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ife 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.

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.
The death benefit for basic life insurance is generally modest, and this kind of insurance is unlikely to be sufficient for individuals with dependents.

by Suze Orman
“If a child, a spouse, a life partner, or a parent depends on you and your income, you need life insurance.”

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
To Bring Peace Of Mind