Term insurance plays a critical part in protecting the financial future of your loved ones. With extensive coverage and reasonable premiums, 1 crore term life insurance is one of the favourite insurance covers for individuals in India. However, the sad part is this crucial financial investment option is also plagued by multiple myths. In this article, you’ll learn the common myths about 1 crore term life insurance for families in India.
Top 7 Misconceptions About 1 Crore Term Plan
While going through the term insurance plans, you may come across many myths and misconceptions that may be misleading. Here are some of them which you might want to avoid:
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1. 1 Crore Term Insurance is for Individuals Having Dependents
Life is uncertain for single or married individuals. You still can secure your loved ones’ future against all financial odds in your absence. Term insurance helps them to cover the costs of any outstanding debts, unpaid medical bills, funeral expenses, etc. The best part is that the sooner you purchase one, the lower your premium amount will be.
2. The Insurance Coverage Offered by Employers is Adequate
Nowadays, nearly every company provides life insurance coverage to its employees. However, while relying on insurance provided by your employer, you may not get the same coverage after leaving the company or at retirement.
Moreover, the sum insured may not be adequate to take care of your family financially in your untimely death. So, opt for an independent 1 crore term insurance for family to meet insurance requirements and secure your family’s financial future after your demise.
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3. 1 Crore Term Insurance are Only Useful for Death Benefits
While the basic purpose of term life insurance is to pay the death benefit to your family members, its role has stretched beyond that in today’s scenario. However, some insurance companies, like ACKO, have term insurance plans with additional riders, which can further extend coverage for critical illnesses or disabilities.
These adversities can render a person unable to work. With the payment of this rider, be assured that your medical treatment is adequately covered, and you will not have to break your bank account to do so.
4. Term Insurance Plan is Expensive
One key reason term insurance has attracted people across all age groups is that you can get a high sum assured by paying a low cost. What is attractive about the policies is that, by buying early, you are assured of keeping your premiums well below most in-force insurance products at the moment.
With it, you have so many online term insurance policies showing you the best discounts that you can compare and tailor the right term plan just right.
5. 1 Crore Term Insurance is for Young Individuals
There is no best time to plan for purchasing a 1 crore term insurance policy for the future. Generally, younger individuals are advised to purchase because their financial commitments rise with catching up with age. You will need to have protection in case of eventualities such as inability to earn normally due to disability or old age.
6. Term Insurance is Not Required if You Have Savings
You must have come across people saying there is no need for term insurance if you have savings. However, this again is a myth as sometimes your savings are not enough to secure your family’s future.
At times, you may have them to clear off liabilities, but what will happen when you lose the source of income? Thus, the term insurance protects you against any unwanted happening so that such a situation does not leave you or your family in financial turmoil.
7. Purchasing a 1 Crore Term Insurance Plan is Complicated
Many people still believe that they cannot buy term insurance from websites and need to contact an agent or a broker to do so. However, this is a myth, as many insurance companies will help you and provide you with term insurance plans online in just a few steps.
For instance, you can purchase a term insurance plan for your family with just a few clicks, and it will be extremely affordable.
Final Words
1 crore term life insurance for a family gives high coverage, so ignore all the misconceptions surrounding it, like it is a waste of money, term insurance is expensive, or it is for individuals with dependents, etc. Instead, get a term life insurance today with only one thought in mind that will ensure your family does not have to go through financial hardship if you are not there.