ICICI Prudential Money Back Plans

ICICI Prudential Money back plans are a traditional savings plan which combines both savings and insurance together. ICICI Prudential Money back plans 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.

Benefits of ICICI Prudential Money Back Plan

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

1. ICICI Prudential Money back plan 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. ICICI Prudential Money back plan 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  ICICI Prudential Money Back Plan

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.

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.

Conclusion

Hence, ICICI Prudential Money back plan ensures that the policyholder’s money grows with time and also includes in it the extra benefit of insurance. ICICI Prudential Money back plan 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.