Term plan: benefits of 1 crore insurance policy

The best way to secure your future being the only bread earner in the family is the term plan. The term plan is a type of insurance policy. We are living in a world of uncertainty is and risk. Keeping today’s scenario in mind and fearing the results of uncertainties it becomes necessary to plan for them on time. Term plan or insurance means protection from financial losses.Now a days 1 crore policy is the best way to protect your families from unpredictable risks and events in future.The 1crore term insurance policy guarantees the payment of rupees 1 crore on the death of the insured to the nominee mentioned in the policy.

Important terms to be understood regarding the topic

1. Insurer : Insurer also known as insurance company serves as an entity that provides insurance to the policyholder.
2. Insured: Insured is basically the policyholder who pays the premium of the insurance policy to avail the benefits at the time of maturity or if he dies before time then the nominee office policy avails the benefits.
3. Insurance transaction: The term involves the payment of the premium by the insured and payment of the sun’s compensation given by the company to reduce the loss.
4. Insurance policy: Also known as the term plan this is the contract between the insurance and insured agreeing on certain terms and conditions provided in the contract.
5. Premium: The amount paid by the insured to the insurance tu to avail the benefits of the policy is the premium. The premium may be paid monthly, quarterly, half-yearly or annually.
6. Maturity amount: The amount that the I will pay to the insured on the completion of the term is the maturity amount.

These are some important terms that should be understood before proceeding further. Now let’s see the benefits of taking the 11 crore insurance policy. The reasons behind the 1 crore policy being the best suited policy in the market is its affordability, accessibility and large coverage of the risk.

This term plancan provide you coverage up till 75 to 80 years of age at very low cost and even more of discount in case of females.The flexibility of this plant becomes a great factor of favour.

Benefits of 1 crore insurance policy

• Coverage:In addition to the life insurance the policy covers your medical expenses which may arise anytime in this uncertain and risky environment. Medicalemergencies arising due to diseases like cancers etc.are also covered with this insurance. Even if there is a need of organ organ transplant then some competition even offer for the coverage of expenses of the donor. Thus this proves to be a real blessing in disguise for the one who is suffering as well as the family. The policy offers you several coverage benefits such as in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, organ donor expenses, daycare expenses, etc. This means that the insured person is eligible to receive a pay-out if diagnosed with a critical illness, over and above the death benefit to the nominee if the insured person dies during the term of the policy.
• Cost–effective: Term insurance plans are one of the cheapest forms of life insurance that you can get. Because a term plan is a pure life cover and has no savings component, the premiums on a term plan are very affordable especially in comparison to permanent life insurance.
• Accessible: Since the premiums on term plans are so affordable, a sum assured of Rs 1 crore will be beneficial for a much larger number of people. Hence, term plans are an accessible and affordable way for anyone to protect their family against the uncertainties of life.
• Attractivefeatures: In order to incentivise the uptake of term plans, insurance providers offer many attractive features.Some policies also come with benefits regarding payment of taxes etc.
• Different features for different clients: The clause of the insurance may vary for the clients just like it may be different for smokers and non-smokers, for the youth, middle- aged and the ones beyond a certain age level. The 1 crore insurance car policy can be opted out by anyone who is between 18 to 35 or 40 years of age.
• Steady premiums: Manyterminsurance policies offer a steady premium over the duration of the Whether theterm of your policy is 10, 20 or 30 years, your premium will stay thesame if you avail a “level term” policy. Many term policies also give you the benefit of transitioning to a permanent life insurance policy after your term plan expires. However, after your term expires, the premium will rise exponentially.

Care Insurance policyis a specialized health insurer offering health insurance services to employees of corporates, individual customers, and for financial inclusion as well. With its operating philosophy being based on the principal tenet of ‘consumer-centricity’, the company has consistently invested in the effective application of technology to deliver excellence in customer servicing, product innovation, and value-for-money services.