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ICICI Prudential Life Launches `Cash Advantage’ Plan

Private sector life insurer ICICI Prudential Life Insurance Co launched a new traditional product; ICICI Pru Cash Advantage; which is a normal premium paying traditional plan. This plan helps clients for their long-standing financial objectives to make sure a regular cash stream for meeting regular expenditures.

The ICICI Pru Cash Advantage product is created with this fact that long-lasting financial objectives of clients also include their regular expenditures. Like we can say; if anyone is planning for his/her child’s education, as the maturity advantage will ensure for the expenditures of admission that is considerable, then the cash benefit will also ensure the other expenditures like books etc.

Premium Payment Option: The plan proposes consumers the flexibility to pick a premium paying term of 5, 7 or 10 years that would be comfortable to their profile.

Look at the table;

Premium payment option

Terms

5 Years

7 Years

10 Years

Premium paying term (PPT)

5 years

7 years

10 years

Payout term

10 years

10 years

10 years

Policy term (PPT+ Payout term)

15 years

17 years

20 years

Minimum annual premium

Rs.30,000

Rs.18,000

Rs.12,000

Minimum age at entry

3 years

1 years

0

GMB* for: minimum entry age, minimum

Rs.74,451

Rs.65,364

Rs.63,881

Maximum age at entry

60 years

60 years

60 years

Maximum annual premium

Unlimited

Unlimited

Unlimited

 

Sum Assured on Death:

Entry Age

Multiple of Sum Assured

45

10

45 to 54

7 or 10

>54

7

 

Min / Max age at maturity : 18 / 80

Premium payment mode : Annual / Half-yearly / Monthly

Cash benefit mode : Annual / Monthly

 

Benefits:

This plan is like a complete solution for your requirements. The main benefits of this plan are as follows:

1) Death Benefit: Lets understand this as below;

                Death benefits = 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.

 2) Cash Benefit:  During the payment term, Guaranteed Cash Benefit (GCB) is payable in advance, offered the life security is alive and the policy is completely compensated. GCB can be got in monthly or annual payments. GCB is a percentage of the Guaranteed Maturity Benefit (GMB) and build upon cash profit mode. Have a look on the table below;

 

Cash Benefit Mode

Guaranteed Cash Benefit

Monthly

1% of GMB

Annual

11.5% of GMB

 

3) Maturity Benefit: To understand this, let’s see the below example;

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 and cesses) less GCBs received

 

How It Works?

  • At policy beginning, you should pick your premium, premium payment choice, premium payment method, assured amount and cash advantage method.
  • Your GCB and GMB are considered using the above written limitations beside your age and gender.
  • You can pay GCB in advance throughout the payment period. Payment period starts when premium payment period is ended and stopped at the ending of the policy term.
  • If the insurer got death during the policy term then the death benefits will be payable to the nominee.
  • During the endurance of the insurer till the closing date of the policy period, Guaranteed Maturity Benefit (GMB) to be paid in company with vested reversionary bonuses (RB) plus terminal bonus, if any.

 

Puneet Nanda, Executive Director, ICICI Prudential Life Insurance said, “ICICI Pru Cash Advantage is specifically designed to enable customers to achieve their long term goals while simultaneously enabling them to meet their short-term expenses.

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