.
ICICI Prudential Life Insurance Policy Benefits
Following the purchase of the policy, you will be entitled to certain benefits for the duration of the policy.
1. Benefits on Death
In the event of your death within the policy's term, the policy's nominee will be entitled to death payments, less any guaranteed cash benefits that have already been paid out. Death Benefits are the sum of the Sum Assured on Death plus Bonuses, Guaranteed Maturity Benefit plus Bonuses, and the Minimum Death Benefit, which is equal to 105 percent of the entire premium paid till death plus Simple Reversionary Bonuses and Terminal Bonuses, if applicable.
2. Benefits in Cash
Guaranteed Cash Benefit is a proportion of Guaranteed Maturity Benefit that is paid in advance throughout the policy term.
The Cash Benefit is offered on a monthly and annual basis, with the monthly Guaranteed Cash Benefit equaling 1% of the Guaranteed Maturity Benefit and the annual Guaranteed Cash Benefit equaling 11.5% of the Guaranteed Maturity Benefit.
3. Advantage of Maturity
Maturity Benefit is paid if the policyholder lives to the end of the term and pays all premiums. The Maturity Benefit is the higher of the two.
1. Maturity Benefit plus Reversionary Bonus and, if applicable, Terminal Bonus
2. Total Premiums Paid minus Guaranteed Cash Benefit Received: 100.1 percent
4. Advantages of a Loan
You are eligible for loans after the policy has a surrender value, and loans up to 80% of the surrender value are available under the policy.
The ICICI Pru Life Insurance Money Back Policy is an excellent choice for people who want to save while also being protected. It provides a death benefit, a cash benefit, and a maturity benefit to assist you in planning and meeting all of your emergency needs. It is highly recommended that you read the policy's terms and conditions, as well as the policy's exclusions, in order to gain a better understanding and make an informed decision.
Also read-What Are The Tax Benefits Of Money Back Policy
How Can I Purchase A Money Back Policy?
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.