What Makes ICICI Pru Cash Advantage A Good Money Back Plan

The ICICI Pru Cash Advantage Plan is a non-linked insurance plan launched by ICICI Prudential. The program outlines a 10-year guaranteed monthly payout, a guaranteed lump sum payoff at maturity, and incentives. The nominee obtains the Sum Assured + Guaranteed Additions in the event of the policyholder's untimely death during the policy term. ICICI Pru Cash Advantage is an another savings protection policy that offers a guaranteed lump sum payout at maturity as well as a predetermined monthly amount for a ten-year term. It also gives incentives and life insurance, which ensures your family's financial security in the tragic event of your death.

Key Benefits of ICICI Pru Cash Advantage

Here are some of the features that distinguish the ICICI Pru Cash Advantage Plan:

Boosts Your Consistent Earnings

When the premium payment period of your ICICI Pru Cash Advantage Plan finishes, you will begin receiving money at regular intervals. A recurring payment is referred to as a "guaranteed cash benefit" (GCB). GCB is paid on a yearly basis until the insurance policy expires. You have the option of receiving the benefit on a monthly or annual basis. If you choose the monthly approach, you will get 1% of the Guaranteed Maturity Benefit; if you choose the annual way, you will receive 11.5 % of the Guaranteed Maturity Benefit.

A One-Time Payment to Protect Your Future

When your insurance policy expires, you will get a lump sum payout known as the Guaranteed Maturity Benefit. It aids you in achieving your family's objectives.

Protect Your Loved Ones

The strategy ensures your and your loved ones' protection. If a calamity occurs within the policy's term, your family will get a lump sum payment. Even if you are not there, the sum ensures stability, allowing your family to live the life you have intended for them.

Pay Your Premiums in a Timely and Convenient Manner

If you have the ICICI Pru Cash Advantage Plan, you may pick the number of years you must pay premiums for. If the Ten Pay option is selected, premiums are paid for five years in the first instance, seven years in the second case, and ten years in the third case. Because there are numerous premium payment alternatives, it is advised that you spend for at least ten years to reap the benefits of the coverage.

Tax Benefits Under Current Tax Laws

Section 80C of the Income Tax Act of 1961 permits you to deduct up to Rs. 1.5 lakh from your taxable income by investing up to Rs. 1.5 lakh. Not only do you save money this way, but the money you get when you reach maturity or die is also tax-free.

Conclusion

ICICI Pru Life Insurance is a well-known name in the insurance industry. The ICICI Pru Cash Advantage Plan, which focuses on delivering a comprehensive variety of savings and security alternatives to fulfill a wide range of people's preferences, is among the insurer's most popular plans. The life assured must choose the premium amount, premium payment method, sum assured, and mode of cash incentive receiving at the commencement of the policy.

Also read- Which Is Better: Fixed Deposits or Money-Back Policies

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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.