ICICI Prudential Life Insurance benefits are innumerable.
ICICI Prudential Life Insurance General Benefits
Life insurance is a necessity in this time of uncertainty. Life insurance is crucial as it protects families and helps them with their financial needs. Below are some of the ICICI Prudential Life Insurance benefits.
- Financial Security: Buying life insurance brings peace of mind as life insurance fulfils the financial need in case of the unfortunate event of the policyholder's demise. Getting life insurance means providing a safe future to loved ones.
- Wealth Creation: All policies provide financial security and offer the opportunity for wealth creation. Apart from providing the life cover, these policies also invest the premium of assurer in different investment classes to deliver super risk adjustment returns that beat inflation and grow the money.
- Tax saving: Life insurance not only provides financial security but also helps to save the tax. The premium paid for the policy offers tax deduction under section 80 C of the income tax act. Insurance plans may become completely tax-free on maturity under section 10 (10D) of the income tax act.
- Buy Early - Save More: When a policyholder is young, buying a life insurance policy can get the policy at a lower premium if buying the same policy when older policyholders have to pay the higher premiums.
ICICI Prudential Term Insurance Benefits
Term insurance helps secure the financial security of a family. Below are some of the ICICI Prudential Life Insurance benefits for term insurance.
- Affordable Premium: Life insurance is necessary for everyone's life. Hence it is crucial to buy term insurance for family Policyholders can get term insurance plans just by buying policies at affordable rates. Premium payments can be made monthly, half-yearly, or annually as per convenience.
- Complete-life cover: Term insurance plans offer complete life cover. Whole life insurance is permanent life insurance. Life insurance policies cover until the policyholder turns 99 years old.
- Payout of Sum Insured: In case of the insured person's unfortunate demise, the family will receive the sum insured in a payout. It depends on the policyholder if they want payout monthly, half-yearly, annually, or lump sum.
- Critical Illness Cover: When critical illness cover is included in the term insurance plan, the policyholder will get the lump sum in case of any critical illness diagnosis.
- Terminal Illness Cover: When a person is diagnosed with a terminal illness, the complete finances are disturbed. To help the policyholder insurance policy provides terminal illness cover in case of lump-sum payout.
ICICI ULIP Plan Benefit
A unit-linked insurance plan is an insurance plan offered by insurance companies. ULIP is an insurance and investment benefit in a single plan. Below are the ULIP plan benefits.
- Regular Saving: ULIP is a life insurance plan where policyholders have to pay regular premiums. The regular premium payments inculcate the habit of saving, which will be helpful for long-term financial planning. Regular premium payments can help create wealth for the family of policyholders.
- Protection: ULIP provides the benefit of life cover, keeping the family secured in case of the policyholder's demise.
- Flexibility: With ULIP, there is an option to move money between equity or debt funds. Also, policyholders will have the option to invest the future premium in the choice of their funds. ULIP also gives the option to withdraw part of the money in case of need. Not only can policyholders withdraw, but they can also top up by investing additional money to existing growth.
- Rewards for Investment: When policyholders invest in ULIP, the insurer adds bonuses in different forms like loyalty additions, wealth boosters, etc.
ICICI Endowment Plan Benefit
An endowment plan is like an all-rounder insurance policy; this plan provides financial cover and helps save and grow wealth. Below are some of the benefits of the endowment plan.
- Maturity Benefit: If policyholders pay the timely premiums, this will keep the endowment plan active, giving a lot of benefit on maturity. This will help people fulfil their financial plans.
- Life insurance benefit: Endowment plan gives the life insurance benefit under which the policyholder's family will get the payout in a lump sum; this will always ensure that family members are financially secured.
- Loan Benefit: This policy can help policyholders to get loans quickly. The interest charged on loans will also be optimum.
ICICI Saving Plan Benefit
Saving plans help policyholders get disciplined about the savings that will help them to achieve their financial goals. Below are some of the benefits of a savings plan.
- Financial protection: A saving plan provides financial protection to policyholders. Even if there is some mishap or untimely demise of a policyholder, the family is financially secured.
- Retirement Saving: Savings plan is a perfect solution to save for retirement. Just by paying the regular premiums, policyholders can be financially independent even after retirement.
ICICI Children Plan Benefit
A children's insurance plan is perfect for protecting the child's future in case of any circumstance. Below are the benefits of a children's plan.
- Waiver of Premium: In case of demise of the policyholder, a child will not be burdened with premium; instead, the company will pay the premium hence keeping the plan active.
- Partial Withdraws: Policyholders can withdraw their premium partially in time of need but only for a child's education.
- Lump-sum benefit: In case of the demise of the policyholder, a child will get the insured amount as a lump sum.
A1. A whole life insurance plan is an insurance cover that covers till the age of 99. This is perfect for someone who wants to start an insurance plan early in life.
A2. It is suggested that it's better to buy an insurance policy as early as possible. Anyone who is in their 20's should start the insurance for maximum benefit.
A3. ULIP is not entirely tax-free, although there is a tax deduction of up to Rs. 1.5 Lakh under section 80 C on the premium amount, although the maturity amount is completely tax-free.