₹1 Crore Term Insurance Plan
₹1 Crore term insurance plan is an affordable and simple way of ensuring the financial security of a family in the event of the untimely death of the sole earning member of the family. Of course, money cannot replace the loss of a family member, especially if the loss is in the form of the head of the family or the sole breadwinner. However, it is important to ensure the financial security of the other members in the family who were dependent on the one person who is gone.
Thus, the role of Rupees 1 Crore term insurance comes handy here to offer the security in terms of money as well as in securing the lives of the young members of the family by allowing them good education, better living standard and much more. So, with the best term insurance plan for Rs. 1 Crore, you can expect to offer a complete financial solution to your family members after you are gone.
Why you Need to Buy a ₹1 Crore Term Insurance Plan
The financial requirement of a family increases with time. Also, with the rising rate of inflation, the cost of a family to maintain their living standard increases too. Thus, it becomes imperative to choose a term insurance plan that offers adequate coverage to protect against all the necessary financial needs such as loans, kid's education, marriage, daily needs and much more. And to make sure that all these needs are fulfilled, you must buy a Rupees 1 Crore term plan.
Further, with the increasing uncertainty of life seen over the last couple of years, more and more people are turning towards term insurance to fend for their kids, spouse and other family members.
Investing on the Rs. 1 Crore term insurance premium is the basic that one can do to make sure that the family has all the required resources to live a comfortable life after the key earning member leaves the world.
Let’s understand the Rupees 1 Cr term plan in detail:
What is a ₹1 Crore Term Insurance Plan?
Term plans are fruitful as they serve the double purpose of death benefit and financial stability to the family of the deceased. Over the years, the popularity of term plans have been increasing and they are becoming a preferred choice for people willing to buy an insurance policy.
By Rs. 1 Crore term insurance plan it means that the sum assured provided by the plan is 1 Crore rupees and that is paid by the insurer to the nominee of the insured on the unfortunate demise of the insured.
Having a term insurance of Rs. 1 crore sum kept aside for emergencies has many benefits including the mental peace in terms of monetary insecurities and a backup which will not let you down during a time when you lose the key strength in your life in the form of losing the head of the family. Further, since the premium rate of term insurance of Rupees 1 Crore is reasonable and can be easily afforded, choosing the term plan of Rs. 1 Crore is worthy.
Here are some reasons to buy Rupees 1 Crore term insurance plans:
- The Rs. 1 Crore term plans offer higher coverage at lower premium rates if you start paying for the policy at a young age.
- The plan offers monetary security against any liability, which means that the family can easily pay off loans(if any), fees or any other liability as well as other costs without any worries.
- The term insurance Rupees 1 Crore offers comprehensive cover by offering riders in the form of critical illness cover, accidental death coverage, and more.
Best ₹1 Crore Term Insurance Plans Providers
|Rs. 1 Cr. Term insurance plan||Policy Duration||Entry Age (Minimum)||Entry Age (Maximum)||Add on Coverage benefit||Age of Maturity|
|Aviva i-life total||4 plans: |
Protect - 10 - 57 yrs
Protect Plus - 10 - 57 yrs
Protect Assured - 15 - 30 yrs
Protect Income - 10 - 57 yrs
|18 years||65 years||Riders on critical illness, complete disability, terminal illness||70 yrs with rider. 75 yrs, without rider|
|Aegon life i -term insurance policy||5 - 40 yrs||18 yrs||65 yrs||Add-on, accident benefit death,premium waiver||70 yrs|
|Bajaj Allianz iSecure term assurance plan||Varies from 10 - 30 years||18 yrs||60 yrs||Premium waiver, disability waiver, accident death benefit||28 yrs min to 70 yrs max|
|Canara HSBC iSelect + Term plan||Varies depending on plan from 5-62 yrs||18 yrs||65 yrs||N/A||80 yrs, 75 yrs|
|Edelweiss Tokio Life Total Secure+||Varies as per plan from 10- 62 yrs||18 yrs||65 yrs||Premium waiver, disability waiver, accident death benefit||80 yrs, 75 yrs|
|Future Generali Flexi Online term plan||2 plans: |
basic 10-75 yrs and
income protection 10-65 yrs
|Basic - 18 yrs Income protection - 25 yrs||Basic - 55 yrs Protection - 55 yrs||Accident death benefit rider||75 - 65 yrs|
|HDFC Life Click to protect Plus plan||10-40 yrs||18 yrs||65 yrs||Accidental and critical illness cover||75 yrs|
|ICICI Prudential ICare II Term plan||Varies between 5-67 yrs||18 yrs||60 yrs||available||65, 80 and 85 yrs|
How To Choose The Right Term Insurance Plan?
Choosing the right Rs. 1 crore term insurance plan depends on numerous factors including personal factors. Of course, the premium rate is the primary thing to consider here, which is decided as per the policy duration. Thus the age at which you buy a policy decides the premium of the policy. Further, there are other important factors to consider, such as, add-on coverage, which also impact the premium.
Here, in the below table, we are comparing the premium rate of term insurance for a Rs. 1 Crore plan depending on the age of the insured as well as add-on coverage.
To calculate the figures, we are considering factors like gender + age + habit + annual income etc. Here, it is Male + DOB + non-smoker + 7-10 lakh annual income + coverage till 75 years + 5% discount + GST not included + critical illness and disability rider add-on. (Sum insured is 5 lakh rupees for 75 years).
|Age||Monthly premium - Rupees 1 cr. term||Monthly premium of Rupees 1 cr. term + 1 critical illness rider||Monthly premium of Rupees 1 cr. term + return of premium option|
|20||652 rupees||876 rupees||1336 rupees|
|30||1006 rupees||1350 rupees||2309 rupees|
|40||1807 rupees||2389 rupees||3570 rupees|
|50||3584 rupees||4520 rupees||8161 rupees|
|60||7183 rupees||8867 rupees||19, 524 rupees|
In the above plan (Smart Secure Plus Plan by Max Life), the insured gets the benefit of death along with the below benefits:
- Terminal Illness Benefit added with the plan of up to Rs. 1 cr. pay-out (if diagnosed with any such disease).
- Surrender plan offer is also there where the insured can get back all premiums back at a particular point during the policy term.
- Another benefit is the premium break option which is a unique feature that permits the insured to skip paying premiums 2 times during the term of the policy.
- The policy allows the insured to add his/her spouse to the plan.
All such Rs. 1 cr. Term plans serve as excellent financial tools that allow insured individuals to get highest financial security and serve well for the dependent members of the family.
Frequently Asked Question
With 99.07% claim settlement ratio in 2019-20, HDFC Life Click 2 Protect Life is regarded as the best term plan in India. Others like LIC, ICICI, Max, Aegon and SBI are among other plans for term insurance.
With 99.07% claim settlement ratio in 2019-20, HDFC Life Click 2 Protect Life is regarded as the best term plan in India. So, HDFC bank followed by ICICI and SBI bank are the ones offering good bank term insurance plans.
The four types of term insurance are, namely, level term insurance, increasing term insurance, decreasing term insurance, the return of premiums plans, and convertible term plans.
Aegon India's Aegon Life iTerm Plan is regarded as the best plan with 98.01% claim settlement ratio in FY20. One can check India’s best Term Insurance Companies and their plans online or by visiting their official websites.
In general, term insurance covers all types of deaths including Accidental death, death due to illness, natural death or death due to old age and so on. Most of these are natural causes of death caused by health-related issues and are covered by term insurance plans.
Aegon Life iTerm Plan is regarded as the best in India 2022 followed by Aditya Birla Sun Life Protector Plus Plan, Aviva Life Shield Advantage Plan, Ageas Federal iSurance Flexi Term Plan etc.