ICICI Prudential Cash Advantage Plan
ICICI Pru Cash Advantage is a unique plan that allows you to save as well as offers protection. Under this policy, you get a guaranteed amount every month for a period of 10 years and life cover that protects your family in your absence. The plan also entitles the policyholder to a guaranteed lump sum at maturity, along with bonuses, if any.
ICICI Pru Cash Advantage scheme offers policyholders the opportunity to meet financial requirements such as medical expenses of dependent parents, education needs of children and so on. This comprehensive scheme aids the insured in building his/her savings corpus. There are unique benefits offered under this savings and protection based plan.
The ICICI Pru Cash Advantage Plan provides its policyholders liquidity as the payout term commences immediately after premium payment term. The plan offers life cover for the entire policy term. Along with GCB of up to 1% of GMB every month, you can also avail tax benefits from the plan. ICICI Prudential Life Insurance believes in customer satisfaction before anything else. The company focuses on implementing cost-effective products, offering high quality of services, deliver consistent fund performance and a hassle-free experience.
Key Features of ICICI Pru Cash Advantage Plan
- Liquidity – through immediate pay out
- Guaranteed Maturity Benefit (GMB) – lump sum pay out
- Guaranteed Cash Benefit (GCB) – 1% of GMB, every month, for 10 years
- Limited Premium Paying Term – 5,7, or 10 years
Benefits of ICICI Pru Cash Advantage Plan
- Death Benefit– In case of death of the Life Insured, irrespective of GCB paid during the tenure, the nominee would get higher of the below:
- Sum Assured + Bonuses
- GMB + Bonuses
- Minimum Death Benefit
Where, Minimum Death Benefit, is 105% of premiums paid till dates
- Cash Benefit – Throughout the pay-out term, GCB is payable in advance, if the life assured is alive and the policy is fully paid. GCB can be received in monthly or annual instalments
- Maturity Benefit– On maturity, the policy holder gets higher of the below:
GMB + Vested Reversionary Bonus
100.1% of total premiums paid
Where, GMB is the Sum Assured on Maturity and will be calculated, at inception, based on your premium, premium payment option, premium payment mode, Sum Assured, cash benefit mode, age and gender.
- Income Tax Benefit- Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C.
Additional Benefits of ICICI Pru Cash Advantage Plan
- The insured gets a guaranteed amount at the time of maturity of the policy.
- The insured will receive a guaranteed amount as payout for 10 years after the premium payment term.
- Life cover is offered to the insured during the tenure of the policy.
- The insured can choose the premium payment term from a choice of 5, 7 or 10 years
- A financial advisor provided by ICICI
- Online brochure of ICICI Pru Cash Advantage Plan
- A call back from the company
- Online purchase option of the policy
- Finding the nearest ICICI Prudential branch
Exclusions – What the ICICI Pru Cash Advantage Plan doesn’t Cover:
Suicide Exclusion: Under this plan, if the policyholder commits suicide within one year from the start of the policy, whether sane or insane, 80% of the premiums paid will be paid. In case of policy revival, the maximum of either 80% of premiums paid until death or applicable surrender value is paid.