Types of Life Insurance Policies in ICICI Prudential

Read on to learn about the different types of life insurance policies available in India, along with which one might be best suited to your needs. Following are the various types of life insurance policies available in India: Term insurance. Term insurance with return of premium. Unit Linked Insurance Plans Liquid Funds.


Types of Life Insurance Policies in ICICI Prudential


ICICI Prudential is a life insurance company in India offering various types of life insurance policies. Some of these types of Life Insurance Policies are term insurance, term policy with return of premium, unit linked and liquid funds.

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The most common type of plan is term insurance, which provides coverage for a specific period of time at an agreed upon rate. The insurer will pay out if you die during that period but not after that time has passed. Term policies are usually meant to cover you until retirement age or until your children have grown up and moved out on their own. If you decide to invest your money instead of purchasing a traditional life insurance policy, then it’s possible that you may be interested in a unit-linked or mutual fund product.


A mutual fund allows investors to pool their money together and use it to purchase shares of stocks, bonds, real estate and other investments. These products generally offer investors greater diversification than they would receive from individual stock purchases. There are two basic types of life insurance: Term and whole. Whole life insurance offers both protection against premature death as well as an investment component, while term only covers premature death. 


Premiums are higher for whole life because there is also an investment component (typically managed by a separate financial institution). Many people buy whole life policies simply because they do not know how much they need to save to reach their goals—for example, $1 million dollars in 20 years so that their spouse can retire comfortably—and therefore do not know how much money they should be saving each month or year toward that goal.

What is Life Insurance?


Life insurance is a contract between an insurance company and an individual or group. In exchange for payment, companies will agree to make specified payments to policyholders if a particular event occurs, like death. The amount of money paid out can depend on a variety of factors, including age, health and occupation.

There are several types of life insurance policies available in India that can be customized based on your needs. Life Insurance from ICICI Prudential gives you freedom from financial risk when you need it most. Get started with our online quote tool below. In general, there are two main categories of life insurance: term and permanent. Term insurance covers you for a certain period of time — say five years — while permanent coverage lasts your entire lifetime. Another important distinction is whether or not coverage continues after death; term policies typically do not provide any additional benefit after death whereas permanent plans do. What is Term Insurance?:


Term insurance provides protection against financial loss due to death during a specific period of time. It’s similar to auto or home insurance, which only kicks in if something bad happens (in those cases, an accident or damage). This type of policy does not accumulate cash value and does not build equity over time.

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That means premiums stay level throughout the duration of your plan, so you don’t have to worry about rates increasing as you get older. How Much Does Life Insurance Cost? The cost of life insurance depends on many factors, such as your age, sex and health status. Some policies also consider where you live and what occupation you have.


The price also varies depending on how much coverage you want. If you buy $500,000 worth of coverage at age 30 versus 60, for example, expect to pay more than twice as much per year because insurers believe people are less likely to die early than later in life.


Types of Life Insurance Products


If you're looking for life insurance, it's important to know that there are different types of policies available, each with its own features and benefits. When you purchase a life insurance policy with ICICI Prudential, you have access to a variety of products. Here's an overview of how they compare:


Term insurance is probably one of your best options if you're just getting started on building out your financial plan—it covers you for a specific term or duration of time at an affordable rate and includes coverage for your family (including children) as well. You can also choose from various features and add-ons when it comes to additional protection.

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However, unlike other types of insurance policies, term provides no return on investment potential once your policy expires. Return of premium policies pay back all premiums paid over a set period of time if you die during that period. So if you buy a 10-year policy but pass away after three years, your beneficiaries will receive seven years' worth of premiums back (less any administrative fees).


These plans are usually recommended for people who want their heirs to be able to take advantage of lump sum payouts while avoiding higher monthly payments through term insurance plans. Unit Linked Insurance Plans provide some growth potential over time, especially if you choose an aggressive portfolio allocation with stocks and equity mutual funds.


With these plans, which operate similarly to mutual funds, earnings generated through dividends, interest payments and capital gains will compound year after year without being taxed until withdrawal. For those concerned about making sure their loved ones will be financially secure should something happen to them, a cash value life insurance policy might be right for you.


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With a cash value policy, death benefit amounts may vary depending on factors such as age and health. But what remains constant is that each type of cash value product has two main components: Death benefit/term portion – This pays out upon death and may remain constant throughout the entire length of your policy based on factors such as age and health.


Cash value/investment portion – Your contributions into the policy are put into a pool of investments like stocks, bonds and mutual funds where they grow tax-deferred over time.

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