What Makes The ICICI Pru Cash Advantage Money Back Plan So Good?
Updated On Jun 13, 2022
Table of Contents
Money-back plans are investment-cum- insurance plans that act as a guarantee for the insured person and his/her family who will receive a sum at regular intervals of time based on the policy taken up and it can take care of the expenses of the family in the future that are heavy expenses such as the higher education of a child, a big event to be celebrated etc. so these are amounts which receive benefits till a certain period and then give out benefits and payouts at regular intervals along with survival and death benefits. It also takes care of the family in cases when the premium payer dies before the entire premium is paid by him/her so can act as a boon if chosen wisely.
What Makes the ICICI Pru Cash Advantage Money Back Plan So Good?
A lot of banks and companies provide the money-back plans but it is very essential that you understand what each plan has in store for us. One of the best money-back plans is the ICICI Pru Cash Advantage Money-Back plan and here we will understand why this plan is so good and beneficial for the insurer.
Some of its features are:
1.Returns
It guarantees the regular payout of lump sum amounts at regular intervals throughout the policy period along with the full payout at maturity.
2. Distribution Of The Amount
In this plan,as soon as the premium payment term finishes,the lump sum is distributed under the plans- Maturity benefit and guaranteed cash benefits availability.
3. Cash Advantage
ICICI Prudential bank introduces ICICI Pru Cash Advantage that is a unique savings and protection-oriented plan which guarantees returns and offers a fixed amount for 10 years, a guaranteed lump sum when the plan matures , along with bonuses and life cover that provides financial aid to your family in case of your death i.e., it also provides death benefits to the family.
4.Liquidity
Payout term starts immediately after the premium payment term (PPT)
5.Guarantees
Guaranteed Cash Benefit (GCB) equal to 1% of GMB every month# throughout the payout term of 10 years
Guaranteed Maturity Benefit (GMB) at the end of the policy term
6.Protection
Life cover for the entire policy term i.e., it provides safety of the life of the insurer.
7. Limited Premium Payment Term
Choice of paying premiums ranges for 5, 7 or 10 years.
Conclusion
The money-back plans must be taken up after a lot of analysis but the ICICI Pru Cash Advantage Money Back is one of the best plans that one can opt for.
Also read: General Exclusions in a Money-Back Policy
