Life cover is the major component of life insurance and sometimes the sole reason people purchase a plan. But purchasing a plan with higher cover will mean the policyholder will have to pay more premium. You can easily avoid paying such high premiums with the help of term insurance.
Term insurance doesn’t have any money back policy, so their premium rates are low and affordable. Read on to know more about how you can even purchase a 1 crore term insurance plan.
What is a 1 Crore Term Insurance Plan?
A 1 crore term insurance plan can help the policyholder get a life coverage of 1 crore for their nominees. If it were some other type of insurance, the premium would be too high. But as this is term insurance, their premium amounts are not too high. Some plans can provide a cover of 1 crore at a premium of just 1000 per month.3
Why is a 1 Crore Term Insurance Plan Important?
1 crore term insurance is necessary for everyone with salary incomes. Considering the high costs of living and inflation rates, the annual expenditures of families are also increasing. And if these expenses are dependent on a single person’s salary, their absence can cause severe financial troubles.
A 1 core term insurance becomes helpful in such cases. If the policyholder meets an untimely demise, the dependents can use this money for their future. And these are more useful if the dependents are old, cannot work or cannot generate an income. The funds from the 1 crore plan will be enough to help them through the expenses in the years to come.
What are the Best 1 Crore Term Insurance Plans?
There are several 1 crore term insurance plans available in the insurance market. But most of them are from unreliable insurance agencies with low claim settlement ratios. If one wishes to provide assured life coverage to their dependents, they must choose a good insurer. You should go for a life insurance company with good claim settlement ratio.