Why Is ICICI Pru Cash Advantage A Good Money Back Plan?

The ICICI Pru Cash Advantage Plan from ICICI Prudential is a non-linked insurance plan. A ten-year guaranteed monthly payment, a guaranteed lump sum payoff at maturity, and incentives are all included in the plan. The Sum Assured + Guaranteed Additions are paid to the nominee in the case of the policyholder's untimely death within the policy term. ICICI Pru Cash Advantage is a one-of-a-kind savings protection insurance that guarantees a lump sum payoff at maturity as well as a predetermined monthly amount for a period of ten years. It also provides incentives and life insurance, which assures the financial security of your family in the unfortunate case of your death.

Features of the ICICI Pru Cash Advantage Plan

The following are some of the benefits of the ICICI Pru Cash Advantage Plan:

• Throughout the payout duration of 10 years guaranteed Maturity Benefit (GMB) at the end of the insurance term guaranteed Cash Benefit (GCB) equivalent to 1% of GMB per month Guaranteed Maturity Benefit (GMB) at the end of the insurance term guaranteed Maturity Benefit (GMB) at the end of the insurance term guaranteed Maturity Benefit (GMB) at the end of the insurance term guaranteed.
• Protection - For the duration of the policy, life insurance coverage is provided.
• The amount of time you can pay your premiums is limited; you can pay them for 5, 7, or 10 years.
• Tax advantages - Advantages from taxes on premiums paid. The Income Tax Act of 1961, Sections 80C, 10(10D), and other sections allow a maximum tax benefit of Rs 1.5 lakh.

Benefits of the ICICI Pru Cash Advantage Plan

A strategy for saving and developing wealth must be flawless and include all possible advantages. The following are some of the benefits of the ICICI Pru Cash Advantage plan:

1. Increases Your Yearly Income

You will begin receiving money at regular intervals once the premium payment term for your ICICI Pru Cash Advantage Plan expires. The term "guaranteed cash benefit" denotes a recurring payment (GCB). The GCB is paid annually until the policy expires. You can choose whether to receive the benefit monthly or annually. If you choose the monthly mode, you will receive 1% of the Guaranteed Maturity Benefit, and if you choose the yearly mode, you will earn 11.5 percent of the Guaranteed Maturity Benefit.

2. To Ensure A Secure Future, One-Time Payment Is Required

When your insurance coverage expires, you will get a lump sum payment known as the Guaranteed Maturity Benefit. It assists you in achieving your family's goals.

3. Ensure the safety of Your Loved Ones 

The plan ensures that you and your loved ones are safe at all times. If a disaster strikes within the policy's term, your family will get a lump sum payment. Even if you are not present, the sum ensures your family's financial security, letting them enjoy the life you intended for them.

4. Pay Your Premiums in the Way That Is Most Convenient For You

You can choose the number of years for which you must pay premiums if you are covered by the ICICI Pru Cash Advantage Plan. Payments can be made in fives, sevens, or tens of dollars. Premiums are paid for five years in the first instance, seven years in the second case, and ten years in the third case with the Ten Pay option. Because there are numerous premium payment alternatives, it is advised that you spend at least ten years to receive the coverage's benefits.

Conclusion

ICICI Pru Life Insurance is a well-known name in the insurance sector. And the ICICI Pru Cash Advantage Plan, which focuses on providing a wide range of savings and security options to fit 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 cash benefit type at the start of the policy. This can be the greatest solution for you and your family if you're looking for a safe Money Back plan.

Also read- Fixed Deposits Or Money Back Policy - Which Is Better?

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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.