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7 min read
Updated on Dec 08, 2022
The rising rate of inflation is a serious issue that all of us are dealing with. The inflation rate is the reason for the rise in the expenses of almost everything required to sustain the day to day needs of people, as well as the rise in the standard of living of people. Thus, for families with a single person as the source of income need to be very careful about their financial security, especially in the event of any unfortunate event.
Also, with age comes responsibilities, and as your role in the family changes, it also changes the responsibilities that you have to shoulder. Thus, having an adequate plan of term insurance with proper coverage is important.
Just imagine how the dependents in a family will survive if the sole breadwinner suddenly leaves the world owing to an unexpected mishap. How will they manage the expenses of livelihood, education, marriages, loans etc? Here, having a 1 Crore term insurance policy helps the family to meet their needs, and can ensure that they lead a financially secure and comfortable life.
If you are planning to invest in an insurance plan to secure your dependents, the Rupees 1 Crore term plan serves best for you. This is an affordable plan of life insurance that comes with numerous benefits.
To know more about the best term insurance plan for 1 crore, just read on.
Term insurance is a life insurance policy offering complete protection. A term plan offers coverage for a definite tenure in return for a particular amount of premium paid by the policy holder. So, in the event of an unfortunate death of the insured during the tenure of the policy, a definite payout is received by the nominee as reimbursement for the loss of income.
By investing on a 1 Crore life insurance policy, you can be assured that your nominee receives the sum assured after you are gone. With this plan, you can secure your children’s future and can fulfill their dreams and aspirations even when you are not there.
Also Read: What is Term Insurance with Maturity Benefits?
There are many benefits of purchasing a Rupees 1 Crore term insurance plan.
Also Read: What is Term Insurance Renewal and Why Is It Important?
There are a number of insurance companies in India offering a wide selection of term insurance plans. The features, benefits, as well as the premium you pay for such policies, vary and they can be modified as per your requirements.
However, you must note that to pay low premium on term insurance policies, you have to be medically fit and without any illness. Also, you shouldn’t be a smoker or alcoholic to enjoy basic to low premium amount. In case, you have any pre-existing medical conditions or any bad habits, you might have to pay more premium.
Plan Name | Eligibility | Maturity | Tenure | Sum Assured |
Aditya Birla DigiShield Plan | Min Age – 18 Yrs
Max Age – 65 Yrs |
85 Yrs | 5 Yrs – 55 Yrs | Min – INR 30 Lakh
Max – No Limit |
Bharti AXA Flexi Term Pro | Min Age – 18 Yrs
Max Age – 65 Yrs |
99 Yrs | 5 Yrs – 99 Yrs | Min – INR 25 Lakh
Max – No Limit |
Bajaj Allianz Smart Protect Goal | Min Age – 18 Yrs
Max Age – 65 Yrs |
99 Yrs | 5 Yrs – 85 Yrs (minus entry age) | Min – INR 50 Lakh
Max – As per approval of board |
Tata AIA Sampoorna Raksha Supreme | Min Age – 18 Yrs
Max Age – 60 Yrs |
100 Yrs | 5 Yrs – 47 Yrs | Min – INR 1 Lakh
Max – No Limit |
ICICI iProtect Smart | Min Age – 18 Yrs
Max Age – 65 Yrs |
75 yrs | 5 Yrs – 20 Yrs | Min – As per min premium
Max – No Limit |
HDFC Life Click2 Protect Plus Plan | Min Age – 18 Yrs
Max Age – 65 Yrs |
Whole Life | 5 Yrs to whole life | Min – INR 50,000
Max – No Limit |
Max Life Smart Secure Plus | Min Age – 18 Yrs
Max Age – 65 Yrs |
85 Yrs | 5 Yrs – 67 Yrs | Min – INR 50,000
Max – No Limit |
PNB Metlife Mera Term Plan Plus | Min Age – 18 Yrs
Max Age – 60 Yrs |
99 Yrs | 10 Yrs – 40 Yrs | Min – INR 25 Lakh
Max – INR 500 Crore |
SBI Life eShield Next | Min Age – 18 Yrs
Max Age – 65 Yrs |
100 Yrs | 5 Yrs – 85 Yrs (less entry age) | Min – INR 50,000
Max – No Limit |
Kotak e-Term Plan | Min Age – 18 Yrs
Max Age – 65 Yrs |
75 Yrs | 5 Yrs – 75 Yrs (entry age) | Min – INR 25 Lakh
Max – No Limit |
This plan offer life cover for up to 100 years of age. Others features include:
This plan offers sum assured of minimum Rs. 50 lakh with no maximum limit. It presents complete coverage at low premium price. Some features are:
This is another good term insurance plans with features such as:
This is a non-linked plan with pure protection. Some of the features are:
In addition to the above, there are many other attractive plans available. However, it is recommended that you must go through and compare different plans before choosing the one that suits you.
Also Read: What is Decreasing Term Insurance?
Though Rupees 1 Crore term plan is not a standard figure for a term insurance. However, looking at the cost of expenses and life style of people, it is advisable to invest in this plan. People can purchase term insurance of any amount smaller or greater than 1 Crore rupees to ensure the security of their family after they are gone.
A novice in insurance might find it difficult to choose the best term insurance plan for their family. Thus, it is important to understand and compare various plans before making the purchase so that you can choose the most appropriate plan for your loved ones as per your budget.
Also Read: Best Term Insurance Plans for Senior Citizens
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You need INR 1 Crore Term Insurance because:
# It secures the lives of your loved ones
# It is an affordable plan
# It can be bought at low premium if purchased early on in life
# It allows many benefits
Some benefits include:
# Economical coverage
# Cover all members of a family
# Offer optional critical illness cover
# Allow greater coverage through riders
Those who can opt for 1 Crore term insurance plan include:
# Young people
# Sole breadwinners
# Families with more dependents
# Families with liabilities like loans, debts etc.
Some of the best 1 Crore term insurance plan are:
1. Aditya Birla DigiShield Plan
2. Bharti AXA Flexi Term Pro
3. Tata AIA Sampoorna Raksha Supreme
4. Bajaj Allianz Smart Protect Goal
5. ICICI iProtect Smart etc.
The premium of a 1 Crore term insurance plan varies as per the insurance company you choose to buy the plan from along with other factors like age and health condition of the insured.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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