We all have a list of financial objectives that we plan to achieve over time. The question that befalls on most people is how do you plan to accomplish the same. It begins with the right financial security for your life goals, which you can get through a term plan. But, you cannot simply buy life insurance before evaluating your current financial situation and the goals you want to achieve.
However, most people prefer buying life insurance because it offers financial stability and security to our loved ones. An adequate insurance plan ensures that your family is financially protected and does not have to face a crisis in case of your sudden demise.
But with several insurance plans available in the market, a Rs. 1 Crore term insurance plan is an affordable and convenient choice for most people.
What is term insurance for 1 crore?
Rs. 1 crore term plan is an insurance policy that guarantees to pay a sum assured of the said amount to the beneficiaries in case of your (policyholder’s) sudden death. This plan is ideal to cover the financial needs of your loved ones, further allowing them to fulfill their needs even in your absence.
Why do I need a 1 crore term plan?
Taking into consideration the current inflation rates, it is essential to secure the future of your loved ones in case something were to happen to you. If you are a sole earner in your family, a Rs. 1 crore term plan is sufficient to cover their financial needs in your absence. It not only ensures protection but also promises income continuity after your death.
How to select a 1 crore term plan?
Once you decide to buy a Rs. 1 crore term insurance plan, choosing the right insurer can be overwhelming and confusing.
What can you do to ensure that the 1 crore term plan you choose will provide extensive coverage without burning a hole in your pocket? Perhaps you will compare the features, benefits, terms, and conditions of different providers.
However, to make a well-informed choice, consider the following aspects as well –
- Premium Rates: Most people consider buying a term plan that allows paying premiums either monthly or annual. This helps manage the finances efficiently in the due course of time. Insurers usually have a premium calculator tool that helps determine and compare premium rates of the insurance plans. Based on the results, you can then shortlist the ones that suit your needs.
- Claim Settlement Ratio (CSR): Choosing an insurer becomes easier when the claim settlement ratio is taken into consideration. The CSR tells us the number of claims the insurer settled in a given financial year. Generally, it is advisable to choose an insurer with a claim settlement ratio of more than 80%.
- Additional Features: Many insurers offer extensive coverage on the basic insurance plan to attract more customers. Before you pick a term insurance plan, know the different benefits it offers, and then choose the one that best suits your insurance needs.
Now that you have an idea of a Rs. 1 crore term insurance, take a look at the features of Bajaj Allianz Life Smart Term Plan that offers a life cover of up to Rs. 1 Crore, available on Finserv MARKETS.
Features of Bajaj Allianz Life’s Smart Protect Goal Term Plan
Some of the key features of Bajaj Allianz Life Smart Protect Goal Term Plan available on Finserv MARKETS are as follows –
- Accidental Death Benefit: If opted, in case you die in an accident, your beneficiaries will receive an amount that is equal to the sum assured in the policy
- Accidental Total Permanent Disability Benefit: If opted, in case of an unfortunate total permanent disability, your beneficiaries will receive an amount equal to the sum assured amount under the policy
- Critical Illness Benefit: If opted, in case you suffer from a critical illness that is covered under the plan, the chosen sum assured amount will be paid to you. The percentage of the sum assured payable is 25% for minor critical ailments and 100% in major critical ailments
- Waiver of Premium Benefit: With the waiver of premium add-on cover, in case you are diagnosed with a critical illness that is covered under the plan, the future premiums to be paid will be waived off. Here, the critical illness also includes the accidental total permanent disability
- Return of Premium Benefit: If this option is selected, the premiums paid are returned in case you survive the policy term. However, no claims should be made during the plan term to avail of this benefit.
You can get more insights and read about the benefits of term insurance by visiting our Discover section on Finserv MARKETS.
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