5 Best ₹1 Crore term insurance plans providers in India
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A ₹1 crore term insurance plan sure sounds tempting. But is it worth the investment? What are its benefits and pitfalls? And which is the best term insurance plan for ₹1 crore investment in India? Let’s find all these answers in this blog.
Term insurance is undoubtedly one of the best investments in the current scenario. Life is unpredictable and it is life’s uncertainties that throw us the challenge of survival amidst difficult situations as and when they arise. While it is difficult to predict accurately what our future holds, we sure can prepare for it. Term insurance is our way of preparing for the future uncertainties. And while we’re at it, it makes sense to prepare well. This is where buying term insurance of a high sum assured sounds wise. For instance, investing in the best term insurance plan for 1 crore.
Here we discuss more about the advantages of buying a 1 crore term insurance plan and how it is more useful to the investor. We also share the top 5 names offering the best term insurance plan for 1 crore so that you know how to put your money in wisely. Read on.
What is ₹1 Crore Life Insurance?
Buying or investing in a ₹1 crore term life insurance plan simply means purchasing an insurance plan that promises coverage of ₹1 crore when you need it the most. In other words, in the event of an untimely and unfortunate demise of the policyholder, who may also be the sole breadwinner for the family, a monetary death benefit of Rs. 1 crore would be paid out to the nominee or beneficiary chosen by the policyholder.
This large sum assured would guarantee taking care of the financial expenses of the family or household in the absence of the bread-earning member. Hence, it makes sense to invest in a plan with a sum assured as high as ₹1 crore so that your loved ones have nothing to worry about when you’re not around.
Who is the ₹1 Crore Term Plan For?
A 1 crore term plan means a higher premium compared to other term life insurance plans. This is why it really isn’t for everybody. However, there are some specific individuals and families who can highly benefit from buying a 1 crore life insurance policy:
- Those who are the sole breadwinners for the family and do not want their family to be under any financial stress in their absence;
- Those who are aged between 25 and 35 years and can earn comfortably to pay regular annual premiums towards the policy;
- Those who earn an annual income in the range of Rs. 5 and 7 lakhs;
Note: The term of the plan can be extended up to 35 years if the policy is bought within the above-mentioned age criteria.
All of the above would find a ₹1 crore term insurance plan highly helpful to keep the family expenses running in their absence without a worry or glitch.
Best Term Insurance Plan Provider for 1 Crore in India
Now that we know how useful investing in a 1 crore term plan can be, let us look at some of the best insurance companies offering term insurance plans for a secure financial future of your family without you:
3 Things Keep in Mind When Buying Term Insurance Plan for 1 Crore
Considering that the premium payable towards a term insurance plan is relatively higher than other plans, it is important to bear in mind some important factors while investing in one:
- The Claim Settlement Ratio (CSR) of the insurer offering the term insurance plan is of prime importance here. The company’s CSR helps reflect its credibility and reputation in the market, besides lending trust to the investor in the insurer’s promptness in claim settlement.
- Look out for the rate of premium of the plan. A premium that is reasonably affordable would always be comfortable to pay regularly rather than an amount that is difficult to afford at regular intervals.
- Check out the add-on features of the plan such as rider benefits, tax discounts and exemptions, premium waiver benefits, and the like. They make the term insurance plan more attractive to the investor.
₹1 Crore Term Insurance Plans Providers
For a 1 crore term insurance cover, the premium payable for an LIC plan amounts to Rs. 17,445 per annum (GST included).
To buy a 1 crore term insurance plan, an individual should be aged between 25 and 35 years or must ideally be the sole breadwinner for the family.
LIC is a preferred option for several investors in term insurance because of its high Claim Settlement Ratio (CSR) at more than 98%.
Yes, an investor is given the option of buying and claiming from more than 1 term insurance covers if their total income is eligible for a higher coverage under the plan. He/she is however required to show proof of annual income to claim multiple term insurance plans.
In case of false declaration, undisclosed information, or incomplete details furnished by the insured during a term insurance claim, the latter can be rejected by the insurance company. In addition, the benefits of the policy may also be suspended by the insurer under any of the above circumstances.
Author Bio
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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