Term insurance is, essentially, a life insurance plan which is taken out for a specific period of time. The policyholder pays premiums as stipulated by the policy contract and upon the death of the policyholder, the beneficiaries of the plan will be paid the predetermined Sum Assured. Term insurance plans are thought to be the purest form of life insurance. Term insurance plans offer a high amount of coverage for extremely affordable premium rates.
What is 1 crore term insurance?
Who is a 1 cr term plan suited for?
Why should you opt for a 1 crore term plan?
Inflation: Inflation in India rose from 5.54% in November straight to 7.35% in December. Although Rs. 1 crore might seem like a humongous amount now, after factoring in rising inflation, it will start to seem like a necessity.
Liabilities: While determining the sum assured for a term insurance plan, not only should one’s utility and household expenses be taken into account, but financial liabilities like loans and mortgages too. In the absence of the policyholder, the burden of paying off loans and mortgages falls on the shoulders of the rest of the family. Thus, to ensure timely repayment, a high sum assured can come in handy.
Extra Benefits: A sum assured of Rs. 1 crore can give policyholders access to extra perks and benefits that they might not be able to avail in a plan with a lower sum assured.
How to select a 1 crore term plan?
Term plans of any sum assured are not a one-size-fits-all affair. There are certain things that need to be taken into consideration keeping your financial situation and family in mind.
A 1 crore term plan can help bring peace of mind to policyholders by thoroughly financially securing their family. A sound term insurance plan replete with a high sum assured at nominal rates as well as multiple benefits is Canara HSBC Oriental Bank of Commerce’s iSelect+ Term Plan.
iSelect+ Term Plan
Canara HSBC Oriental Bank of Commerce’s new iSelect+ Term Plan is a comprehensive plan that offers benefits like the option of increasing the sum assured over the course of the policy term on certain special occasions like weddings, childbirth, and purchase of a house. The benefit payout can be opted as a lump sum, monthly income, or even lump sum + monthly income. It comes with 4 rider options which include Accidental Death Benefit, Accidental Total & Permanent Disability (Premium Protection), Accidental Total & Permanent Disability (Premium Protection Plus), and Child Support Benefit.