ICICI Prudential Cash Advantage Plan is a traditional participating savings plan which provides guaranteed monthly incomes for regular cash requirements and also provides life insurance coverage
On maturity, higher of the Guaranteed Maturity Benefit +reversionary bonuses + terminal bonus, if any or 100.1% of all premiums paid less Guaranteed Cash Benefits already received is paid to the policyholder
Guaranteed Cash Benefits @ 1% of the Guaranteed Maturity Benefit in case of monthly mode or 11.5% in case of annual mode is paid from the end of PPT till end of term or death whichever is earlier
Guaranteed Maturity Benefit is the basic Sum Assured on Maturity depending on the premium, policy term, age, PPT and gender.
On death of the policyholder, higher of the Sum Assured plus bonuses (reversionary bonus, interim bonus and Terminal Bonus) or Guaranteed Maturity Benefit plus bonuses or 105% of all premiums paid till death is payable to the nominee
Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Additional Features or Riders
The Guaranteed Cash Benefits can be availed monthly or annually
A loan of a maximum of 80% of the Surrender Value is available under the plan
In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid