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Why is ICICI Pru Cash Advantage Plan Special?

Published On Jul 24, 2021

ICICI Pru Cash Advantage is a unique savings protection oriented policy that provides you a guaranteed amount every month for 10 years as well as guaranteed lump sum at the time of maturity. Apart from this, it also offers bonuses and life cover that gives financial security to your family in the misfortunate event of your death. 

Here are a few reasons that make ICICI Pru Cash Advantage Plan special: 

1. Adds to Your Regular Income 

When your premium payment term ends with ICICI Pru Cash Advantage Plan, you start receiving money at regular intervals. The regular payout is known as Guaranteed Cash benefit (GCB). GCB is paid every year till the policy ends. You can get the benefit on a monthly or yearly basis, as per your choice. If monthly mode is chosen, then you get 1% of the Guaranteed Maturity Benefit, and if yearly mode is chosen, then 11.5% of the Guaranteed Maturity Benefit. 

2. Lump Sum Pay-Out To Have A Secured Future  

At the time when policy ends, then you receive a lump sum payout known as Guaranteed Maturity Benefit. It helps you fulfil your family’s dreams. 

3. Secure Your Loved Ones Even In Your Absence

The plan provides you and your family’s complete protection. In case of a misfortune event during the policy term, your family will receive benefit as a lump sum amount. The amount offers security even in your absence and helps your family live the life as you had planned for them. 

4. Pay Premiums According to Your Comfort

If covered under ICICI Pru Cash Advantage Plan, you can choose the number of years for which you will be required to pay premiums. You can choose the Five Pay option, Seven Pay option, or the Ten Pay option. In the first case, the premium is paid for 5 years, in the second case, the payment of premiums is for 7 years, and in the third case, Ten Pay option allows payment of premiums for 10 years. There are several premium payment options available, and hence it is recommended to stay invested for at least 10 years, to enjoy different benefits offered under the policy. 

5. Tax Benefits As Per the Prevailing Tax Laws

The plan allows you to reduce your taxable income by investing up to Rs. 1.5 Lakh under Section 80C of the Income Tax Act, 1961. Not only you save tax on this, but also the money that you receive at the time of maturity or death is also completely tax free. 

Takeaway

ICICI Pru Life Insurance is a renowned name in the insurance market. And ICICI Pru Cash Advantage Plan is one of the popular plans offered by the insurer that focuses on offering a wide range of savings and protection to meet different requirements of people. So, if you are looking for a reliable money-back plan, then this can be the right choice for you and your loved ones! 

Also Read: How Do I Get My Insurance Premium Back Under Money-Back Plan?

How Does Money Back Insurance Policy Work?


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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