Top 4 Benefits of a 1 Crore Life Insurance You Need to Consider

Top 4 Benefits of a 1 Crore Life Insurance You Need to Consider

Having financial security for you and your family is very important in today's time. The cost of living has seen a sharp rise, keeping in mind the increasing inflation rate and the impact of Covid-19 on a global level. No one knows when some uncertainty may fall upon them. This may have a drastic impact on you and your family, including both emotional stress and financial constraints. It is, therefore, crucial to be well prepared in advance.

Having invested in a life insurance policy gives you and your family financial stability. In case of any mishap, like the policyholder's death, the financial burden will not fall upon the family members. A 1 crore life insurance policy is one of the best life insurance policies that you can invest in for the financial security of yourself and your loved ones.

Let us see what a 1 crore life insurance policy is and why is it ideal for investment.

What is a 1 crore life insurance policy?

1 crore life insurance policy is an insurance policy that ensures the payment of an assured sum of 1 crore to the nominee(s), in case of an unfortunate demise of the policyholder subject to the fulfilment of the conditions mentioned in policy document. Investing in a 1 crore life insurance policy has become necessary in today's time, keeping in mind the increasing cost of living, rising inflation, increasing medical expenses, loans, etc. Investing in a 1 crore life insurance policy gives you financial security and prevents your family from facing any financial constraint even in your absence.

There are various reasons why one should invest in a 1 crore life insurance policy for their family's financial security. Let us see some of the benefits of investing in a 1 crore life insurance policy.

Benefits of a 1 Crore Life Insurance

 

1. Financial Security

One of the most important benefits of a 1 crore life insurance policy is financial security for you and your loved ones. Uncertainties don't have a prior warning. In case of the policyholder's unfortunate demise, the family will not have to face any financial constraint in the absence of the policyholder.

2. Secure Your Assets

A situation might arise wherein you will require to take a loan. In your absence, your family might require paying the amount against your assets such as a house, cars, etc. Investing in a 1 crore life insurance policy will help you pay off any debt or loan and secure your assets in the future.

3. Tax Benefits

Another benefit of investing in a 1 crore life insurance policy is that it provides tax benefits. The premiums paid by the policyholder are eligible for income tax benefits* under Section 80C of the Income Tax Act.

4. The Early You Invest, the Better it is

The early you invest in a 1 crore life insurance policy, the better it is. If you invest in a 1 crore life insurance policy at an early age, then the premiums you will pay will be much cheaper and more affordable than if you invest in the policy later.

Our Intake

Keeping the benefits mentioned above in mind, it is imperative to invest in a 1 crore life insurance policy, considering the rising cost of inflation. You can go for any of the leading and trusted life insurance providers. Some companies also provide various other facilities to their policyholders, such as free health checkups, cashless benefits, etc. For more information on the 1 crore life insurance policy, you can visit the respective official website of the insurance company.

Disclaimer:

*Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time
The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale.
Make responsible financial decisions. Consult with your financial advisor before making any decisions on insurance purchase.

Suggested Plans

Bharti AXA Life Guaranteed Income Pro

  • A Non-Linked, Non-Participating Individual Life Insurance Savings Plan
  • 4 Income options to choose
  • Guaranteed 10% Addition of Annualised Premium (as per the terms and conditions of the policy)
  • Get all your premiums back at the end of the payout period under Long Term Income and Deferred Income variants
  • Flexibility to choose premium payment term or policy term

Bharti AXA Life Grameen Jeevan Bima Yojana

  • Non-Linked Non-Participating Life Term Micro Insurance Plan
  • Flexibility to opt for two plan options: Pure Protection Plan Option, Protection with Return of Premium Option
  • Flexibility in Policy Term/Premium Payment Terms
  • No medical examination
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