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Need assistance in choosing the right insurance plan? Get a call from our Expert.

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Top Reasons to Buy a 1 Crore Term Insurance Plan

A term insurance plan is easy to understand and helps keep your family financially secure in case of an unforeseen casualty in the future. And that is why, term plans are extremely popular in India. However, a majority of policy buyers still struggle with one aspect of term insurance when they buy term insurance, which is also the most important one – term insurance coverage.
 

And hence, to ensure that you have adequate term life insurance, factor in your family’s future needs and financial responsibilities in detail, along with the future rate of inflation, so that even their smallest expenses can be taken care of. Quite recently, one crore term insurance has become a choice of coverage for most term plan policyholders – let us see why.
 

What is a 1 Crore Term Insurance Plan?
 

A 1 crore term insurance plan is a term plan that offers extensive life coverage for 1 crore. In simple terms, the sum assured of such a term plan is INR 1 crore.
 

Those who opt for a 1 crore life cover choose such high coverage considering all the financial responsibilities their families will have to take care of in the future. This can include very important financial commitments like paying for your child’s higher education, leaving behind a retirement fund for your spouse or enabling your loved ones to handle medical emergencies without worries.
 

Therefore, if the insured passes away during the term insurance policy term, the 1 crore life cover will be paid out to a pre-appointed nominee or the beneficiaries of the late policyholder.
 

And in case the nominee passes away before the insured, the latter can appoint another nominee.
 

Why Do You Need a 1 Crore Term Plan?

 


The life insurance needs of every policyholder will be different, and to meet that demand, a 1 crore term plan is quite flexible. Of the many reasons to have one crore term insurance, here are a few that are worthy:-
 

  • Greater coverage at Affordable Premiums

    By purchasing a 1 crore term plan early in life, you can be sure that your premiums will be reasonable and affordable. This is important as your premium paying capacity should not come in the way of securing your family’s future. With lesser premiums, you can keep the term insurance policy active and also not worry about your present-day expenses.

  • Comprehensive Insurance Coverage

    Your 1 crore term plan certainly covers a range of risks; however, the sum assured can only be paid on your death. And so that a lot of other health risks and events can also be covered under your term insurance, you can add optional riders# that cover hospitalisation, major and minor illnesses and injuries, critical and terminal illness and more with enhanced coverage.

  •  Handles Financial Liabilities

    A number of future financial liabilities, such as pending loans and EMIs, can lead to heavy debts. As far as possible, ensure to pay all your loans on time. However, in case of your untimely demise, this burden may fall on your family. To address the issue, your 1 crore term plan can easily be used to repay any debts while ensuring that your family’s daily and emergency needs are taken care of.

  • Better Investment Scope

    With a 1 crore term plan at the age of 30-35 years, you can pay quite reasonable premium rates, which will remain stable until the end of the term plan. Once you know your premium amount, it helps you plan your other finances and allows you to make other investments which can lead to better wealth creation. This can result in lower hassles when it comes to managing money.
     
Understanding Term Insurance Coverage
 

The amount of term insurance coverage you need should be considered by a simple calculation – the sum assured should be between 10 – 25 times your annual income.
 

If you are young and have just started earning, your term plan sum assured can be as high as 20 – 25 times your annual income. For those aged 30 – 50 years, the sum assured can be about 10 – 15 times their annual income since their earnings may be greater. Hence, as your income increases, you can plan your term insurance coverage accordingly.
 

Conclusion
 

An important reason why 1 crore term insurance is a preferred choice of coverage is that it can cover a number of unforeseen risks and situations apart from your family’s future basic needs. Even after you consider the rate of inflation, one crore term plan ensures that your family will not have to touch their other savings and investments in case of unplanned emergencies in your absence.

L&C/Advt/2022/Dec/3114
 

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

View all posts by Tata AIA Life Insurance

Frequently Asked Questions

Can I pay the premiums for my 1 crore term insurance online?

Yes, if you have purchased your 1 crore term insurance plan online, you can simply pay the first premium on your life insurance provider’s official website. The subsequent premiums can be paid through the website by logging in with your policy number.
 

Alternatively, you can make premium payments digitally through a secure link that your insurer will send you through email, SMS, and WhatsApp.

Disclaimer

  • Insurance cover is available under the product.
  • The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not guaranteed issuance plans, and they will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and does not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.
  • #Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch.