When we have a family, especially children who are dependent on us, we mostly buy them gifts and everything that would make them happy. We do things that would make their life simpler and better. We also invest money in several policies so that we can support them to our best capability during their higher studies. While we are doing so many things, we do not realize the fact that tomorrow things may not remain the same. We can die, and the children who are dependent on us may have to go through a rough time. Even if our spouse is financially independent, will that single income be enough for the family to maintain the same lifestyle? The investments we have made today may take years to get matured and all these years can be challenging for the entire. To find a solution to all these problems, you first need to take very good care of yourself and secondly buy a term insurance plan.

Now the next question comes, which insurance company to opt for? It is a common confusion that almost all the policyholders come across before they finalize a term insurance policy. One of the term insurance companies that you can consider going for is ICICI Prudential Life Insurance Company. Here are some of the advantages of ICICI term insurance plans that you can take a look at:

• Affordable premiums: The term insurance plans offered by ICICI Prudential Life Insurance are available at affordable premiums. The company allows the policyholders to pay the premiums on a monthly or half-yearly or annually basis. And if you are young, you should buy the term insurance plans at the earliest so that you can pay the premiums at the lowest possible rates.
• Accidental death benefit cover:As you buy a term insurance policy from ICICI Prudential Insurance Company, you will be able to get a rider called Accidental Death Benefit. If you meet with an accident that results in death, this rider will provide extra cover to the beneficiaries of your policy. To avail of the benefits of this rider, you have to pay an additional amount along with the premium for the policy.
• Critical illness coverage:Your term insurance plan includes critical illness coverage which gets activated if you are ever diagnosed with the critical illnesses that are listed in your policy. Once activated the critical illness coverage will provide you a payout of a lump sum amount as an additional benefit.
• Whole life cover:Through the ICICI Prudential term insurance plan, you are offered coverage till an extended age. This ensures that even in the later years of your life, your insurance plan provides coverage to you and offers benefits to your life partner. Some ICICI Prudential term plans can provide coverage till you reach the age of 99 years.
• Flexible payout options:Many flexible payout options are available with your ICICI term insurance plan that your beneficiary can choose from. The payout options include lump-sum benefit, monthly or annual income, higherincome during inception, and lump sum benefit combined with an income pay-out plan. Depending on the financial obligations faced by your nominee, they can choose a payout plan that helps them out.
• Tax benefits:Under the Income Tax Act, 1961, Section 80 (C) the premium amount paid towards your ICICI term insurance plan is eligible for availing tax deductions. In addition to that, section 80 (D) of the Act allows for tax benefits on critical illnesses payouts. Even the payout received at the time of policy maturity is exempted from any applicable taxes under section 10 (10 D) of the Income Tax Act, 1961.

Now if you want to take a look at the several ICICI term insurance plans, you can visit the website of IIFL.