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.
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|
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
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|
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.
There are no add-on plans under the ICICI Pru Cash Advantage Plan.
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.
Policy can be cancelled within:
|Guaranteed Cash Benefit||Payable at the beginning of each policy month or during the payout term based on chosen mode|
|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|
Under the Cash Advantage Plan, policyholders can avail tax benefits as per prevailing tax laws.
Other benefits that can be utilised by a policyholder while purchasing the ICICI Pru Cash Advantage Plan are:
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.
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.
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.
A. The minimum annual premium under the Five Pay option is Rs.30, 000 for the ICICI Pru Cash Advantage Plan.
A. No, the GMB for a female life assured is different that the male life assured.
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|
A. You can take up to 80% of the surrender value as loan, under the plan.
A. The plan acquires a surrender value under the following conditions:
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.
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.
A. In case the nominee is a minor, an appointee can receive the money on behalf of the minor.