Why is ICICI Prudential Life A Better Term Insurance Plan?
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Customers of ICICI Prudential Life Insurance can pick from a variety of term insurance plans that, in the worst-case scenario, will all protect the family's financial future. These programs are essential because they give the insured a variety of coverage, tax, and other benefits that help them retain their financial security even in the case of their death. You get everything with these term insurance policies from ICICI Prudential Life Insurance, from low rates to additional coverage with riders.
Why Should One Buy Term Insurance From ICICI Prudential?
There are several justifications for purchasing ICICI Prudential Term Insurance. Here are a couple of these explained:
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Low-cost Premiums
High-value life insurance is available from ICICI Pru Term plan at competitive prices. ICICI Prudential provides three different payment schedules for term insurance premiums: monthly, semi-annually, and annually. Term insurance policies are recommended for younger people since they have to pay relatively lesser premiums.
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Protection Against Accidental Death
Accidental Death Benefit is a feature available with ICICI Term Insurance products. In the event of any upcoming mishaps, this rider provides protection. By adding this rider while purchasing your insurance, you could profit from them.
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Add-ons
The ICICI Prudential Term Insurance policies provide a range of options in the terrible case that the covered individual passes away. Your options include a one-time payment, a regular income (monthly or annually), a starting income that grows over time, a lump sum with regular payments, or all of the above. This significantly lessens the budget needs.
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Protection Against Serious Diseases
According to your plan, term insurance covers major illnesses. Upon a diagnosis of any of the above severe diseases, it gives you a fixed sum.
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Tax Benefits
According to Section 80C of the Income Tax Act of 1961, you are entitled to tax deductions on the premiums you paid for ICICI Prudential term insurance products. Benefits for severe conditions may also qualify for Section 80D tax breaks. Additionally, the sum paid at maturity is free from taxes under Section 10(10D) of the Income Tax Act of 1961.
List of ICICI Term Insurance Plans
These are the three types of term insurance that ICICI Prudential offers:
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The ICICI Pru "Smart" iProtect
The term insurance plan, ICICI Pru I Protect Smart, provides a substantial financial safety net for the policyholder and their family. A policyholder has the choice to acquire protection against 34 significant illnesses under this plan. Additionally, it provides protection from infirmity, debilitation, and death. Policyholders may choose to include accidental benefits at any time, whether now or in the future.
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ICICI Prudential's Smart Money Back:
A variety of financial services are offered by the ICICI Pru iProtect Smart Money Back plan. It gives the policyholder a lump sum payment if they survive the policy's term and protects their family in the case of an unexpected death. In accordance with this plan, the policyholder may elect to acquire coverage for the 34 illnesses that are deemed vital in addition to an accidental death benefit.
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IProtect Smart POS Pru from ICICI:
Term insurance policyholders may customize their financial safety net with the ICICI Pru POS iProtect Smart plan to make sure that, in addition to protecting their family's financial prospects, they are also able to maintain their level of living in the case of the policyholder's demise. The policyholder has the choice to enhance the plan's provision for protection against unforeseen death.
Take Away
Risk-averse AXIS Term insurance, a sort of life insurance, offers protection to the policyholder for a predetermined period of time. The nominee is given a financial safety net by a number of insurance products in the event that the policyholder has difficulties while the policy is in effect. Term insurance contracts cost less and offer greater life insurance.
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