₹1 Crore Term Insurance Plan: During the corona epidemic, new health-related hazards came to the fore, due to which the tendency of people to buy term insurance plans increased. Term insurance is a very easy and affordable way to ensure financial security to the family in your absence. It can be understood in such a way that if you save even only 21 rupees every day, then you can give financial security of 1 crore rupees to your family. Under a term insurance plan, the sum assured is paid to the nominee after the untimely death of the insured during the policy term. One can buy a term insurance plan of Rs 1 crore with a tenure of 30 years at an annual premium of just Rs 7441.
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Keep these things in mind while buying a term insurance plan
- Term insurance plans are completely vanilla life insurance products, meaning they do not offer maturity benefits.
- Term life insurance plans offer more cover at a very low premium but those who smoke or drink alcohol may have to pay higher premiums.
- According to experts, one should keep in mind one’s income, financial goals and inflation while calculating the coverage amount. According to investment experts, you should keep the sum assured equal to 10-20 times your annual income.
- The policy term should be chosen wisely. According to BankBazaar, having a shorter tenure affects the financial security of the family, while keeping a longer tenure can make the premium costlier.
- While buying a term insurance plan, make sure to compare the offers of different insurance companies. This comparison should be done on the basis of policy benefits, features, premium amount and claim settlement ratio.
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These are 19 best term insurance policies
A table below provides information on 19 term insurance policies for a basic term insurance cover of Rs 1 crore. In this, the premium amount has been calculated for a non-smoker unmarried male residing in Bangalore, who earns an annual salary of Rs 5 lakh. The premium is calculated for the policy term of 30 years. Keep in mind that the premium amount depends on the age, income, gender, policy features etc.
(Disclaimer: The premium data is as of October 12, 2021. The companies in the given list have been placed on the basis of death claim settlement ratio as per the annual report of insurance regulator IRDA. This data has been collected by bankbazaar.com.)
(Article: Sanjeev Sinha)
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