Life Insurance Plans for 1 Crore

Traditionally, life insurance policies with a cover of Rs. 1 crore require certain financial obligations from the side of a policyholder. One should have sufficient income to be able to afford the premiums, which are higher when compared to premiums for lower covers. This in turn means that they should have an income source which enables them to pay this premium regularly.

These policies can be taken by members of both genders, subject to them meeting the basic eligibility criteria set by individual life insurance providers.

Coverage of Rs. 1 crore - Plans offered

There are a number of companies which offer Life Insurance for Rs 1 crore, with some of the most popular plans mentioned below.

1. HDFC Life Click2Protect Plus Plan - The features of this plan are mentioned below.
   1. Multiple plan options, with additional riders for added benefits
   2. Policy term ranging from 10 - 40 years
   3. Special premium rates incentivizing non-tobacco users
   4. Premium can be paid either annually, half-yearly, quarterly or monthly
   5. Option to increase cover during important milestones
2. LIC Amxulya Jeevan - Some of the major features of this plan are mentioned below.
   1. Flexible cover - one can opt for covers exceeding Rs 1 crore
   2. Individuals get a rebate for life insurance cover of Rs 1 crore and more
   3. Flexible policy terms ranging from 5 years to 35 years
   4. Premium can be paid either yearly, half yearly or through a single premium

1. SBI Life eShield - The major features of this plan are mentioned below.
   1. Additional rewards for policyholders maintaining a healthy lifestyle
   2. Additional plans and riders to customize plan according to an individual's need
   3. Tax benefits under the Income Tax Act
   4. Flexible policy terms ranging from 5 years to 30 years
   5. Premiums for Rs 1 crore start at Rs 18 per day, ensuring one can afford it
   6. Accidental death benefits are also covered under this scheme
2. Aviva i-Life - The benefits of this plan are mentioned below.
   1. Cover can be enhanced depending on needs
   2. Policyholders get rebates on premium, depending on their cover, with females getting an additional 5% rebate
   3. Simple and hassle free process
   4. Premium can be paid either yearly or half-yearly, offering flexibility to policyholders
   5. One is entitled to tax benefits under Section 80C of the IT Act

1. Bharti AXA Life eProtect - This plan which is designed to protect the family of a policyholder offers multiple benefits, which are highlighted below.
   1. One can get a life insurance cover of Rs 1 crore for premiums starting at Rs 6,100
   2. Family care benefit under this plan is designed to take care of urgent financial needs in the event of demise of policyholder
   3. Non-smokers get additional rewards and benefits on their premiums
   4. Plan can be purchased online, without any hassles
   5. Policyholders are entitled to tax benefits under this plan
2. ICICI Prudential iCare - This plan, designed with a view to safeguard the family of a policyholder after his/her demise offers certain benefits, as highlighted below.
   1. Hassle free application process
   2. Flexible premium payment options
   3. Flexible policy terms, ranging from 5 years to 30 years in multiples of 5 years
   4. One can opt for additional accidental death benefits under this scheme
   5. Simple eligibility criteria
3. Edelweiss Tokio Life Protection Plan - This is a cost effective life insurance plan offering protection to a policyholder's family, the features of which are mentioned below.
   1. Low premiums compared to other plans
   2. Policyholders can opt for a limited premium payment plan to match their income
   3. Special rates are offered to those who lead a healthy lifestyle (non-tobacco users)
   4. Flexible policy terms ranging from 10 years to 30 years

GST of 18% is applicable on life insurance effective from the 1st of July, 2017