Life can be as uncertain as to the weather in today’s era. One day, the sun is shining brightly upon our heads and other days, the storm would not even take rest for a single minute. Family and security of family come first and it is essential to take measure to keep a secure means of cash flow in a household. To maintain and have a secure way to take care of your family after an unfortunate event is to buy life insurance or term plans.
ICICI Prudential is one of the providers of the most affordable and convenient term plans. ICICI’s term life insurance is the most customer-friendly form of life insurance. The above-mentioned life insurance provides financial protection to the nominee in case the policyholder dies during the policy term. This type of policies provides high life cover at minimal premiums.
For your reference, Premium for 1 crore rupees could start at as low as 490 rupees per month. And these fixed premiums could be paid at once or regular intervals for the entire policy term or a limited period. The amount of premium varies based on the type of the premium payment method opted by the buyer.
The need for term insurance:
1. You are the breadwinner: The insurance money might help you to meet the daily needs of your family or your kid’s education.
2. Your assets need protection: You might have taken a loan for your investments in real estate or more. However, if something ever happens to you then your family and close ones will not be burdened after you to pay the instalments. Your family could easily repay through the monthly insurance pay-outs.
3. Lifestyle risks: Today the lifestyle is such that it can be a pond of various ailments. Several term insurance plans that might not protect your family after your death but, also bear the cost of your treatment and diagnosis.
The best way to choose a term plan:
While purchasing term plans, we always have queries regarding the best available term or how to compare the best term plan.
Read the following parameters to choose the best term plan for yourself:
● Solvency ratio: Solvency ratio tells you whether the insurer you choose will be financially proficient of settling your claim if the need arises. IRDAI mandates to maintain a solvency ratio of at least 1.5. Fact: ICICI prudential life has a solvency ratio of 2.52.
● Claim settlement ratio: This ratio tells you about how many claims for life insurance have been paid out as a proportion of the claims made. The higher the ratio of claim settlement, the better it is. Fact: ICICI has a claim settlement ratio of approximately 98.6%.
● Option to add critical illness benefit: A critical illness like cancer or brain surgery can cost a lot of money and lead to affect the family’s finances. This plan protects you and your family and pays the out for the diagnosis immediately upon confirming with the medical diagnosis.
● Option to add accidental death benefit: If you opt for the accidental death cover policy, your family will get an additional payout. In case of death due to an accident, the subject can get the maximum amount of 2 crore rupees. ● Waiver of premium on terminal illness: In case, where the person covered by the policy gets affected by terminal illness, his/her future illness will not need to be paid.
● Cost-effective (online discount)
● Convenient (but on mobile)
● Customization (add benefits)
● Clean and Green (zero paperwork) All these benefits are provided by the
ICICI prudential term life plans. They are the best one you can choose from all the other life insurances