Why 1 Cr Term Insurance Plan Is Necessary For Family?

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Why 1 Cr Term Plan Is Necessary For Family?

Term Insurance Quote
  • 20th Jan 2020
  • 4,955

Why 1 Cr Term Plan Is Necessary For Family?

Everyone consider getting term insurance for a better future and to support their family. But have you ever considered getting a 1 crore term plan? And yes, it is affordable! A term plan, having a sum assured of 1 crore, is the best way to anchor your family in times of need. So, let’s see what is 1 crore term insurance and understand who should be opting for it

What is 1 Cr Term Insurance?

A 1 crore term life insurance policy is a term plan that offers financial support in case of death of the policyholder.A sum assured or death benefit of 1 crore will be given to the beneficiary assigned by the policyholder. This kind of term plans, that have a high sum assured, safeguard the family from ending up in any financial difficulty and enable them to do more than just make ends meet.

Why Opt for the Rs.1 Crore Term Plan?

1.Standard of Living

Your family must have a specific standard of living where your children must be planning for an Ivy League university abroad or a reputed college in India in their particular fields. Not just this but plans like starting a business or an international trip for your parents must be something your family would like to have. But in case of death, your loved ones would have to give up certain dreams and wait till they have sufficient wealth accumulated to achieve their goals. Also, taking inflation into consideration, the cost of living could increase which is why a 1 crore term plan is a lucrative option.

2. Payout Options

Your family can choose to have a monthly payout until they get back on their feet and become financially stable. Afterwards, the payout can be changed to a lump sum depending on your insurer. Such a benefit allows your family to change the payout option according to their liking and stability.

3. Cover for Family

Some 1 crore term plans also enable you to add your family members in the same policy. For some additional amount, you can add your family and get a life cover instead of buying an additional insurance policy to secure them.

4. Lower Premiums

For a larger cover, the premium rates have to remain low for reasonable pricing and if you are a healthy individual in their early 20s or 30s, the premium cost will be affordable. You could also avail a lower premium rate by buying 1 crore term insurance online because in an offline plan you have to pay also for the agent.

5. Rider Benefits

Riders are add-ons that can be combined with your term plan to maximize the coverage. There are various insurance rider benefits like critical illness, accidental death, permanent disability, and many such that give out regular or lump sum payout. By contributing some additional money, you are able to secure yourself in times of an unfortunate condition.

6. Protection from Debt

In dire situations, you opt for personal loans for quick cash which results in debt. With the help of the death benefit, you are enabled to clear such debts which would be difficult in case you didn’t have a term policy.

7. Validity outside India

Depending on your insurer, your 1 crore term plan could be valid outside India if you want such a feature in your policy. This enables you to have cover if you have future plans for
settling abroad.

8. Financial Support

If your spouse is a homemaker, then such a cover will help them by providing financial support. With a 1 crore term insurance, your spouse won’t be forced to get a job and
your children can continue with their education instead of worrying about money.

9. Peace of Mind

Getting a 1 crore term insurance gives you peace of mind and assurance that your family is taken care of in case something were to happen to you. The well-being of your loved ones is always a cause of worry but knowing that your term policy will help your family manage their finances provides comfort.

Who Should Opt for the Rs. 1 Crore Term Plan?

A 1 crore term insurance plan is best suited for everyone who wants to secure their family financially by leaving behind a considerable amount. Also, if you are the sole earner of the family or have a substantial amount of financial contribution towards the family, 1 crore term insurance will aid in fulfilling the goal of financial stability. You can also figure out the amount of sum assured you should opt for by using online tools.

After going through the various reasons as to why you should opt for a 1 crore term insurance plan, you can now decide if you really need it. Having extra funds has never gone in vain and your family might get a chance to have a brighter future with the death benefit.

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