Everything You Need To Know About ICICI Prudential Life Insurance's Money Back Plan
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The ICICI Prudential Life Insurance Money Back plans are a non-linked insurance plan from ICICI Prudential. The plan includes a ten-year fixed monthly payment, a guaranteed lump sum payout at maturity, plus incentives. The nominee receives the Sum Assured + Guaranteed Additions in the event of the policyholder's untimely death during the policy term. The Money Back Plan from ICICI Prudential Life Policy is a one-of-a-kind savings protection insurance that offers you with a guaranteed lump sum payout at maturity as well as a fixed monthly amount for 10 years. It also offers bonuses and life insurance, which ensures your family's financial stability in the tragic event of your death.
Most Important Advantages of ICICI Prudential Life Insurance's Money Back Plan
The following are some of the aspects that set the ICICI Prudential Life Insurance Money Back plan apart:
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Boosts Your Consistent Earnings
When the premium payment term for your ICICI Prudential Life Insurance Money Back Plan expires, you will begin receiving money at regular intervals. A recurrent payout is referred to as a "guaranteed cash benefit" (GCB). GCB is paid on a yearly basis until the insurance policy expires. You have the option of receiving the benefit on a monthly or annual basis. If you pick the monthly option, you will earn 1% of the Guaranteed Maturity Benefit, while the annual option would give you 11.5 percent of the Guaranteed Maturity Benefit.
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A One-Time Investment to Protect Your Future
When your insurance coverage expires, you will be paid in a lump sum known as the Guaranteed Maturity Benefit. It aids you in achieving your family's objectives.
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Protect Your Loved Ones
The strategy ensures your and your loved ones' protection. If a calamity strikes within the life of the insurance, your family will receive a lump sum payout. Even if you are not present, the amount offers stability for your family, letting them to live the life you have intended for them.
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Pay Your Premiums in a Timely and Convenient Manner
If you have a Money Back plan with ICICI Prudential Life Insurance, you can select the number of years for which you must pay premiums. You have the option of paying in fives, sevens, or tens of dollars. If the Ten Pay option is selected, premiums are paid for five years in the first instance, seven years in the second case, and ten years in the third case. Because there are numerous premium payment alternatives, it is advised that you spend for at least ten years to gain the benefits of the coverage.
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Tax Benefits Under Current Tax Laws
Section 80C of the Income Tax Act of 1961 permits you to deduct up to Rs. 1.5 lakh from your taxable income by investing up to Rs. 1.5 lakh. Not only do you save money on taxes, but the money you get when you reach maturity or die is also tax-free.
Conclusion
ICICI Pru Life Insurance is a well-known name in the insurance industry. And one of the insurer's most popular plans is the ICICI Prudential Life Insurance Money Back Plan, which focuses on delivering a comprehensive variety of savings and security solutions to satisfy the needs of a diverse range of individuals. The life assured must choose the premium amount, premium payment method, sum assured, and mode of cash benefit receiving at the commencement of the policy. This might be the greatest solution for you and your family if you're looking for a safe money-back plan.
Also read- What Are The Tax Benefits Of A Money-Back Guarantee Policy?
