Are you finding managing your financial life tricky? If yes, then you can start investing in a 1 crore term insurance plan to start building a strong base for your financial future. A 1 crore term insurance is an insurance plan that provides your family with a cushion to lead their lives comfortably after your unfortunate demise. A 1 crore term insurance provides you with an 8-figure assured sum upon your death that makes sure your family’s lifestyle remains intact & all their needs can be taken care off after your demise. In addition, a 1 crore term insurance provides you with a plethora of benefits that not only make it a wise investment for the current period but also for the future.
Here is how you can make the most out of your 1 cr term insurance to stabilize your financial life:
- Simple but a significant investment: A 1 crore term insurance plan is very straightforward in your nature. You don’t need to make many choices apart from deciding the sum assured, the tenure & fill in the required details. Once you have fixed all of the requirements, all you need to do is pay your premiums on time so that the 1 crore term insurance plan does not lapse.
- Value for money: The 1 crore term insurance plan is value for money. It provides you with the cover you need to ensure your family’s wellbeing after your demise. If you are an individual who is in their early 20s, then making an investment early on will provide you with the benefit of a lower cost of premium & It does not have any cash value; thus, it becomes the most affordable term plan there is. 1 cr term insurance & term plans are some of the most affordable plans in the market.
- Riders that sweeten the deal: The 1 crore term insurance can be loaded with riders that sweeten the deal. A 1 cr term insurance can be added up with riders like accidental death benefit, accident total, disability riders, and more.
- Savings on tax: With a one crore term insurance, you have an added benefit of saving tax in the form of claiming tax deductions of up to Rs 1.5 lakh on the premium you have paid in the financial year under section 80C. You will also not be liable to pay taxes on the death benefit that is provided with the policy benefits. Keep in mind that these benefits are applicable only if you have opted for the old tax regime.
- Higher cover for less investment: The premium amount and tenure being lower allow you to get one-crore term insurance for a lower investment amount & your family is assured with a sum of 1 crore too.
As an individual, you need to think about your retirement life while you are working and align your investment targets with your retirement goals in order to lead a happy retirement life. It is really necessary to get a 1 cr term insurance, as you can relax with the sum you get on maturity.