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Term insurance plans come as a huge financial safety net for a family in times of need, such as financial hiccups or 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.
1 crore term insurance policy offers a sum assured of 1 crore to the nominee in case something happens to the insured individual. These policies offer a high sum assured to help family members deal with the financial repercussions of loss.
Yes, you should because it will not be a big task as an average salary earner to protect you family after your demise.
Every good financial portfolio has a term insurance policy. These insurance plans offer life coverage for a specific tenure. Let’s look at how a Rs 1 crore term insurance policy works:
Here’s how an Rs 1 crore term insurance plan can benefit you:
Term policies offer incredibly pocket-friendly premiums. You can gain life coverage of Rs 1 crore for less than Rs 900 per month#. The premiums will remain the same through the policy tenure, ensuring you don’t have to worry about sudden financial stress.
When you purchase a term insurance plan, you help secure your family’s finances. In case something happens to you, your loved ones are left behind to deal with any debt you might leave behind. The payout from your Rs. 1 crore term policy allows them to clear any pending debt. You can ensure that you leave your family a debt-free legacy.
You can enhance your Rs. 1 crore term policy with riders like critical illness cover and accidental death benefit. These add-ons provide more financial security for you and your loved ones.
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, a Rs 1 crore 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. When comparing various insurers, do a due check of the underwriting norms as many insurers give lower premiums with stringent rules.
You have to pay attention to:
Opt for a term insurance plan that offers comprehensive security at an affordable price. Ensure that your family is safeguarded financially if an unexpected eventuality occurs.
ARN: ED/03/23/1387
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##Individual death claim settlement ratio by number of policies as per audited annual statistics for FY 2021-22.
#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved
^ Available under Life & Life Plus plan options
^^ The names of the people used are examples only