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Why Is 1 Cr Term Insurance Plan Important for your Family

dateKnowledge Centre Team dateOctober 06, 2021 views134 Views
Top 10 Investment Options | Essentials of Financial Planning

The market inflations and unstable stocks are a nightmare for an individual building a stable and secure life for their family. We understand that sometimes financial needs come unexpected and one must be prepared to take care of the family at such times. For this, it is important that one is farsighted and smart to invest in an insurance that secures the individual as well as the family’s needs.

1 Crore term plan is a policy with substantially low monthly premiums and a sum assured of ₹ 1 Crore, paid as a death benefit to the family/beneficiary in case of a mishap. Even in such a situation, the family will not have to suffer and struggle to get through an emotionally difficult time and stress about taking care of the finances.

You can rest assured that the term plan will cover the needs of all the family members. Your children can fulfill their academic and career aspirations, and if you add your family members to the same policy, it provides them with a life cover.

Here are ten benefits of buying a 1 Crore term insurance plan:

1. In case of a mishap, the family can maintain the same standard of living.
2. You can easily buy a term insurance plan online. Term insurance calculator allows you to check the premium amount you'll be liable to pay.
3. Flexible payout options allow the insurer to select an option according to the current family requirements.
4. You can add your family for an additional amount and get a life cover.
5. Lower premiums make it a lucrative offer as it cancels the agent fee usually added in an offline plan.
6. You can add rider benefits with your plan to maximize the coverage to accidental death, critical illness, permanent disability, etc.
7. Protection from debt in case of a contingency.
8. The increasing sum assured is calculated based on the market's situation considering the ups and downs.
9. You can avail of tax benefits on the premium. The reduction can go up to 1.5L under article 80C of the Income Tax Act, 1961.
10. You can add the international feature in your policy that makes it valid even outside India.

Overall, it will give your family full financial support, and you can live assured of securing your loved ones.

Also Read : What is Term Insurance

How to find the Best 1 Crore Term Insurance Plan?

To find the best term insurance plan for your family, you must understand your financial situation carefully. Choose the cover amount according to your family’s needs and financial goals. This family term insurance plan shields your family against the uncertainties of life with whole life coverage. The option to cover spouse in the same policy and limited premium payment option is available. The plan has a flexible nature as it aligns with your life stage and insurance needs. iSelect Smart360 Term Plan by Canara HSBC Life Insurance is an online term insurance plan with return of premium option that pays you back all the premiums you have paid throughout the policy tenure if you outlive the policy term.

How to Buy the Right Term Insurance Plan | Buy the Best Term Plan Online

Key Features of iSelect Smart360 Term Plan

i. Return of premium
ii. Flexible policy duration
iii. Additional coverages like Accidental Death Benefit, Child Support Benefit, Accidental Total, Permanent Disability Benefit, etc
iv. Option of adding your family members to the same policy at discounted prices
v. Limited premium payment options
vi. Option to increase assured sum at key milestones in life
vii. Flexible options for receiving benefits as lump-sum, monthly income, or increasing income
viii. Discount on premiums for higher Sums Assured and women
ix. Loyalty discount for the existing customers
x. Tax benefits as per 80C and 80D of the Income-tax Act, 1961.

What are the Options Available under the iSelect Smart360 Term Plan?

1. Plan option Life

In case of death or diagnosis of a terminal illness, whichever happens, earlier, the sum assured on death is payable under the plan option life. The policy will automatically terminate upon payment of the benefit. Both the life assured and the spouse can be covered for the contract term with some additional payment, subject to terms and conditions of the policy.
Learn the benefits of including your spouse in the same term plan.

2. Plan Option Life with Return of Premium

In case of a mishap, i.e., death or on the diagnosis of terminal illness, whichever happens, earlier during the policy term, the sum assured on death is payable. If you outlive your Policy Term, return of premiums ensures the insurance company will pay back the premium paid by you at maturity. The policy will terminate upon payment of these benefits.
Learn more about term insurance plan with return of premium option.

3. Plan Option Life Plus

Plan Option life Plus will pay you the sum assured on death or on the diagnosis of a terminal illness, whichever happens, earlier. The policy terminates upon payment of the benefit. In case of survival till policy maturity, the return of premiums will be paid to you on the date of maturity.

This policy will continue post maturity till you attain 99 years of age due to the Extended Cover Period. During this period, Sum Assured will be paid on occurrence of death or on the diagnosis of Terminal Illness, whichever happens, earlier. Once you turn 99 years, the increasing Sum Assured will be paid to you. The policy terminates upon payment of these benefits to the nominee.

The importance of term insurance policy is that it helps put the policy holder's mind at peace. You must read the policy documents carefully and go through the payment details, policy terms, benefits, and offers in detail.

Click to use : Term Insurance Calculator

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