ICICI Pru Cash Advantage is a participating Money Back policy and is considered a reliable insurance investment mechanism. ICICI Pru Cash Advantage is launched by ICICI Prudential Life Insurance Company Ltd. The savings & earning feature of the ICICI Pru Cash Advantage Plan is that it offers an assured amount of payout every month for several years, and assured lump sum payment on maturity, and other bonuses. 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.
The following are the eligibility criteria of the policy.
|Policy Tenure||15/17/20 years|
|Premium Paying Term (Limited)||5/7/10 years|
|Premium Paying Mode||Annually, Semiannually and Monthly|
|Maturity Age||Minimum: 18 years Maximum: 80 years|
|Minimum Annual Premium||15 years- Rs.30,000 17 years- Rs.18,000 20 years- Rs.12,000|
|Liquidity||The payout term starts immediately after the PPT or premium payment term.|
ICICI Pru Cash Advantage Reviews mention a host of benefits provided by the plan.
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.
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:
This plan would acquire a guaranteed surrender value in case the policyholder has paid all premiums for at least two consecutive years.
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 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:
* 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.
To buy ICICI Pru Cash Advantage policy, people have to provide KYC documents:
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.
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.