Insurance Plans 133 views June 18, 2020

ICICI Pru Cash Advantage Plan

ICICI Prudential is one of the best insurance companies in India that has always satisfied its customers with insurance plans. It has hundreds of policies and a high claim settlement ratio that makes many individuals buy its plan. So, you can go through the ICICI Pru Cash Advantage Plan that has a lot of benefits. If you are willing to accumulate some funds for your future then it is the most suitable plan for you. You will also get a live cover in this plan so that in case of an unfortunate demise of the insured the nominee will receive the sum of money. Let’s see the exclusive features of this plan.

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Key Features of Cash Advantage Plan

  1. Receive Payouts from the company immediately after the premium paying term is over.
  2. Get cash benefits throughout the payout term.
  3. Get a maturity benefit after the expiry of the policy term.
  4. You will also get a life cover throughout the policy term.
  5. Flexibility of choosing the premium paying term as per your paying capability.
  6. Get tax exemption as per the Income Tax Act 1961.

Benefits of ICICI Cash Advantage Policy

You can see all the benefits of this policy in detail and figure out how it will help you to save money for your future. You can fulfill your dreams with that sum of money.

Death Benefit

In case of the unfortunate death of the insured, the nominee is entitled to receive the highest of the following amount irrespective of the guaranteed cash benefits paid.

  1. Sum Assured at the time of death plus bonuses.
  2. Guaranteed Maturity Benefits plus bonuses.
  3. Minimum Death Benefit and it will be 105% of the total premiums paid to the company.

Cash Benefit

You are entitled to receive guaranteed cash benefits in the ICICI Pru Cash Advantage Plan. The guaranteed cash benefits will be paid during the payout term either monthly or annually. If you are willing to receive the cash benefit monthly then the value of the benefit will be 1% of the Guaranteed Cash Benefit. If in case you have decided to receive the cash benefit annually then it will be 11.5% of the guaranteed cash benefit.

Maturity Benefit

The maturity benefit is payable after the expiry of the policy term and the successful survival of the insured. The insured is entitled to receive the maturity benefit and it will be the highest of the following.

Guaranteed Maturity Benefit plus Bonuses including terminal bonus.
100.1% of all the premiums paid less guaranteed cash benefit received.

Loan against Policy

If your policy has acquired a surrender value then you can take a loan against it in case of an emergency. Usually, your policy will have a surrender value if you have paid all the premiums due of the policy for two consecutive years. You can take a loan of 80% of the Surrender value and tackle the emergencies. The company will charge the applicable rate of interest on the loan amount.

Premiums Discontinuance

If in case you are unable to pay the amount of premium after paying it for two consecutive years then your policy will not lapse. The company will continue the policy as a paid-up policy and the benefits will be reduced. Your policy must have a surrender value to enjoy this benefit. If you discontinue the payment of premiums before two years then you are not entitled to receive any kind of benefit from the company.

Details of the ICICI Pru Cash Advantage Plan

ParticularsDetails
Minimum Age of Entry3 Years for 5 pay
1 Year for 7 Pay
0 Year for 10 Pay
Maximum Age of Entry60 Years
Premium Paying Term5 Years for the 5 pay option.
7 Years for the 7 pay option.
10 Years for the 10 pay option.
Premium Payment Options 5 Years Pay
7 Years Pay
10 Years Pay
Payout Term10 Years
Policy Term15 Years for the 5 Pay Option.
17 Years for the 7 Pay Option.
20 Years for the 10 Pay Option.
Minimum Annual PremiumRs.30000 for the 5 Pay Option
Rs.18000 for the 7 Pay Option.
Rs.12000 for the 10 Pay Option.
Minimum Age of Maturity18 Years
Maximum Age of Maturity80 Years
Premium Paying FrequencyMonthly, Half-Yearly, and Yearly

Terms and Conditions of the Plan

  1. You will get a free-look period of 15 days if you have purchased the policy, not through distance marketing.
  2. You will get a free-look period of 30 days if you have purchased the policy through distance marketing.
  3. The company gives you a grace period of 15 days if you are unable to pay a monthly premium on the due date.
  4. The company gives you a grace period of 30 days if you are unable to pay a yearly or half-yearly premium on the due date.
  5. You cannot change the amount of the Guaranteed Maturity Benefit during the policy term.
  6. You cannot change the premium paying mode during the policy term.

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