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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.
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.
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:
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.
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:
|Name of the Insurer||Claim Settlement Ratio of the Insurer||Name of the Plan||Sum Assured||Premium Payable|
|Star Union Dai-ichi Life Insurance||94%||Premier Protection Plan||Rs. 25 lakhs to Rs. 100 crores||Rs. 22,000 annually|
|HDFC Life||90.50%||HDFC Click 2 Protect Plus Term Plan||Rs. 25 lakhs (minimum)||Rs. 11,145 per annum|
|LIC||98%||e-Term Plan||Rs. 1 crore||Rs. 14,600 annually|
|ICICI Prudential||93.80%||ICICI Prudential iCare II Term Plan||Up to Rs. 2 crore (maximum)||Rs. 18,293 annually|
|Max Life||95.50%||Online Basic Term Plan||Rs. 1 crore+||Rs. 9,046 annually|
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:
A term insurance plan of ₹1 crore does come at a relatively higher premium; however, is worth the investment for the high cover and sum assured that it offers. If you’re seriously interested in investing in a term plan of a high cover, do remember to check out the 1 crore term insurance premium because it is important to have an affordable premium rate that can be comfortably paid out at regular terms. For more details on 1 crore term insurance plans provided by various insurers, visit PayBima online.
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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.
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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