Why ICICI Pru Cash Advantage a Good Money Back Option?

What Is ICICI Pru Cash Advantage?

ICICI Pru Cash Advantage is a comprehensive plan that caters to the needs of the policyholder. This unique savings plan is known for providing a guaranteed amount on a monthly basis for 10 years. Moreover, a guaranteed lump sum at policy maturity apart from bonuses as well as a life cover to provide financial security to the family of the policyholder in the case of the latter’s death. 

What Are the Key Features of ICICI Pru Cash Advantage?

Some of the prime features of the ICICI Pru Cash Advantage include: 

1. Liquidity: The payout term under the policy starts immediately after the premium payment term (PPT). 

2. Guarantee: The policy provides Guaranteed Cash Benefit (GCB) equal to 1% of GMB every month throughout 10 years of payout term along with Guaranteed Maturity Benefit (GMB) at the end of the policy term. 

3. Protection: The policy comes with protection of life cover for the entire policy term. 

4. Limited Premium Payment Term: The policy provides you with the choice of paying policy premium for 5, 7 or 10 years. 

5. Tax Benefits: The policy provides tax benefits for the premiums paid and benefits received as per the prevailing tax laws. 

What Are the Main Benefits Offered Under ICICI Pru Cash Advantage?

ICICI Pru Cash Advantage has a wide range of benefits to offer. The key benefits include:

1. Death Benefit: If the policyholder dies during the policy term, the nominee is provided with death benefit, which is the highest of the sum assured on death plus bonuses, GMB plus bonuses, and the minimal death benefit apart from the guaranteed cash benefits paid. Once the death benefit is paid, the policy stops.

2. Cash Benefit: Guaranteed Cash Benefit (GCB) is payable throughout the payout term as per the terms and conditions, on the condition of the life assured to be alive and the policy is fully paid. GCB can be given in the form of annual or monthly instalments. GCB is a percentage of the Guaranteed Maturity Benefit (GMB). It is based on the cash benefit mode. 

3. Maturity Benefit: If the policyholder survives the policy term for a fully paid policy, they get a maturity benefit. Note that the maturity benefit is the maximum of Guaranteed Maturity Benefit along with vested reversionary bonuses, if any in addition to terminal bonus, if any and 100.1% of total premiums paid less GCBs received.

One of the widely sought after money back policies, ICICI Pru Cash Advantage comes with a free-look period of 15 days. The grace period for the policy is 15 days for monthly mode and 30 days for other modes. 

If interested in buying the policy, know that you would be required to choose the sum assured on death and cash benefit mode, premium, premium payment option, and premium payment mode. 
 
To know more about the policy, get in touch with InsuranceDekho experts today! 

Also read - Planning To Buy A Money-Back Policy? Here Are Some Tips And Advice That Will Help You In Selecting One

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.