ICICI Pru CashBak Plan is a participating endowment life insurance plan which offers triple benefits – savings, protection and periodic liquidity. ICICI Pru CashBak Plan is a fixed term policy of 15 or 20 years where you pay premiums throughout the term of the policy. In return, the company pays Survival Benefits to you at regular intervals. In case of death of the policyholder, the company pays Full Sum Assured, along with guaranteed additions and the vested bonuses (irrespective of the survival benefits already paid).
Key Features of ICICI Prudential CashBak Plan
- Survival benefits payable at periodic intervals
- Option to choose policy term of 15 or 20 years
- Additional Riders available to enhance protection
- Death benefits paid with bonuses and guaranteed additions irrespective of the survival benefits already paid
Benefits you get from ICICI Pru CashBak Plan
Death Benefit – In case of death of the Life Insured, the nominee will get the Sum Assured, the guaranteed additions @3.5% compounded annually for the first 4 years and the vested bonuses, irrespective of the survival benefits already paid.
Survival Benefit – Is provided as below:
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Policy Term = 15 years
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Policy Term = 20 years
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At the End Of the Year
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Survival Payment as a % of basic Sum Assured
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At the End Of the Year
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Survival Payment as a % of basic Sum Assured
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3
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10%
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4
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10%
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6
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15%
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8
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15%
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9
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20%
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12
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20%
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12
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25%
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16
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25%
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15 (Maturity)
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50% guaranteed additions,
plus vested bonuses
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20 (Maturity)
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50% guaranteed additions,
plus vested bonuses
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Income Tax Benefit – Premiums paid are eligible for tax benefit under section 80C, premium paid for Critical Illness Rider is eligible for tax benefit under section 80D. Any amount received under the policy is eligible for tax benefit under section 10(10D).
Eligibility conditions and other restrictions in ICICI Pru CashBak Plan
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Minimum
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Maximum
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Premium (in Rs.)
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6,000 per year
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No limit
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Sum Assured (in Rs.)
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75,000
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No limit
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Policy Term (in years)
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15
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20
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Premium Payment Term (in years)
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Equal to policy term
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Entry Age of Policyholder (in years)
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16
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55
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Age at Maturity (in years)
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31
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70
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Payment modes
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Yearly, Half Yearly, Monthly
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Sample illustration of premium of ICICI Pru CashBak Plan
Age at Entry = 30 years
Policy Term = 15 years
Sum Assured = Rs.1,00,000
Premium = Rs. 9,263 per year
Guaranteed Benefits:
At the end of 3 years = Rs. 10,000
At the end of 6 years = Rs. 15,000
At the end of 9 years = Rs. 20,000
At the end of 12 years = Rs. 25,000
The below illustration is based on assumed rates of return based on the future performance of the company:
Additional Features and Benefits of ICICI Pru CashBak Plan
Riders – There are 3 additional riders available in this policy
- Accident and Disability Benefit Rider
- Accident Benefit Rider
- Critical Illness Benefit Rider
You stop paying the premium – The policy acquires a paid-up value after you have paid premiums for 3 years. If you decide to cancel the policy after 3 years’ premiums are paid, then a guaranteed surrender value is payable to you. Guaranteed surrender value is equal to 35% of all premiums paid less first year premium, extra premiums, premium paid for riders and survival benefits paid.
You want a loan against your policy – No loan is available under ICICI Pru CashBak Policy
Alternate Plan from different insurance company
IDBI Federal Lifesurance Savings Insurance Plan
