Cost of 1 Crore Term Insurance Plan in India at Your Age
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With a term life insurance plan, it’s always better to buy one early on in life when you’re younger so that you can enjoy its benefits for longer. Here we share the cost of buying a 1 crore term insurance plan at different ages to help you make an informed choice.
They say if you care for your loved ones enough, buy them something that they would never forget for an entire lifetime. What better gift than insurance then which would cover their financial interests and secure their future even when you wouldn’t be a part of it any longer? Term insurance is your best gift to your family and those you care about. While you’re free to choose any amount of insurance coverage, based on your family needs and goals, it’s ideal to choose a high cover. Here we discuss the best term insurance plan for 1 crore and how much premium it would cost you at your age.
Top Benefits of Opting for 1 Crore Term Insurance Plan
We stated above that it’s wiser to start investing in term insurance when you’re younger (early on in your life, preferably when you start earning). This is because the earlier you start, the higher coverage amount you can choose for your plan and you would be able to comfortably afford its premium payments as well. On this pretext, here are some of the benefits of choosing the best term insurance plan for 1 crore to well secure your family’s financial future in your absence:
1. It offers comprehensive coverage:
The best part about buying a term insurance for 1 cr is that you have the flexibility to enhance its coverage later on in life as you get older and your financial needs change over time. For instance, when you get married or become a parent, you would need a higher insurance coverage to meet your family’s financial goals. If you are able to pay a slightly higher premium amount at that stage, you can choose comprehensive coverage for your base 1 crore policy.
2. It is relatively affordable than most other plans:
Term insurance is one of the most pocket-friendly options available in the market, both online and offline. The premium for this plan is generally lower considering that it is a pure life insurance product. This also means that a high cover plan, such as a 1 crore term plan would offer sufficient coverage at easily affordable premium costs.
3. It provides add-on rider benefits:
Not only can you opt for a comprehensive cover for your base 1 crore insurance policy, you also get the option to include add-on rider benefits on payment of slightly more premium. These riders would help cover your financial interests in times of emergencies, such as serious illness or death due to accident. The benefits offered by these riders would be over and above the coverage provided by your 1 cr term plan.
4. It offers a consistent premium rate throughout the policy term:
This is one of the best advantages of choosing a term plan for 1 crore. Your 1 crore term insurance premium is going to be just the same all through the tenure of your policy, irrespective of the coverage term. This means that whether you buy a 1 cr term plan for 10 years, 20, 30, or 40, your 1 crore life insurance premium is going to remain just the same.
Who is More Suitable for Buying a 1 Crore Life Insurance Policy?
Since the cover amount of these plans is relatively higher at 1 crore, generally the following people are more likely to purchase these plans:
1. People aged between 25 and 35 years of age. The earlier they start investing in term insurance, ideally when they start earning in life, the longer coverage they can enjoy from the plan.
2. People who are the only bread earners for their family should ideally consider buying a term insurance plan for 1 crore. Since their family is solely dependent on them for their financial needs, a 1 cr plan would help ensure that the financial goals of their loved ones are adequately met in their absence.
3. People who have a steady annual income ranging from Rs. 5-7 lakhs can best afford the premium rates for a 1 crore term insurance plan.
4. People with debts such as home loans, car loans, student loans, and the like should consider buying a 1 crore term insurance plan so that in case of an unfortunate demise, your family would not need to bear the burden of paying off the debt.
Cost of 1 Crore Term Insurance Plan in India at Your Age
To help you make an informed decision before investing in a high-cover 1 crore term insurance plan, we present here the premium rate payable for the policy at different ages, depending on when you choose to buy the plan. Note that the premium listed here is for a term insurance plan of 1 crore offered by Max Life Insurance. This is just an example and we recommend checking with your individual preferred insurer the exact rate of premium for the plan before purchasing.
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Hope that the table above gives you an approximate idea of the amount of premium you would need to pay for your 1 crore term life insurance policy at different ages of your life, whenever you choose and are ready to buy one.
Cost of 1 Crore Term Insurance Plan
The cost of a 1 Crore Term Insurance Plan might vary based on criteria such as age, health, smoking habits, and so on. A 1 Crore Term Insurance Plan, on the other hand, might cost anywhere between Rs. 10,000 and Rs. 25,000 each year on average.
The premium for a 1 Crore Term Insurance Plan is usually set for the duration of the policy. Yet, certain insurance companies may provide plans with growing rates over the policy's lifetime. Also, if you opt to add riders or make modifications to the policy, the premium may alter.
Certainly, there are several options for lowering the cost of a 1 Crore Term Insurance Coverage. Buying the insurance at a younger age, choosing a longer policy term, keeping a healthy lifestyle, and avoiding smoking or tobacco usage are some of the methods. Also, you may be able to reduce your cost by comparing plans from many insurers and picking the one with the most inexpensive prices for your needs.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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