Term Insurance or Pure Protection Plans are the most basic form of life insurance plans. They enable you to secure your family financially, by offering a high life insurance cover amount for a relatively low premium payment. You can pay these premiums regularly, or at one go, depending on the life insurance policy you choose.
These insurance plans let you keep your family secure and financially independent, in your absence. If you are the Life Assured, you pay a specific premium amount at fixed intervals during your policy. In the eventuality of death during the policy tenure, your family gets a pre-decided amount, called ‘Sum Assured’ as per the provisions of your protection plan.
You can get a simple, quick and clear answer to this question by calculating your Human Life Value or HLV. HLV is an easy-to-use numeric method of calculating the amount of Life Cover that you may need.
The basic thumb rule that can be used to find out your HLV is as follows:
|Age In Years||Income multiple|
|18-35||25 times of your annual income|
|36-45||20 times of your annual income|
|46-50||15 times of your annual income|
|51-61||10 times of your annual income|
For example, if a 32 year old man has an annual income of ₹ 5 lakh, the ideal Life Cover for him would be 25 x 5 lakh = ₹ 1.25 crore.
Take a look at the Term Insurance plans that we offer:
Offer your family 360° protection against Death, Disability & Disease. A plan that provides Life cover + 34 Critical Illnesses cover* + Higher Accident cover and much more.
A protection plan that covers your loved ones and ensures that nothing ever comes in the way of their dreams.
ICICI Prudential Smart Health is designed to provide protection against 34 Critical illnesses and Terminal Illness. In addition to this, it also provides a life insurance cover and waiver of premium in case of Permanent Disability due to an accident
Ensure your family’s financial security even in your absence with a Life Cover, while enjoying tax benefits.
Calculate how much your life insurance cover should be, to keep you and your family secure