What is a 1 Crore Term Insurance Plan?
1 crore term insurance plan is a long-term investment plan which provides financial safety for you and your loved ones. In the unfortunate event of the untimely death of the policyholder, their family members will receive a lump sum amount of 1 crore. This will foster the belief of financial security to your loved ones in your absence.
Let us now see what the benefits of investing in a 1 crore term insurance plan are.
Benefits of investing in a 1 crore term insurance plan
1. Financial Security to Your Loved Ones
Investing in a 1 crore term insurance plan financially secures you and your family members. In case of an unfortunate demise of the policyholder, the family members will be paid a lumpsum amount of Rs. 1 crore. As a result, the family members will not have to go through any financial limitations, even in the absence of the policyholder. This is one of the key benefits of a 1 crore term insurance plan.
2. Rider Benefits
Instead of investing in a completely new term insurance policy, a policyholder can buy additional riders to enhance the basic 1 crore term insurance plan. Various rider can be bought, such as accidental rider benefits, critical illness rider, etc. This is another key feature of investing in a 1 crore term insurance plan. Please note that riders are not mandatory and are available at additional cost.
3. Tax Benefits
Another benefit of a 1 crore term insurance plan is that the premiums paid by the policyholder for a 1 crore term insurance plan 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.
4. Fights Inflation
With increasing inflation and cost of living, such as medical expenditure, it is essential to be financially secure. Therefore, investing in a 1 crore term insurance plan can foster a sense of protection amidst rising inflation and provides a financial roof on your family's head in case of some financial emergency.
5. Affordable Premiums
The premiums paid by the policyholder for a 1 crore term insurance plan are available at affordable and pocket-friendly rates. As a result, investing in a 1 crore term insurance plan has become much more accessible and affordable.
What's the Next Step
Investing in a 1 crore term insurance plan has become an essential step towards securing your family's future and making sure you do not have to face any financial constraint, keeping in mind the current inflation rates.
When investing in a 1 crore term insurance plan, it is essential to be cautious. You can go for a leading insurance company that provides an ideal 1 crore term insurance plan for you and your loved ones.