The future is the biggest mystery in our lives and we should better be prepared for it. And if you have a family that is dependent upon you, it is time you should start investing your money to secure the future of your family. While there are so many investment options in the market, one of the best is the term insurance policy. Once you buy a term insurance plan, even if something unfortunate happens to you, your family will not have to face challenges in terms of finances.
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One of the biggest confusions that many of us come across while choosing a term plan is deciding the coverage amount. Well, if you want complete security of your family in your absence, you must go for a 1 crore term insurance policy. And if you want to go for the best, then you can opt for a LIC 1 crore term insurance. Now let us discuss why you should go for this particular company’s term insurance plans.
Protection
This plan offers additional benefits which include premium waivers, critical illness coverage, and income in a situation of job loss. This will help you to keep money coming even when you lose a job.
Monetary Stability
In a situation where the breadwinner of the family passes away, it not only becomes upsetting for the family but also brings several financial challenges. However, if you buy term life insurance, your family will not have to face such hurdles and their everyday expenses will not be affected. The beneficiary of the plan may get the payout in the form of a lump-sum payment or some installments so that they can meet their needs.
Coverage for whole life
There are only some plans that offer coverage for around 100 years.
Early investment is always helpful
If you buy a term insurance plan, you will have to pay premiums at lower prices. On the other hand, if you buy the same plan at an older age, the premiums that you have to pay are higher. Therefore, you must make the decision when you are young. You will be able to save a lot of money.
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Cost-effective
The LIC 1 crore term insurance plan can be bought at affordable prices. If you invest your money in a plan to get back 1 crore, the investment plan can be costlier for you. However, it is not the same in the case of buying a 1 crore term insurance plan.
LIC 1 Crore Term Plans
LIC is one of the most trusted insurance companies in India that has been providing several insurance plans for ages. The term insurance plans provided by this company are also some of the best. If you are looking for 1 crore term insurance plans, then here is one mentioned below:
Amulya Jeevan 1 LIC Term Plan 1 Crore
The minimum age to buy this term plan is 18 years and the maximum is 60 years. The highest maturity age for this plan is 70 years. The minimum coverage that one can get from this plan is INR 25 lakh, while there is no upper limit. The policyholder can pay the premium in a single premium mode, half-yearly or annually. On buying this plan, you can also get some rebate on the single premium mode from the insurer. For the half-yearly or annual premium mode, the grace period is 15 days. In case you do not want to continue with the plan, you will be given a cooling-off period for 15 days.
To find more such plans, you can visit the website of IIFL today itself. You can compare the plans to find the best one for your needs.