1 Crore Term Plan - Is this Sufficient for You?
Term insurance plans come as a huge financial safety net for a family in times of need, arising out of financial hiccups or may be the demise of the breadwinner. However, how big an amount should you take to secure your family? In one of our previous articles, we told you how having a second insurance policy or a critical illness policy can help. However, considering the rising cost of livelihood in the cities, buying an insurance policy with a coverage of Rs 1 crore becomes as important.
What Is 1 Crore Term Insurance?
1 crore term insurance policy offers a sum assured of 1 crore to the nominee in case something were to happen to the insured individual. These policies offer a high sum assured to help family members deal with the financial repercussions of loss.
So, should you invest in a Rs1 crore term plan?
Yes, you should because it will not be a big task as an average salary earner to protect you family after your demise.
Who Should Opt for Rs. 1 Crore Term Plan?
If you are in the age group of 30-35 years and have more earning years, or if you are the only earning member of the family as a 1crore term insurance plan will be beneficial for your family after your death.
Several insurers offer term insurance plans with a cover of Rs 1 crore. Earlier the premiums would keep fluctuating based on what the others are charging. With IRDA's new regulations, insurance companies have reduced the premium rates. Many private players offer lower rates of around Rs15,000. When comparing various insurers, do a due check of the underwriting norms as many insurers give lower premiums with stringent rules.
Selection of 1 crore term insurance policy can be a tough ask.
You have to pay attention to: a) the benefits, b) inclusions and exclusions mentioned on the policy document, c) premium rate, d) opt what is good for you and your family's future, e) check on the riders and the claim settlement ratio.
HDFC Life Click 2 Protect Life is an online term insurance plan that offers comprehensive security at an affordable price. With this online term policy, ensure that your family is safeguarded financially if an unexpected eventuality occurs. HDFC Life Click 2 Protect Life Plus offers a wide range of 9 plan options to help one choose as per their need.
- Term Insurance - Definition & Meaning
- How to Buy Term Life Insurance Online?
- 4 Common Mistakes to Avoid When Planning to Buy Term Insurance
- When is the Best Age to Buy a Term Insurance Plan?
- How to Choose the Right Term Policy Period
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