Amid the rising inflation, the expenses have also increased and so is the standard of living. If you are the only breadwinner in your family and do not want your love ones to suffer due to the uncertainties that life may throw then it is important to invest for their secured future. And one of the best way to offer a secured financial future to your dependents in your absense is to buy at least a Rs 1 crore term insurance policy.
With time your financial responsibilities will also grow, therefore it is important to choose an adequate term insurance coverage amount. For example, there can be a home loan, children’s education, marriage and so on. Buying a Rs. 1 Crore term insurance plan would ensure that your children, spouse or parents lead a comfortable life even when you are not there to support them financially.
And for this reason, we have selected a term insurance coverage amount of Rs. 1 Crore. Though this is not a benchmark figure; you can select a plan with a higher sum assured that would cover up the future financial liabilities of your loved ones.
Initially, selecting an appropriate term insurance coverage amount can have been a little confusing for people majorly because of the value of the premium. However, if you compare different term plans, you would be able to find the one that would work just right for you. In this article get you can check-out the various benefits that a Rs. 1 Crore term plan has to offer. Once you know the basics, comparing various term insurance plans will be a lot easier. You will be in a better position to select the most suitable term insurance plan as per your family’s financial requirements and your pocket.
Why buy policy from Policy Bazaar
1. Get high coverage at inexpensive premium
You can get life coverage worth Crores by paying nominal premium prices.
2. Secure your family from loans, debts, and liabilities
Term insurance helps you and your family to pay off all your loans, debts, and liabilities, in case of your unfortunate demise.
3. Early Investment helps you save more
When you are young, premium prices are lower. The premiums are lesser at early ages as compared to an older person with pre-existing illnesses. Buy early and pay the fixed amount Save your money in the long run.
4. Overall Protection
Get the additional benefits such as critical illness, waiver of premium & income in case of disability which safeguards you from income loss related risks.
5. Whole Life Cover
Few Term Plans plan offers lifetime coverage of up to 100 years
6. Get Tax benefits up to Rs. 46,800
Tax benefits on paid premiums as per the prevailing laws can help you save up to Rs. 46,800
What is a 1 Crore Term Insurance Plan?
A term insurance plan serves the dual intent of providing a death benefit to the insured and ensuring financial stability to his/her family in case of his/her death during the term of the policy. A Rs. 1 Crore term insurance plan is one policy that guarantees to pay the sum assured of the mentioned amount to the nominee on the death of the insured. This plan works as a guardian for the family of the policyholder and helps them to fulfill their financial needs and aspirations.
Best 1 Crore Term Insurance Plans
All the leading term life insurance providers of India offer a vast range of term insurance policies that can easily be customized as per the different requirements of the applicant. The cost of premium, policy features, and benefits vary from one term insurance plan to another. The basic amount of premium applies only to those applicants who are non-smokers, do not have alcohol addiction, and don’t have any track record of some pre-existing illness. The amount of premium increases when the applicant has some medical/ health issues, history of lifestyle diseases, smoking or drinking habit, and opts for some add-ons or rider benefits.
Here we are discussing some of the best term insurance plans that offer a sum assured of Rs. 1 Crore and even more. Take a look at these plans and select the one that works the best for you:
AEGON Life i Term Insurance Plan
If you buy this Rs. 1 Crore term insurance plan then you can enjoy life cover till the age of 100 years:
• There are three term life insurance plan variants to select from Life Protect, Protect Plus, and Dual Protect
• If you choose the Life Protect variant it offers life cover with increasing life cover at important stages of life and terminal illness cover
• In the protect Plus variant the life cover increases every year by 5% without any extra premium along with terminal illness cover
• Dual Protect variant life cover with terminal illness cover and monthly payouts from the age of 60 years till maturity
• One of the unique features of this term life policy is that it rewards for switching to a healthy lifestyle and quitting smoking during the policy term Also, survival benefit is provided in Life Protect and Protect Plus plan
Aviva i-Life Total Plan
The minimum sum assured offered by Aviva i-Life Total term plan is Rs. 50 lakhs and there is no limit on the maximum sum assured. This 1 Crore term insurance plan offers comprehensive coverage at an affordable premium. Check-out some of the plan features:
• Aviva l-Life Total Plan comes in four variants:
• Protect plan with death cover and inbuilt terminal illness cover
• Protect Assured: Sum insured amount on death/ 120 percent of the premiums paid till maturity on survival
• Protect Plus: Accidental death compensation with double the amount of the Sum Assured
• Protect Income:Monthly Income for the dependents in the event of death
• The minimum entry age is 18 years
• The maximum entry age is 65 years for Protect Plus and Protect Income Options
• The maximum entry age is 60 years for Protect Assured plan variant
• The maximum maturity age is 75 years without critical illness and disability
Bajaj Allianz iSecure Term Assurance Plan
• This is a non-participating term assurance plan that offers sum insured of Rs. 1 Core and more Listed below are some of the unique features of this term plan: There are the term plan variants basic life cover, basic life cover with monthly income, and basic life cover with increasing monthly Income
• This term plan has a different set of premium rates for the lifestyle categories: Preferred Non Smoker Non-Smoker & Smoker for a minimum sum assured of Rs. 20 lakhs
• To buy this plan the minimum entry age is 18 years and the maximum entry age is 60 years
• The minimum maturity age is 28 years and the maximum maturity age is 70 years
• Moreover, there are rider benefits such as accidental death benefit rider, waiver of premium benefit rider, and accidental permanent total/partial disability benefit rider
• However, the plan doesn’t affer maturity surrender benefits
HDFC Life Click2 Protect Plus Plan
• This is an online term plan that would affer financial independence to your loved ones. Check out some of the useful features of this Rs. 1 Crore term life insurance plan: The policy term ranges from 10 years to 40 years
• It offers 4 plan options – Life Extra Life, Income and Income Plus Option
• The minimum and maximum entry age is 18 years and 65 years respectively
• The maximum maturity age offered in this Rs 1 Crore term plan is 75 years
• You can also add rider benefits such as critical illness or accidental disability to your term plan
• You can also select between single premium and regular premium payment option ICICI Prudential iCare Il Term Plan ICICI Prudential Care Il Term Plan provides Term insurance of Rs. 1 Crore and the benefits/features/eligibility criteria are listed below:
• The minimum and maximum entry age for one pay premium option is 18 and 60 years respectively
• The maximum age at maturity is: 65 years for One Pay Option, 85 years for Regular Pay Option , and 20 years for Regular Pay Option il
• You can select from two premium payment options: Regular Pay and One Pay
• The policy term for One Pay premium option is 5/10 years and for Regular Pay is 5-67 years
• The accidental death benefit is provided in iCarell Option ille equal to the sum assured
• The plan does not provide a maturity benefit. However, if you opt for One Pay premium payment option you get the surrender value. For details, you can refer to the policy wordings
LIC Tech Term Plan
• This is a non-linked pure protection online that offers Rs. 1 Crore term assurance policy coverage with the following features:
• The minimum entry age is 18 years, the maximum entry age is 65 years, maximum age of maturity is 80 years
• The minimum sum assured is Rs. 50 lakh and there is no limit on the maximum sum assured. Therefore, you can select Rs. 1 Crore term insurance amount.
• The plan comes with different rider benefits, and the option to take death benefit in installment as
• The plan also offers a grave period of 30 days for regular and limited premium payment
• Please note that the policy term is 10 to 40 years and it does not offer maturity benefits on survival
Max Life Insurance Smart Term Plan
Max’s life smart term plan offers Rs. 1 Crore term insurance coverage amount for a monthly premium of Rs. 493 only. Below are some of the important policy features of this Rs 1 Crore term insurance plan that you would like to know
• The plan offers coverage till the age of 85 years
• The plan is easily customizable and offers coverage against death, critical illness, and disability
• The best part is that you get the return of premium on surviving the policy term
• It also offers flexible premium payment options as per your convenience
• Accidental rider benefit is also available
• Moreover, you can select from multiple death benefit payout options in a lump sum or as increasing monthly income
PNB MetLife Mera Term Plan
• This is a pure protection Rs 1 Crore term plan with a range of coverage benefits. One of the most exclusive features of this term plan is the maximum maturity age of 99 years
• The minimum entry age in this term insurance plan is 18 years and the maximum entry age is 65 years
• The term policy tenure ranges between 10 and 81 years
• Some of the rider benefits that you can select from this Rs. 1 Crore term plan are accidental death benefit, accidental disability benefit serious illness cover, life stage protection, critical illness benefit, and joint life benefit
Reliance Nippon Life Online Term Insurance
This Rs. 1 Crore term plan includes advantages such as special discounts for the non-smokers. This insurance provider offers the benefit of conducting the medical tests at the applicant’s home. Some of the key features are listed below.
• The policy tenure ranges from 10 to 35 years
• The minimum entry age under this term plan is 18 years and the maximum entry age is 55 years
• The minimum maturity age under this plan is 28 years and the maximum entry age is 75 years
• The premium payment term is equal to the term insurance policy term and the premium payment mode is annual
SBI Life Insurance eShield Term Plan
This is a traditional protection plan that provides Rs. 1 Crore term insurance cover along with the following benefits:
• It comes in two plan structures: Level cover benefit in which the sum assured remains the same throughout the policy term. And increasing Cover benefit in which the sum assured increases by 10% by the end of every sth policy term
• You get protection against terminal illness along with death benefit
• There are two rider options under this plan- accidental death benefit rider and Accidental total and permanent disability death benefit rider
• The minimum and maximum entry age in this 1 Crore term insurance policy is 18 years and 65 years (level cover/60 years (increasing cover)
• The maximum maturity age is 80 years (level cover) and 75 years (increasing cover)
Who Should Opt for 1 Crore Term Plan?
As the policy premium rises with the age of the applicant, it makes sense to buy it early. If you have any dependent member in your family then it makes sense for you to buy at least a Rs. 1 Crore term insurance cover. In order to determine the premium amount of Rs.1 crore term plan, you can make use of the term insurance premium calculator.
Also, here is a simple formula that will make it simple for you to find if Rs. 1 Crore term insurance coverage amount is sufficient for you or not.
Term Insurance Sum Assured = Family’s Lifelong Expenses (annual expenses considering inflation till your retirement age) + Expenses on Future Goals + Debts/Loans – Saving
Comparison of Plans Offering 1 Crore Term Insurance
There are various term life insurers who offer term insurance plans with a sum assured of Rs. 1 Crore and even more. Earlier the premium charged for a Rs. 1 Crore term plan was on a higher side. But after the new regulations passed by IRDAI, insurance companies have radically reduced the premium rates for a cover of Rs.1 Crore or more. Even the private insurers like ICICI Prudential life, HDFC Standard Life, Birla Sun Life are offering quite lower premium rates. When comparing different term insurers it is necessary to check the underwriting norms as lower premiums might come with stringent rules
There are offline term plans as well. The term insurance premium rates may differ depending on the addition of riciers etc
Which is the Right Term Insurance Policy?
So, if you are the only earning hand in the family, it is important to have an appropriate financial cover to avoid any financial distress on your family in case of your untimely demise. Selection of Rs.1 Crore term insurance policy might sound tricky but with the formula given above you can easily derive the right coverage amount. You need to pay attention to the term insurance policy benefits, inclusions, and exclusions. Premium rate is important to be taken care of, but, it should not the only factor to consider. Try opting for a term plan that is good for you and your family’s future. Check on the term insurance riders and most importantly the claim settlement ratio of the insurance providers. This is going to smoothen up your work