Top Reasons to buy 1 Crore Term Insurance Plan in India

Inflation is a nightmare to anyone, and thus, everyone should equip themselves with a robust financial portfolio to deal with these inflations and healthcare expenditures. If a person is the sole bread earner of his/her family, then his/her top priority should be to ensure the strong financial security of the family. Here enters a term insurance policy that will offer financial protection to your family and ensure that your family is adequately covered to cope from ill-fated incidents. Thus, it is always recommended that an individual should purchase a term plan for a family with higher coverage of Rs. 1 crore. Let’s take a look at why you should opt for a 1 crore term insurance plan.

What is a 1 Crore Term Plan?

A term insurance policy offers financial assistance to family members of the insured policyholder in case of the sudden demise of the policyholder during the tenure period. Moreover, term insurance also takes care of all the financial liabilities of the family in the absence of the bread earner.

The 1 crore insurance plan is a pure protection plan that offers Rs. 1 crore coverage to the nominee if the insured policyholder dies in an unfortunate incident during the policy period. The 1 crore policy term plan adds a financial layer to the family, helps them overcome their liabilities, and inspires them to fulfill all long-term financial objectives of life.

Things to remember while purchasing a term insurance policy

When you are planning to purchase the best term policy for your family, the experts advise you to choose a coverage amount that is 10-15 times your annual income. Term insurance plans are the simplest life insurance products, and they are also the most budget-friendly plans among all insurance plans. By paying a lower premium amount (Rs. 411 per month). So, while buying a term plan, follow this thumb rule.

Some important factors that you should consider while purchasing a term insurance plan are,

• You age
• Health conditions
• Annual income
• The number of dependents

You should purchase the right term plan that goes well with your requirement and suitability by evaluating all these factors.

Apart from offering financial assistance to the family, the term plan also acts as an income replacement for the dependents if the insured policyholder dies due to an unfortunate incident. Moreover, with the best term insurance plans for 1 crore, the remaining members can accomplish their financial liabilities, including the repayment of home loans, child’s higher education, marriage, payment of credit card bills, and other expenses.

Is 1 crore Term Insurance Policy adequate for your financial needs?

Always choose prudently term insurance coverage with proper planning and understanding. The 1 crore term insurance plan allows you to fulfill all financial responsibilities, including taking care of children’s higher education, their marriage plans, repaying the loans, securing a worry-free retirement for your spouse, and many more. If you want to opt for the best term plan, you need to analyze your requirements first. Always consider future aspects like healthcare inflation, loan repayment, paying credit card bills, etc.

While looking for a Rs 1 crore term plan, you need to understand how much coverage will be adequate to deal with all these aspects in the event of an emergency. Everyone has different financial requirements and needs. Thus, consider all these aspects and make a concrete decision while choosing the best term plan.

Top 7 Benefits of Buying 1 Crore Term Insurance Policy

Let’s take a look at some astonishing benefits of buying a 1 Crore term insurance plan as mentioned below:-

1. In the case of an unfortunate incident, the family can lead a normal life without compromising anything.
2. You can easily purchase a term insurance plan online. By using a term insurance calculator, you can check the premium amount that you need to pay against your policy.
3. Flexible payout options allow customers to choose an option as per their current requirements.
4. Lower premiums make it a lucrative offer.
5. You can incorporate the rider benefits (accidental death, critical illness, permanent disability, etc.) into your plan to maximize the coverage at an additional nominal premium.
6. Protection from debt in case of a contingency.
7. You can enjoy tax benefits on the premium. The taxable income reduction can go up to 1.5L under article 80C of the Income Tax Act, 1961.

In a word, a 1 Crore term plan gives your family full financial assistance, and by securing the lives of your loved ones, you can lead a worry-free life.

These days, many insurers are embracing their customers with 1 crore term insurance plans. You must compare all the plans online and handpick the best plan as per your requirements and needs. Also, don’t forget to go through the policy exclusion and inclusion so that you don’t need to bear the pain of claim rejection.The insurance experts recommend purchasing the term policy at a young age. If you purchase a term plan at a young age, you can enjoy the maximum coverage by paying a minimum premium amount. If you are the only bread earner of your family, then it would be on your top priority to purchase a 1 crore term plan for your family to ensure the financial security of your loved ones.