Importance of Life Insurance & Why Do You Need it? | ICICI Prulife (2024)

Section 80C^** of the Income Tax Act, 1961 offers deductions up to ₹1.5 lakh paid towards your life insurance premiums. Thus, life insurance acts as a valuable tax-saving tool.

But you should not buy life insurance only for the tax^** benefit. Your investments must match your long-term life goals, such as children's higher education and financial freedom in retirement. Also, you need to secure your loved ones with sufficient insurance cover to overcome the uncertainties of life.

ICICI Prudential Life offers a wide range of pure protection, savings, wealth creation, and retirement income plans. You should assess your financial needs and buy a policy best suited to your goals.

When you start earning: Buying life insurance early in life can help you get a substantial cover at comparatively lower premiums. You are also likely to have fewer financial obligations at this stage. Thus, you can choose to profit from investments in the capital market with unit-linked insurance plans (ULIPs). In addition to this, you can also consider protecting your income from unforeseen disabilities or critical ailments. A term insurance plan with a critical illness rider or a permanent disability rider can be ideal at this stage.

After marriage and children: With increasing liabilities, the need for a higher cover amount also increases. The ICICI Pru iProtect Smart Term Plan lets you enhance your life cover^` at key events of your life* like marriage and the birth or adoption of up to two children. The enhanced cover safeguards your family's financial future in case of any unfortunate event.

Moreover, if you need to start planning for life goals, such as buying property or saving for your children's higher education, you can consider savings and investment-based life insurance plans like ULIPs or endowment plans to earn sufficient returns for your needs.

Approaching retirement: You can purchase a retirement plan to save and earn high returns to support your expenses in retirement. Retirement plans offer great features that can secure your loved ones and offer you a steady flow of income in your non-working years. You can also buy an annuity plan that can provide you with a guaranteed income to help you maintain your preferred lifestyle in your retirement years.

We need relevant documents as evidence for the claim's validity. We might also carry out investigations in case of any discrepancies.

However, ICICI Prudential Life's Claim Settlement Ratio for FY2022 is 97.8%^{^} as per the annual report 2021-22. It reflects our commitment to honouring our liabilities to our policyholders and our claim handling efficiency. Our average claim settlement duration is 1.5 days^< after receiving all claim documents and when no enquiries are necessary.

Section 80C^** of the Income Tax Act, 1961 offers deductions up to ₹1.5 lakh paid towards your life insurance premiums. Thus, life insurance acts as a valuable tax-saving tool.

But you should not buy life insurance only for the tax^** benefit. Your investments must match your long-term life goals, such as children's higher education and financial freedom in retirement. Also, you need to secure your loved ones with sufficient insurance cover to overcome the uncertainties of life.

ICICI Prudential Life offers a wide range of pure protection, savings, wealth creation, and retirement income plans. You should assess your financial needs and buy a policy best suited to your goals.

When you start earning: Buying life insurance early in life can help you get a substantial cover at comparatively lower premiums. You are also likely to have fewer financial obligations at this stage. Thus, you can choose to profit from investments in the capital market with unit-linked insurance plans (ULIPs). In addition to this, you can also consider protecting your income from unforeseen disabilities or critical ailments. A term insurance plan with a critical illness rider or a permanent disability rider can be ideal at this stage.

After marriage and children: With increasing liabilities, the need for a higher cover amount also increases. The ICICI Pru iProtect Smart Term Plan lets you enhance your life cover^` at key events of your life* like marriage and the birth or adoption of up to two children. The enhanced cover safeguards your family's financial future in case of any unfortunate event.

Moreover, if you need to start planning for life goals, such as buying property or saving for your children's higher education, you can consider savings and investment-based life insurance plans like ULIPs or endowment plans to earn sufficient returns for your needs.

Approaching retirement: You can purchase a retirement plan to save and earn high returns to support your expenses in retirement. Retirement plans offer great features that can secure your loved ones and offer you a steady flow of income in your non-working years. You can also buy an annuity plan that can provide you with a guaranteed income to help you maintain your preferred lifestyle in your retirement years.

We need relevant documents as evidence for the claim's validity. We might also carry out investigations in case of any discrepancies.

However, ICICI Prudential Life's Claim Settlement Ratio for FY2022 is 97.8%^{^} as per the annual report 2021-22. It reflects our commitment to honouring our liabilities to our policyholders and our claim handling efficiency. Our average claim settlement duration is 1.5 days^< after receiving all claim documents and when no enquiries are necessary.