ICICI Pru Cash Advantage Plan –We’ve always wanted to meet our family’s needs, whether it’s paying for our children’s education, paying for our parents’ medical bills, or going on that dream vacation. We are all aware that, in order to fulfill these obligations, we require a comprehensive financial solution that provides regular cash flow to cover our recurring costs and builds a corpus for your long-term financial objectives. The “ICICI Pru Cash Advantage” is a new participating life insurance plan from Prudential that focuses on unique savings and protection. It gives you a guaranteed amount every month for ten years, a guaranteed lump sum at maturity, bonuses, and life insurance that gives your family financial security in the event of your death.
Looking to invest in mutual funds but don’t know where to start? Look no further! In this article, we’ll be discussing the ICICI Pru Cash Advantage Plan 2024, which is a great option for investors who want to diversify their portfolio and invest in a variety of funds. Plus, the plan has a low annual fee, so it’s definitely worth checking out!
ICICI Pru Cash Advantage Plan 2024
Pru ICICI Advantage is regarded as a dependable insurance investment strategy and is a participating Money Back policy. The savings and earning feature of the ICICI Pru Cash Advantage Plan is that it offers an assured amount of payout every month for several years, an assured lump sum payment on maturity, and other bonuses. ICICI Prudential Life Insurance Company Ltd. launched the ICICI Pru Cash Advantage plan.
Looking to take advantage of some great interest rates while you save for the future? The ICICI Pru Cash Advantage plan is perfect for you! This plan offers fixed interest rates on a range of savings products, so you can pick the right one for your needs. Plus, there are no annual fees or charges, so you can keep your money safe and grow your investments at the same time. Ready to take advantage of these great rates? Apply now!
ICICI Pru Cash Advantage Plan Details
| Name Of Article | ICICI Pru Cash Advantage Plan 2024 |
| ICICI Pru Cash Advantage Plan 2024 | Click Here |
| Category | Insurance |
| Official Website | Click Also |
ICICI Prudential Cash Advantage Plan
The traditional participating savings plan ICICI Prudential Cash Advantage Plan offers life insurance coverage in addition to guaranteed monthly income for regular cash needs.
Key Features
- It is a participating plan with a limited option for paying premiums.
- The Guaranteed Cash Benefit is paid every month after the premium payment term has ended.
- The rate of the Guaranteed Cash Benefit varies depending on the policy term, age, and PPT.
- The Interim Bonus, Terminal Bonus, and Vested Reversionary Bonus all increase the benefits that are paid.
Benefits
- Depending on the premium, policy term, age, PPT, and gender, the basic Sum Assured on Maturity is the Guaranteed Maturity Benefit.
- The higher of the Guaranteed Maturity Benefit, reversionary bonuses, and terminal bonus, if any, or 100.1% of all premiums paid less any Guaranteed Cash Benefits already received is paid to the policyholder upon maturity.
- Guaranteed Cash Benefits @ 1% of the Guaranteed Maturity Benefit in a monthly mode or 11.5% in
According to Section 80C and Section 10(10D) of the Income Tax Act, the policyholder’s nominee will receive the greater of the Sum Assured plus bonuses reversionary bonus, interim bonus, - terminal bonus or the Guaranteed Maturity Benefit plus bonuses or 105 percent of all premiums paid up to the policyholder’s death.
Product Specification:
Minimum | Maximum | |
Entry Age (Last Birthday) | 0 years | 60 years |
Maturity Age (Last Birthday) | 18 years | 80 years |
Policy Term (PT) in years | 15, 17 or 20 | |
Premium Paying Term (PPT) in years | 5, 7 or 10 respectively | |
Premium Paying Frequency | Annual, half-yearly, monthly | |
Yearly Premium | 12,000 | No limit |
Sum Assured | 7 or 10 times Annual Premium depending on age | |
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Details About Premium
For a policy with a term of 20 years and a PPT of 10, the annual premium is in rupees.
Age | 35 years | |
Premium | 50,000 | |
Sum Assured | 500,000 | |
Benefits @ 4% | Benefits @ 8% | |
Total Guaranteed Cash Benefit | 317,712 | 317,712 |
Guaranteed Maturity Benefit | 264,760 | 264,760 |
Total Reversionary Bonuses | 0 | 251,970 |
Terminal Bonus | 72,520 | 199,480 |
Total Maturity Benefit | 337,280 | 716,209 |
Policy Details
Grace Period: In the monthly mode, there is a grace period of 15 days, and in other modes, there is a grace period of 30 days. The policy lapses if the policyholder fails to pay within the grace period.
Policy Termination or Surrender Benefit: After paying the premium for two or three years, the policyholder is permitted to surrender it. The Guaranteed Surrender Value or the Non-Guaranteed Surrender Value will have a higher surrender value.
Free Look Period: You can cancel the policy within 15 days of receiving the documents, provided there has not been a claim, if you are dissatisfied with the coverage and terms and conditions.
Additional Features or Riders
- You can use the Guaranteed Cash Benefits on a monthly or yearly basis.
Inclusions
- The plan allows for a loan of up to 80% of the surrender value.
Exclusions
- Only 80% of the premiums paid are returned to the nominee in the event of a suicide that occurs within a year of the policy’s inception. The higher of 80% of premiums paid or acquired Surrender Value is paid in the event of suicide within one year of revival.
Documents Required
The policyholder is required to submit an accurate medical history, proof of address, and other KYC documents on an “Application form/proposal form. “Depending on the amount insured and the person’s age, a medical examination may be required in some instances.
Exclusions of ICICI Pru Cash Advantage
The suicide exclusion in ICICI Pru Cash Advantage states that the policyholder or nominee will receive a death benefit if the life assured commits suicide within one year of the policy’s renewal or within one year of the policy’s expiration. The death benefit in this scenario would be equal to 80 percent of all premiums paid or the applicable surrender value.
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