ICICI Term Insurance Benefits

ICICI Prudential Life Insurance offers several term insurance plans to its customers, that secure the financial future of their families in the most unfortunate event. These plans are essential as they offer much needed financial help even when the insured is not around, by offering several coverage benefits as well as tax benefits, along with several other benefits. From affordable premiums to additional coverage with riders, these term insurance plans offered by ICICI Prudential Life Insurance offer you all.

Why To Buy ICICI Prudential Term Insurance?

There are multiple reasons to buy ICICI Prudential Term Insurance. Some of them are explained below:

• Affordable Premiums: ICICI Prudential Term Insurance offers high-value life cover at affordable premiums. Under ICICI Prudential term insurance plans, you get the flexibility to pay the premiums on a monthly/half-yearly/yearly basis. It is recommended to buy term insurance plans when you are young as it requires you to pay comparatively fewer premiums.
• Accidental Death Benefit Cover: ICICI Prudential Term Insurance plans come with a rider known as Accidental Death Benefit. This rider offers protection in case of accidents that may happen in the future. You can avail of the benefits with this rider by paying an extra premium at the time of policy purchase.
• Whole Life Cover: With whole life cover offered by ICICI Prudential term insurance plans, you can get coverage for a longer period of time. Some plans even offer coverage till the age of 99.
• Flexible Payout Options: ICICI Prudential Term Insurance plans come with flexible options in case of misfortune event of death of the insured. You can choose from monthly or annual income, increasing income at inception, lump sum, and a combination of a lump sum plus income. This helps to meet the financial requirements to a large extent.
• Critical Illness Coverage- Term insurance covers you for critical illnesses as specified in your plan. On diagnosis of any of the listed critical illnesses, it gives you a lump sum payout.
• Tax Benefits: On the premiums paid for ICICI Prudential term insurance plans, you get to avail tax deductions, under Section 80C of the Income Tax Act, 1961. Tax benefits can also be availed on critical illness benefits under Section 80D. Also, as per Section 10(10D) of the Income Tax Act 1961, the amount received at the time of maturity is exempt from taxes.