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The COVID-19 pandemic has caused many deaths in the last two years. And as we were settling, the new variants have start making our life miserable yet again. Well, we do not control the future and decide for how long we are going to live. However, we can certainly plan our finances so that even if we pass away, our family does not have to suffer. Read more about 7 wonders city.
How to plan finances? Although there are several options of investments and they may give you good returns but the family has to wait until the policies are mature. This may lead your family to compromise with their lifestyle for some years. If you want your family to continue living life as it is, you should rather buy a term insurance policy.
The one thing that many of us get confuse about is the sum assure that the nominee will get. Well, if you have a loan to pay off and you also want your kids to continue their education without compromising on anything, you can go for a 1 crore term insurance policy. As a matter of fact, there are several benefits of purchasing a 1 crore term insurance policy. Let us discuss some of them:
Higher sum assured
If we compare the current prices of almost everything to 5 years ago, we can find a lot of differences. Along with everything else, medical care and education also cost a lot these days. So, we can assume that in the next 5 years the prices are only going to get higher. Therefore, if you take a plan with a 1 crore sum assure, and if something happens to you, the amount can support your family. 1 crore is not a small amount and several things can be done with such an amount. Even if there is a loan that needs to be paid off, your family can use this amount to pay off the loan with this amount.
Your family can use it to meet important expenses
In case of your sudden demise within the policy term, your family will be able to use INR 1 crore to meet several expenses. In a situation where you are not there anymore, and if your spouse is dependent on you, it can become a challenging circumstance for the family both emotionally and financially. However, investing in a 1 crore policy will help them to get a good amount of money with which they can meet the significant expenses.
Policy duration
Since term life insurance is a pure life cover, you should always go for a term insurance policy that comes with a longer duration. Ideally, even when you are in your 60s, your plan should still be activate. There are even term insurance plans that provide whole life protection, and you can be protecte till the age of 99 years.
Options for riders
Term life insurance policies do not come with maturity benefits. However, if you want to make the cover higher, you should opt for riders. Some of the riders are accidental death benefit riders, accidental disability riders, critical illness benefit riders, and waiver of premium riders. Therefore, you must look for rider options that are available with the policy you are taking. This will help your family to get extra coverage in a situation of your sudden death.
Several life insurance companies provide various 1 crore term insurance policies in India. You can choose the company that has a higher claim settlement ratio. You can find many such companies and the term insurance policies provide by them under one umbrella, at the website of IIFL. So visit the website today and choose the term policy that is ideal for you.