Term insurance is a good, affordable way to create financial security for you and your family.

It ensures financial stability for your loved ones, in case of an unfortunate event and also gives you an option to cover yourself from critical illnesses like heart diseases, cancer etc. if they ever strike.

Term insurance fits well at every life stage and here’s why you need it:

1.First job: If you are someone, who has recently graduated and started your career, getting a term plan fits right. You are young and in the prime of your health with limited liabilities. At this time, a sum adequate to cover your liabilities such as education loan and perhaps providing additional security to your ageing parents is the need of the hour. A term plan will give you this large cover at an affordable premium making it extremely affordable to fit your pocket. For example, some life insurance companies provide term insurance of up to Rs 1 Cr. at a premium of a few hundred rupees per month. The best part is that the premium does not increase with age and is locked for the entire policy duration. Term plan also gives you an option to add a critical illness cover to your base policy which safeguards your future finances in case of the unexpected illness.

To top this, you also get an option to add riders like the accidental death benefit. Additionally, you can also reduce your taxable income up to Rs.150,000 under section 80C and 80D* with term insurance.

2.Newly married: If you are someone who just got married, you must be enjoying this new phase and milestone of your life to the fullest. You have recently started making a life with your loved one and possibly would have bought a new house or a new car. To fulfil these desires and additional responsibilities, you might have taken a few loans. With such an increase in liabilities, it becomes important to protect the future of your loved one, in case of any unfortunate incident so that they continue to live the life as you have planned for them. A term plan can help you protect your loved one’s future by offering a high cover at an affordable premium. This will ensure that no matter what, your family will be able to maintain the current lifestyle and continue to pay off the loans even in your absence.

3.Young parent: If you have recently become a parent, it is very important to secure your children’s dream and future as they depend on you for their needs. You invest in various financial instruments to ensure that they get the best of everything right from a good lifestyle to the best of education. While you make these investments, a term plan can safeguard and secure your children’s dream and future, in case of an eventuality. A term plan can ensure that your children continue to live their dream even if you are not around. The claim amount that your family will receive will ensure that your financial liabilities are taken care of while simultaneously supporting your family’s day to day expenses, in your absence. This will make sure that no matter what, your children will not have to compromise on their aspirations even if you are not around.

While there are various life insurance providers that provide term plans, one good plan is ICICI Prudential Life’s iProtect Smart. It provides multiple benefits such as an option to cover against 34 critical illnesses^, 99 years of life cover, accidental cover^, affordable premiums and many more benefits.

Whether you are single, newly married, a young parent, or have retired parents, be financially prepared to help your loved ones lead a secured future.

Disclaimers:

*Tax benefits under the policy are subject to conditions under section 80C and 80D and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. The tax laws are subject to amendments from time to time. Please consult your tax advisor for details.

^The critical illness benefit is an accelerated benefit and the death benefit will be reduced by the critical illness cover paid to the policyholder. The future premiums payable for the residual CI Benefit will reduce proportionately. In case the CI Benefit equal to the Death Benefit, the policy will terminate on payment of the CI Benefit. Only doctor’s certificate confirming diagnosis needs to be submitted. On payment of Angioplasty, if the CI Benefit is more than `5,00,000 the policy will continue for other CIs with CI Benefit reduced by Angioplasty payout. To know more about the illnesses covered, please refer to the Sales brochure. Available under Life and Health and All in One options.

Critical Illness Benefit is limited to age of 75 and Accidental Death Benefit is limited to age of 80.

© ICICI Prudential Life Insurance Co. Ltd. All rights reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. Regn. No. 105. CIN: L66010MH2000PLC127837. UIN 105N151V04.

Reg. Off.: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600. Member of the Life Insurance Council. For more details on the risk factors, term and conditions please read the product brochure carefully before concluding the sale. Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license. UIN 105N151V04. Advt No: L/II/3303/2018-19

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