ICICI Pru Cash Advantage Policy Features And Benefits Explained
Updated On Jan 05, 2022
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ICICI Prudential's ICICI Pru Cash Advantage Plan is a non-linked insurance plan. The plan includes a ten-year guaranteed monthly payment, a guaranteed lump sum payout at maturity, and incentives. In the event of the policyholder's untimely death during the policy term, the Sum Assured + Guaranteed Additions is paid to the nominee. ICICI Pru Cash Advantage is a one-of-a-kind savings protection policy that gives you a guaranteed lump sum payout at maturity and a predetermined monthly amount for 10 years. It also offers bonuses and life insurance, which ensures your family's financial security in the tragic event of your death.
ICICI Pru Cash Advantage Plan's Features
Listed below are the features of the ICICI Pru Cash Advantage Plan:
- Guaranteed Cash Benefit (GCB) equivalent to 1% of GMB per month •throughout the payout duration of 10 years guaranteed Maturity Benefit (GMB) at the conclusion of the insurance term
- Protection - Life insurance coverage for the duration of the policy.
- Premium payment duration is limited - you have the option of paying premiums for 5, 7, or 10 years.
- Benefits from taxes - Benefits from taxes on premiums paid. Section 80C, 10(10D), and other sections of the Income Tax Act, 1961 provide a maximum tax advantage of Rs 1.5 lakh.
ICICI Pru Cash Advantage Plan Benefits
A strategy that aids you in saving and accumulating wealth must be perfect and incorporate all possible benefits. The ICICI Pru Cash Advantage plan offers the following advantages:
1. Increases Your Regular Earnings
When the premium payment term for your ICICI Pru Cash Advantage Plan ends, you will start receiving money at regular intervals. The term "guaranteed cash benefit" refers to the regular distribution (GCB). GCB is paid on a yearly basis until the policy expires. You have the option of receiving the benefit on a monthly or annual basis. You will earn 1% of the Guaranteed Maturity Benefit if you pick monthly mode, and 11.5 percent of the Guaranteed Maturity Benefit if you choose the yearly mode.
2. One-Time Payment Required To Ensure A Secure Future
You will get a lump sum payout called the Guaranteed Maturity Benefit when your insurance policy ends. It aids you in realising your family's ambitions.
3. Protect Your Loved Ones
The strategy guarantees that you and your loved ones are completely safe. Your family will get a lump sum payout if a disaster occurs during the policy's term. Even when you are not around, the amount gives stability, allowing your family to live the life you planned for them.
4. Pay Your Premiums In A Way That Suits You
If you are covered by the ICICI Pru Cash Advantage Plan, you can choose the number of years for which you must pay premiums. You can make your payment in fives, sevens, or tens of dollars. With the Ten Pay option, premiums are paid for five years in the first case, seven years in the second case, and ten years in the third case. Because there are several premium payment options, it is recommended that you invest for at least 10 years to get the benefits of the coverage.
In the insurance market, ICICI Pru Life Insurance is a well-known name. And one of the insurer's most popular plans is the ICICI Pru Cash Advantage Plan, which focuses on providing a wide range of savings and security options to fit a variety of people's needs. At the start of the policy, the life assured must pick the premium amount, premium payment method, sum assured, and form of cash benefit receiving. If you're searching for a secure Money Back plan, this might be the best option for you and your family.
Also read - Money Back Policies And Their Many Benefits
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.