5 reasons ICICI Prudential Is The Life insurer You Need

Since its inception in 2001, ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) has followed a customer-centric attitude. Customers can choose from a variety of advantageous life insurance policies at cheap premiums from the insurance business. The company's life insurance policies are not only affordable, but they also provide excellent quality services and a simple claim settlement process.

Since its inception, the company has worked diligently to establish an enduring institution that meets the customers' long-term saving needs, and is now among India's top life insurance providers.When you choose an insurance company, they evaluate your requirements and current situation. This includes your way of life, your medical history, any occupational dangers, and so on. A cover amount, also known as the sum assured, is determined based on these considerations and the needs of your family.

In the event of a disaster, your family will get this amount to help them fulfil their financial obligations. However, in order for your family to receive these advantages, you must pay your premiums on time.

What Are Some of The Benefits of Life Insurance?

Having life insurance has a number of benefits:

1. Tax Benefits 

 Life insurance programmes provide two types of tax benefits. The premiums paid qualify for a tax deductible 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, cutting your tax bill. Maturity insurance policies, on the other hand, may be completely tax-free. This tax benefit is available under Section 10(10D) of the Internal Revenue Code.

2. Wealth Creation

Some life insurance contracts contain a wealth-building option.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 build your savings. For example, a 30-year-old guy can earn 65.39 lakhs at 4% annual return or 1 crore at 8% annual return by investing 20,000 per month for 20 years in ICICI Pru Signature (ULIP Plan).

3. Buy Young

Life insurance products allow you to lock in cheap premium rates while you're still young. When you buy the same insurance as when you were younger, you will pay a substantially higher premium. For example, with the ICICI Pru iProtect Smart term insurance plan, a 20-year-old guy purchasing a 1 crore term plan with a 30-year coverage will pay 5955 each year. They will spend 9009 if they buy the same plan under the same terms after 10 years, i.e. at 30 years of age, and 18,180 if they buy it again after another 10 years, i.e. at 40 years of age.

4. Financial Security

Having life insurance provides the greatest peace of mind. This is because, if someone goes away, their family and loved ones may rest comfortable that they will be financially secure. We all have financial obligations, but having enough life insurance ensures that your debts and loved ones are financially protected in the event of your death.

Take Away

ICICI Prudential Life Insurance offers a variety of possibilities. You can always make a decision based on your budget and desired terms. Every plan has its own set of advantages, and with so many alternatives to select from, you can find something that suits your budget and meets your requirements.

You may also like to read - Top 4 SBI Life Insurance Plans You Should Know About

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.