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  • ICICI Pru Cash Advantage Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    ICICI Pru Cash Advantage is a unique plan that allows you to save as well as offers protection. Under this policy, you get a guaranteed amount every month for a period of 10 years and life cover that protects your family in your absence. The plan also entitles the policyholder to a guaranteed lump sum at maturity, along with bonuses, if any.

    Eligibility - Who is the ICICI Pru Cash Advantage Plan for?

    Given below are certain eligibility criteria that need to be met when applying for the plan:

    Minimum age at entry Five Pay – 3 years Seven Pay – 1 years Ten Pay – 0
    Maximum age at entry 60 years
    Minimum age at maturity 18 years
    Maximum age at maturity 80 years
    Premium Payment Term Five years, Seven years, Ten years
    Type of plan Non-linked Life Insurance Plan

    Sum Assured and Premium Range - What you Get and What it Costs?

    The table given below the Sum Assured, premium range, the frequency of payment, and the payment mode under the ICICI Pru Cash Advantage Plan.

    Premium Policy Term Five Pay – 15 years Seven Pay – 17 years Ten Pay – 20 years
    Minimum Annual Premium Five Pay – Rs.30,000 Seven Pay – Rs.18,000 Ten Pay – Rs.12,000
    Maximum Annual Premium Unlimited
    Payout Term 10 years
    Sum Assured Entry Age Sum Assured Multiple
    Below 45 years 10
    45 to 54 years 7 or 10
    Above 54 years 7
    Premium Payment Modes Annual, Half-yearly, Monthly
    Cash Benefit Mode Annual or Monthly

    *Premiums vary based on age, location, plan term and other factors

    Plan Coverage - What the ICICI Pru Cash Advantage Plan Covers?

    The ICICI Pru Cash Advantage Plan offers the following benefits:

    Death Benefit On death of the life assured, higher of Sum Assured with Bonuses or GMB (Guaranteed Maturity Benefit) with Bonuses or Minimum Death Benefit
    Maturity Benefit Payable on survival of the Life Assured, higher of GMB with Bonuses or 100.1% of total premiums paid
    Cash Benefit Payable as GCB (Guaranteed Cash Benefit) in advance, as a percentage of the GMB
    Loan Benefit Up to 80% of the surrender value can be availed
    Tax Benefit Can be availed as per prevailing Income Tax laws

    Benefits in Detail:

    Death Benefit: On death of the Life Assured under the ICICI Pru Cash Advantage Plan, Death Benefit is payable to the nominee, irrespective of the Guaranteed Cash Benefits. It is paid either as Sum Assured plus bonuses, or GMB plus bonuses, or Minimum Death Benefit, whichever is higher. Minimum Death Benefit is equivalent to 105% of total premiums paid.

    Maturity Benefit: On maturity of policy, ICICI grants the policyholder the Maturity Benefit, provided all premiums are paid on time. It is either Guaranteed Maturity Benefit plus terminal bonus or vested reversionary bonuses, if any, or 100.1% of total premiums paid less GCBs, whichever is higher.

    Loan Benefit: ICICI allows you to avail loans under this policy once it acquires a surrender value. You can take up to 80% of the surrender value as loans. In case, the policyholder availing a loan fails ro repay it by the specified date, the policy is foreclosed.

    Add-On Plans – Additional Coverage under the ICICI Pru Cash Advantage Plan:

    There are no add-on plans under the ICICI Pru Cash Advantage Plan.

    Exclusions - What the ICICI Pru Cash Advantage Plan doesn’t Cover:

    Suicide Exclusion: Under this plan, if the policyholder commits suicide within one year from the start of the policy, whether sane or insane, 80% of the premiums paid will be paid. In case of policy revival, the maximum of either 80% of premiums paid until death or applicable surrender value is paid.

    Other Key Features:

    Some of the other key features of the ICICI Pru Cash Advantage Plan are:

    Particulars Details
    Free-look Period Policy can be cancelled within:
    • 15 days from the receipt of the policy document, if it is not purchased through Distance marketing
    • 30 days from the receipt of the policy document, if it is purchased through Distance marketing
    Grace Period
    • 15 days – monthly premium payment mode
    • 30 days – other modes
    Guaranteed Cash Benefit Payable at the beginning of each policy month or during the payout term based on chosen mode
    Additional Bonuses
    • Reversionary bonuses are declared at the end of every financial year, which gets accumulated only if premiums are paid on time. It is paid on maturity of policy or death
    • Contingent reversionary bonus is also declared at the end of financial year, and is paid only if policy is paid-up, fully paid for, earlier death, or surrendered
    • Terminal bonus is also paid at maturity or earlier death
    Policy Revival Policy can be revived within two years from the due date of the first unpaid premium
    Premium Discontinuance If policy is discontinued before the policy reaches a surrender value, no benefits is payable

    Tax Benefits – How you can save with the ICICI Pru Cash Advantage Plan?

    Under the Cash Advantage Plan, policyholders can avail tax benefits as per prevailing tax laws.

    Other Benefits:

    Other benefits that can be utilised by a policyholder while purchasing the ICICI Pru Cash Advantage Plan are:

    • A financial advisor provided by ICICI
    • Online brochure of ICICI Pru Cash Advantage Plan
    • A call back from the company
    • Online purchase option of the policy
    • Finding the nearest ICICI Prudential branch

    Why you should Buy the ICICI Pru Cash Advantage Plan from ICICI Prudential?

    The ICICI Pru Cash Advantage Plan provides its policyholders liquidity as the payout term commences immediately after premium payment term. The plan offers life cover for the entire policy term. Along with GCB of up to 1% of GMB every month, you can also avail tax benefits from the plan. ICICI Prudential Life Insurance believes in customer satisfaction before anything else. The company focuses on implementing cost-effective products, offering high quality of services, deliver consistent fund performance and a hassle-free experience.

    Frequently Asked Questions (FAQs):

    1. How is the Minimum Death Benefit calculated under the ICICI Pru Cash Advantage Plan?

      A. Minimum Death Benefit is equal to 105% of total premiums paid till date. It does not include extra mortality premiums, service tax and cess, if any.

    2. What it the minimum eligible age to take up the ICICI Pru Cash Advantage Plan?

      A. The minimum eligible age for the plan is 3 years for the Five Pay option, 1 years for the Seven Pay option, and 0 for Ten Pay option.

    3. What is the minimum annual premium under the Five Pay option of the Cash Advantage Plan of ICICI Pru?

      A. The minimum annual premium under the Five Pay option is Rs.30, 000 for the ICICI Pru Cash Advantage Plan.

    4. Is the GMB (Guaranteed Maturity Benefit) for a female life assured same as the male life assured in the ICICI Pru Advantage Plan?

      A. No, the GMB for a female life assured is different that the male life assured.

    5. How is the GCB (Guaranteed Cash Benefit) calculated under this plan?

      A. The GCB is calculated based on the cash benefit mode chosen, as given in the table below:

      Cash Benefit Mode Guaranteed Cash Benefit
      Monthly 1% of GMB
      Annual 11.5% of GMB
    6. What is the maximum quantum of loan that I can avail under this plan?

      A. You can take up to 80% of the surrender value as loan, under the plan.

    7. When does the Cash Advantage Plan from ICICI Pru acquire a surrender value?

      A. The plan acquires a surrender value under the following conditions:

      • When a minimum of two years of premium is paid under the Five Pay or Seven Pay option
      • When a minimum of three years of premium is paid under the Ten Pay option
    8. Can I revive my policy once it is discontinued?

      A. Yes, your policy can be revived even after discontinued payment of premiums, provided the revival application is made within two years from the due date of the first unpaid premium.

    9. Can I change the premium payment option and GMB later during the policy term?

      A. Under the ICICI Pru Cash Advantage Plan, you cannot change the premium payment option and GMB once you have chosen at the start of the policy.

    10. Who receives the money after the policy matures in case the nominee of the policy is a minor?

      A. In case the nominee is a minor, an appointee can receive the money on behalf of the minor.