Why should you opt for Rs 1 crore term insurance plan?
Term life insurance is a necessity in today’s time. With the growing expense and urbanised standard of living, the breadwinner of a family will not want his or her loved ones to suffer financially due to some uncertainties. Therefore, it is inevitable to invest in their secured future with a term life insurance. Now everyone knows that term insurance offers a substantial amount as the insurance coverage amount. But how much is sufficient, that is a big question.
Most people face problems while selecting a term plan due to different premiums, riders, payout option and many more. However, customer can compare other policies by doing an apple to apple comparison for their actual need. Comparing policies help customers to make the right buying decision that fits his or her pocket.
So, looking at the increasing cost of living, you should opt for at least 1 crore term insurance plan. Moreover, with time your financial responsibilities will increase such as your home loan, car loan, children’s education, marriage, medical expense and so on. Hence, you should choose a sufficient coverage amount such that you can be stress-free in future. With 1 crore term insurance plan,you can ensure that all your liabilities and responsibilities related to your kids and parents are taken care off, and they can lead a comfortable life in your absence.
What is 1 crore term insurance plan?
A term life insurance offers a death benefit, or we can say financial security to the nominee in case of policyholder’s demise during the policy tenure. A 1 crore term insurance plan is a life insurance policy that promises to give sum assured of Rs 1 crore to the policy beneficiary on the death of the insured person.
However, usually, while choosing adequate insurance coverage can be quite confusing primarily because of the premiums. But if you compare various term insurance plans, you will be able to analyse which one is best suited as per your requirements. By buying 1 crore term insurance, a responsible person can ensure that his loved once will get a healthy future.
So, below are the details of 1 crore term insurance plans available in the market offered by different insurance providers. This will help you in selecting the most suitable one.
Max Life Insurance Smart Term plan: Max Life Insurance offers Rs 1 crore term insurance plan until the age of 85 years. It provides a return of premium if the policyholder survives the policy term along with tax benefits on the premiums paid. Max Life Smart Term plan also provide thorough protection against 40 critical illnesses that include heart attack, cancer and kidney failure. You can select a limited premium payment option or flexible premium payment method depending upon your convenience. And last but not the least this policy offers multiple death benefit payout options and provide coverage for smokers too.
HDFC Life Click2 Protect Plus Plan: HDFC Life Click2 Protect Plus policy offers Rs 1 crore term insurance plan with several other benefits. Such as you can increase the life cover when on achieving key milestones in your life like marriage. It offers flexible premium payment terms and different payout payment options such as the policy nominee receives a part of the sum assured as lump-sum and the rest as a monthly payment. The policy provides insurance coverage till 85 years, and you can opt for single, limited or regular premium payment method. The minimum entry age for this policy is 18 years, whereas the maximum is 65 years.
ICICI Prudential iProtect Smart term plan (IPS): Along with Rs 1 crore life cover, ICICI Prudential iProtect Smart term plan provides coverage against death disability and terminal illness. You can choose from different death benefit payout as per your requirement and opt for various premium payment modes like single premium payment, limited or throughout the term of the policy. This policy offers essential benefits for women which includes special premium rates for accelerated critical illness benefit and life cover. And it also covers cancer-related to female organs like cervical cancer and breast cancer under accelerated critical illness cover.
PNB MetLife Mera Term Plan: One of the most attractive features of PNB MetLife Mera Term Plan is that it provides coverage till the age of 99 years along with offering Rs 1 crore death benefit. You can opt for any policy tenure from 10 years to 81 years. The minimum entry age is 18 years, and the maximum is 65 years. There are various riders available to be added with the base plan, that are critical illness benefit, accidental death benefit, accident disability benefit and serious illness cover.
Aegon Life Iterm® Insurance Plan: Along with Rs 1 crore life coverage, Aegon Life Iterm® Insurance Plan offers a host of benefits. To start with, it has an inbuilt terminal illness benefit and option to add riders. The policy provides life coverage until 100 years of age, and you can increase the insurance coverage according to your increasing requirements at every life stage. Women and non-smokers get the enjoy the benefit of low premium rates; however, smoker gave the option to quit smoking and reduce their premiums from the second year onwards of the policy. Also, there are different death benefit payout options as well as varied choices to pay premiums.
Canara HSBC iSelect+ term plan: Under this plan, you get Rs 1 crore life cover along with the option to either get coverage for an entire lifetime or limited period. There is a loyalty discount for the company’s existing customers as well as a discount on premiums of higher sum assured and for female lives. You can also ass your spouse in this policy and avail discount rates for your spouse. Canara HSBC iSelect+ term plan even lets you increase your life cover to cope up with the changing requirements at critical milestones in your life.
Edelweiss Tokio Life -Simply Protect: Edelweiss Tokio Life Simply Protect term plan offers you four death benefit options to choose from – Life Cover, Life Cover with inbuilt Accidental Death Benefit, Life Cover with inbuilt Waiver of Future Premiums payable on Accidental Total and Permanent Disability and Life Cover with inbuilt Waiver of Future Premiums payable on Critical Illness. The policy gives discounts on high sum assured and low premium rates for female lives. It offers coverage up to 80 years of age and multiple payout options to choose from.
Kotak eTerm plan: This term policy from Kotak offers three different plans to choose from – Life option, Life plus option and Life Secure option along with three different payout option – Immediate payout, Level Recurring payout and Increasing Recurring payout. Hence, you can select your preferred choice as per your requirement and convenience. It also offers a step-up option to increase your coverage amount during important milestones of your life like marriage, purchase of house amongst others.
To know and understand different Rs 1 crore term insurance plans from various insurers in detail, visit BimaKaro.in today and opt for the ideal one according to your needs.