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Life insurance is an agreement between an insured and their insurer in which the former promises a lump sum upon death or after a specific timeframe, depending on the type of policy chosen. At ICICI Prudential Life Insurance we have various policies tailored specifically to your needs – our financial experts are on hand to discuss each one and help determine which coverage option would be ideal.

Life insurance provides peace of mind for you and your loved ones after your death, helping your family cover funeral costs, debts and everyday living costs after you pass. Furthermore, it may help cover costs such as mortgage payments or loans while even helping fund their education.

To maximize the benefits of life insurance, it is crucial that you select and pay premiums regularly. A beneficiary is defined as any person you nominate when purchasing the policy; upon your death they will receive all applicable benefits from that life insurance policy. When filing claims they must present certified copies of both death certificates, proof of identity documents as well as other pertinent paperwork.

Purchase of life insurance policies can be done directly from an insurer or through a broker, with group policies usually offered through employers and professional organizations while individuals can apply online, over the phone, or in person at an agent’s office.

Cost of life insurance varies significantly based on various factors. Your choice of policy type, coverage amount and age all have an effect. In everyday life insurance , lifestyle factors like smoking may alter this cost significantly – for instance smokers may pay more than non-smokers for equal levels of protection.

Consider also the tax ramifications of life insurance policies, while most life insurance claims may be tax-free, as tax laws change often and it’s wise to consult a qualified tax advisor before making decisions regarding life insurance coverage.

Life insurance policies can be customized to your unique situation by adding various riders, such as waiver of premium, income tax deferral and child coverage options.

Life insurance policies often contain special clauses that can increase or decrease costs, including suicide clauses that render the policy ineffectual if an insured commits suicide within a specific timeframe (usually two years), with some states also having mandatory suicide provisions in their policies. Some policies also feature contestability periods to enable insurers to review an insured’s medical history and other information before making their decision on paying claims or not.

Life insurance policies may seem unnecessary in today’s uncertain climate, but having a plan in place can provide peace of mind knowing that your loved ones will be taken care of should something untoward happen. To learn more about how life insurance can assist your family, get in touch with us now.