Want us to help you with anything?
Request a Call back

This field is required Only alphabetes are allowed
This field is required Only alphabetes are allowed
Please enter valid number
Please enter valid email
Please select product type
Please enter valid pincode

Thank you for your request.

Your reference number is CRM

Our executive will contact you shortly


2 mins Read | 5 Years Ago

5 Reasons to Buy a Life Insurance Plan


We never really think about death when we’re young and healthy. But one of the biggest truths of life is death can knock our doors irrespective of how young or healthy we are. While it can take several years for your family to overcome the emotional loss of your death, you can at least make some arrangements to provide them with the financial help they’d need.

A life insurance is that protective blanket that can help you protect your family from financial hardships even when you’re not around. Here are some of the most important reasons why you should consider buying a life insurance-

1. Looking After Your Family Even After You’re No More

Needless to say, the most important reason to buy life insurance is to ensure the financial safety of your family. This is especially true if you’re the sole breadwinner of the family.

While no amount of money can ever compensate for their loss, there is no denying the fact that the financial aid can provide them some strength and comfort once you’re no more.

2. Repaying Your Loans

Home loans, car loans, and personal loans are now a go-to option for working professionals in India. In case of your sudden demise, you’d surely not want to leave your loans to your family.

With the help of life insurance policies, your loved ones would not have to worry about your loans. The coverage received after your death can be used for repaying your loans.

3. Source of Income After Retirement

There are now a host of innovative offerings from insurance providers. You can now find life insurance policies with retirement benefits.

After paying premiums for a fixed duration, these policies provide a monthly pension to you while still maintaining the death cover. This can be an excellent way for you to have a constant source of income after you retire.

4. Health Cover

There are basic life insurance products and then there are other life insurance schemes that come with health cover benefits. Such policies cover you financially if you suffer from life-threatening conditions like cancer, heart-related problems, and a host of other illnesses.

Many of the insurance providers also offer additional riders for a number of illnesses. With the rising cost of healthcare, this can be a great way to enjoy the benefits of life insurance as well as a health insurance.

5. Tax Benefits

While the importance of tax savings is not as high as the benefits discussed above, it is still of valuable assistance. Under the Indian IT Act, Section 80C, you can claim tax deductions up to INR. 1.5 lakhs in a financial year and the life insurance premiums can be added to the exemption amount. Moreover, if you buy life insurance with built-in health cover or purchase additional health-related riders, you can gain additional tax benefits under Section 80D as well.

Life Insurance: One Policy, Many Benefits

As you can see, there are several ways in which a life insurance can be helpful to you and your loved ones. Try to buy term insurance or full life insurance as early in life as possible as the policies get more expensive with age.



The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith and sources considered reliable by lClCl Bank. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. 'lClCl ' and the 'I-man' logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.

People who read this also read

View All


View All
2 mins Read | 4 Years Ago
What is the Right Time to Buy Life Insurance
Life Insurance

Scroll to top