10 Crore Term Insurance Plan

What is a 10 Crore Term Insurance?

How Does a 10 Crore Term Insurance Plan Work?

Why Do You Need a 10 Crore Term Insurance?

Who Should Buy a 10 Crore Term Insurance?

Anyone with any form of earnings and liabilities must have insurance in their portfolio. While a basic life cover is a necessity for anyone, a 10-crore term insurance is better suited for the high-income people that fall into the following groups:

People with High Income and High Expenses

People with High Income and High Expenses

High income, in turn, elevates people's lifestyles, like big homes and expensive cars, which also bring liabilities with them. Thus, high-earning individuals, specifically those with more than 80 lacs to 1 crore per annum income, must have a coverage of at least 10 crores. This will provide a sizeable financial cover to their family.

Young Parents

Young Parents

Young parents, or the ones planning to have kids in the near future, must plan a substantial amount of insurance coverage. This will ensure that their kid's future, education and upbringing don't go for a toss if anything happens to their life.

Business Owners

Business Owners

Business owners, especially small- and medium-scale businesses, spend most of their expenses on credit and always carry the pressure of debt. Hence, in case of their unfortunate demise, their family might also have to deal with professional liabilities while dealing with their personal loss. Thus, business owners, as per their liabilities and premium budget, should have considerable coverage for their dependents that takes care of their personal financial requirements as well as their professional liabilities.

People with Dependents

People with Dependents

Individuals with dependent parents, spouses, or children must consider buying a lot of insurance coverage. We are aware of the skyrocketing costs of medical care, education, and other lifestyle expenses. In case of the unfortunate demise of the breadwinner, the family goes through financial turmoil that can be saved with a good amount of insurance coverage.

How to Choose the Right 10 Crore Term Insurance Plan?

FAQs about a 10 Crore Term Insurance Plan

Is There Any Term Plan That Provides Maturity Benefits? up-arrow

Term Plans usually provide only death benefits and no maturity benefits. However, a certain type of term plan called term plan with return of premium (TROP) pays back your paid premiums if you survive the policy term.

Can you Decrease the Sum Assured of a 10 Crore Term Plan? up-arrow

Many insurers allow changing the sum assured during the policy term for any term plan. There is another type of plan called decreasing term plans where the sum assured gradually decreases over time.

Does a 10 Crore Term Insurance have a Surrender Value? up-arrow

Since term insurance does not build any cash value, it has no surrender value.

What Should be the Tenure of My 10 Crore Term Insurance Policy? up-arrow

The tenure of your term plan depends on your age and retirement age. Most insurers provide a term plan between 5-40 years. Most people prefer insurance coverage till they are 65 years of age. Ideally, choose a term plan for your earning years and when your beneficiaries are dependent on your income.

Is There a Waiting Period in Term Plans Before the Coverage Begins? up-arrow

No, there is no waiting period in term plans. The coverage begins as soon as the policy is issued.