Prudential Permanent Life Insurance – Term insurance is a type of life insurance that provides coverage for a specific period or years, i.e. a term. This type of life insurance provides a financial benefit to the candidate in the unfortunate event of the insured’s demise during the term of the policy. Term insurance policies offer high life cover at lower premiums. For example: The premium for a term insurance cover of ₹1 million can be as high as ₹485
P.m. These fixed premiums can be paid all at once or at regular intervals throughout the life of the policy or for a limited period. The premium amount varies depending on the type of premium payment method chosen by the buyer.
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Anyone with financial dependents should purchase a term insurance policy. This includes married couples, parents, entrepreneurs and freelancers, SIP investors, young professionals with dependent parents and in some cases even retirees.
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And therefore entails a double benefit for taxpayers: tax protection and savings. The amount (settlement value) received in terms of a term insurance policy is also tax-free, subject to the conditions of section 10(10D)
Consequently, people who want any of the three significant advantages associated with term insurance should consider purchasing these policies. The three important benefits are: life protection, tax savings and affordable premiums.
ICICI Pru iProtect Smart offers different term plan options to suit your needs. Here are the variants you can choose from:
The right time to buy a term insurance plan is as soon as possible. The chances of suffering from lifestyle diseases increase as you age, and so do the costs of insurance. When you invest in a term plan at a young age, you get an insurance policy with an affordable premium. Therefore, it may be wise to invest in term life insurance when you are young. This will save a lot of money in the long run. Moreover, it will also provide you and your loved ones with extended coverage and financial security right from childhood.
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You can get a simple, quick and clear answer to this question by calculating your Human Life Value or HLV. HLV is an easy-to-use numerical method for calculating how much life cover you need.
A term insurance plan is a pure protection plan that offers life cover to the policyholder in exchange for one-time premium payments. If you buy a term policy, you will be asked to nominate a nominee. It can be a child, a spouse, a parent, a sibling or any other loved one. In case of an unfortunate event, the chosen Sum Assured will be paid to that candidate based on the payment method you opt for. Here’s how it works:
When we buy a term plan, we always have questions like which term plan is best and how to compare the best term life insurance plan. Here are some parameters that can help you choose the best term plan for yourself:
When it comes to buying term insurance, it’s best to start as soon as possible. Your term insurance premium increases with your age. So, to get the most out of your term plan, it is advisable to buy a plan at an early age. The table below will help you understand how your term insurance premium increases based on your age. The examples relate to a non-smoker.
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The premiums given are for a healthy male non-smoker with monthly payment mode and premiums paid regularly for the policy term of 15 years with income payment option with ₹1 crore life cover and additional benefits optional, respectively.
The policy term offered by most life insurers ranges from 5 to 40 years. You should always opt for a policy term based on your retirement age. In India, 60 is the general retirement age. If you buy a term insurance policy till the age of 60, all your financial obligations and liabilities will be wiped out before that age. Policyholders can opt for life cover up to age 99 if they have many dependents and want to cover them for life.
The premium for a term insurance plan is calculated based on a number of factors. Before deciding the premium amount, various aspects of your health and lifestyle are taken into account, such as your gender, age, habits, past or present medical conditions, hereditary diseases that may affect you and others aspects.
Term insurance is additional coverage that can be purchased on top of the base plan. Brokers are added at an additional price to the premium and can be chosen according to your needs. There are different types of riders, such as a terminally ill rider
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The COVID-19 pandemic has brought a lot of uncertainty. Many people lost their lives and several families were torn apart. While no one can replace the loss of a loved one, a term insurance plan that covers life claims from COVID-19** can provide security and financial protection to grieving families.
Term insurance is especially important at a time like this, as it can help your loved ones get on with their lives with dignity.
Hassle-free and reliable. If the first steps to take out insurance go well, this gives confidence that the insurance is in good hands.
Buying the policy online was a very easy and simple process. In 1 day all processes were completed and telemedicine was done within 1 hour of purchasing the policy. ICICI Prudential Life Insurance is a trusted company. While comparing, the premiums may be negligible more than others, but when it comes to settlement of claims, we can trust ICICI Prudential Life Insurance.
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The policy issuance process was smooth. Everything is processed as promised. In the current situation I had many doubts and inquiries, but it seems that there are no problems online.
I am very happy to be a part of the ICICI Prudential Life Insurance family for the last 12 years. And very happy with the company’s online services.
I had a great experience buying insurance online with ICICI Prudential Life Insurance. It was a hassle free experience with ICICI Prudential Life Insurance whereas I struggled to buy one from another insurance service provider and finally gave up. Happy to choose ICICI Prudential Life Insurance.
ICICI Prudential Life Insurance has provided the best possible plan at the most affordable price. The whole process was so easy that it took a few hours to find the best plan for me.
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Very easy to buy online. Customer service is excellent. They help religiously when in doubt. I am very satisfied with ICICI Prudential Life Insurance.
The whole process of buying term plan online is very simple and hassle free. I am very happy with the purchase and proud to take this plan for my family’s future.
Seamless integration of all components of buying term insurance such as showing premium, entering details online, payment, medical verification call and finally getting the policy. Everything is also maintained and tracked in online status.
I am very happy to be part of the ICICI Prudential Life Insurance family. And I am very pleased with the service and communication that kept me informed.
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The overall experience of ICICI Prudential Life Insurance is very good. He is customer friendly and responds quickly to the customer.
ICICI Prudential Life Insurance is an excellent and the best company. I have also referred it to my friends and family.
The whole process of understanding and purchasing the policies was very simple, straightforward and reassuring. All documents provided are simple and easy to understand.
Issuing a term insurance policy is usually time consuming with many documents and medicals. Thanks to the team at ICICI Prudential Life Insurance for proving that buying term insurance online is a myth. Even during the pandemic, policy issuance was fast!!
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My personal experience was great, everything was very smooth and effortless. Happy to be a part of ICICI Prudential Life Insurance.
Thanks to ICICI Prudential Life Insurance for solving my term plan queries. I bought a term plan online for the first time to protect my family. I had so many queries related to the policy and the customer care associate helped me clear all the doubts.
Easy to search. Excellent support system. Easy online form filling system. Online document update. First activation Easy payment gateway. Excellent communication. And many more positive experiences.
Very pleased with the interaction with the service representative, he was helpful in providing information on the queries I raised and helped me every step of the way. Online services are excellent.
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The process was simple and smooth. The ICICI Pru life insurance representative over the phone had good knowledge of what they offer. They were helpful.
Hassle-free policy purchase. All doubts about benefits and payments are made clear on the same website. No phone calls or agent meeting required.
I would say that the whole journey of buying insurance online was seamless and hassle-free. Full information is available on the website and the journey steps were easy to follow and understand. The option to resume the previous one made things move faster.
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