Everything You Need to Know About ICICI Prudential Life Insurance's Money BackPlans
Updated On Mar 24, 2022
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ICICI Prudential Life Insurance Money Back plans are non-linked insurance products offered by ICICI Prudential. The plan contains a fixed monthly payment for 10 years, a guaranteed lump sum payoff 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. The ICICI Prudential Life Policy Money Back Plan is a one-of-a-kind savings protection policy that provides you with a guaranteed lump sum payoff at maturity as well as a predetermined monthly amount for ten years. It also provides incentives and life insurance, which assures the financial security of your family in the unfortunate case of your death.
The Most Significant Benefits of ICICI Prudential Life Insurance's Money Back Plan
The following are some of the features that distinguish the ICICI Prudential Life Insurance Money Back plan:
Increases Your Consistent Earnings
When your ICICI Prudential Life Insurance Money Back Plan's premium payment period finishes, you will begin receiving money at regular intervals. A recurring payment is known as a "guaranteed cash benefit" (GCB). The GCB is paid yearly until the insurance contract expires. You can choose to get the benefit on a monthly or annual basis. If you choose the monthly option, you will receive 1% of the Guaranteed Maturity Benefit, while the yearly option will provide you with 11.5 % of the Guaranteed Maturity Benefit.
A One-Time Investing to Secure Your Future
When your insurance policy ends, you will get a lump sum payment known as the Guaranteed Maturity Benefit. It helps you achieve your family's goals.
Safeguard Your Loved Ones
The plan assures the safety of you and your loved ones. If a disaster happens within the policy's term, your family will get a lump sum payment. Even if you are not present, the sum provides stability for your family, allowing them to live the life you have planned for them.
Pay Your Premiums in a Convenient and Timely Manner
If you have an ICICI Prudential Life Insurance 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. If the Ten Pay option is chosen, premiums are paid for five years in the first case, seven years in the second, and ten years in the third. Because there are different premium payment options, it is recommended that you pay for at least 10 years in order to get the benefits of the coverage.
Tax Advantages Under Current Tax Laws
The Income Tax Act of 1961, Section 80C, allows you to deduct up to Rs. 1.5 lakh from your taxable income by investing up to Rs. 1.5 lakh. 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. The ICICI Prudential Life Insurance Money Back Plan is one of the insurer's most popular plans, focusing on providing a broad range of savings and security options to meet the demands of a varied spectrum of consumers. At the start of the policy, the life assured must select the premium amount, premium payment method, sum assured, and form of cash benefit receipt. If you're seeking for a safe money-back plan, this might be the best option for you and your family.
Also Read: How do I get 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