Everything You Need to Know About ICICI Prudential Life Insurance's Money -Back Plans
Published On Feb 19, 2022 10:15 AM By InsuranceDekho
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The ICICI Prudential Life Insurance's Money Back plans from ICICI Prudential is a non-linked insurance plan. The plan comprises a fixed monthly payment for ten years, a guaranteed lump sum payment at maturity, and incentives. In the case of the policyholder's untimely death during the policy term, the nominee receives the Sum Assured + Guaranteed Additions. ICICI Prudential Life Insurance's Money Back Plan is a one-of-a-kind savings protection insurance that provides you with a guaranteed lump sum payment at maturity as well as a predetermined monthly amount for a period of ten years. It also provides incentives and life insurance, which assures the financial security of your family in the unfortunate case of your death.
Key Benefits of ICICI Prudential Life Insurance's Money Back Plan
Here are some of the features that distinguish the ICICI Prudential Life Insurance's Money Back plan:
1. Increases Your Consistent Earnings
When your ICICI Prudential Life Insurance's Money Back Plan's premium payment period expires, you will begin receiving money at regular intervals. The term "guaranteed cash benefit" refers to a recurring payment (GCB). GCB is paid annually until the insurance expires. You can choose to get the benefit on a monthly or annual basis. If you choose the monthly method, you will receive 1 percent of the Guaranteed Maturity Benefit and 11.5 percent of the Guaranteed Maturity Benefit if you choose the yearly option.
2. A One-Time Payment to Secure Your Future
When your insurance coverage expires, you will get a lump sum payment known as the Guaranteed Maturity Benefit. It assists you in accomplishing your family's goals.
3. Safeguard Your Loved Ones
The plan assures the safety of you and your loved ones. If a disaster occurs within the policy's term, your family will get a lump sum payment. Even if you are not present, the sum provides stability, allowing your family to live the life you have planned for them.
4. Pay Your Premiums in a Way That Is Convenient for You
If you are insured under the ICICI Prudential Life Insurance's Money Back plan, you can choose the number of years for which you must pay premiums. You can choose to pay in fives, sevens, or tens of dollars. Premiums are paid for five years in the first case, seven years in the second case, and ten years in the third case if the Ten Pay option is selected. Because there are several premium payment options, it is recommended that you invest for at least 10 years to reap the benefits of the coverage.
5. Tax Advantages Under Current Tax Laws
Section 80C of the Income Tax Act of 1961 allows you to invest up to Rs. 1.5 lakh to reduce your taxable income. You not only save money on taxes, but the money you receive when you achieve maturity or die is tax-free as well.
In the insurance sector, ICICI Pru Life Insurance is a well-known brand. And one of the insurer's most popular plans is the ICICI Prudential Life Insurance's Money Back Plan, which focuses on providing a diverse range of savings and security options to meet a wide range of people's demands. At the start of the policy, the life assured must select the premium amount, premium payment method, sum assured, and form of cash benefit receiving. If you're seeking a safe money-back plan, this could be the best option for you and your family.
Also Read: Factors Affecting The Premium Of A Money Back Plan
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.