In today’s date and time when most people are focused on earning money rather than saving money for a rainy day, the thought of insurance open does not get past the tax benefits. Going for a term insurance plan however has got some very real monetary benefits for your loved ones especially when they are faced with the circumstance when you are not there. In the most basic sense, the term insurance plan delivers exactly what insurance is supposed to, which is to make up for a financial loss and bring the beneficiary’s finances to their earlier state. Let us find out more about this wonderful insurance product and evaluate its importance for modern professionals and business owners.
ICICI Prudential Life Insurance Company is one of the leading providers in the insurance industry. This private life insurance company, which is owned by ICICI Bank Limited and Prudential Corporation Holdings Limited, offers some of the most successful term insurance plans. Let us discuss some of the ICICI term insurance plans.
ICICI Pru iProtect Smart Plan
It is one of the best ICICI term insurance plans offered by the company. With this plan, you can get several types of coverage options and it also secures you against life and health-related issues. The minimum entry age for this plan is 18 years, while the maximum entry age is 65 years. The minimum premium to be paid for this plan is Rs. 2400 per year, and there is no limit for the maximum premium. The sum assured depends solely on the premium. The sum assured can also later be increased on marriage or even childbirth. Under this plan, you can get four coverage benefit options such as Life, Life & Health, Life Plus, and All-in-One.
ICICI Pru iCare II Plan
This ICICI prudential term plan enables you to get coverage against accidental deaths as well. The minimum entry age for this plan is 18 years, while the maximum entry age is 65 years. You can even pay a single premium under this ICICI term insurance policy. The minimum premium that you have to pay for this plan is Rs. 2400 per year and there is no maximum limit to the premium. The sum assured is Rs. 86,548 onwards.
ICICI Pru Precious Life Plan
This ICICI prudential term insurance is unique as it offers coverage even to people who have illnesses such as hypertension, diabetes, etc. In fact, people who have recovered from cancer can also purchase the plan. This ICICI term plan offers two coverage benefits such as Life and Life Plus. In the Life Plus coverage option, the accidental death benefit rider is inbuilt. It provides an added benefit in case an accidental death happens. The beneficiary can claim the death benefit in a lump sum, or installments, or a combination of both. You can pay the premiums at once for a certain period or even for the entire tenure of the policy. The minimum premium to be paid for this plan is Rs. 2400 per year, and there is no maximum limit. The minimum sum assured is Rs 2 lac and there is no upper limit for the maximum sum assured.
Apart from these three, there are many other ICICI pru term plans that you can take a look at. More or less all the plans offer similar benefits; however, some of the features of the plans make them different from each other. You need to make sure that before you purchase an ICICI term policy suitable for your financial needs, you go through all the terms and conditions of the policy, and then make a decision. To compare all the plans, you can even visit the IIFL website today.