With so many cases of COVID-19 around us, many of us are still in fear of contracting the virus. In one such case, we must take precautionary measures to keep ourselves safe. Another step that we must take is buying a term insurance policy. We do not know if we will survive through this phase or not but at least we can do something to keep the financial future of our family safe.
Nevertheless, when we talk about a term insurance policy, something that concerns almost all of us is the amount our family should get as coverage. Well when it is about our family, we need to consider inflation and the lifestyle of our family members. Therefore, the minimum amount that we should settle for is INR 1 Crore. There are several 1 Crore term insurance policies that you will come across. However, before we discuss the options of such insurance policies, let us understand what 1 crore term insurance is.
What is a 1 Crore Term insurance Plan?
It is a policy that offers coverage of INR 1 Crore. When you buy a 1 Crore term plan, you have to pay a reasonably lower premium. These plans are regulated by IRDAI. You can find these plans both online as well as offline.
Should you Buy a 1 Crore Term insurance Plan?
If you are looking for good insurance coverage that is also affordable, you can go for the 2 Crore term plan. If you purchase this product at an early stage of your life, you can be assured about the financial security of your family by paying power premiums as compared to the other types of life insurance plans.
If you are confused about whether the 1 Crore term plan is suitable for you or not, you need to be sure about your current income, expenses every month, and financial requirements in the future. Once these three things are clear to you, it becomes easier to make the decision.
The 1 Crore term plan is ideal for individuals, who have:
- A large family that consists of a spouse, children, siblings, and elderly parents
- Limited income with a lot of financial responsibilities
- Debts can be a big problem for the family to deal with in case of the sudden demise of the policyholder
- Children whose education is prime important to the policyholder and he/she does not want it to be disturbed
- The need to create good savings for the family in their absence.
Some of the 1 Crore term insurance policies are mentioned herein below:
There are quite many 1 Crore term insurance policies available in the market. Here are a few of them mentioned below:
LIC Tech Term Insurance Plan
It is a non-linked and non-participating premium plan that is available online. The policy offers financial security to the family of the policyholder on his/her demise within the policy tenure. You can buy the policy online, without involving any intermediaries. Once you buy the policy, you will get a freelook for 30 days, which starts from the date of policy receipt. If you do not find the policy meeting your expectations or do not like any of the clauses, you can return the policy. Even if you are an NRI, you can still purchase the policy. However, you would be required to be present in the country to undergo the medical tests.
SBI Life eShield
It is also a non-linked and non-participating insurance policy. With this policy, you can get high coverage at lower premiums. Under this policy, you will get two plan options, which include Increasing Cover and Level Cover. For both structures, you will get accelerated terminal illness benefits. If you choose to increase coverage, the sum assured will increase by 10% in every 5 years of the tenure of your policy. You can also avail of tax exemptions under the Income Tax Act, of 1961.
Kotak Mahindra E-term Insurance Plan
With Kotak Mahindra E-term Insurance Plan, you can get three payout options, which include level recurring payout, intermediate payout, and increasing recurring payout. There are three variants of the plan such as Life, Life Plus, and Life Secure. Women and non-tobacco users can get special premium rates.
To know about 1 Crore term insurance policies like these three, you can visit the IIFL website.
