ICICI Pru Cash Advantage

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. 

Eligibility Criteria of ICICI Pru Cash Advantage Plan

The following are the eligibility criteria of the policy. 

Parameters  Details 
Policy Tenure 15/17/20 years
Premium Paying Term (Limited) 5/7/10 years
Premium Paying Mode Annually, Semiannually and Monthly
Entry Age Minimum: 
  • 5-pay: 3years
  • 7-pay: 1 year
  • 10-pay: 0 years
Maximum: 60 years 
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.

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

  • Q: How to check ICICI Pru Cash Advantage policy status?

    Ans: ICICI Pru Cash Advantage policy status can be checked by accessing the official website of ICICI Prudential Life Insurance Company Ltd, log in with the policyholder's using the username and password, and go to the page with the policy details and status.
  • Q: How to change the nominee named in this plan?

    Ans: The policyholder can call up the insurer's toll-free number for applying for a fresh nomination or the existing nomination to be changed to a new nominee at any time during the policy term.
  • Q: In which scenario can the ICICI Pru Cash Advantage be withdrawn?

    Ans: This policy can be withdrawn on the date of surrender, date of maturity, or the death of the life assured by submitting the surrender form, original policy document, a signed copy of the policyholder's photo identity proof, and a canceled cheque of the policyholder's bank account.
  • Q: What is the free look period for this plan?

    Ans: The policyholders buying the plan directly from ICICI Prudential Life Insurance Company Ltd are provided with a 15 days free look period. While the ones buying it through distance marketing get a 30 days free look period.
  • Q: Can the sum assured amount for the policy be changed later on?

    Ans: Yes. This sum assured can be increased / or decreased later by filling in the required details form under the change in sum assured section and submitting a personal health declaration form to the insurer.
  • Q: Is it possible to apply for a duplicate policy document for this plan?

    Ans: Yes, it is possible to apply for a duplicate policy document for this plan by visiting any branch of ICICI Prudential Life Insurance Company Ltd with the mandatory documents, along with an indemnity bond on a Rs.500 stamp paper.
  • Q: What are the Guaranteed Cash benefits under the plan?

    Ans: The Guaranteed Cash Benefits are additional benefits that the insured receives when his premium payment term ends. These benefits are paid every year post that till the end of the policy. They can be received monthly or yearly.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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