As life is unpredictable, you must prepare for the unexpected scenarios. Opting for a term insurance plan with1 crore coverage isan ideal option to secure your family’s financial future in today’s time. In the unfortunate event of your untimely death, a term insurance plan with a substantial amount can help your loved ones stay financially protected. Read on to explore how you can empower your family’s future by purchasing a 1 cr term insurance plan.
What is the Requirement of a 1 Crore Term Plan?
The following are multiple reasons why you must invest in a 1 crore term insurance plan in India:
1. Helps Beat Inflation
While ₹1 crore may appear substantial at present, it is essential to consider the impact of inflation. Over time, the value of this amount could diminish, making it crucial to invest in a term insurance plan with a huge sum assured. Nowadays, there are unique and highly flexible term plans that allow you to adjust the sum assured in line with your evolving financial requirements.
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2. Manage Your Existing Liabilities
Choosing a life insurance policy with a high coverage amount, such as a 1 crore term plan, provides increased protection for your family and loved ones. In the event of your untimely demise,the substantial coverage can help settle any outstanding debts and financial responsibilities, ensuring they can lead a debt-free life.
3. Comprehensive Coverage
With a 1 crore term insurance plan, your family receives comprehensive coverage in the event of your sudden death. It ensures financial security for your family and alleviates any potential financial burdens.
What are the Features of a 1 Crore Term Plan?
Here are a few key features of this high-sum assured plan:
1. Affordable
One of the critical features of a 1 crore term insurance plan is that it is more affordable than other life insurance policies. You can use a term insurance premium calculator to determine the amount you must pay to receive the financial benefits. The plan offers coverage to your family for a specified period and disburses the death benefit after your demise.
2. Flexible
A 1 crore term insurance allows you to choose the premium payment frequency and paying modes. It enables you to conveniently select a premium term, such as single, regular, or limited. Moreover, you can choose the payout option from a lump sum, regular income or both.
3. Increase Coverage
Another critical feature of a 1 crore term plan is that it permits you to enhance the coverage amount. As you grow, your responsibilities increase, and the requirement to opt for a higher term insurance coverage also enhances. Hence, the term plan allows you to increase the sum assured at your convenience.
4. Optional Riders
A 1 crore term insurance plan enables you to include additional riders in your basic policy. Adding such riders enhances the plan’s scope and offers extensive coverage so your family does not face financial difficulties.
Application Process of a 1 Crore Term Plan
Here is a step-by-step guide for you to follow and select a 1 crore term insurance plan online:
Step 1: Open your preferred insurance company’s website and create an account by entering your details.
Step 2: Provide your information, such as name, contact information, annual income, date of birth, health issue, medical history, etc., and click the ‘Check Price’ option.
Step 3: Select a 1 crore term insurance plan and click the ‘Proceed’ button.
Step 4: Check the premium payment term, coverage and other details.
Step 5: After that, you can add riders to your plan to enhance the coverage.
Step 6: Select the payment method and click the ‘Pay’ option to make payment via your debit card, credit card or UPI.
Step 7: After payment, you will receive the life insurance policy in your registered email address.
However, please note that this is a generic procedure for buying a life insurance policy in India, and the process may differ from insurer to insurer.
Final Words
Overall, a 1 crore term insurance plan is ideal for securing your family’s future. With this high sum assured, your family can stay financially protected in case of your sudden demise and fulfil their financial requirements. Moreover, they can use this amount to pay off theirdebts and lead a debt-free life.
