ICICI Life Cash Advantage

The security feature of the ICICI Pru Cash Advantage Plan is that in the scenario of the policyholder's ill-fated demise, it offers an assured Sum and other guaranteed additions to the policyholder's family or nominee. 

Eligibility Criteria of ICICI Pru Cash Advantage Plan

The following are the eligibility criteria of the policy. 

Benefits of the ICICI Pru Cash Advantage

ICICI Pru Cash Advantage Reviews mention a host of benefits provided by the plan.

1. Maturity Benefit

   The life insured who has paid the entire premium and survived the policy period would be eligible to receive the Maturity Benefits, also known as Guaranteed Maturity Benefits. 

2. Guaranteed Cash Benefits

   • If the life insured has chosen the monthly mode of receiving cash benefit, the Guaranteed Cash Benefit Mode would be equal to 1 % of Guaranteed Maturity Benefit.
   • If the life insured has chosen the Yearly mode of receiving cash benefit, the Guaranteed Cash Benefit Mode would be equal to 11.5 % of Guaranteed Maturity Benefit.

3. Death Benefit

   In case of the life insured's demise during the policy term, the beneficiary or nominee shall receive a lump sum as Death Benefit. This particular lump sum will be the higher of the following amounts:

   • Regular Bonuses and Sum Assured 
   • Regular Bonuses and Guaranteed Maturity Benefits (GMB) 
   • Minimum Life Cover amount that should be equal to 105% of the sum of all premiums paid till the date of demise

4. Surrender Benefit

   This plan would acquire a guaranteed surrender value in case the policyholder has paid all premiums for at least two consecutive years. 

5. Tax Benefits

   The benefits received through the ICICI Pru Cash Advantage are eligible for the prevailing tax benefits, as per Section 10(10D) & Sec 80C of the Income Tax Act, 1961.

 * Tax benefit is subject to amendments in tax laws

The Premium for ICICI Pru Cash Advantage

The ICICI Pru Cash Advantage can be either paid as a single payment option or a limited pay option.

The sample minimum annual premium would be:

• 5-Pay: Rs. 30,000
• 7-Pay: Rs. 18, 000
• 10-Pay: Rs. 12,000*

* Standard T&C apply

The maximum amount shall be subject to underwriting and has no upper limit.

Interested people can use ICICI Pru Cash Advantage calculator available online to get an idea about the premium sum to be paid.

Documents Required to Buy ICICI Pru Cash Advantage Policy?

To buy ICICI Pru Cash Advantage policy, people have to provide KYC documents:

• Age proof: Passport, Driving License or PAN Card 
• Identity proof: PAN Card, AADHAR, voter's card, or passport
• Address proof: Passport, AADHAR, driving license, ration card, voter's card 
• Income proof: Income tax returns or salary slips, PAN Card (Compulsory) 

How to Buy Online ICICI Pru Cash Advantage?

One can buy ICICI Pru Cash Advantage policy online very quickly within a matter of few minutes. To purchase this plan, people have to visit the insurance company’s website to select the insurance plan, choose any riders and premium paying mode, complete the application, review the form and pay the ICICI Pru Cash Advantage premium accordingly.  

Exclusions of ICICI Pru Cash Advantage

ICICI Pru Cash Advantage does have suicide exclusion, which states that if the life assured dies by suicide within 12 months of the policy in force or from the date of revival of this policy, a death benefit the policyholder or nominee. In this case, the death benefit would be 80% of all premiums paid or the applicable surrender value. 

FAQ's