1 Crore Term Insurance

What is 1 crore Term Insurance Plan?

A 1 Cr term insurance is a term plan that provides a sum assured of Rs. 1 crore to the nominees/beneficiaries in the event of the policyholder’s untimely demise during the policy term. This plan with high life cover ensures that the family members of the life assured are financially secure and can live their life at ease without any hassles. The main benefit of a 1 crore term insurance plan is that it offers high coverage at an affordable premium, making it an attractive option for those looking for comprehensive life insurance coverage.

Best Term Insurance Plan For 1 Crore

Below is the list of the best term insurance plan for 1 crore 2023. Let us take a look at these 1 crore term insurance plans and select the one that works best for you:

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.”

How Does 1 Crore Term Plan Work?

Let’s understand how a 1 crore term insurance plan work, with the help of an example:

If Ram purchased a term life 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, Prashant dies in an unfortunate event. His partner received the full sum assured amount of 1 Crore from the insurer. This payment can help her wife to be financially independent in future.

Who Should Opt for Rs. 1 Crore Term Insurance Plan?

Here is a list of individuals who should buy the 1 cr 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 dependants pay their bills and fund their child’s education.

• If you have multiple dependants: If you have multiple dependants 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/Loans: 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.

Why Should You Choose 1 Crore Term Insurance?

Let us take a look at the various benefits of buying the best term insurance for 1 crore:

Cost-effectiveness

Term plans are one of the most affordable types of life insurance plan that offers high coverage at low premium rates. You can easily buy best 1 crore term plans at Rs. 384/month.

Steady Premiums

1 Crore term insurance plans have consistent premium rates throughout the policy tenure. Irrespective of whether your coverage is 10 years, 20 years, or 30 years, the premium rates will remain the same throughout the policy tenure.

Comprehensive coverage

Various insurers allow you to enhance the life cover with the changes in your life stages like getting married, having kids, or taking a home loan without any medicals. You can do this by paying an extra premium while using the life-stage benefit of the term plan. This way you can make sure that your 1 cr term insurance always fits your needs and adapts to the changes in your life and make sure your liabilities are protected. For example, if you have a 1 crore life insurance, you can choose to increase your life cover after getting married by paying slightly increased premiums.

*To get more information, you can read 1 crore term insurance in Hindi also.

Long Term Protection

Various 1 Crore term insurance plans offer policy cover for your whole life i.e., till 99 or 100 years of age. This ensures that your family will receive the benefit amount in the event of your absence and is able to use this amount to maintain their current quality of life.

Pay off Loans and Liabilities

The 1 cr term insurance can help you get a loan in case of an emergency and also help your family pay off the debts using the payout amount. This way your loved ones will not be burdened by your remaining loans and debts.

Tax Benefits

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.

How to Choose the Best Term Insurance Plan for 1 crore?

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 in the event of your absence. Take into account 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: 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.

• 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

  • Options to increase the coverage with changing requirements

  • Accelerated payouts in case of specific cases

• 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.

Factors to Consider Before Buying the 1 Crore Term Insurance?

Finding the best term 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

  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 settles yearly. A CSR of above 95% indicates that the insurer is setting claims very fast. Therefore, to ensure that your nominees/beneficiaries receive the amount of claim on time, you should choose an insurer with a high CSR.

• Solvency Ratio

  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.

• Add-ons (Riders)

  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, permanent or temporary disability, etc. Go through the list of available riders and their benefits to make the most of your 1 crore term plan.

• Exclusions

  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.

Why Buy 1 Crore Term Insurance Plan from Policybazaar?

1. Get High Coverage at a Low Premium

2. Secure Your Family From Loans, Debts, and Liabilities

3. Early Investment Helps You Save More

4. Overall Protection

5. Whole Life Cover

6. 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.”

How To Buy 1 Crore Term Insurance Plan from Policybazaar?

Below mentioned is the step-to-step guide to buy the best term insurance plan for 1 crore insurance policy from Policybazaar:

• Step 1: Go to the 1 Crore Term Insurance Form

• 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 or chewing habits, annual income, occupation type, educational qualification, and language

• 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

You may also like to read: What is Term Insurance | Term Insurance Benefits

Who Should Opt for 1 Crore Term Insurance Plan?

Here is a list of people who should purchase the 1 cr 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 dependants pay their bills and fund their child’s education.

• If you have multiple dependants: If you have multiple dependants like parents or in-laws, a 1 crore term insurance can help you secure their future in your absence buy providing htem 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.

1 Crore Term Insurance Plan – FAQs