Whether you are an individual who takes the risk of driving his vehicle every day to make it to his workplace or a smoker who finds it hard to give up on this habit, the chance is that you are still someone who wants a secure future for his family. To serve this wish of yours, buying a term insurance plan is a sensible idea. As a matter of fact, many people put their money into term insurance policies these days and make the future of their family secure, especially for a situation when they are not there anymore with the family to take care of the needs.
Nevertheless, when you decide of purchasing a term insurance plan, make sure you choose better coverage. The money you are putting into it should pay back a better benefit to your family. And for this, a 5 crore term insurance plan can give you the maximum benefit. Here are some of the advantages of choosing a 5 crore term insurance plan.
On buying a 5 crore term insurance plan, you have to pay a monthly premium of INR 2500 – INR 3000. As compared to this, the other types of insurance policies for the same value or return will any day cost you way more.
Options of Customization
Depending on your requirements, you can choose from various types of plans under a single policy. Several term insurance plans offer income options, increasing sum assured accident benefit, premium waivers, critical illness covers, disability, helping you to come up with the most comprehensive protection.
Easy to Understand
Understanding term insurance takes no time. Since there are several types of policies, term insurance plans are often misunderstood. However, term insurance sticks to the basic in which the beneficiary of the term plan gets the sum assured and death benefits on the demise of the insured within the tenure of the term insurance plan. Therefore, there is no particular jargon to remember or any complex calculation in which you have to get into.
Protection to your Assets
Do you worry about your assets? If yes, then a term insurance plan with a sum assured of INR 5 crores is just the right choice for you, as the sum assured is sufficient for most people to clear all the debts and carry on with the lifestyle that the family is living at present. 5 crore is a good sum even for the future and the family will not have to face a financial crisis for quite some time.
Many people drop the idea of buying a term insurance plan as they think this will not benefit them anyway when they are alive. However, if you buy a rider, you can get safeguard against disability, illnesses, and accidents. Riders are add-ons that you can attach to your current term insurance policy by paying a slightly extra premium. This gives you protection from several uncertainties of life. A few of the popular riders include Accident benefit rider, Critical illness rider, Waiver of premium rider, and many more.
Some of the term insurance plans that offer sum assured of around INR 5 crore
Aegon Life iTerm Plan
The minimum entry age for this plan is 18 years and the maximum is 65 years. The policy term is 5, 15, 20, and 82 years and the maturity age is 100 years.
Aditya Birla Life Shield Plan
Like many other term insurance plans, the minimum entry age for this plan is 18 years and the maximum age is 65 years. The policy term is 10 to 50 years. And the maturity age is 80 years.
Canara HSBC iSelect +
The minimum and maximum entry age for this plan are similar to the other two plans mentioned here. The policy term includes a Life option of 5 – 62 years and a Life Plus Plan option of 10 – 30 years. The maturity age is 80 years.
Just like these three, several such term insurance plans offer sums assured of up to INR 5 crore. If you want to gather more information about such term plans, you can visit the website of IIFL. You will come across various options of term insurance plans and can choose the one that suits the needs of your family best.