1 Crore Max Life Insurance Plan: A Detailed Guide On Its Features And Benefits
Life is filled with uncertainties and hence it is natural for us to strive to secure the financial security of our family. The best method to ensure your family’s security is to purchase a term insurance plan with low-cost premiums and a large sum assured. If you’ve taken insurance for a lower amount the family will have to take on the financial burden to meet their financial obligations after your absence.
In the light of the growing cost of living, many are looking for term plans that exceed 1 crore because they want broader coverage. Although there are a variety of term insurance plans available in India, the Max Life Insurance 1 Crore Plan is quite popular among the masses because of its features compared to its peers.
But what are the advantages offered by Max Life Insurance 1cr Plan? What are the features of Max Life 1 crore Life Insurance and what are the different options that are available in these plans? We will explain all the above in detail in the following article, which will help you make the right decision.
Features of Max Life 1 Crore Term Insurance:
The Max Life Insurance 1 Crore term plan offers a financial coverage of Rs 1 crore to its policyholder, which is nothing but the benefit amount that the nominee of the policyholder is eligible to receive, on the demise of the insured person.
This amount shall be useful for the family members to lead a fulfilling life without external monetary help. These policies also have certain other features as follows:
- The insurance premium for this plan, starts from as low as Rs 493 per month, depending upon the age of the policyholder, at the time of taking the policy.
- The coverage is offered up to 85 years of age.
- This plan provides financial support in the event of death of the policyholder with a benefit payout of Rs.1 crore, which can be received as a lump sum or in parts or as increasing monthly income, according to the choice of the policyholder.
- The Max Life Insurance 1 Crore Plan also offers critical illness and disability riders along with the base plan, for additional protection to the policyholder.
Benefits of 1 Crore Term Insurance:
Who would not want to create a better future for the family especially after passing away? While buying a term plan for 1 crore max life insurance, you are offering financial freedom for them to live their lives fully. Here are the other benefits of utilizing these plans:
- Customization Option: You can customize the policy according to your needs. The term plan for 1 crore Max Life Insurance provides the facility for policyholders to opt for lump sum benefit payout or income option or increasing income etc., making it a flexible policy to match all types of policyholders.
- Affordable Premiums: The monthly premium for a Max Life Insurance 1cr plan is extremely affordable for a middle-class person seeking term plans of higher coverage. Other types of insurance policies with the same amount may cost more.
- Protection of Assets: If you are afraid to lose your assets after your lifetime, securing them with a term plan is the right option. It is because the benefit amount received by your family will be enough to pay off all of your debts and loans while keeping the members of your household with an adequate sum to pay for their daily expenses.
- Riders: Riders are excellent add-ons to maximize your insurance protection against any type of illness or injuries, as well as disability. Riders are an additional benefit that you can add to your existing insurance policy for a little extra premium that would safeguard you from the additional risks of life. Some of the common riders with Max Life 1 crore term insurance policies are Critical Illness Rider Benefit Rider and Waiver of Premium Rider etc.,
Who can buy 1 Crore Term Insurance Cover?
There are no strict guidelines regarding the purchase of an insurance policy with a coverage of 1 crore or above. However, if you belong to the following categories, then it may be necessary for you to consider buying high coverage term plans.
- People in the age group of 25 years and above should look at opting for a 1 crore term insurance plan as they are still healthy and young. Moreover, no commitments are making it easy for them to pay premiums of high coverage term plans.
- If you are the sole breadwinner in the family, then you must consider investing in at least one 1 crore term policy to ensure their family members are protected in the event of your demise.
- In case if you are earning an annual salary between 5 and 7 lakhs, then opting for a 1 crore term plan makes a lot of sense.
- If there are many family members, who rely on you for money, it becomes compulsory to choose a term plan with monthly income or increasing monthly payout, then such 1 crore term insurance plans are very useful in the long term.
- Do you own properties and if you expect the future debts to be kept in check, then a 1 crore insurance plan, must be helpful to finance your home loan, car loan, education loans, etc., after your lifetime.
The primary reason for any person to purchase a term insurance policy is to receive the benefit amount for the family, in the event of death or other unfortunate circumstances like an accident, critical illness, disability, or other. If an entire family loses their primary income-earning member, they do not just lose their monthly income but also need to come up with a plan to pay off their financial obligations and loans. Therefore, a 1 crore term insurance policy is extremely beneficial when the policyholder is the sole income member of the family, thereby helping with the maintenance of the daily expenses and also taking care of the future requirements.