ICICI Prudential Life Insurance Income Replacement in Goa

It is the perfect financial protection for the families in Goa. Learn about the benefits of the ICICI Prudential Life Insurance Income Replacement Plan.

What is the ICICI Prudential Life Insurance Income Replacement Plan?

The ICICI Prudential Life Insurance Income Replacement Plan is a term policy that can be tailored to your requirements. The death benefit under this policy ensures that your family receives fixed payments after your untimely demise. Unlike other traditional term policies where your family gets a lump sum amount, the payments under this policy are received monthly, providing financial stability to your family in your absence.

Suppose you earn ₹45,000 each month. Then the benefit of this income replacement plan is that your family will receive ₹45,000 or an equivalent amount every month.

Why is the ICICI Prudential Life Insurance Income Replacement Plan Important for Families in Goa?

On average, a family in Goa has a monthly income of ₹41,054. The loss of this income due to the demise of the earning member can affect the family's financial stability. Managing everyday expenses can also become a challenge. An income replacement plan helps maintain a steady flow of income even when you are not around. Your family will continue to live comfortably without financial problems. It will become easier for them to pay for rent, food, and other bills.

The ICICI Prudential Life Insurance Income Replacement plan secures your family’s finances. Compared to traditional term policies, income replacement policies are a better choice for people in Goa.

What are the Key Features of ICICI Prudential Life Insurance Income Replacement Plan in Goa?

• Pocket-friendly premiums: In comparison to other policies, this term or life insurance policy provides high coverage with premiums that are easy on your pocket. With a ₹485 monthly premium, you can get a coverage of ₹1 crore.

• Fixed Income Amount: You and your family can choose the fixed monthly income they receive.

• Fixed Payments: You can decide the period for which your family will continue to receive the monthly income.

• Flexible Policy Term: You can select the number of years for the policy to remain active. Depending on your requirements, the term can be 10 to 30 years.

• Tax Benefits: The ICICI Prudential Life Insurance Income Replacement Plan also offers term insurance tax benefits. Under section 80C of the Income Tax Act, you can claim deductions for the premium.

How Does the ICICI Prudential Life Insurance Income Replacement Plan in Goa Work?

• Select Your Coverage and Monthly Income: You can choose the coverage amount and the respective monthly income amount that your family shall receive.

• Pay the Premium: Timely premium payments are necessary to keep the policy active and to avoid lapse. 

• Death Benefit: Under the death benefit, your family will receive a fixed monthly payment for a predetermined time only in the case of unexpected demise.

• End of Policy Term: No compensation is made if the claim is not made during the policy period. 

What are the Benefits of Choosing an ICICI Prudential Life Insurance Income Replacement Plan in Goa?

• Long-term Financial Stability: Monthly payments can provide your family with financial stability, as they are fixed and consistent. They can help provide financial security for an extended period.

• Cost-effective Premiums: The premium is very affordable and offers ample coverage to the people in Goa.

• Securing Your Family’s Finances: Fixed and regular payments help your family maintain a proper standard of living. Your family’s finances will not be affected, making them secure for a long time.

• Peace of Mind: Knowing your family’s future finances are secured even in your absence gives you peace of mind. 

• Tax Savings: In addition to providing financial security for your family, you can receive tax benefits by claiming the premiums as tax deductions.

How to Buy the ICICI Prudential Life Insurance Income Replacement in Goa?

• Go to Policybazar.com and select the term insurance section.

• Enter your name, gender and contact number.

• Complete the profiling by selecting smoking habits, education level, occupation, and yearly income. 

• Select the best income replacement plan that fits your needs. 

• Finish the payment process.

You can also manage your account using the ICICI Prudential Life Insurance login portal. For further assistance, you can contact ICICI Prudential Life Insurance customer care.

Final Thoughts

To ensure your family’s financial well-being in your absence, the ICICI Prudential Life Insurance Income Replacement Plan greatly benefits people in Goa. With high coverage at a low premium, your family will receive fixed monthly payments. Moreover, you also get tax benefits as an added benefit. You can rest assured knowing your family’s future is safe and secure.