ICICI Prudential Cash Advantage Plan is a traditional participating savings plan which provides guaranteed monthly incomes for regular cash requirements and also provides life insurance coverage
|
|
Minimum |
Maximum |
|
Entry Age (Last Birthday) |
0 years |
60 years |
|
Maturity Age (Last Birthday) |
18 years |
80 years |
|
Policy Term (PT) in years |
15, 17 or 20 |
|
|
Premium Paying Term (PPT) in years |
5, 7 or 10 respectively |
|
|
Premium Paying Frequency |
Annual, half-yearly, monthly |
|
|
Yearly Premium |
12,000 |
No limit |
|
Sum Assured |
7 or 10 times Annual Premium depending on age |
|
Annual premium in Rupees for a policy term of 20 years and PPT 10 years
|
Age |
35 years |
|
|
Premium |
50,000 |
|
|
Sum Assured |
500,000 |
|
|
|
Benefits @ 4% |
Benefits @ 8% |
|
Total Guaranteed Cash Benefit |
317,712 |
317,712 |
|
Guaranteed Maturity Benefit |
264,760 |
264,760 |
|
Total Reversionary Bonuses |
0 |
251,970 |
|
Terminal Bonus |
72,520 |
199,480 |
|
Total Maturity Benefit |
337,280 |
716,209 |
Grace Period: 15 days’ grace period is allowed for premium payment in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses
Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 2 / 3 years’ premium has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Non -Guaranteed Surrender Value.
GSV = GSV Factor * annual premiums + GSV of Vested Bonuses
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.
