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Ensuring the financial well-being of your family requires careful financial planning and a commitment to financial security. If you're uncertain about where to start, now is an ideal time to consider getting a term insurance policy worth Rs. 75 lakhs. ICICI Life Insurance offers a budget-friendly 75 lakh term insurance plan, guaranteeing that you won't be overwhelmed by financial pressures. Let's understand better about ICICI 75 Lakh Term Insurance here.
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ICICI 75 Lakh Term Insurance Plan is specifically designed to provide financial protection to your loved ones in case of your unfortunate demise. Hence, a 75 Lakh term plan offered by ICICI Prudential Life Insurance provides a death benefit/sum assured of Rs. 75 Lakhs.
Term Plans
Let’s understand how this life insurance plan works with the help of the following example:
You can choose a 75 Lakh Term Insurance plan from ICICI Life Insurance for a specific policy term, and the assigned nominee will get a death benefit of Rs. 75 Lakhs, in the unfortunate event of your death. This term insurance policy provides a financial safety net for your loved ones in times of difficulty, like disease or death. With affordable premium rates and comprehensive life cover, the ICICI 75 Lakh term insurance plan emerges as a reliable option for people wishing to secure their family's future.
Here are the reasons why you should buy ICICI 75 Lakh Term Insurance:
Comprehensive coverage at affordable premiums: While some may consider 75 Lakh term insurance as budget-heavy plan, that's a misconception. Starting your plan early allows you to avail all the benefits of the term insurance plan with premiums as low as Rs. 570 per month.
Added Coverage Advantages: The ICICI 75 Lakh term insurance comes with enhanced coverage benefits such as accidental death benefits, terminal illness benefits, and waiver of premium riders.
Financial support to family: ICICI 75 Lakh Term Insurance plans ensure that your dependents' financial needs are addressed even in your absence. Moreover, the death benefit can be utilized by the nominees to settle loans, debts, and liabilities or cover household expenditures.
Here is a list of some factors that can help determine if buying a 75 Lakh term plan is the right choice:
Your Annual Income: When evaluating all term plans to buy the best term life insurance in India, it's smart to confirm that the coverage amount is at least 10 times your annual income. For instance, if your yearly income is Rs. 5 Lakhs, your term plan should be at least Rs. 75 Lakhs. So, you can use Policybazaar’s term policy calculator.
Current age: Age plays a very important role in determining suitable coverage for term plans. As people grow older, their vulnerability to health issues increases, leading to higher rates of premium. Therefore, it is recommended to invest in the ideal 75 Lakh term insurance plan at a younger age. Doing so allows you to enjoy comprehensive and high coverage at lower premium rates, ensuring financial security for your loved ones while maintaining affordable premiums for an extended duration.
Financial Dependents and Their Needs: Evaluating the financial well-being of your dependents is vital to understand if the 75 Lakh term insurance policy is enough for your goals and needs. Take into account the number of family members who depend on you for financial assistance and consider their future needs, such as education, marriage, loans, etc. Ensuring that the financial necessities of all your dependents, especially those who rely on your financial support, are thoroughly considered is essential.
Pay off Loans/Liabilities: When buying a term plan, do not forget to consider if you have any loans or debts, like home, car or education loans. A 75 Lakh term insurance policy is a great choice because it gives you a good amount compared to other plans, covering your needs well.
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Here are the benefits of ICICI 75 Lakh Term Insurance:
Cost-Effectiveness: The premium rate of 75 Lakh term insurance is affordable, and if you buy term plan at a younger age, you can get this plan at low premium rates.
Additional Benefits with Base Cover (Add-ons): The ICICI 75 Lakh term insurance plan provides high coverage for family’s security, and you also have the option to enhance it with additional add-ons such as critical illness, premium waiver, and accidental death riders. While these riders are not obligatory, they offer extra protection based on your needs.
Buy Online Easily: Buying the ICICI 75 Lakh Term Insurance plan online is convenient, hassle-free, and eliminates the need to visit ICICI's branch or office or stand in long lines. Moreover, through Policybazaar, you can also enjoy a 10% discount when buying term plans online.
Flexible Payout Options: Unlike most insurance companies that generally provide the death benefit of term insurance plans as a lump sum, you have the flexibility to choose from various payout methods. For instance, you can opt for a combination of a lump sum and monthly income payout, offering better control over managing your expenses.
Tax Advantages: Another significant benefit of acquiring the best term plan for 75 Lakhs is the eligibility for tax deductions under section 80C and 10(10D) of the Income Tax Act, 1961.
Here is a list of all eligible people who can buy 75 Lakh Term Insurance:
Young individuals
Self-employed/Business Owners
Newly Married
Parents with children
Sole earning member
People with Debts
Here are the steps to buy ICICI 75 Lakh Term Insurance from Policybazaar:
Step 1: Visit Policybazaar’s official website and go to ‘Term Insurance’
Step 2: Fill in all your basic details like Name, DoB, and contact number and then click on ‘View Plans’.
Step 3: Answer all necessary questions about Tobacco/Smoking habits, annual income, type of occupation, and your educational qualifications.
Step 4: After submitting all these details, a list of all available 75 Lakh term insurance plans will be displayed.
Step 5: Next, choose the ICICI plan from the list and proceed to pay using your preferred payment mode.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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