ICICI Pru Cash Advantage Plan: Benefits & Details

Money-back plans must be taken up after a lot of analysis but the ICICI Pru Cash Advantage Money Back is one of the best plans that one can opt for and provides multiple benefits that make it unique and one of the most preferred ones among the insurers.  It can take care of the expenses of the family in the future that are heavy expenses such as the higher education of a child, a big event to be celebrated etc. It also takes care of the family in cases when the premium payer dies before the entire premium is paid by him/her so can act as a boon if chosen wisely.

What is a Money-Back Plan?

Money-back policy is a type of savings plan that provides regular payouts as well as survival amount benefits that are paid to the life insured under Money-back life insurance plans. They are investment-cum-insurance plans that act as a guarantee for the insured person and his/her family who will receive a sum at regular intervals of time based on the policy taken up. 

Key Features of ICICI Pru Cash Advantage Plan

• It's a plan with a limited premium payment option.
• After completion of the premium payment, the guaranteed cash benefit is paid by the company every month.
• The rate of the cash benefit depends on the term, age and other factors.
• Vested reversionary bonuses, Interim bonuses and terminal bonuses increase the payable benefits.

Benefits of ICICI Pru Cash Advantage Money Back Plan

A lot of banks and companies provide money-back plans but you must understand what each plan has in store for us. One of the best money-back plans is the ICICI Pru Cash Advantage Money-Back plan and here we will understand why this plan is so good and beneficial for the investment.

Some of the important benefits of ICICI Pru Life insurance are:

1. Guaranteed Returns: It guarantees the regular payout of lump sum amounts at regular intervals throughout the policy period along with the full payout at maturity. 

2. Distribution Of The Amount: In this plan, as soon as the premium payment term finishes, the lump sum is distributed under the plans- Maturity benefit and guaranteed cash benefits availability.

3. Cash Advantage: ICICI Prudential bank introduces ICICI Pru Cash Advantage which is a  unique savings and protection-oriented plan which guarantees returns and offers a fixed amount for 10 years, a guaranteed lump sum when the plan matures, along with bonuses and life cover that provides financial aid to your family in case of your death i.e., it also provides death benefits to the family.

4. Liquidity: The payout term starts immediately after the premium payment term (PPT)

5. Guarantees: Guaranteed Cash Benefit (GCB) equal to 1% of GMB every month# throughout the payout term of 10 years Guaranteed Maturity Benefit (GMB) at the end of the policy term.

6. Protection: Life cover for the entire policy term i.e., it provides safety of the life of the insurer.

7. Limited Premium Payment Term: The choice of paying premiums ranges from 5, 7 or 10 years.

Conclusion

ICICI Pru Money Back plans are good to go as per the advantages mentioned above. However, before purchasing a plan try to understand your needs.

Also Read: Reasons to Invest in a Money-Back Plan