- Rs. 1 CroreTerm Cover @Rs 16/Day
- Tax BenefitsUnder Section 80C & 10(D)
- Extra BenefitsAccidental, Terminal & Critical Illness
- 7 Lac+Families Secured
1 Crore Term Insurance Plan
- DetailsWritten by PolicyBazaar -
- Hits : 319116 -
Updated date : 13 February 2020
In today’s day and age, our living standards and expenses have vastly increased with growing income and inflation. Thus, our necessities in life have also increased. In order to maintain a good lifestyle, it is very important to safeguard the financial future of your family, even at your absence. And the best way to do so is to have a term insurance policy. Term Insurance is a type of life insurance policy which can be afforded by everyone.
In this article get to know about the advantages of availing 1 crore term plan and make your decision of comparing various term insurance providers that are offering 1 crore term insurance and select the best plan that suits your requirements and convenience.
With the constantly rising cost of living, the different associated risks related to life require appropriate cover as financial support after one's untimely demise. In starting, selecting an appropriate cover can have been a little difficult for people majorly because of the value of the premium. However, these days, the scenario is quite different as individuals from a different category of the economy can take life insurance of ample cover.
What is 1 Crore Term Insurance Plan?
A term insurance plan serves the dual intent of providing a death benefit to the insured and ensuring financial stability to his/her family in case of his/her death during the term of the policy. An Rs. 1 crore term insurance plan is one policy that guarantees to pay the sum assured of the mentioned amount to the nominee on the death of the insured. This plan works as a guardian for the family of the policyholder and helps them to fulfill their financial needs and aspirations.
Best Term Insurance Plans for 1 Crore
All the leading insurance providers of India offer a vast range of term insurance policies that can easily be customized as per the different requirements of the policyholder. The 1 crore term insurance plans offered by different insurers have different features, premium amounts, and benefits. The basic amount of premium applies only to those applicants who are non-smokers, do not have alcoholism, don't have any track record of some pre-existing illness, and fulfill some other terms and conditions. The amount of premium increases when the applicant has some medical/ health issues, history of lifestyle, smokes, drinks, and opts for some add-ons like riders.
Here we are discussing some of the best term insurance plan for 1 crore providers. Take a look at these plans and select the one that best suits you:
Max Life Online Term Plan
This 1 crore term plan is best known for providing it at the best premium rates. With benefits of term insurance policy, this plan as well offers some add-ons or rider options. Some other advantages of this term insurance cover are that it provides the benefit of being purchased online.
Being a term insurance provider of the public sector, this company is known for keeping the record of one of the highest CSR for approximately three consecutive years. This plan is known as the best providers of insurance that offers 1 crore term insurance plan as a pure insurance policy.
The plan being one of the pure term plans can very easily be availed online through the official website of the company. The policy as well offers different premium rates for non-smokers/ smokers. In the situation of the demise of the policyholder, the death benefits will be paid that will be equal to the sum assured. However, this plan does not offer any maturity benefits.
Star Union Dai-ichi Premier Protection Plan
A 1 crore term plan that is considered as one of the term plans that is available at higher premium amounts. However, the thing that makes this policy one of the plans to take is its association with different banks of India such as Union Bank of India, Bank of India, and Dai-ichi Life.
Bajaj Allianz iSecure
A plan that offers a high sum assured amount that is coupled with leading private insurance providers. The iSecure plan provides one of the best term insurance plans under Rs.1 Crore and more.
ICICI Prudential iCare II
This plan belongs to one of the leading insurance providers of India, this plan, offers the convenience of seamless and quick online buying facility.
HDFC Life Click2 Protect Plus
A mid-level term insurance policy when we consider premium rates that offer a stable source of income in the situation of permanent total disability.
PNB MetLife Mera Term Plan
It is another term insurance plan that provides the cover of Rs.1 Crore at the lowest rates of premium. This feature of the plan makes it one of the most wanted term insurance policies of India.
AEGON Life Insurance iTerm
This policy is considered as one of the economically priced plans in terms of the premium amount. This 1 crore term insurance plan offers death benefit until 75 years and as well offers the in-built benefit of a terminal illness.
Reliance Life Online Term Insurance
This 1 crore term plan includes advantages such as special discounts for the non-smokers and life cover until 75 years of age. This insurance provider offers the benefit of conducting the medical tests at the applicant’s home.
SBI Life Insurance eShield
This term insurance policy of Rs.1 Crore also offers the in-built benefit of death caused due to accident. Apart from this, the plan offers various term insurance advantages at low premium rates.
Who Should Opt for 1 Crore Term Plan?
Any individual falling in the age group of 30-35 years and having more earning years can opt for 1 crore term insurance. Moreover, the one who is the only earning member of the family and has dependents should also consider investing in this plan. In order to determine the premium amount of Rs.1 crore term plan, the insurance buyers can make use of term insurance premium calculator.
Comparison of Plans Offering 1 Crore Term Insurance
There are various insurers who offer term insurance plans with a cover of Rs. 1 crore. Earlier the premiums displayed by various insurers went through a rate war ranging. But after the new regulations passed by IRDA, insurance companies have radically reduced the premium rates for a cover of 1 crore or more. Even the private insurers like ICICI Prudential life, HDFC Standard Life, Birla Sun Life are offering quite lower rates of around Rs.15000. Whereas, LIC offers a rate of around Rs. 25000 to 32000. When comparing various insurers it is necessary to check the underwriting norms as many private insurers ask for lower premiums but with stringent rules.
This Chart Highlights the Premium Rates of Few Insurers in Case of Online Term Plan-
|Company||Policy name||Claim Settlement Ratio||Covers Up to||Premium for SA of 1crore|
|Aviva||i-Life Total||96.0%||70 years||Rs. 13, 658 Annually|
|Aegon Religare||i-Term Plus||96.5%||70 years||Rs. 11, 369 Annually|
|Bharti AXA||Flexi Term Plan||97.3%||70 years||Rs. 11, 682 Annually|
|Max Life||Online Term Plus||98.7%||70 years||Rs. 12,272 Annually|
|HDFC Life||3D Plus Life Option||99.0%||70 years||Rs. 14,746 Annually|
|Edelweiss Tokio||Zindagi +||97.8%||70 years||Rs. 11,080 Annually|
|TATA AIA||Sampoorna Raksha||99.1%||70 years||Rs. 11,564 Annually|
|ICICI Prudential||iProtect Smart||98.6%||70 years||Rs. 14,780 Annually|
There are offline plans as well. The rates may differ depending on the addition of riders etc. This table is designed for 30 years old person with a policy term of 30 years and salary slab of about 5-7 lakhs.
Which is the Right Policy?
Selection of 1 crore term insurance policy might sound tricky and actually is a tough job to do. You need to pay attention to the benefits, inclusions and exclusions mentioned on the policy document. Premium rate is important to be taken care about, but, it is not the only thing to be looked at. Try opting what is good for you and your family’s future. Check on the riders provided under the policy and most importantly the claim settlement ration of various insurers. This is going to smoothen up your work.
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