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ICICI Prudential Life Insurance |
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The table below gives a general guide to the plans that are appropriate for different life stages.
| Life Stages |
Primary Need |
Life Insurance Products |
| Young & Single |
Asset creation |
Wealth creation plans |
| Young & Just married |
Asset creation & protection |
Wealth creation and mortgage protection plans |
| Married with kids |
Children´s education, Asset creation and protection |
Education insurance, mortgage protection & wealth creation plans |
| Middle aged with grown up kids |
Planning for retirement & asset protection |
Retirement solutions & mortgage protection |
| Across all life-stages |
Health plans |
Health Insurance |
Human Life Value
Ques: What is your Human Life Value?
Ans: Beyond all doubt, your life is invaluable. Yet, there is a certain worth that can be attributed to the financial support you offer your parents, spouse or children. This worth is referred to as Human Life Value (HLV). In the future, if your family does not have the protective blanket of your presence, they will no longer be able to enjoy the benefits of the income you earned. Put simply, Human Life Value is the present value of your future earnings.
Ques: Why should you calculate your Human Life Value?
Ans: You should calculate your Human Life Value so you can accordingly invest in insurance plans that provide your family with adequate finances and hence security even in your absence.
Ques: How do you determine your Human Life Value?
Ans: Your Human Life Value is determined by 3 factors:
1. Your age
2. Current and future expenses
3. Current and future income
As a thumb rule, if you are 30 years of age, you should insure yourself for an amount approximately 8 times your annual income. At 35, your investment should be close to 6 times your income.
Life Stage Profiler
All through your life, several significant events the birth of your child, moving to a larger home, his or her education and wedding, buying a new car, retiring from work will occur at various stages and demand your financial commitment. If you plan in advance for these events, you will quite naturally be prepared when they occur.
Life insurance is an effective tool that assists you to plan for your future such that you are financially equipped to meet all your goals.
Ques: Which important goals should you plan for in advance?
Ans: 1. Your family´s protection: So that your loved ones are secure should an unfortunate event happen to you. Life insurance can guarantee that your family receives a lump sum that safely tides them over any financial crises that might occur in your absence.
2. Child´s education: As parent, your primary responsibility is to guarantee your children´s future. Our Education Insurance plans ensure your child receives money at key stages of his or her education even in your absence.
3. Savings: Savings plans allow you to steadily save towards a pre-decided goal in a secure manner. These plans provide you with a host of benefits. You can choose the premium, the underlying fund in which you want to invest your money, the ratio between protection and investment as per your requirements.
4. Retirement: Retirement plans help you secure guaranteed income for your retired life. During the Accumulation phase, you systematically save while you are working. When you retire, the Payout stage of the plan begins. You then purchase an annuity, which will serve as a steady stream of income, for the rest of your life.
6. Health: An integral part for financial planning is protecting oneself against any medical emergencies as well. Hence, a very prudent decision would be to choose a combination of plans that look after your finances and offer you a protective health cover to ensure your financial planning is in track despite any major illnesses.
Life Stage Profiler
Broadly, insurance plans can be distinctly divided into ULIPs and traditional plans. A brief detail of both segments:
Unit Linked Insurance Product
ULIPs have gained high acceptance due to attractive features they offer. These include:
1. Flexibility
• Flexibility to choose Sum Assured.
• Flexibility to choose premium amount.
• Option to change level of Premium / Sum Assured even after the plan has started.
• Flexibility to change asset allocation by switching between funds.
2. Transparency
• Charges in the plan & net amount invested are known to the customer.
• Convenience of tracking one´s investment performance on a daily basis.
3. Liquidity
• Option to withdraw money after few years (comfort required in case of exigency)
• Low minimum tenure.
• Partial / Systematic withdrawal allowed.
4. Fund Options
• A choice of funds (ranging from equity, debt, cash or a combination).
• Option to choose your fund mix based on desired asset allocation.
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 Top Providers |
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ICICI Prudential Life |
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SBI Life Insurance |
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Life Insurance Corp. |
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Bajaj Allianz Insurance |
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United India Insurance |
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