A term insurance plan can help secure the financial future of your family even when you are not around. This policy is considered one of the fundamental necessities in today’s times. With the best term insurance plan for 1 crore on your side, you can stay assured that your family leads a comfortable life without any financial worries.
Term insurance is the simplest form of life insurance, where the insurance company promises to pay a pre-determined sum to the insured’s family if the insured unfortunately dies during the policy term. In return, the policyholder is required to pay a fixed premium regularly. In this article, we will talk about 6 reasons why you should invest in the best term insurance plan for 1 crore.
Image Source: Shutterstock
What is Term Insurance?
Term insurance is basically a life insurance policy that provides coverage for a specific period of time. In case the insured dies during the policy tenure, a death benefit is paid to the nominee. The standard variant of term insurance does not have a cash value. This means if the insured survives the policy term, no value will be generated unless they have opted for a return of premium.
Term insurance can generate a significant corpus that can help the policyholder’s dependents to sustain their lifestyle and pay off any existing liabilities. Buying the best term insurance plan for 1 crore can offer adequate coverage to take care of your financial needs for years to come.
6 Reasons to Invest in the Best Term Insurance For 1 Crore
To ensure that your family remains financially secure after you are gone, opting for term insurance can be a good idea. It is one of the most cost-friendly plans available to mitigate unexpected risks. The best term insurance for 1 crore offers significant coverage at an affordable premium. Apart from that, here are 6 key reasons why you should invest in term insurance plans.
1. Low Premium
A term insurance plan does not have any investment element to it. That is why the premium for a term plan is much lower compared to other insurance plans. You may need to pay only one per cent of your annual income to a life coverage with a high sum insured. 1 crore term insurance can give sufficient coverage and provide a safety net for your family.
2. Offers Financial Security
The unfortunate death of the sole breadwinner of the family can lead to huge financial stress. If you want to prevent such situations, buying adequate insurance, such as 1 crore term insurance, can take care of the financial needs of your family.
The flexibility that investors get with a term insurance plan is one of the most significant advantages of this policy. You can buy the best term insurance plan for 1 crore online or offline. Individuals also have the flexibility to customize their term plans as and when required.
4. Low Claim Rejection
There are some things you need to keep in mind while buying the best term insurance plan for 1 crore. Make sure that you provide accurate facts about your finances, health condition, habits, etc. The Insurance Regulatory and Development Authority (IRDA) has ruled out that no insurance company can claim that there has been non-disclosure of information after the completion of two years.
Riders are basically the additional benefits that can help enhance the coverage of your term insurance plan. To add a rider, you need to pay a nominal fee. Some of the most popular riders include critical illness, accidental death, partial or permanent disability, etc.
6. No Brokerage
Usually, a brokerage fee is included when the premium charges are allocated. Whenever you pay a premium, a specific percentage of it is contributed toward brokerage charges. But if you choose to buy the best term insurance plan for 1 crore online, you can save up to 5 to 6 per cent of your hard-earned money.
So, these were some of the key reasons why you should invest in the best term insurance plan for 1 crore. If you are planning to buy health insurance, keep in mind that you can enjoy the benefits of the term insurance plans only after the health insurance waiting period is over.