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ICICI Pru Cash Advantage

You have always worked hard to fulfil your family's needs - your children's education, your parents' medical expenses or that dream family vacation. To be able to meet these responsibilities, you need a comprehensive financial solution which provides regular cash flow to meet your recurring expenses while building a corpus for your long term financial goals.
ICICI Prudential introduces ICICI Pru Cash Advantage, a unique savings and protection oriented plan which offers you a guaranteed amount for 10 years, a guaranteed lump sum at maturity, along with bonuses and life cover that provides financial security to your family in case of your death.
Why choose ICICI Pru Cash Advantage?
We have 4 good reasons:
  • Liquidity
    • Payout term commences immediately after premium payment term (PPT)
  • Guarantees
    • Guaranteed Cash Benefit (GCB) equal to 1% of GMB every month# throughout the payout term of 10 years
    • Guaranteed Maturity Benefit (GMB) at the end of the policy term
  • Protection
    • Life cover for the entire policy term
  • Limited premium payment term
    • Choice of paying premiums for - 5, 7 or 10 years
Tax benefits apply to premiums paid and benefits received as per the prevailing tax laws
# Guaranteed Cash Benefit is payable at the beginning of each policy month during the payout term in case the cash benefit mode is monthly and at the beginning of each policy year during the payout term in case the cash benefit mode is annual.

KEY BENEFITS

Death Benefit
Death Benefit = Maximum of (A, B, C)
Where,
A = Sum Assured plus Bonuses*
B = GMB plus Bonuses*
C = Minimum Death Benefit
*Bonuses consist of vested reversionary bonuses, interim bonus and terminal bonus, if any.
Cash Benefit
Throughout the payout term, Guaranteed Cash Benefit (GCB) is payable in advance#, provided the life assured is alive and the policy is fully paid. GCB can be received in monthly or annual installments. GCB is a percentage of the Guaranteed Maturity Benefit (GMB) and depends on cash benefit mode as per the table below.
Cash Benefit Mode
Guaranteed Cash Benefit
Monthly
1% of GMB
Annual
11.5 of GMB
Maturity Benefit
Maturity Benefit = Maximum of (A, B)
Where,
A = Guaranteed Maturity Benefit plus vested reversionary bonuses, if any plus terminal bonus, if any
B = 100.1% of total premiums paid (excluding any extra mortality premium, service tax) less GCBs received
# Guaranteed Cash Benefit is payable at the beginning of each policy month during the payout term in case the cash benefit mode is monthly and at the beginning of each policy year during the payout term in case the cash benefit mode is annual.

HOW IT WORKS

  • At policy inception, you choose your premium, premium payment option, premium payment mode, Sum Assured and cash benefit mode.
  • Your GCB and GMB are calculated using the above mentioned parameters along with your age and gender.
  • GCB is payable in advance during the payout term#. Payout term begins as soon as the premium payment term is over and terminates at the end of the policy term.
  • In the unfortunate event of death of the life assured during the policy term, death benefit is payable to the nominee.
  • On survival of the life assured till the end of the policy term, Guaranteed Maturity Benefit (GMB) is payable along with vested reversionary bonuses (RB) plus terminal bonus, if any.
# Guaranteed Cash Benefit is payable at the beginning of each policy month during the payout term in case the cash benefit mode is monthly and at the beginning of each policy year during the payout term in case the cash benefit mode is annual.

AT A GLANCE

Details
Five Pay
 
Seven Pay
 
Ten Pay
Premium Paying Term (PPT)
5 Years
Payout Term
10 Years
Policy Term (PPT +Payout Term)
15 Years
Minimum Annual Premium / Maximum Annual Premium
Rs 30,000 / Unlimited
Minimum / Max Age at Entry
3 Years / 60 Years
Minimum / Max Age at Maturity
18 Years / 80 Years
GMB* for: minimum entry age, minimum annual premium, annual premium payment mode
Rs 74,451
Premium Payment Mode
Annual, Half Yearly, Montly
Cash Benefit Mode
Annual / Monthly
Sum Assured on death
Age at entry
Sum Assured multiple
<45
10
45 to 54
7 or 10
>54
7
* These GMBs are for a male life assured and will be different for female lives
UIN of the ICICI PRU Cash Advantage: 105N132V01

SPECIMEN POLICY DOCUMENTS

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