At every stage of life, everybody likes to have a sense of assurance. This means having the sense that you are prepared for anything that comes at you in life. This especially applies to yours and your family’s financial requirements. Quite often do you see people using different ways to have enough money for situations that may occur in the future. However, one of the best to secure yourself and your family against anything in life is life coverage.
Life coverage options like term insurance make sure that even the worst case of your sudden death does not leave your family defenseless against the challenges to come. When it comes to insurance plans, some of the best ones are the “1 Croreterm plans”. These plans are essentially just term insurance policies with an INR 1 crore sum insured. However, even among these plans, you have to make a careful buying decision. Here is how you find a good “1 crore term plan”:
While premium is a top consideration for anyone that wants to buy insurance. However, the point becomes a little more important with 1 crore term insurance plans. In insurance, higher coverage often means higher premium. So, for a policy that has this high of a sum insured, the premium would be a bit higher. There are still some things you can do to get a lower premium. Firstly, you can know your premium amount by using a term insurance premium calculator. Secondly, you can compare different premiums offered by various insurance provider to select the right plan that offers the same coverage at a lower price.
- Claim settlement ratio
The biggest reason you buy term insurance is that your family can make a claim if the situation arises. So, the claims process of the insurance provider you choose has to be efficient. In the case that your family needs to make a claim after your death, the last thing they would want to hear is that there is going to be delay in the claim settlement. Moreover, you also need to make sure that your insurance provider actually does settle most of the claims that it receives on the policy. For this, you can check the insurer’s claim settlement ratio. This ratio is simply a quantification of the number of claims that the company settled against the ones that it didn’t. Ideally, it is recommended that you only pick insurance policies that have at least a 95% record of claim settlement.
- Additional benefits
When it comes to term insurance coverage, more is often better. While a 1 crore term insurance plan offers a more sum insured, term insurance plans also offer a variety of other benefits. Moreover, there are a lot of companies that offer term insurance plans today. Hence, different insurers offer unique additional benefits to attract more buyers. Some of these benefits are critical illness coverage, increased cover options, etc. With a plan already having INR 1 crore as the claim amount, having additional term insurance benefits just sweetens the deal. You should look for a plan that offers additional benefits that are unique and suited to you. While it may raise the premium by a bit, the benefits of the decision far outweigh the cost.
With the coverage of 1 crore, every plan that you see is a good thing for you. But each plan is different from the other and you cannot buy every plan. Hence, you need to pick the best plan. In insurance, the best is subjective, the plan that is best for someone else may not be the best for you. You have to set your own parameters and buy the plan that fits them best.