ICICI Prudential Life Insurance : CashBak
CashBak is a fixed-term insurance plan that provides you with funds at regular intervals. The plan also keeps your family financially secure should an untoward event ever occur.
Minimum/Maximum Entry Age-16 years and 55 years
Minimum Sum Assured-Rs. 75000
Liquidity years for CashBak 15 years -3 rd , 6 th , 9 th and 12 th year
Liquidity years for CashBak 20 years- 4 th,8 th, 12 th and 16 th year
Maturity Benefit -50% of Sum Assured + Guaranteed Additions
Advantages of CashBak Plan
CashBak is a fixed-term insurance plan that you can invest in for either 15 or 20 years, depending on your financial goals and objectives. Take a look at the features and benefits of this plan:
Guaranteed additions:
Receive additional sums at the rate of 3.5% compounded annually on the Sum Assured, for the first four years.
Liquidity benefit:
Receive a percentage of the basic Sum Assured at the end of year 3, 6, 9 and 12, if you choose a 15-year plan. If you choose a 20-year plan, receive payouts at the end of year 4, 8, 12 and 16.
Death benefit:
Should something happen to you, your nominee will receive the Sum Assured along with guaranteed additions for the first 4 years, along with vested bonuses, irrespective of the survival benefits already paid.
Maturity benefit:
Receive 50% of the Sum Assured along with guaranteed additions, for the first 4 years, and vested bonuses (if any).
Tax benefits:
Enjoy tax savings on your premiums (under u/s 80 C) and tax exemptions on your death and maturity benefits [under u/s 10 (10 D)].
Sources : http://www.iciciprulife.com/