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ICICI Pru Cash Advantage is a non-linked, participating money back insurance plan that provides you a guaranteed amount every month through the entire payout period of 10 years. This plan also provides guaranteed lump sum at maturity along with life cover for the entire policy term.BUY NOW
In the event of death of the life assured during the term of the policy (fully paid/premium paying policy), the Death Benefit payable is higher of Minimum Death Benefit, Sum Assured plus Bonuses, or Guaranteed Maturity Benefit plus Bonuses.
The minimum death benefit is 105% of the total premiums paid, till the date of death. All policy benefits terminate upon payment of the death benefit.
On survival of the life assured till maturity of the policy (fully paid policy), the Maturity Benefit payable is higher of Guaranteed Maturity Benefit plus vested Reversionary Bonuses plus Terminal Bonus or 100.1% of the total premiums paid.
Guaranteed Cash Benefit
On survival of the life assured till completion of the premium paying term, Guaranteed Cash Benefit as 1% & 11.5% of Guaranteed Maturity Benefit for monthly & Annually cash benefit mode, respectively.
Reversionary Bonuses are declared in every financial year. When declared, it becomes guaranteed benefit and it is payable on maturity or death, whichever is earlier. Contingent Reversionary Bonus is declared in every financial year and it is accrued when a policy is paid-up or fully paid policy is surrendered. Terminal Bonus is also payable on maturity or death.
The maximum loan amount that can be availed under this policy is up to 80% of the acquired Surrender Value.
This policy acquires a Surrender Value after paying at least two full policy years’ premium, under 5 pay/7 pay option and the Surrender Value can be acquired on payment of all the due premium for three full policy years, under 10 pay option. The Surrender Value payable is higher of Guaranteed Surrender Value or Non-Guaranteed Surrender Value.
You can avail tax benefits as applicable under the Income Tax Act, 9161. The tax laws are subject to change.
|Age (as on last birthday)||3 Years (5 Pay), 1 Year (7 Pay), 0 Year (10 Pay)||60 Years|
|Age at Maturity||18 Years||80 Years|
|Policy Tenure||15 Years (5 Pay), 17 Years (7 Pay), 20 Years (10 Pay)||-|
|Premium Paying Term||5/7/10 Pay||-|
|Premium Paying Mode||Annually, Semi Annually & Monthly||-|
|Cash Benefit Mode||Annually & Monthly||-|
|Payout Term||10 Years||-|
|Annual Premium||Rs 30,000 (5 Pay), Rs 18,000 (7 Pay), Rs 12,000 (10 Pay)||No Limit|
|Guaranteed Maturity Benefit||Rs 74,451 (5 Pay), Rs 65,364 (7 Pay), Rs 63,881 (10 Pay)||-|
|Freelook Period||15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy||-|
|Grace Period||30 Days (15 Days For Monthly Mode)||-|
No riders can be opted under this plan.
Raman at 35 years, wants to buy ICICI Pru Cash Advantage to get regular money backs along with life protection. He opts the plan with the policy term of 20 years, premium payment term of 10 years, and annual premium of Rs 1,00,000.
Scenario A: Raman Survives the Policy Term
If Mr. Raman survives till the maturity of the policy term, he receives Guaranteed Maturity Benefit of Rs 5.31 Lacs plus bonuses of Rs 9.31 Lacs. He also receives Guaranteed Cash Benefit of Rs 5,307 per month. This maturity benefit helps meet various financial objectives.
Scenario B: Raman dies during the Term of the Policy
In the event of demise of Mr. Raman during the policy term, Rs 10,00,000 life cover is payable to the nominee.
Please Note: Vested reversionary bonuses and terminal bonus is computed @8% assumed rate of return. For assumed returns @4%, the bonus amount would be Rs 1.60 Lacs.