Term insurance provides the greatest death benefit for the lowest premium outlay when the policy is first issued. In today’s uncertain times, it is highly recommended that bread winners of the family have term insurance plan to take care of their families in any untoward instances, it is also a challenge to pick the one that is right for you. There are a lot of variables that need to be factored in to determine the optimum coverage amount, including the financial requirements of your family and the policy term.

How to pick a term plan

 

How to Select the Best 1 Crore Term Insurance Plan?

 

First and foremost, carefully read through the features, benefits, and terms and conditions of various policies. Then you must keep the following points in mind to make a conscious and well-informed choice:

1. Premium rate for sum assured: A good term plan is one which offers you the greatest cover for the lowest premium. You can use various online resources, including premium calculators, to determine and compare premium rates for different policies and shortlist the most affordable ones.

2. Claim Settlement Ratio: Claim Settlement Ratio indicates the number of policies that are settled by paying back the claims in case of death. Choose the policy / insurer that has a history of settling at least 90% of the claims.

3. Additional Benefits: These days, to make the term plans more useful and attractive, insurance companies often include additional features such as extended cover and terminal illness coverage, in the Rs. 1 Crore life insurance plans. But these are riders that usually come at an additional cost, so understand the various benefits and select the ones you feel are relevant to you.

 

What you get with IndiaFirst Life 1 Crore Term Insurance Plan.

 

1. Lowest premium rates among all such policies in the market with an outstanding claim settlement ratio.

2. The policy provides you life cover till the age of 100 years even as you need to make premium payments only till the age of 60 years.

3. In case of any terminal illness that severely impairs your income-generation capacity, the term plan provides 25% of the policy benefit to you upfront in case of such a diagnosis and exempts you from future premium payments.

You also have the choice, at a nominal extra charge, to include additional covers against accidents, critical illness and disability in your term policy. You can even increase your life to cover the growing needs of your loved ones and choose from multiple payout options – monthly and/or lump sum – as per your family’s requirements.

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