How ICICI Prudential Life Insurance Plans Help In Securing A Family's Financial Stability?

Purchasing life insurance is critical if you want to protect your loved ones' financial futures and save for your long-term goals. Furthermore, science has proven that women live longer than men. This means you'll have to be financially prepared for a longer period of time.
A majority of Indians save for their children's education. In India, parents spend over a lakh on their children's education on average. As a result, one of the top priorities for a parent is to save for their child's education.

You can meet this financial need with child insurance plans. These policies, which are frequently in the form of a Unit Linked Insurance Plan, aid in the growth of your investments and the protection of your children's educational milestones.

How ICICI Prudential Life Insurance Plans Help In Securing A Family's Financial Stability?

ICICI Prudential Life Insurance helps in securing the financial well-being in the following manner - 

1. Retirement Planning

Retirement is supposed to be a wonderful time when you are no longer under the pressures of work and life is at its most tranquil. If you have a pension/monthly income, it can be all of these things and much more. Because the majority of us work for private businesses, we do not receive a pension. This is why, rather than being a phase that people look forward to, retirement becomes a source of concern. Fortunately, life insurance offers retirement plans that allow you to earn a pension, maintain your dignity, and live your life on your own terms.

Retirement plans provide you and your spouse with the benefit of receiving a steady pension for the rest of your lives. With a retirement plan, you can build a large enough retirement corpus if you start saving for retirement at a young age. Consider your post-retirement financial needs to build a retirement fund that will meet your long-term needs. You can build a good retirement corpus by investing in a retirement plan, which can then be used to purchase a life-long fixed pension plan and thus protect yourself from inflation.

2. Tax Benefits 

Life insurance plans provide two types of tax benefits. The premiums paid qualify for a tax deduction under Section 80C of the Internal Revenue Code. This means you can deduct up to 1.5 lakh in premiums from your gross income each year, lowering your tax bill. Maturity insurance plans, on the other hand, may be completely tax-free. This tax benefit is provided under Section 10(10D) of the Internal Revenue Code.

3. Financial Safety/Peace of Mind 

Life insurance provides the ultimate sense of security. This is because if someone were to pass away, they can rest assured that their family and loved ones will be financially secure. We all have financial obligations, but adequate life insurance coverage ensures that your debts or loved ones are covered.

4. Wealth Creation 

Some life insurance plans also allow you to build wealth. Apart from providing life insurance, these policies invest your premium in a variety of investment classes to provide superior risk-adjusted returns that outperform inflation and help you grow your savings.

Take Away

Life insurance fills in the financial gaps in your life. Life insurance, as an all-around product, can meet your various financial needs at various stages of life. All you have to do is identify your need, and you'll be able to find a suitable life insurance plan.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.