What is a 1 Crore Insurance Policy?
A 1 crore insurance policy is an insurance policy that is ideal for financially securing you and your loved ones. Under this policy, your family will get an assured sum of Rs 1 crore in case of the policyholder's unfortunate and untimely death.
With this, your loved ones will not have to face any financial burden, even in your absence and they can achieve their goals without facing any difficulty. In today's time, a 1 crore insurance policy has become crucial as the cost of living has seen a rise in the past few years.
There are various reasons you should invest in a 1 crore insurance plan in today's time for financial security. Let us look at a few of them.
Why Should You Invest in One Crore Insurance Policy?
1. Financially Secures You and Your Loved Ones
One of the crucial reasons one should invest in a 1 crore insurance policy is that it financially secures you and your loved ones in case of any unfortunate and unforeseen mishap such as the death of the policyholder. In such cases, the family members can claim the assured sum, also known as death benefits, to seamlessly continue their lives and achieve their goals.
2. Tax Benefits
The premiums paid by the policyholder for the 1 crore insurance policy are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. However, tax laws are subject to change from time to time.
3. Secure Your Valuable Assets
There may be a situation wherein you might have to take a loan for financial requirements. In case of the untimely death of the insurer, the family might face a financial constraint and may have to pay off the loans against your valuable assets. Investing in a 1 crore insurance policy helps you avoid such situations and secure your assets.
4. The Policy is Much Affordable When Bought Earlier
Did you know that the premiums you pay for the 1 crore insurance policy are much more affordable and cheaper when invested at an early age than at a later age?
Investing in a 1 crore insurance policy in today's time is very crucial to make sure your family doesn't have to face any financial burden, even in your absence.
You should look for a top-rated insurance provider company that provides an ideal 1 crore insurance policy to financially secure your loved one and be at peace of mind for the rest of your life.