Reason To Buy LIC Term Insurance 1 Crore?

A term insurance policy has the twin purpose of delivering a death benefit to the insured and assuring financial security for his or her family in the event of the insured's death during the policy's term. On the death of the insured, a Rs. 1 Crore term insurance plan offers to pay the sum assured of the stated amount to the nominee. This plan acts as a guardian for the policyholder's family, assisting them in achieving their financial goals.

Benefits of Buying LIC Term Insurance 1 Crore

Here are some of the benefits you can avail by investing in LIC Term Insurance 1 Crore Plan:

• Protection

Get extra benefits including critical illness coverage, premium waivers, and income in the event of incapacity, all of which protect you from the risk of losing your job.

• Monetary Stability

The death of the family's breadwinner is not only upsetting, but it also entails financial obligations. Life insurance ensures that everyday expenses are not affected if the policyholder dies. The insurance payout might be obtained in the form of a lump payment or in instalments to help the family meet their living needs.

• Coverage For Your Entire Life

Only a few Term Plans provide coverage for up to 100 years.

• Early Investment Helps You Save More 

When you are young, premium prices are lower. When compared to an older person with pre-existing illnesses, premiums are lower at a younger age. Purchase in advance and pay the agreed-upon price. In the long term, it's better to save money.

• Premiums That Are Consistent

Many term insurance policies feature a fixed premium that stays the same for the duration of the policy. If you opt for a "level term" policy, your premium will be the same whether you have coverage for 10, 20, or 30 years. Many term life insurance policies allow you to transfer to a permanent life insurance policy once your term policy expires. When your term ends, though, your premium will soar.

• Accessibility

Because term plan premiums are so inexpensive, a Rs 1 crore sum assured will be available to a far larger number of people. Many people may be unable to afford a cover of Rs 1 crore for an endowment plan. As a result, term insurance is a simple and cost-effective option for anyone to protect their family against life's risks.

• Expansion of Coverage

If you can afford higher premiums as you become older, many insurance companies will allow you to improve your coverage at important stages in your life. When you get married or have a child, for example, if you have a basic Rs 1 crore term plan, you can choose to increase your sum protected by paying slightly higher premiums.

Conclusion

If you have a family and want to leave something behind for them, you'll most likely resort to a life insurance policy to cover your demands. Customers profit from these life insurance policies since they can choose from a variety of insurance plans, including endowment and term. These plans also provide a high sum assured, which can protect your family's financial future in the event of your death.

Also read: What Happens When Your Life Insurance Policy Lapses?

Monthly vs Lump-sum Pay-out in Term Insurance

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.