Financial planning is one of the best things you can do for your family. You must want to make sure that in case of an unfortunate mishap, your loved ones should be financially secure. Well, this venture has become quite easy with the expanding online marketplace.
Nowadays, purchasing insurance has become hassle-free and easy, which is all the more reason for you to insure yourself. Seeing how the financial landscape is, with inflation reaching the skies, a 1 crore term insurance can put you and your family’s minds at ease. You must be wondering why a 1 crore plan would not be overpriced. Well, let’s find out.
Why Choose a 1 Crore Term Insurance?
There are many reasons why you should choose a 1 cr term insurance for yourself:
.jpg)
Helps Against Inflation: At this point, ₹1 crore might seem like a big sum. But in the future, when you take growing inflation into account, it will start to look like a need. To raise the amount assured in accordance with your demands, you can purchase a term insurance plan with a rising cover option.
Personalised Coverage: You can easily tweak your term plan according to your needs and add benefits like critical illness cover and accidental death cover. They provide extra security just in case an unfortunate incident occurs.
Better Management of Your Liabilities: In determining the appropriate amount of term insurance coverage, typically, household and energy costs are taken into account. But there are also financial obligations like mortgages and loans. Your loved ones can simply use the coverage to pay off loans and mortgages in the event of your death.
Tax Benefits: Term insurance or any other, they all include tax benefits. Upon purchase of any term plan, the premiums paid are entitled to tax deduction claims up to ₹1.5 lakhs.
Understanding How 1 Crore Term Insurance Plan Works
Difference Between Lump Sum and Staggered Payouts
In the case of the policyholder’s unfortunate demise, the premium collected over the years and the benefits are paid to the nominees. This amount can be accepted as a lump sum once in total, which can be used to take care of expenses, manage future investments, etc.
On the other hand, to make you and your family feel more comfortable, you can always take the option of periodic payments. There are different ways in which benefits of 1 crore term insurance are offered:
● In some cases, you may opt for the nominees to receive a large proportion of the total sum and the rest of the amount, followed by monthly regular payments.
● You could also opt for the nominees to receive half the amount as a lump sum and the other half in monthly payments over a period of time.
● Lastly, there are options where the total lump sum amount is divided into monthly payments, which increase by 10-20% every month.
Ensuring Financial Peace
Now that you know everything about the 1 crore term insurance plan, assess your situation carefully by considering your financial position and goals. Take everything into account, including factors like inflation, responsibilities, expenses, etc. In addition, you’d want to ensure that you have the right insurance provider to cater to your needs.
Here, Canara HSBC Life Insurance can be an excellent option. They offer one of the best term insurances online. You can easily navigate their online insurance plans, where there's an option to choose for a suitable payment option.
Invest in your future with the best term insurance plan for 1 crore today!
