What Makes ICICI Pru Cash Advantage A Good Money Back Plan?
Updated On Feb 14, 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 payment 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 payment 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's Key Features
Here are some of the things that make the ICICI Pru Cash Advantage Plan unique:
Increases Your Regular Earnings
When the premium payment period 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 receive 1% of the Guaranteed Maturity Benefit if you choose the monthly mode, and 11.5 percent of the Guaranteed Maturity Benefit if you choose the yearly mode.
One-Time Payment To Ensure A Secure Future
You will get a lump sum payout called the Guaranteed Maturity Benefit when your insurance policy expires. It aids you in realizing your family's ambitions.
Protect Your Loved Ones
The strategy ensures that you and your loved ones are completely safe. Your family will get a lump sum payment if a catastrophe occurs during the policy's term. Even when you are not around, the sum gives stability, allowing your family to live the life you intended for them.
Pay Your Premiums in a Way That Suits You
You can pick the number of years for which you must pay premiums if you are insured under the ICICI Pru Cash Advantage Plan. You have the choice of paying in fives, sevens, or tens of dollars. Premiums are paid for five years in the first instance, seven years in the second case, and ten years in the third case with the Ten Pay option. Because there are multiple premium payment alternatives, it is advised that you invest for at least 10 years to benefit from the policy's various benefits.
Tax Benefits Under the Current Tax Laws
Under Section 80C of the Income Tax Act, 1961, you can invest up to Rs. 1.5 lakh to lower your taxable income. Not only do you save money on taxes, but the money you get when you reach maturity or die is also tax-free.
ICICI Pru Life Insurance is a well-known name in the insurance industry. And the ICICI Pru Cash Advantage Plan, which focuses on delivering a wide choice of savings and security to suit a variety of people's needs, is one of the insurer's most popular plans. The life assured must choose the premium amount, premium payment method, sum assured, and mode of cash benefit receipt at the time of policy beginning. This may be the greatest solution for you and your family if you're looking for a safe money-back plan!
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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.