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1 CR Term Insurance Plan: How to Pick the Best 1 CR Term Plan

Buy Life Insurance Now
  • 11th Oct 2019
  • 1,862
1 CR Term Insurance Plan: How to Pick the Best 1 CR Term Plan

The cost of living is rising day by day, and there is no indication that it will change anytime soon. Hence, it has become very important that you opt for the right insurance policies that can protect you from financial uncertainties. One such policy that you should consider is the term plan. It provides financial aid to your family in case of an untoward event.

The question you might ask yourself is how much coverage should be sufficient for your family. You must consider the INR 1cr term insurance plan to provide your family members with financial stability so that they maintain a healthy and happy lifestyle in your absence. The affordability of a term plan allows anyone with even an average income to opt for it.

Why you need the INR 1 CR term plan

A term plan is designed to make sure that the main bread earner of the family can arrange for his or her family’s financial securities. The untimely demise of the earning family member can seriously damage the family’s financial stability. Hence, it is important to leave behind a large enough lump sum that is enough to sustain the well being of the family, while fighting the inflation. The experts suggest that INR 1 crore term insurance policies are cost-effective and can be more than enough to protect your family in the time of need.

Who should opt for the INR 1crore term insurance plan?

The term policy of INR 1 crore is most suitable for the people who still have many years of service or the people who are the only earning members in the family. If you are a young person or someone who runs the family financially, you need to understand that your absence will hurt your family gravely. Apart from the emotional turmoil, the sudden lack of regular income will also become a challenge. Hence, the INR 1 crore term plan is essential for you.

How to select the best INR 1 crore term insurance plan

Once you decide to buy the INR 1 crore term insurance, your next challenge will be to find the most appropriate policy. Many insurance providers offer the term plans worth INR 1 crore. The trick to finding the right policy is to compare its important aspects among different insurers. Here are the points to keep in mind:

  • Premium rate
  • The cost of the premium is a significant aspect of any policy. The price may vary from insurer to insurer. You can use an online premium calculator to determine the cost of different insurance providers and compare them to find the most affordable one.

  • Claim Settlement Ratio (CSR)
  • CSR indicates the percentage of claims an insurer annually settles by paying the claims in case of death. You should select a provider that has a minimum CSR of 90%.

  • Additional benefits
  • Depending on the insurer, you might be offered additional benefits from them. Compare these to see which benefits will help your family the most and choose your term plan accordingly.

    Selecting the right term insurance plan is hard work but it is something that cannot be avoided. Take your time to research before you decide on your chosen term plan.

    Invest in Term Insurance Now and Secure Your Loved Ones

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