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ICICI Prudential Cash Advantage

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

 

 

PRODUCT FEATURES:

 

 This is a regular premium paying traditional participating life insurance policy from ICICI Prudential Life Insurance. After the premium paying term ends, the pay out term begins, which is fixed at 10 years.


ENTRY AGE & PREMIUM PAYMENT TERM:

 

The minimum age at entry is 60 years, however, the minimum age at maturity should be 18 years, while the maximum age at maturity can be 80 years. You can choose a premium paying term of five, seven or 10 years. The minimal annual premium is Rs 30,000 for the premium payment option of five years, Rs 18,000 for seven years and Rs 12,000 if your premium payment option is 10 years. The cash benefit mode can be annual or monthly.


LIFE COVER:

 

 If the age at entry is less than 45 years, the life cover will be 10 times the annual premium.


Those between 45 and 54 years, the sum assured will be seven or 10 time the annual premium. For those less than 54 years, the life cover will be seven times the annual premium.

 

DEATH, CASH & SUR VIVAL BENEFITS:

On death of the life assured during the policy term, the insurer will pay a max bonuses minimum of sum assured plus or guaranteed maturity benefit plus bonuses, or the minimum death benefit, which ever is higher. The minimum death benefit is equal to 105 per cent of sum of premiums paid till date. The guaranteed cash benefit is 1 per cent of the guaranteed maturity benefit on a monthly basis, or 11.5 per cent of the guaranteed maturity benefit annually. On survival of the life assured till the end of the policy term, the guaranteed maturity benefit is payable along with bonuses, or 100.1 per cent of the total premiums paid.

The negative point of this policy is that it does not pay you anything during your premium payment term. Also the returns in this plan do not exceed 5.42 per cent. As per the benefit illustration provided, for a 35-year-old person with a premium payment term of 10 years and policy term of 20 years, the annual premium would be Rs 50,000. Therefore, the total amount paid by him to the insurance company in 10 years is Rs 5 lakh. However, the insurer will pay guaranteed cash benefit of 1 per cent of 3.17 lakh, which is Rs 31,771 in a year and not on his payment of Rs 5 lakh. You should instead buy a term insurance plan with a cover of 10-15 times your annual income and invest the remaining surplus in a public provident fund (PPF). PPF this year is offering 8.7 per cent return. Even if the returns in a PPF for the coming years falls, they would never go as low as 4 per cent as offered in this plan.

Happy Investing!!

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You can write back to us at PrajnaCapital [at] Gmail [dot] Com

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