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Life Insurance
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.
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.
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