10 Benefits of Buying 1 Crore Term Insurance Plan

2021-10-06

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7 minutes read

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Term Insurance Plan with Return of Premium

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 top 10 benefits of buying a 1 Crore term insurance plan:

In case of a mishap, the family can maintain the same standard of living.
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.
Flexible payout options allow the insurer to select an option according to the current family requirements.
You can add your family for an additional amount and get a life cover.
Lower premiums make it a lucrative offer as it cancels the agent fee usually added in an offline plan.
You can add rider benefits with your plan to maximize the coverage to accidental death, critical illness, permanent disability, etc.
Protection from debt in case of a contingency.
The increasing sum assured is calculated based on the market's situation considering the ups and downs.
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.
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.

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.

Key Features of iSelect Smart360 Term Plan

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

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

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.
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.
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.

Calculate Term Insurance Premium

A term insurance calculator is a useful online tool that helps you determine how much coverage you need based on your income, lifestyle, and family’s needs.

My Income

My current Cover

Additional Details

Our Recommendation

My Income

My current Cover

Additional Details

Our Recommendation

I am {age} years old,

My Monthly income is {amount}

Additionally, I hold existing Insurance Cover of Rs {insurenceamount}

and loan amounting to Rs{amount}

My name is {name}

my mobile number is {contact}

50 Lakh

12.5 Lakh

75 Lakh

Zero

1 Crore

Where do you stand

Additional Life Cover

Hi {name}

To secure your family’s financial future and protect their dreams, you’ll need an additional cover of

rs 10,000

Note: This is a very brief calculation of HLV

Secure Now

Recalculate

Desclaimer-

The above calculation and illustration of figures are indicative only and not on actual basis.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.