Inflation is on the rise. Securing against inflations allows you to lead your life casually without needing to change your lifestyle choices. With an investment in 1 cr term insurance, you can do that. A 1 cr term insurance allows you to have a sizable amount to protect your family’s future. Investment plans like 1 cr term insurance allow you to protect your family’s as well as dependants’ interests after your unfortunate demise. The idea of 1 cr term insurance is to allow your dependants to lead an uncompromised lifestyle.
Why should you consider buying a 1 cr term insurance?
A 1 cr term insurance plan is an ideal investment for many middle-class families in India. The cover of 1 crore is sufficient for most families. The premiums for the 1 crore term insurance plan are affordable too.
The salient features of 1 crore term insurance are:
- It is easy to manage a term plan, as you do not need to worry about returns. There are several online calculators, which allow you to calculate your term insurance needs based on a multitude of factors. These factors are age, income, smoking habits, assets and liabilities.
- One of the best features of a term plan is that you can revise your coverage as you age or as your income grows. If you start your term plan early, you get the benefit of paying a lesser premium and then increasing your sum assured later on.
- The low cost of 1 crore term insurance makes it a very attractive investment. It provides coverage for the tenure opted and has a death benefit clause. Term plans are the least expensive types of insurance products available in the market as of now.
- Term plans offer you with the flexibility of payments that provide you more convenience. The plans also allow you to choose a plan with any cash value that is beneficial to you and can be used for any purpose.
- Riders can be added to 1 crore term insurance to enhance the scope of your insurance policy. Riders are optional in nature and come in the form of the accidental death benefit, accident total, permanent disability rider, etc.
- A 1 cr term insurance also provides you with the benefit of claiming tax deductions up to Rs. 1.5 lakhs on the premium that you have paid in the financial year under section 80C. You or your family will also not be liable to pay tax on the death benefits provided with the policy.
- Nowadays, many 1 crore term insurance plans provide cover till the age of 99 years. These insurance plans also cover more than 34 critical illnesses.
These are some of the reasons that may compel one to purchase a 1 crore term insurance plan. A term plan provides your family with a support in dire times after your unfortunate demise. You may invest in such policies after a careful understanding of your needs and wants, as well as your current lifestyle.