Why Is ICICI Pru Cash Advantage Plan A Good Choicel?
Updated On Nov 06, 2021
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The ICICI Pru Cash Advantage Plan is a non-linked insurance plan offered by ICICI Prudential. The plan provides a guaranteed monthly payment for ten years, as well as a guaranteed lump sum payment at maturity and incentives. The Sum Assured + Guaranteed Additions is paid to the nominee in the case of the policyholder's untimely death within the policy term. ICICI Pru Cash Advantage is a one-of-a-kind savings protection insurance that pays you a fixed monthly amount for ten years and a guaranteed lump payment at maturity. It also provides incentives and life insurance, which provides financial stability to your family in the unfortunate case 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:
1. Increases Your Regular Earnings
When your ICICI Pru Cash Advantage Plan premium payment period expires, you will begin receiving money at regular intervals. Guaranteed Cash Benefit is the term for the regular payout (GCB). GCB is paid annually until the insurance expires. You can choose to get the benefit on a monthly or yearly basis. If you choose monthly mode, you will receive 1% of the Guaranteed Maturity Benefit, and if you choose yearly mode, you will receive 11.5 percent of the Guaranteed Maturity Benefit
2. One-Time Payment To Ensure A Secure Future
When your insurance expires, you will get a lump sum payment called the Guaranteed Maturity Benefit. It assists you in realising the aspirations of your family.
3. Protect Your Loved Ones Even If You Are Away
The plan ensures that you and your family are fully protected. In the event of a catastrophe occurring within the policy's term, your family will get a lump sum payment. The sum provides stability even when you are not around, allowing your family to enjoy the life you had intended for them.
4. 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.
5. 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.
In the insurance sector, ICICI Pru Life Insurance is a well-known name. And the ICICI Pru Cash Advantage Plan is one of the insurer's most popular plans, focusing on providing a wide range of savings and protection to fit a variety of people's needs. At the time of policy initiation, the life assured must pick the premium amount, premium payment choice and method, sum assured, and manner of cash benefit receipt. So, if you're seeking a safe money-back plan, this may be the best option for you and your family!
Also read - Why is Money Back Insurance Plan a Must-Buy?