₹1 Crore term insurance plan is an affordable and simple way of ensuring the financial security of a family in the event of the untimely death of the sole earning member of the family.
Term plans are fruitful as they serve the double purpose of death benefit and financial stability to the family of the deceased. Over the years, the popularity of term plans have been increasing and they are becoming a preferred choice for people willing to buy an insurance policy.
By Rs. 1 Crore term insurance plan it means that the sum assured provided by the plan is 1 Crore rupees and that is paid by the insurer to the nominee of the insured on the unfortunate demise of the insured.
The financial requirement of a family increases with time. Also, with the rising rate of inflation, the cost of a family to maintain their living standard increases too.
Here are some reasons to buy Rupees 1 Crore term insurance plans:
1. The Rs. 1 Crore term plans offer higher coverage at lower premium rates if you start paying for the policy at a young age.
2. The plan offers monetary security against any liability, which means that the family can easily pay off loans(if any), fees or any other liability as well as other costs without any worries.
3. The term insurance Rupees 1 Crore offers comprehensive cover by offering riders in the form of critical illness cover, accidental death coverage, and more.
1. Aviva i-life total
2. Aegon life i -term insurance policy
3. Bajaj Allianz iSecure term assurance plan
4. Canara HSBC iSelect + Term plan
5. Edelweiss Tokio Life Total Secure+
6. Future Generali Flexi Online term plan
7. HDFC Life Click to protect Plus plan
8. ICICI Prudential ICare II Term plan
SWIPE
Choosing the right Rs. 1 crore term insurance plan depends on numerous factors including personal factors. Of course, the premium rate is the primary thing to consider here, which is decided as per the policy duration. Thus the age at which you buy a policy decides the premium of the policy. Further, there are other important factors to consider, such as, add-on coverage, which also impact the premium.
Here, in the below table, we are comparing the premium rate of term insurance for a Rs. 1 Crore plan depending on the age of the insured as well as add-on coverage.