What Makes ICICI Pru Cash Advantage An Excellent Money Back Plan?

ICICI Prudential's ICICI Pru Cash Advantage Plan is a non-linked insurance plan. The scheme specifies a 10-year guaranteed monthly dividend, a guaranteed lump-sum distribution at maturity, and incentives. In the case of the policyholder's untimely death during the policy term, the nominee receives the Sum Assured + Guaranteed Additions. ICICI Pru Cash Advantage is another savings protection insurance that provides a guaranteed lump sum payoff at maturity as well as a fixed monthly amount for a ten-year period. It also provides incentives and life insurance, which assures the financial stability of your family in the unfortunate case of your death.

ICICI Pru Cash Advantage's Key Advantages

The following are some of the elements that set the ICICI Pru Cash Advantage Plan apart:

• Increases Your Consistent Earning

When your ICICI Pru Cash Advantage Plan's premium payment term ends, you will begin receiving money at regular intervals. A "guaranteed cash benefit" refers to a regular payout (GCB). The GCB is paid yearly until the insurance contract expires. You can choose to get the benefit on a monthly or annual basis. If you pick the monthly option, you will earn 1% of the Guaranteed Maturity Benefit; if you choose the yearly option, you will receive 11.5% of the Guaranteed Maturity Benefit.

• A One-Time Investment to Secure Your Future

When your insurance coverage ends, you will be paid in a flat sum known as the Guaranteed Maturity Benefit. It helps you achieve your family's goals. 

• Safeguard Your Loved Ones

The plan assures the safety of you and your loved ones. If a disaster strikes within the policy's term, your family will get a lump sum payout. Even if you are not there, the amount provides stability, allowing your family to live the life you have planned for them.

• Death Benefit

Death Benefit is payable to the nominee upon the death of the Life Assured under the ICICI Pru Cash Advantage Plan, regardless of the Guaranteed Cash Benefits. It is paid as Sum Assured plus bonuses, GMB plus bonuses, or the Minimum Death Benefit, whichever is greater. The minimum death benefit is 105 percent of the total premiums paid.

• Pay Your Premiums in a Convenient and Timely Manner

You can choose the number of years you must pay premiums if you have the ICICI Pru Cash Advantage Plan. If the Ten Pay option is chosen, premiums are paid for five years in the first case, seven years in the second, and ten years in the third. Because there are different premium payment options, it is recommended that you invest for at least 10 years in order to gain the benefits of the coverage.

• Tax Advantages Under Current Tax Laws

The Income Tax Act of 1961, Section 80C, allows you to deduct up to Rs. 1.5 lakh from your taxable income by investing up to Rs. 1.5 lakh. You not only save money this way, but the money you receive when you achieve maturity or die is tax-free as well.

Conclusion

In the insurance sector, ICICI Pru Life Insurance is a well-known brand. Among the insurer's most popular plans is the ICICI Pru Cash Advantage Plan, which focuses on providing a broad choice of savings and security options to meet a wide range of people's preferences. At the start of the policy, the life assured must select the premium amount, premium payment method, sum assured, and manner of cash incentive receipt.

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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.