Why Opt for a 1.75 Crore Term Insurance Plan?

A 1.75 crore term insurance plan offers substantial financial protection, ensuring your family’s stability in your absence. Designed to provide a high sum assured, such plans are ideal for individuals with significant financial obligations like loans, children’s education, or maintaining their family’s lifestyle. With affordable premiums and a wide range of customisation options, these plans are particularly attractive for Indian policyholders seeking extensive coverage. However, selecting the right policy requires careful evaluation of factors like premiums, riders, and affordability. This article will guide you through the key considerations and benefits of opting for a 1.75 crore term insurance plan

Factors that affect the premium of a 1.75 crore term insurance plan

Premiums for high-coverage term insurance plans like a 1.75 crore policy vary based on several factors. Knowing these variables helps you estimate costs and make informed decisions.
 

Key factors influencing premiums:

• Age: Younger individuals enjoy lower premiums as they pose a lesser risk to insurers.
• Health and lifestyle: Smoking, medical history, or pre-existing conditions can lead to higher premiums.
• Policy term: Longer terms may reduce the annual premium but increase the cumulative cost.
• Coverage amount: Higher sums assured, like 1.75 crore, naturally result in slightly higher premiums.
• Gender: Women often pay lower premiums due to statistically longer life expectancies.
• Occupation: Jobs involving higher risks may lead to increased premiums.

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How to choose the right term insurance coverage amount

Selecting an appropriate coverage amount is crucial to ensure your family’s financial security without overspending on premiums. A 1.75 crore term insurance plan should be chosen after evaluating your personal and financial circumstances.
 

Tips to determine the right coverage:

• Assess current liabilities: Include loans, mortgages, and other debts in your calculations.
• Consider future expenses: Factor in your family’s needs like children’s education, weddings, or retirement.
• Evaluate lifestyle requirements: Choose a sum assured that maintains your family’s lifestyle in your absence.
• Account for inflation: Ensure the amount covers rising costs over the years.
• Use income multiples: A good rule of thumb is to opt for coverage 10–15 times your annual income.

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Key benefits of adding riders to 1.75 crore term insurance plan

Riders are add-ons that enhance the coverage of your 1.75 crore term insurance plan, offering protection against specific risks. Adding riders ensures comprehensive financial security for unforeseen events.
 

Popular riders to consider:

• Critical illness rider: Provides a lump sum payout upon diagnosis of major illnesses, covering treatment costs.
• Accidental death rider: Offers additional financial support if death occurs due to an accident.
• Waiver of premium rider: Waives future premiums in case of permanent disability or critical illness.
• Income benefit rider: Ensures a regular monthly income for your family along with the sum assured.
• Disability income rider: Offers periodic payouts in case of a disability affecting earning capacity.

Also, check: Life insurance plans
 

Affordability and payment options for a 1.75 crore term insurance plan

Despite the high coverage amount, a 1.75 crore term insurance plan can be affordable with the right choices. Flexible payment options further make it easier to manage premiums.
 

How to make your plan affordable:

• Start early: Buying the policy at a younger age locks in lower premium rates.
• Opt for annual premiums: Paying yearly premiums is generally cheaper than monthly or quarterly options.
• Use online platforms: Many insurers offer discounts for purchasing policies online.
• Choose group insurance: Employer-sponsored plans often provide discounted rates.
• Customise payment tenure: Select a payment tenure that aligns with your financial capacity.

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Conclusion

A 1.75 crore term insurance plan is an excellent way to ensure your family’s financial stability in your absence. By understanding factors influencing premiums, choosing suitable riders, and leveraging affordable payment options, you can make the most of this high-coverage policy. With careful planning, such a plan not only safeguards your family’s future but also offers peace of mind knowing they are protected.