Putting a price on one’s life is not easy, especially because no amount of money can truly replace the loss of a loved one. But with life being as unpredictable as it is, securing the lives of your dependents is an absolute necessity. To this end, a life insurance policy can help you safeguard your dependents financially in the event of an unfortunate eventuality.
Life insurance plans offer policyholders a risk cover against death. If the life assured were to meet with an untimely death during the policy term, the insurer will provide a payout to the nominee. However, this payout will vary based on the sum assured that the policy buyer opted for at the time of purchasing the policy. Certain life insurance policies offer policyholders a sum assured of up to Rs.1 crore, thus ensuring that one’s dependents are able to carry-on with their lives, without facing any financial hardships, even if the life assured succumbs to an untimely death.
While opting for a high sum assured plan may cost slightly more in terms of the premium, it will go a long way in providing financial security to your dependents. A few key reasons why you should opt for a policy with a high sum assured are:
Generally, any individual who meets the insurer’s pre-defined eligibility criteria can purchase an insurance policy. However, you will have to keep in mind that purchasing an insurance plan which offers a high sum assured will also cost you in terms of the premium. Thus, before you purchase a high sum assured plan, you will need to ensure that you have the means to make the premium payments as per schedule.
A few popular life insurance plans that offer a sum assured of Rs.1 crore are:
The eShield Plan from SBI Life is an individual, non-participating, non-linked, online, pure term insurance plan that offers a high sum assured at affordable premium rates.
Key Features of SBI Life eShield Plan
The iTerm Insurance Plan from Aegon Life is a non-participating, non-linked, term insurance plan that guarantees financial security to the policyholder’s family in case of an unfortunate eventuality.
Key Features of Aegon Life iTerm Insurance Plan
The Click2Protect 3D Plus Plan from HDFC Life is a non-participating, non-linked, term insurance plan, which provides financial security to you and your dependents.
Key Features of HDFC Life Click2Protect 3D Plus Plan
The eProtect Plan from Bharti AXA Life is a non-participating life insurance plan that provides policyholders and their nominees a host of benefits at a low cost.
Key Features of Bharti AXA Life eProtect Plan
The Amulya Jeevan II Plan from Life Insurance Corporation of India (LIC) is a protection plan that will safeguard the lives of one’s dependents financially, if something untoward happens to the policyholder.
Key Features of LIC Amulya Jeevan II Plan
In conclusion, there are several insurance plans that you can purchase for a high sum assured. However, ensure that you take your financial goals and family’s needs into consideration and opt for a plan that best suits your requirements.