Insurance Plans 278 views April 13, 2020

ICICI Prudential Money back plans are a traditional savings plan which combines both savings and insurance together. Money-back plan ICICI Prudential is an ideal option for those people who are planning to create a corpus to meet the bigger financial goals in the future such as higher education of children, the wedding of children, etc. The money-back plan ICICI Prudential will act as a safety blanket on the finances of an individual which can be of great help to him at the times of financial emergency.

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Benefits of Money back plan ICICI Prudential

Some of the major benefits of the Money back plan ICICI Prudential can be listed below.

  1. Money-back plan ICICI Prudential is available at an affordable premium with various schemes offering good returns.
  2. This money-back plans are a good option for tax saving under the Income Tax Act, 1961.
  3.  Money-back plan ICICI Prudential help in providing security to the family members of a policyholder in case of unprecedented incidents.
  4. Policyholders can obtain additional returns in the form of bonuses.
  5. Out of the various schemes available, a policyholder can choose a plan which suits his requirements.

Types of schemes offered under Money back plan ICICI Prudential

  1. ICICI Pru Cash Advantage
  2. ICICI Pru Savings Suraksha

ICICI Pru Cash Advantage Plan

  1. This plan is ideal for those people who have the aim of supplementing their regular income.
  2. Policyholders are paid a regular amount each month for 10 years and policyholders can choose their premium payment term. The lump-sum which is assured is known as Maturity Benefit.
  3. The tenure for payout begins immediately after premium payment.
  4. Cash benefit which is equivalent to 1% of the maturity benefit is provided throughout the payout period.
  5. The policyholders have the option for premium payment for 5, 7 or 10 years.
  6. In case of policyholder’s sudden demise, a nominee of the policyholder would receive maximum of maturity benefit plus the bonuses or minimum death benefit along with any bonuses.
Entry AgeMaturity AgePremium
Minimum Age:
5 pay premium payment term-3 years
7 pay premium payment term-1 year
10 pay premium payment term-0 years

Maximum Age: 60 years
Minimum Age for maturity is 18 years

Maximum Age for maturity is 80 years
Minimum:

5 pay premium payment term-Rs. 30,000 per year
7 pay premium payment term-Rs. 18,000 per year
10 pay premium payment term-Rs. 12,000 per year

Maximum –No limit

ICICI Pru Savings Suraksha Plan

  1. This plan is meant for those policyholders who want maximum protection at reasonable prices.
  2. The policyholders can select the sum assured, the mode of premium payment and even the policy term.
  3. Maturity benefit is guaranteed which includes revisionary vested bonus and terminal bonus.
  4. Policyholders are eligible for receiving assured additions i.e. 5% of the assured maturity benefit would be accumulated every year during the initial period
  5. In case of policyholder’s sudden demise, the death benefit is paid to the nominee of the policyholder.

Death Benefit=Highest of the minimum death benefit or sum assured or the guaranteed maturity benefit.

Entry AgeMaturity AgePremium
Minimum Age:
5 pay premium payment term-3 years
7 pay premium payment term-1 year
10 pay premium payment term-0 years

Maximum Age: 60 years
Minimum Age for maturity is 18 years

Maximum Age for maturity is 80 years
Minimum:

5 pay premium payment term-Rs. 30,000 per year
7 pay premium payment term-Rs. 18,000 per year
10 pay premium payment term-Rs. 12,000 per year

Maximum –No limit

Conclusion

Hence, money back plans ICICI Prudential ensures that the policyholder’s money grows with time and also includes in it the extra benefit of insurance.  Money-back plan ICICI Prudential assures of obtaining returns on maturity along with bonuses. Policyholders can invest in these plans as they are low-risk investment option and the value of the investment does not reduce with time.

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