Life Insurance

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Life Insurance

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.

Why Life Insurance is Necessary?

  • To Protect Your Family & Loved Ones.
  • To Live In Inheritence
  • To Pay Off Debts & Other Expenses
  • To Add More Financial Securities

Key Takeaways

  • Basic life insurance is life insurance sponsored by workplaces and is generally guaranteed with no medical questions or exams.
  • Insurers offer organizations a lower group rate for premiums, meaning basic life insurance is offered at either no cost or low cost to employees.
  • Basic life insurance may be portable if the employee takes over paying premiums after leaving their job, depending on the insurer and the specific policy.
  • Medicare and the Children's Health Insurance Program (CHIP) are two public health insurance plans that target older individuals and children, respectively. Medicare also serves people with certain disabilities.