1 crore term insurance plan offers a life cover (sum assured) of Rs. 1 Crore to the nominee/beneficiary in case of the policyholder’s death during the policy term. 1 Crore term insurance premium plan helps ensure that the family's financial needs , such as paying off debts, covering living expenses, and funding future goals (such as children's education or marriage), are met even when you are not around.Read more
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Term insurance plans are becoming quite common these days, and a 1 crore term plan has become an ideal choice among policy buyers. A 1 crore term insurance means that the term plan provides a sum assured of 1 Crore amount, which is payable as a death benefit to the policyholder's family in the event of the policyholder’s death.
An 8-figure sum assured for emergencies kept aside can give you peace of mind and provides a large financial back-up for your family members. The premium rates for a 1 crore term plan are affordable, which makes it an ideal choice among policy buyers.
Life is unpredictable, and so are the uncertainties in life. This is because people are majorly turning to insurance, specifically term insurance plans, to provide financial security for their loved ones/family members these days.
In these times of increasing prices, financial instability and rising medical costs, you should make sure that your family has all the resources required to live life peacefully. With 1 crore term insurance plans, you can secure your loved ones for the long term by opting for high coverages and also save on your yearly taxes. Thus, searching for the best term insurance plan for 1 crore can be an important step in securing your family’s future. Now let’s understand how 1 crore term insurance plan works:
Let’s understand how a 1 crore term insurance plan works with the help of an example:
If Ram purchased a term insurance plan with a life cover of Rs. 1 crore at 30 years of age. He chose a policy term of 25 years and made his spouse the nominee. After around 5 years, Ram dies in an unforeseen accident. His spouse received the full sum assured amount of 1 Crore from the insurer. This payment can help her wife to be financially independent in future.
|Details of the Example|
|Age of Ram||30 years|
|Age of Retirement||60 years|
|Annual Income||Rs. 10 Lakhs|
|Family Expense for 1 year||Rs. 2.5 Lakhs|
|Expense of the family for the coming 25 years||Rs. 2.2 Crores|
|Other expenses such as higher education, loans, etc.||Rs. 30 Lakhs|
|Personal Savings||Rs. 10 Lakhs|
|Personal Savings value (@10%)||Rs. 1.5 Crores|
|Suggested Life Cover||2.5 Crores - 1.5 Crores = 1 Crore|
Below is the list of the best term insurance plan for 1 crore 2023. You can take a look at these 1 crore term insurance plans and select the one that works best for you:
|Rs 1 Cr Term Insurance||Claim Settlement Ratio (FY 2021-22)||Entry Age||Maturity Age||Policy Term|
|ICICI iProtect Smart||97.82%||18 - 65 years||99 years||5 - 69 years|
|HDFC Life Click 2 Protect Super||98.66%||18-65 years||85 years||5 - (85 minus entry age) years|
|Max Life Smart Secure Plus||99.34%||18 - 60 years||85 years||10 - 67 years|
|Tata AIA Sampoorna Raksha Supreme Vitality Protect||98.53%||18-60 years||85 years||10 - 67 years|
|Bajaj Allianz e-touch||99.02%||18 - 55 years||99 years||10 - 81 years|
|PNB MetLife Mera Term Plan Plus||97.33%||18 - 50 years||80 years||10 - 30 years|
|SBI Life e-Shield Next||97.05%||18 - 65 years||100 years||5 - (85 minus entry age) years|
|Canara HSBC OBC iSelect Smart 360||98.44%||18 - 60 years||99 years||5 - (99 minus entry age) years|
|Kotak e-Term Plan||98.82%||18-65 years||85 years||5 - 67 years|
|Edelweiss Tokio Total Protect Plus||98.09%||18 -65 years||75 years||5 years – (100 years –entry age)|
|Aegon iTerm Prime||99.03%||18 - 65 years||70 years||5 - 52 years|
|LIC Tech Term||98.74%||18-65 years||80 years||10 - 40 years|
|Aditya Birla DigiShield Plan||98.07%||18 - 60 years||85 years||10 - 55 years|
Note: You can calculate the 1 crore term insurance premium amount from Term Insurance 1 Crore Calculator as per your requirements and life goals and LIC term insurance plan 1 crore premium calculator can also be used to calculate the premiums of LIC Term insurance 1 crore plans. In the same way, SBI term insurance 1 crore calculator can be used to compute premiums of SBI term insurance 1 crore plans.
Disclaimer: “PolicyBazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.”
Here is a list of people who should purchase the 1 crore term insurance in India online:
If you are Young: People who have just started working and are in their 20s and early 30s. This is because they will be able to secure a large life cover for a long policy term at affordable premium rates.
If you are the sole earner of the family: Sole income earners of the family should buy a 1 crore term insurance because the payout from these plans can help their family members and dependents pay their bills and fund their child’s education.
If you have multiple dependents: If you have multiple dependents like parents or in-laws, a 1 crore term insurance can help you secure their future in your absence by providing them with a benefit amount to take care of their financial needs.
If you have Debts: People with loans and debts should consider buying a 1 cr term insurance as the payout from this plan can help the family relieve the burden of having to pay off the outstanding loans in their absence.
Let us look at the various benefits of buying the best term insurance plan for 1 crore:
High cover at Low Premiums
You can get life coverage of 1 crore term insurance for as low as Rs. 525/month if you buy it at an early stage of life. The premium of 1 Cr term insurance plans remains the same throughout the policy term, ensuring you do not have to worry about sudden financial stress.
Financial Security Against Financial Liabilities
This high amount of life cover helps you protect your family members in case of your absence. The high life cover received from your 1 crore term insurance plan helps clear any pending liabilities. You can ensure you leave your loved ones free from the stress of debt.
You can add various riders such as critical illness, accidental death benefit, waiver of premium, etc., at an additional premium rate to your 1 crore term plan and get increased coverage.
*To get more information, you can read 1 crore term insurance in Hindi also.
The 1 crore term insurance can help you save on your taxes as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act of 1961.
Choosing the best term insurance plan for 1 crore is important to secure your family’s financial future. Here is how you can choose the most suitable 1 cr term insurance online:
Assess your financial needs and requirements: Make sure to assess your family’s requirements and your annual income, as the payout from this plan will act as an income replacement in case of your unfortunate demise. You should also note any financial obligations, like loans or debts, that might fall on your family’s shoulders in your absence.
Premium rates of 1 crore life insurance: Unless the premium amount fits into your budget, you will not be able to buy 1 cr term plan or pay the price on a regular basis. Thus, it is recommended to buy term insurance policy with an affordable premium according to your income.
Keep inflation rates and cost of living in mind: A term plan once bought, will cover you for decades. During this period, the inflation rates and cost of living are bound to increase. Thus, you should always keep these in mind and look for a 1 crore term insurance plan that will sufficiently cover your family’s needs even after a few years.
Compare 1 crore term insurance plans online: You should always compare the available term plans from different insurers online on the basis of their premium rates, CSR values, benefits offered, riders, and policy terms to find the most suitable term plan.
Other Benefits: Apart from providing life coverage, insurance companies offer various features with their term plans like
Add-ons or riders to increase the base coverage of 1 crore life insurance
Option to increase the coverage with changing life stages
Accelerated payouts in case of terminal illnesses
Here is how you can determine the right life cover amount for your family:
Age and Annual Income: You need to take your age at the time of buying 1 cr term insurance into account and your existing annual income. This is because age affects your premium rates and eligibility for certain life cover amounts. Not only that, your annual income may also restrict the sum assured you are eligible to buy for 1 cr term insurance.
Reason for Purchase: You need to consider the reason why you are buying the insurance. If you are looking for a plan that provides financial benefits as well as wealth creation, a life insurance plan like an endowment or ULIP plan might be a better fit. However, if you are looking for pure risk protection at affordable premiums, a 1 cr term insurance might be a suitable option for you.
Needs of the Dependants: Your family may need a certain amount in your absence, but you also need to consider inflation. A 1 Cr term insurance may be enough to cover your family’s financial needs today, but it may not suffice 20 years later. Therefore, you should consider inflation as a factor while determining the right sum assured.
Liabilities: The loans and liabilities you currently have may fall on your family’s shoulders. Thus, you should consider a life cover big enough to cover all the existing loans so that your family is able to live a comfortable life. You can also use a term insurance calculator to see the premium amount you would need to pay for the desired life cover.
Get High Coverage at a Low Premium
Secure Your Family From Loans, Debts, and Liabilities
Early Investment Helps You Save More
Whole Life Cover
Get Tax Benefits Up To Rs. 46,800
*All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C Apply
“Tax benefit is subject to changes in tax laws. Standard T&C apply.”
The ideal term life insurance should have a sufficient sum assured to cover your family’s financial needs in your absence. Thus, you should always assess your annual income, your family’s monthly expenses, and your remaining loans and liabilities. According to the general thumb’s rule, the life cover should be at least 10 to 15 times the annual income.
You can also calculate the required life cover for your family using the human life value calculator. The human life value calculator requires you to fill in your age, annual income, and other existing insurance plans.
Other Sum Assured Options for Term Insurance Plan
Some of these options are listed below, and you can select the one that best suits your requirements. Further information on selecting the appropriate sum assured is also available.
Finding the best term insurance plan for 1 crore is an important task, as various insurers offer plans at a competitive rate. However, if you have already decided to buy a 1 Cr term plan to protect your family in your absence financially, here are some of the important parameters you should consider when buying a suitable 1 Cr term insurance plan.
Premium Rate of Term Plan
After going through the benefits, inclusions and exclusions of the policy, the premium rate is an essential aspect of any term insurance plan. The prices of the plan may vary from one insurance company to another. You can use an online term insurance premium calculator to determine different insurers' 1 Crore term insurance premiums. You can compare these plans to find an affordable plan that suits your requirements.
Claim Settlement Ratio (CSR) of Insurer
CSR represents the total number of claims the insurer settled in a year to the total number of claims received within the same year. A CSR of over 95% indicates that the insurer settled most of the claims received in the year and is a reliable company to buy term plans from. Therefore, to ensure that your nominees/beneficiaries receive the amount of claim on time, you should choose an insurer with a high CSR.
Always check for insurers that have high solvency ratio. A high solvency ratio means the financial ability of the insurer to pay out the claims. It is recommended that policy buyers should do thorough research about the insurer’s financial status to confirm whether they have the capability to settle the claims or not.
Riders are the add-on benefits that can be added to the base plan to enhance the coverage of the existing term plan. There are different types of riders, such as waiver of premium, critical illness, accidental total and permanent disability, accidental death, hospicare rider, etc. Go through the list of available riders and their benefits to make the most of your 1 crore term plan.
Read plan documents carefully to understand all the exclusions. These are the situations where the plan will not provide any payout. Make sure that you are aware of these implications.
Choosing a term insurance plan is influenced by various individual factors. The premium rate, naturally, plays an important role for policy seekers, and it is mainly determined by the policy's duration, i.e., the age at which you opt for term insurance. Additionally, factors like the inclusion of riders in your plan can also affect the premium rate.
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Below mentioned is the step-to-step guide to buy the best term insurance plan for 1 crore insurance policy from PolicyBazaar:
Step 1: Visit PolicyBazaar and Go to the Term Insurance page
Step 2: Fill in the basic details such as name, Date of Birth, and contact number and click on ‘View Plans’
Step 3: Answer the questions about smoking habits, annual income, occupation type, and educational qualification
Step 4: After submitting all the details, a list of all available 1 Crore term insurance plans will be displayed
Step 5: Choose the plan that suits your financial needs and proceed to pay
Ans. Several term insurance plans in India provide the option of selecting the life cover amount as 1 Crore. Here is a list of Insurers that offer the best term insurance plan for 1 Crore in India:
Ans. You can buy the 1 cr term insurance plan online by following the below steps:
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