Insurance Information

Life Insurance – Meaning

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.

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Provide Protection For Your Family

You need to insure that your partner and/or dependent parents will have a financial cushion to fall back on, if something were to happen to you. This will ensure your partner does not have to worry about paying off your liabilities like a home loan.


Take your liabilities into account while deciding on your insurance coverage

Insurance is even more important if you have a home loan or plan to take one in the near future.In the event of an unfortunate passing, your life insurance cover should be sufficient to pay off all your liabilities, so that your spouse & family are not burdened with the responsibility of meeting your financial obligations.


Choose A Plan That Offers Flexibility

Getting adequate life insurance cover should undoubtedly be the most important priority, but along with life insurance you are likely to have other financial planning goals like saving for the future, retirement planning, wealth creation etc. Choose a plan that provides you with enough flexibility to customize your plan according to your needs.


Go With A Plan That meets changing requirement

Choose a plan which suits your immediate and long term needs. Also, you can opt for plans that increase your coverage in a systematic way to suit for growing financial liabilities and status.

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