ICICI Prudential Life Insurance is a joint venture between ICICI Bank and Prudential PLC, a leading British financial services company. It was the first private sector life insurance company to begin operations in India in 2000 after approval by the Insurance Regulatory Development Authority of India, and it remains one of the leading life insurance companies in the country.
ICICI Prudential has a range of plans to suit the differing needs of customers:
Term Plans – These are also called Pure Protection plans where the aim of the policy is to offer coverage in case of death. This is the simplest and cheapest form of life insurance.
Wealth Plans – Together with life insurance, you can opt for a plan that is an investment tool and helps grow your money even while you enjoy insurance coverage.
Retirement Plans – These plans help you to cover your loss of income once you retire. It is never too early to plan for retirement, and the sooner you start planning and saving for it, the larger your corpus will be at the time of retirement.
How do I choose the right insurance plan?
First, determine what your financial goal is at this stage of your life. Keep in mind your income, age, number of years left for retirement, health, expenditure and number of dependents.
Research the various plans online to see which fits your requirements in terms of the assured sums, affordability of the premium and coverage of risks. In general, your insurance cover should be ten times your annual income.
You can also use online tools to calculate how much your premium will be so that you can make a more informed final decision.
If you need some help with the options, you could ask for an ICICI Prudential advisor to contact you to guide you on the various offerings.
Can I buy life insurance online?
Yes, ICICI Prudential Life allows you to buy a policy online. You can fill in the application form and make the payment entirely online if you have decided on a plan.
Benefits of life insurance:
A good insurance policy will offer the following benefits:
Life insurance ensures that in the event of untimely death, the family will stay financially protected. The insurance cover can be used by the family for education, housing or other expenses if you are no longer around as the chief family breadwinner.
Long term savings:
Life insurance helps you to save and build your wealth for the future, especially for the retirement years, when you no longer have a regular income. Life insurance can be a tool for both savings as well as protection against risk.
Buying life insurance also allows certain tax benefits.