1 Crore Term Insurance Plan

Among the simplest plans for life insurance, term insurance plans are available with multiple companies and they normally offer a cover of more than 1 crore. For this particular case though, we'd be looking at sum assured amount of 1 crore rupees so that we can offer a standardized depiction of the rates of premiums and features of the individual plans.

One should understand that there are many criteria as per which one can rate any particular insurance product. By far, the most important criteria would be the claim settlement ratio of the insurer. So, in the table below you'd find a gradation and rating of the best term insurance plans available in India as per the claim settlement ratio of the insurers is concerned.

*One should understand that the above mentioned plans reflect the premium payment only as samples for the basic plan option. The rates are subject to change based on the discretion of the insurer. Additionally, if one decides to go for optional riders, the premium rates might increase. The above rates as for a healthy person aged 30 years who doesn't smoke, consume alcohol or tobacco and has chosen a policy term of 30 years.

A quick overview of the above mentioned plans are given as follows:

• LIC e-Term: LIC has held the highest claim settlement ratio for about 3 years in a row and e-Term is one of the best plans available for 1 crore and above of Sum Assured. The plan is a pure insurance policy
• Max Life Online Term Plan: This plan can be applied for online and has a decent premium rate that falls below 10000 rupees. The basic plan offers just the life cover but it also has a couple of rider options.
• Star Union Dai Ichi Premier Protection Plan: The insurer is a joint venture of a couple of the best banks in India and a premier international life insurer. The plan is one of the relatively higher priced ones.
• ICICI Prudential iCare II: Offered from one of the best life insurers in the country, this plan can also be bought online and requires almost no time to get finalised. It feature quick claim settlement times.
• PNB MetLife Mera Term Plan: One of the few economical plans in India to offer a lump sum pay-out of 1 crore as a death benefit along with appropriate tax benefits.
• Bajaj Allianz iSecure: A beneficial term plan with affordable rates from a highly trusted private insurer, this plan offers a level cover for high sum assured amounts.
• HDFC Life Click 2 Protect Plus: One of the mid-level plans as per the premium rates are considered, the basic plan also offers an income option as a rider in case of total permanent disability.
• AEGON Life Insurance iTerm: One of the lower priced premiums in the market with a decent claim settlement ratio, the life cover is till 75 years with an in-built terminal illness benefit.
• SBI Life Insurance eShield: A term plan with in-built Accidental Death Benefit that allows for a more comprehensive level coverage on life. Also, it is one of the cheapest options in the market.
• Reliance Life Online Term Insurance: Non-smokers get a special discount and the life cover is for an age of 75 years. Medical tests are done at home.

Benefits of 1 crore Term Insurance 

The benefits of investing in a term insurance plan: 

1. Financial Security for Family - Ensures your loved ones receive a lump sum amount in case of your untimely demise, providing financial stability. 

1. High Coverage at Affordable Premiums - Compared to other life insurance policies, term plans offer substantial coverage at lower premiums. 

1. Tax Benefits - Premiums paid are eligible for tax deductions under Section 80C of the Income Tax Act, and the death benefit is tax-free under Section 10(10D). 

1. Flexibility in Payout Options - Choose between a lump sum, monthly income, or a combination to ensure your family’s financial needs are met. 

1. Critical Illness Coverage - Optional riders allow coverage for critical illnesses like cancer, heart disease, or stroke, ensuring additional protection. 

1. Disability & Accidental Death Benefits - Riders can be added to enhance coverage for disability or accidental death, providing extra financial support. 

1. Peace of Mind - Knowing your family’s financial future is secured helps reduce stress and worry about uncertainties in life. 

1. Option for Return of Premium - Some plans offer a return of premiums if you survive the policy term, providing additional financial benefits. 

1. Easily Customizable - Choose coverage duration, riders, and payout options to suit your needs and financial goals. 

1. Protection Against Liabilities - Helps your family pay off loans, debts, or mortgages without financial burden. 

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

Given below are the list of individuals who should opt for Rs.1 crore Term Insurance Plan online:

1. If you are Young: People who are between the age group to 20 years to 30 years can opt for this plan. This is because they will be able to secure their future for a long term policy at lower premium rates.

1.  If you are a sole earner of the family: Sole earners of the family can also opt for Rs.1 crore term insurance plan because the maturity amount can help the insured and his or her family members to be financially secured.

1. If you have multiple dependents: If a policyholder has multiple dependents such as parent or siblings, the one crore term insurance plan will help in securing their future financially in the absence of the policyholder.

1.  If you have loans or debts: People who are having loans or debits can opt for Rs.1 crore term insurance as the maturity amount received from this plan will help the policyholders and their family members to get rid of financial burden by paying the outstanding dues.

How to Choose the Best Term Insurance Plan for Rs.1 Crore?

It is important to choose the best term insurance plan for Rs.1 crore in order to secure the financial future of the family. The following are the steps on how to choose the best term insurance plan for Rs.1 crore:

1. Analyze your financial needs and requirements: Firstly, you need to analyze the requirements of your family in your absence. You have to consider your annual income because the amount received after the maturity will act as a replacement for your income in your absence. In addition, you should also take into account the financial obligations such as debts or loans.

1.  Cost of living and Inflation Rates: Once the term plan is purchased, it will provide coverage for many years. Over this period, the cost of living and inflation rates will increase. Hence, the Rs.1 crore term insurance plan will help in supporting your family financially after a few years.

1. Premium: In case your premium amount does not fit into your budget, you will not be able to purchase Rs.1 crore term plan. Hence it is advisable to purchase term insurance plan an affordable premium as per your budget.

1. Compare 1 crore term insurance plans online: It is also advisable to compare available term insurance plans provided by various other insurance companies online based on their benefits, tenures, and premium rates.

Choosing an Appropriate Term Insurance

Unlike conventional life insurance policies that offer coverage for the entire life, one needs to be more picky with term insurance options since these are for a limited period of time. Of course, premium rates are important, but they are not the only aspect. One needs to pay attention to the exclusion list, benefits and other terms of coverage. Checking with real life cases and speaking to the insurance agents is also helpful to find out the claim settlement ratio and time. After all, an insurance scheme that takes a long time to deliver the benefits isn’t going to be any helpful to you or your family.