By Natasha Agarwal
Is it really possible to be insured for INR 1 crore and pay a monthly premium of less than INR 1000?
A term insurance policy is a sort of life coverage policy. If you buy a term plan, you will get inclusion for a predetermined time frame or a specific “term”. In case the insured individual passes away within this predefined term, the nominee of the term insurance policy is qualified to get a death benefit equivalent to the aggregate amount assured by the insurance provider.
For example, assuming the term plan gives a guaranteed amount of INR 1 crore, the insurance provider is at risk to pay that total amount to the nominee of the term plan if the insured individual dies, subject to the terms and conditions of the said policy. A term plan is an ideal approach to get the safe future of your family at an ostensible expense, especially if you’re the lone provider for the family’s finances.
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What is an INR 1 Crore Term Insurance?
Term insurance plans fill the double need to offer death benefits to the policyholder and guarantee the family’s financial stability on account of unforeseen death of the policyholder. An INR 1 Crore term insurance policy secures an amount assured of the referenced add up to the beneficiary on the policyholder’s death. It goes about as a guardian for the family without the policyholder, helping them satisfy their needs and dreams.
Features of an INR 1 Crore Term Insurance Policy
A term plan has several notable features, among which one of the most popular ones is its extraordinary low premiums. For as low as INR 30 a day, a term insurance plan is a perfect choice for any individual looking to safeguard their family’s future with scarce resources.
- Cost-effective: A term insurance policy is probably the least expensive type of life coverage you can get. Since a term plan is an undiluted life cover and has no reserve funds segment, the premiums on a term plan are genuinely reasonable, particularly in contrast with life coverage. For instance, with the iSelect Star Term Plan by Canara HSBC Oriental Bank of Commerce Life Insurance, you can get a term plan of INR 1 crore for less than INR 1000 per month, subject to terms and conditions.
- Consistent premiums: Several term insurance policies offer a compatible premium throughout the policy. Regardless of whether the term of your policy is 10, 20, or 30 years, your premium will remain something very similar if you choose a “level term” policy. Likewise, many term policies give you the advantage of changing to a permanent life insurance policy after your term plan ends. Nonetheless, after your term plan expires, the premium will rise dramatically.
- Easy Availability: Since the premiums on term plans are so low, a sum guaranteed for INR 1 crore will be available for a significantly extensive pool of individuals. Then again, a cover of INR 1 crore for an endowment policy won’t be reasonable for some individuals. Consequently, term plans are an open and rational route for anybody to ensure their family against the vulnerabilities of life. Indeed, this plan is suggested for people between 25 – 35 years old with pay between INR 5 lakh to INR 7 lakh per annum.
- Additional coverage: If you’re ready to pay higher premiums as you grow old, numerous insurance companies will offer you the chance to upgrade your coverage at significant stages in your life. For instance, if you hold a basic term policy worth INR 1 crore, you can choose to extend your insurance amount when you get married or have a child, by opting to pay somewhat higher premiums.
- Riders: On your 1 crore life cover, you can decide to upgrade your term plan with additional plans, for example, a critical illness plan. This implies that the protected individual is qualified to get a payout whenever he/she has a vital ailment, or the death benefit is paid to the nominee if the insured individual dies during the policy term.
- Appealing features: In order to increase the purchase and adoption of term plans, insurance companies offer numerous alluring features. For instance, they offer discounts and low premiums to specific classes of individuals, like non-smokers, or individuals who do not consume alcohol.
Due to its reasonableness, availability, and enormous cover, an INR 1 crore term plan is an ideal approach to ensure your family’s safety against unforeseen future events. The premiums for this term insurance policy are especially low, and it tends to be available both online and offline.
Canara Bank HSBC Oriental Bank of Commerce Life Insurance’s iSelect Star Term Plan
One such popular term plan offering coverage of INR 1 Crore is the iSelect Star Term Plan by Canara HSBC Oriental Bank of Commerce Life Insurance. This term policy offers some exceptional benefits such as:
- The option for whole life coverage.
- The alternative to cover one’s spouse in the same policy
- The alternative of versatile premium payment choices including short-term tenure such as 5 or 10 years
- The alternative to paying premiums amid your job years is till you get 60 years old
- The plan also bestows an alternative to utilizing return of premium benefit wherein all your premiums will be reimbursed once you live through the policy tenure
- The plan offers rider coverage alternatives of 4 kinds, i.e., Accidental Death Benefit, Accidental Total & Permanent Disability (Premium Protection), Accidental Total & Permanent Disability (Premium Protection Plus), and Child Support Benefit
- Versatile choices to reap benefits as lump-sum, monthly income, or part lump-sum monthly income with the possibility to take both levels / increasing revenue
- Availability of tax deductions could be available on premiums paid and gains received as per current tax laws.
- Enhance your life insurance cover with transforming life steps and stability requirements in the corresponding plan by increasing cover at important life events
- Fidelity discount for prevailing clients of the company
- The choice to cover for a restricted period or your complete lifetime
- The benefit of the exemption on premiums for more enormous sums assured and for female individuals
A 1 crore term insurance plan can help carry significant serenity to policyholders by monetarily protecting their families. A good term insurance plan loaded with high Insurance at ostensible rates and various advantages are Canara HSBC Oriental Bank of Commerce’s iSelect Star Term Plan. Get the greatest amount of coverage possible at minimal rates with iSelect Star Term Plan!
(Disclaimer: The article is sponsored and hence promotes some commercial links.)