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ICICI Pru Cashbak

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This plan has been withdrawn by the insurance company and is no longer available for sale.

ICICI Pru CashBak Plan

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

COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS

 

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:

 

Policy Term = 15 years

Policy Term = 20 years

At the End Of the Year

Survival Payment as a % of basic Sum Assured

At the End Of the Year

Survival Payment as a % of basic Sum Assured

3

10%

4

10%

6

15%

8

15%

9

20%

12

20%

12

25%

16

25%

15 (Maturity)

50% guaranteed additions,
plus vested bonuses

20 (Maturity)

50% guaranteed additions,
plus vested bonuses

 

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

 

Minimum

Maximum

Premium (in Rs.)

6,000 per year

No limit

Sum Assured (in Rs.)

75,000

No limit

Policy Term (in years)

15

20

Premium Payment Term (in years)

Equal to policy term

Entry Age of Policyholder (in years)

16

55

Age at Maturity (in years)

31

70

Payment modes

Yearly, Half Yearly, Monthly

 

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:

ICICI Pru CashBak

 

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

 

What happens if?

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




 

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