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Ref. No. KLI/22-23/E-BB/492
Protect your loved ones with 1.5 crore term insurance cover, the most affordable way to secure their financial future. Read this blog to learn everything you need to know about this policy.
In an increasingly uncertain world, securing the financial future of our loved ones has become paramount. Term insurance, one of the most popular life insurance products, provides a straightforward and cost-effective way to protect your family’s financial well-being in the event of your untimely demise.
Among the various term insurance plans available, the ₹1.5 crore term insurance plan stands out as a comprehensive solution to provide substantial cover for your dependents. This blog will explore the benefits and considerations associated with ₹1.5 crore term insurance and understand why it is an essential part of financial planning.
₹1.5 crore term insurance is a type of insurance policy that offers a death benefit of ₹1.5 crore to the nominee in the case of the policyholder’s demise during the policy term. It means that if the insured person passes away during the coverage period, their family or chosen beneficiaries will receive the lump sum of ₹1.5 crore, providing significant financial security.
Such a large amount of money can provide someone with the best possible benefits and security during emergencies. These emergencies can either be financial or medical. Take a look at what advantages you can get from a ₹1.5 crore term insurance plan:
One of this policy’s primary advantages is its substantial financial protection. A ₹1.5 crore rupee payout can help your family cover various expenses, including outstanding debts, mortgages, children’s education, and daily living expenses.
₹1.5 cr term insurance is remarkably affordable despite providing a large sum assured. The premiums are generally lower than other insurance plans, making them available to a wider range of individuals.
Many insurance providers allow policyholders to customize their term insurance policy. You can add riders or additional coverage to suit your specific needs, such as critical illness cover, accidental death benefit, or disability coverage.
Term insurance policies, including ₹1.5 cr term insurance, offer tax benefits under the 80C section of the Income Tax Act 1961. Premiums paid towards the policy are qualified for tax deductions up to a specified limit. Additionally, the death benefit that the nominee receives is usually tax-free under Section 10(10D).
A ₹1.5 crore term insurance cover can be bought from any insurance company. You just have to follow a straightforward process with these steps:
Use online premium calculators or contact insurance agents to get an estimate of the premiums for the desired coverage amount and policy term. Compare premium rates from various insurers to find a policy that suits your budget.
Be transparent about your medical history and lifestyle habits during the application process. Insurance companies may conduct medical underwriting, and providing accurate information is crucial to avoid claim rejections in the future.
Consider adding relevant riders or add-ons to enhance the coverage of your ₹1.5 crore term policy. Popular riders include critical illness cover, accidental death benefits, waiver of premium, and disability coverage. Select riders that align with your specific needs.
Fill out the application form with accurate information. Double-check all the details before submitting the form to ensure no errors.
Carefully review the policy terms and conditions, including the coverage details, premium payment schedule, exclusions, and claim settlement process. In case of any doubts, seek clarification from the insurance company.
A ₹1.5 crore term plan is an excellent policy for safeguarding your family’s financial future in case of an unfortunate event. It provides comprehensive protection at an affordable cost and offers flexibility in terms of customization. However, assessing your family’s financial requirements is crucial, as choosing a reputable insurer and being honest during the underwriting process to ensure a seamless claims settlement. Take your time to research, compare policies, and choose wisely to ensure comprehensive protection for your loved ones.
Ref. No. KLI/22-23/E-BB/2435