1 CR Term Insurance: How to Pick the Best 1 Crore Term Plan?

Jun 26, 2019 | 3 months ago | Read Time: 3 minutes | By iKnowledge Team

Even though life is full of uncertainties, we, as human beings, seek assurance and surety in almost all aspects of our lives. This especially holds true when it comes to ensuring the financial security and stability of our loved ones. More often than not, we take the support of life insurance plans to make sure that our families do not face any monetary constraints in case something untoward happens to us. One such insurance plan is the ‘1 CR insurance plan’.

Among the various types of life insurance policies, term insurance is the one which provides the greatest death benefit for the lowest premium outlay when the policy is first issued.  There are a lot of variables which should be factored to determine the optimum coverage amount, including the financial requirements of your family and the policy term.

Why do you need a 1 CR Term Life Insurance?

Given the current trend of inflation, if you a young working professional and an important breadwinner for your family, a term insurance plan of at least Rs. 1 Crore, with a policy term of 30 years or more, is best suited for your needs. Rs. 1 Crore term insurance policies are highly cost-effective and are large enough to protect your family’s future and ensure income continuity in the event of the early demise of the policyholder.

1 Crore Term Insurance

How to Select the Best 1 Crore Term Insurance?

So, you have made up your mind to buy a Rs 1 Crore term insurance to make sure that your family is financially taken of – under any circumstances. But when you start looking for such a policy, you will realise that there are a plethora of similar plans available from various insurance providers.

How do you select the best Rs 1 Crore life insurance plan that provides maximum benefits and dependability without burning a hole in your pocket? Apart from carefully reading through the features, benefits, and terms and conditions of various policies, you should keep the following points in mind to make a conscious and well-informed choice:

  1. Premium rate for sum assured: For most us, the monthly or annual premium payout for the policy is the top consideration as it could have a significant impact on our budgeting. You can use various online resources, including premium calculators, to determine and compare premium rates for different policies and shortlist the most affordable ones.
  2. Claim Settlement Ratio: While choosing a term insurance plan, one of the major points to consider is the claim settlement ratio. Claim settlement ratio of an insurer informs you about the number of policies that are settled by paying back the claims in case of death. Ideally, you should go for policies which have a history of settling at least 90% of the claims.
  3. Additional Benefits: With increased competition, insurance companies often include additional features such as extended cover and terminal illness coverage, in the Rs. 1 Crore life insurance plans to attract more customers. You must carefully examine various policies to understand the various benefits and pick the one that offers the features you may require.

Features of Aegon Life’s 1 CR Term Life Insurance

At Aegon Life, we strive to bring the maximum peace of mind without breaking the bank so that you can continue living life to the fullest without worrying about the future. Our Rs 1 Crore term insurance has the lowest premium rates among all such policies in the market with an outstanding claim settlement ratio.

Moreover, with us, you can enjoy life cover till the age of 100 years, even as you need to make premium payments only till the age of 60 years. We know that any terminal illness can severely impair your income-generation capacity, and as a result, we provide 25% of the policy benefit to you upfront in case of such a diagnosis and exempt you from future premium payments.

With a nominal extra charge, you can also include additional covers against accidents, critical illness and disability in your term policy. You can even increase your life to cover the growing needs of your loved ones and choose from multiple payout options – monthly and/or lump sum – as per your family’s requirements.

Conclusion

Selecting the best Rs 1 Crore term plan can be a challenging task, but it is something that needs to be done to safeguard your loved ones from the vagaries of life. The best term insurance policy is the one that is not only affordable but also provides maximum coverage for your family’s future requirements. Most of the leading life insurance providers in India offer a wide range of term insurance policies that can easily be customized for different requirements of the customer. And most importantly, to get the most of your term plan for Rs 1 Crore, it is always advisable to read all the terms and conditions of the plan and keep an eye on its benefits and features to make the most of your investment.

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