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Which ICICI Prudential Life Insurance Plan To Buy?

Published On Jan 06, 2022 10:00 AM By InsuranceDekho

If you want to protect the financial prospects of your loved ones and save for your long-term goals, you must get life insurance. Women also live longer than men, according to study. This means you'll need to plan ahead for a longer amount of time financially.

Most Indians put money aside for their children's education. Parents in India spend an average of over a lakh on their children's education. As a result, saving for a child's education should be one of a parent's top priorities.

Child insurance plans can help you meet this financial necessity. These policies, which are often in the form of a Unit Linked Insurance Plan, help you develop your investments while also protecting your children's educational milestones.

How Do ICICI Prudential Life Insurance Plans Assist In Securing Financial Stability For A Family?

The following are some of the ways that ICICI Prudential Life Insurance can assist you secure your financial well-being:

1. Creation of Wealth

Some life insurance products also allow you to build wealth. In addition to providing life insurance, these policies invest your premium in a variety of investment classes in order to achieve higher risk-adjusted returns that outperform inflation and help you build your savings.

2. Benefits From Taxation

There are two sorts of tax advantages offered by life insurance policies. Premiums paid are eligible for a tax deduction under Section 80C of the Internal Revenue Code. This implies you can deduct up to 1.5 lakh in premiums each year from your gross income, lowering your tax burden. Maturity insurance, on the other hand, can be exempt from taxation. The Internal Revenue Code's Section 10(10D) allows for this tax benefit.

3. Financial Security/Mindfulness

The most secure feeling comes from having life insurance. This is because if someone dies, their family and loved ones will have a stable financial future. We all have financial responsibilities, but having enough life insurance protects your bills and loved ones.

4. Preparing For Retirement

Retirement is meant to be a great moment when you are no longer working and life is at its most peaceful. It might be all of these things and more if you have a pension or a regular income. We do not receive a pension because the bulk of us work for private firms. As a result, rather than being a phase that people anticipate, retirement has become a cause of anxiety. Life insurance, fortunately, provides retirement options that allow you to earn a pension while maintaining your dignity and living your life on your own terms.

You and your spouse can benefit from retirement plans by getting a consistent pension for the rest of your lives. If you start saving for retirement at a young age, you can develop a large enough retirement corpus using a retirement plan. To construct a retirement fund that will fulfil your long-term demands, think about your post-retirement financial needs. You can save for retirement by investing in a retirement plan, which can then be used to buy a life-long fixed pension plan, which will protect you from inflation.

Take Away

Life insurance bridges the financial gaps in your life. Life insurance, as an all-purpose policy, may meet your various financial needs at various stages of your life. All you have to do now is figure out what you require and you will be able to acquire a suitable life insurance policy.

Do read - Why Buying SBI Life Insurance Can Change Your Life?

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.

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