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Reasons to Choose ICICI Money Back Policy - Cash Advantage Plan

Published On Jun 18, 2021 9:10 PM By InsuranceDekho

Money-Back Plans are investment cum insurance plans that offer policyholders the opportunity to grow their wealth along with creating a financial shield for their loved ones which can be used by them in case the life assured passes away in an unfortunate event. 

ICICI Prudential Life Insurance offers a money back plan by the name ICICI Prudential Cash Advantage Plan which provides regular cash payouts to the investor right after the entry into the investment plan.

Features of ICICI Prudential Cash Advantage Plan

Following are some key benefits offered by ICICI Prudential Cash Advantage Plan - 

  • Guaranteed Addition

ICICI Pru Cash Advantage Plans pays out a lump sum amount known as Guaranteed Maturity Benefit (GMB) at the time of maturity. You also receive a Guaranteed Cash Benefit (GCB) under the plan and have the flexibility to choose its payout mode i.e. Monthly or Yearly. Under the Monthly Cash Benefit Mode you will receive 1% of the Guaranteed Maturity Benefit whereas under Annual Cash Benefit Mode you will receive 11.5% of the Guaranteed Maturity Benefit. This amount acts as a financial shield for your loved ones to carry out their living expenses and education needs as and when required.

  • Life Cover Benefit

A Cash Advantage Plan offers you life cover equivalent to a minimum of 105% of all the premiums paid till the date of death of the life assured to help your family meet their financial requirements in your absence. These plans bring in financial independence and let your family members live a financially stable life in unforeseen events. 

  • Liquidity 

ICICI Pru Cash Advantage Plan acts offer a periodic stream of money at regular intervals to increase your liquidity. Payout term begins immediately after the premium payment term (PPT). 

  • Tax Benefits

ICICI Prudential Cash Advantage Plan provides you with the tax-free maturity amount benefits Under Section 10 (10D) of the Income Tax Act. Under this plan, the premiums paid are deductible under Section 80C of the Act.

  • Limited Premium Paying Term

ICICI Prudential Cash Advantage Plan allows you the flexibility to choose among the terms for premium payment. However, such terms are 5, 7 and 10 years. 

Benefits of ICICI Pru Cash Advantage Plan

The investors of ICICI Pru Cash Advantage Plan enjoy the following benefits - 

  • Death Benefit

Under this benefit, in case of an unforeseen events such as death of the life the life insured during the policy tenure, irrespective of the Guaranteed Cash Benefit paid during the tenure the nominee of the policy will receive Sum Assured along with Bonuses, Guaranteed Maturity Benefit along with Bonuses and a Minimum Death Benefit whereas minimum death benefit is 105% of the premiums paid. 

  • Cash Benefit

Guaranteed Cash Benefit is a percentage of Guaranteed Maturity Benefit. Guaranteed Cash Benefit is payable in advance when the policyholder is alive and policy is fully paid. These cash benefits can be received on a monthly or on an annual basis whereas on monthly mode Guaranteed Cash Benefit is 1% of the Guaranteed Maturity Benefit and for annual mode it is 11.5%.

  • Maturity Benefit

Under this benefit, the policyholder receives the Guaranteed Maturity Benefit along with Reversionary Bonus and 100.1% of the premiums paid on maturity. However, Guaranteed Maturity Benefit is the sum assured on maturity based on your premium payment option

Conclusion

ICICI Pru Cash Advantage Plans are an ideal investment cum insurance solution for those who are looking for a plan which can provide them with a life cover as well as guaranteed additions. These plans are becoming one of the popular choosing plans among policyholders because it offers you the triple privilege including death benefit, cash benefit and maturity benefit. These are the reasons why you should choose ICICI Pru Cash Advantage Plan. 

Also read 

How The Money Back Policy Works?

Key Advantages of 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.    

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