Advantages Of ICICI Pru Cash Advantage Policy

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.

Advantages of the ICICI Pru Cash Advantage Plan

A plan that assists you in saving and building a corpus must be flawless and include all feasible rewards. The following are the benefits provided by the ICICI Pru Cash Advantage plan:

• Availability of liquid assets

Regular payouts are included in the ICICI Pru Cash Advantage plan. The payout period begins immediately following the premium payment period. These recurring payments assist the life assured in achieving their short-term or long-term objectives.

• Guarantees

Guaranteed Cash Benefit is included in the plan (GCB). Every month, it is typically equal to 1% of GMB. It is available over a ten-year payoff period.

• Safety and security

The ICICI Pru Cash Advantage plan provides life insurance coverage for the life assured for the whole policy term.

• Premium Payment Term Is Limited

Premium payment alternatives are available with the ICICI Pru Cash Advantage plan. Five, seven, or ten years are the three alternatives.

• Benefits from Taxes Tax Laws 

You can invest up to Rs. 1.5 lakh to reduce your taxable income under Section 80C of the Income Tax Act, 1961. You not only save money on taxes, but the money you receive at maturity or when you die is also tax-free.

• 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.

• Loans

After the policy has a surrender value, you can apply for a loan. Loans of up to 80% of the surrender value can be obtained. If the amount owed exceeds the surrender value, the insurer has the right to demand repayment of the loan, including all interest, by giving three months' notice.

Conclusion

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!

Also read: How To Choose A Good Money Back Policy?

Why Should You Purchase a Money Back Plan?

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.