What is Financial Freedom and How You Can Achieve it
Planning for Financial Freedom?
While most people think that financial freedom is only about having enough income to meet the living expenses, this is only half the story.
In reality, financial freedom has two main aspects. First, it means you can make important life-changing decisions without you and your loved ones becoming stressed out about being in a cash crunch. The second is that your loved ones should be able to live a life where they are protected and secured no matter what happens.
Thus, if you desire financial freedom, it is important to plan for the long term irrespective of your income level. With proper planning, you can GIFT your loved ones the assurance of achieving goals like children’s education, a peaceful retirement and much more.
To help you achieve this you should look at Life Insurance. It is an ideal investment tool for achieving financial freedom as it not only helps your investments grow for your long-term goals like child’s education, marriage or building a house but also financially secures those investments from uncertainties in life.
While there are many choices when it comes to Life Insurance, a good option is the “Guaranteed Income for Tomorrow” plan from ICICI Prudential Life. It an ideal plan which has both the benefit of life insurance as well as the opportunity to grow your savings to help you achieve your long-term goals.
ICICI Pru Guaranteed Income for Tomorrow provides you with many benefits such as:
- Guaranteed Benefits: You will receive assured returns in the form of a lump sum or regular income as per your needs.
- Option to receive guaranteed income: You have the option to receive a regular income from the very next year of buying the policy i.e.; 2nd year onwards.
- Life Insurance cover: Your family’s future and long-term goals will be secured without any compromise in case of an unfortunate event.
- Tax savings: You can avail tax benefits under Section 80C for premiums paid towards this plan. The pay-out at maturity or the benefits that your nominee receives are also exempt subject to Section 10 (10D)
- Loan facility: In case of a cash crunch or financial emergency, you can avail loans against this policy
You have the flexibility to choose from any of the three plans based on your needs.
- Early Income plan option:
If you plan to retire early then this option allows you to start receiving a regular income from the second year itself, this can help you with your children's fees or any other expenses.
- Income plan option:
Under this plan option, you have to pay premiums for a certain period of time and at the end of the policy term, you will receive a Guaranteed Income for a certain period
- Lump-sum plan option:
If you want to receive a lump-sum amount then you can choose this option. This lump-sum can help you fund the education of your children or other expenses.
You can find more about the various other benefits in the link below.
It is important to select the right approach according to your needs and requirements. As life goes on, your life and family goals will evolve and you will need to plan accordingly to make informed decisions. Investing in life insurance for the long term is a necessity to not only protect our families from uncertainties but to also achieve financial freedom.
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-In association with ICICI Prudential Life Insurance
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- A guaranteed lump sum or regular income will be payable based on the plan option selected.
- This benefit is available under the Early Income plan option.
- Life insurance cover is the benefit payable on the death of the life assured.
- Tax benefits under the policy are subject to conditions under Section 80C, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Goods and Services tax and cesses (if any) will be charged extra, as per applicable rates. The tax laws are subject to amendments from time to time. Please consult your tax advisor for details, before acting on above.
© ICICI Prudential Life Insurance Co. Ltd. All rights reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. Regn. No. 105. CIN: L66010MH2000PLC127837.
Reg. Off.: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600. Customer helpline number – 1860 266 7766. Timings – 10:00 A.M. to 7:00 P.M., Monday to Saturday (except national holidays). Member of the Life Insurance Council. For more details on the risk factors, term and conditions please read the product brochure carefully before concluding the sale. Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license.
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