Life Insurance
Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period. Here, at ICICI Prudential Life Insurance, you pay premiums for a specific term and in return, we provide you with a Life Cover. This Life Cover secures your loved ones’ future by paying a lump sum amount in case of an unfortunate event. In some policies, you are paid an amount called Maturity Benefit at the end of the policy term.
Types of Lfe insurance are
1. Money Back Policy
2. Retirement Insurance Plan
3. Child Insurance Plan
Money Back Policy
Money back plans mean that money is returned to the life insured as a survival benefit after a set period. When the policyholder survives the policy term, the money back is guaranteed. In the event of the policyholder's death, the nominee receives the amount guaranteed as well as any accumulated bonuses, if any.
Retirement Insurance Plans
Retirement plans are designed to help you build a sizeable corpus for your post-retirement days. They help you gain financial independence in your non-working years. A retirement plan allows you to save and invest for the long-term, thereby offering the potential to accumulate a significant amount of wealth. Since retirement plans offer insurance benefits, you can also ensure financial security for your loved ones by investing in these plans.
Child Insurance Plans
Children deserve the best, and a child insurance plan helps to build a corpus for your child’s future. A child plan is one of the most vital financial planning tools for parents. These plans can help you build a significant sum for your child’s education and marriage expenses.
A child plan provides maturity benefits either in the form of annual instalments or as a one-time payout after the child turns 18. There is also in-built insurance coverage for the parent. Protection is an important part of a child plan because the premium is paid by the parent. In case of an unfortunate event where the insured parent passes away during the policy term, child plans can give immediate payment to cover a child’s expenses.