Buying 1 Crore Life Insurance – Things you should know about
In this fast-paced world, unfortunate incidents can happen to anyone without any announcement. To protect your loved ones from any unanticipated incident, always purchase the best life insurance coverage. These days, many public and private insurers welcome customers with various insurance policies that will suit their thriving requirements. Based on your financial needs and requirements, you can select the sum assured amount. The sum assured amount may be Rs. 50,000, or you may choose a sum assured of Rs. 1 crore life insurance policy. By choosing a higher sum assured policy, you will ensure the financial security of your loved ones in your absence.
If you opt for conventional insurance plans like endowment and money-back policies, you need to pay a higher premium to avail of more coverage. But a term insurance policy is a pure protection plan that you can get with affordable premiums.
Take a deeper look at term insurance
A term insurance policy is a pure life protection plan and is the most budget-friendly among all insurance products. If the policyholder expires due to an unfortunate incident during the policy period, the insurer will offer the death benefits to the beneficiary according to the terms and conditions. This means your loved ones will be protected financially during this difficult time. Nowadays, many Indian insurance companies are offering Rs. 1 Crore insurance to policyholders to strengthen their families financial security.
Always choose a high coverage term plan like a 1 crore term plan if your age is between 30 and 35 years and you have many more working years. If you are the only breadwinner of your family, then a 1 crore insurance policy could be the best way to protect your loved ones when you are unable to support them financially.
Rs. 1 Crore Life Insurance Plans
These days, many insurance companies are embracing customers with the best 1 crore term insurance plans. Before the regulatory guidelines, every insurer imposed a different premium. If you choose a higher sum assured life insurance policy, your premium will be affordable and budget-friendly. But before making any commitment, always check the underwriting guidelines. This is because many private insurance companies offer a lower premium for a higher sum assured, but they have stringent rules and regulations.
Life insurance without medical exam
You need to undergo a medical test for a term insurance policy before the insurer approves your application. But many insurance companies are now offering higher sum assured term insurance without medical tests. To opt for these policies, you don’t need to undergo any medical test. Based on your age, health condition, and coverage requirements, the insurance companies may relinquish the requirement of a medical checkup. But if you are suffering from any pre-existing health condition, the insurer may ask for medical tests before sanctioning your application.
5 Best Tips for choosing the right 1 Crore Term Plan
- It may be an uphill task for you to choose the right higher sum assured insurance policy because the options are endless. Thus, before taking the final call, you should clearly understand all the terms and conditions.
- Moreover, it is recommended to always read all the inclusions and exclusions of the plan to avoid the pain of claim rejection.
- Always consider the premium amount before opting for the best 1 Cr term plan. Though your priority is to lessen your cost as much as possible, don’t handpick an inferior policy to save money.
- Always check the riders’ benefits like accidental death, critical illness, and disability benefits that are available with your base policy. Incorporate the necessary riders to enhance the benefits of your policy so that your beneficiaries won’t suffer anything if something unfortunate happens.
- While choosing the right insurance coverage, always check the claim settlement ratio of the insurer. A higher settlement ratio indicates that your insurer is trustworthy, and your beneficiaries won’t face any problem getting claims in your absence.
These are some tips that you should remember while choosing the right term plan for your financial requirements.
The popularity of the 1 crore term plan is enhancing day by day as it is mentioned everywhere – be it newspapers or social media. People are opting for these types of plans as they feel mentally satisfied with this popular number. The intriguing fact is that people will get high coverage without making a hole in their pockets, and this is the prime reason behind its popularity.
But you don’t need to follow this figure blindly. This might be sufficient in one person’s need but may be inadequate to fulfill another person’s requirements. After evaluating your future responsibilities and requirements, you can conclude a figure for your term plan. What if your home loans and other major expenses like your children’s education, marriage, and spouse’s retirement needs exceed this amount? In this scenario, this ‘benchmark figure’ will certainly fall short.
That’s why experts recommend that you should purchase a term plan that is 15 to 20 times your annual salary. So, your term insurance plan could be Rs. 50 lakhs, Rs. 1 Crore, Rs. 2 Crores, etc. Depending on your salary, dependent family members, and future financial goals, the term plan will vary from person to person.If you want to select an Rs. 1 crore life insurance term plan without any medical test, you spend adequate time researching the best plan. Then, by comparing the benefits, inclusions, and exclusions, and other terms and conditions of each plan, choose the most suitable one for you.