₹1 Crore Term Insurance Plan
1 Crore term insurance plan is an affordable and straightforward way to ensure your family's financial security in case the main earner passes away unexpectedly. While no amount of money can replace a lost loved one, it is crucial to support the financial needs of the family members who depended on them.
1 Crore term insurance provides monetary support, ensuring that the family's living standards, education, and overall quality of life are maintained. By choosing the best 1 Crore term insurance plan, you can provide a comprehensive financial solution to the family in your absence.
Highlights of a 1 Crore Term Insurance Plan
Types of 1 Crore Term Insurance Plans
Given below are the most popular types of term insurance plans in India:
Sahi Advice,
Sahi Insurance
If you have any questions on how to choose the best insurance plan, you can connect with our IRDAI certified insurance advisors.
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Key Benefits and Features of 1 Crore Term Insurance Plans in India
Here are some reasons to buy 1 crore term insurance plans:
1 Crore term plans offer higher coverage at lower premium rates if you start paying for the policy at a young age.
The plan offers monetary security against any liability, which means that the family can easily pay off loans (if any), fees, or any other liability, as well as other costs without worry.
Term insurance of 1 crore offers comprehensive coverage by adding riders in the form of critical illness coverage, accidental death coverage, and more.
Key Features of 1 Crore Term Insurance Plans
Two death benefit options are offered under the plan - Level Sum Assured and Increasing Sum Assured
Special premium rates are offered for non-smokers and women
Varied premium payment options for enhanced flexibility
1 Crore Term Insurance Plans - Inclusions and Exclusions
1 Crore Term Insurance Plans - Inclusions
Coverage for kids’ education and marriage
Outstanding loans
Everyday living costs
Miscellaneous financial liabilities
1 Crore Term Insurance Plans - Exclusions
Death due to playing adventure sports
Death due to driving under the influence of alcohol
Death due to taking part in illegal activities
Death due to pre-existing health conditions
How To Choose The Right Term Insurance Plan?
Choosing the right 1 crore term insurance plan depends on numerous factors including personal factors. Of course, the premium rate is the primary thing to consider here, which is decided as per the policy duration. The age at which you buy a policy decides its premium. Furthermore, there are other important factors to consider, such as add-on coverage, which also impacts the premium.
In the table below, we compare the premium rate of term insurance for a 1 crore plan depending on the age of the insured as well as add-on coverage.
To calculate the figures, we are considering factors like gender + age + habit + annual income, etc. Here, it is Male + DOB + non-smoker + 7-10 lakh annual income + coverage up to 75 years + 5% discount + GST not included + critical illness and disability rider add-on. The sum insured is 5 lakh rupees for 75 years.
Age |
Monthly premium - 1 cr term |
Monthly premium of 1 cr term + 1 critical illness rider |
Monthly premium of 1 cr term + return of premium option |
|---|---|---|---|
20 |
₹ 652
|
₹ 876
|
₹ 1336
|
30 |
₹ 1006
|
₹ 1350
|
₹ 2309
|
40 |
₹ 1807
|
₹ 2389
|
₹ 3570
|
50 |
₹ 3584
|
₹ 4520
|
₹ 8161
|
60 |
₹ 7183
|
₹ 8867
|
₹ 19,524
|
In the above plan (Smart Secure Plus Plan by Max Life), the insured receives death benefit along with the below-mentioned benefits:
- Terminal Illness Benefit added with the plan of up to 1 cr payout (if diagnosed with a critical disease).
- A Surrender Plan offer is also available where the insured can get back all the premiums at a particular point during the policy term.
- Another benefit is the premium break option which is a unique feature that permits the insured to skip paying premiums two times during the term of the policy.
- The policy allows the insured to add his/her spouse to the plan.
All such 1 cr term plans serve as excellent financial tools that allow the insured to receive the highest financial security and benefit the dependent members of the family.
Factors Affecting 1 Crore Term Insurance Plans Premium
- Gender of the insured
- Overall health condition of the insured
- Age of the insured
- Their profession/occupation
1 Crore Term Insurance Plan Claim Procedures
Documents for Claiming 1 Crore Term Insurance Plan
Ask Anything as We Have Answers to Everything in Insurance
With 99.51% claim settlement ratio in FY 2022-23, Max Life Insurance is regarded as the best term insurance company in India. Others like LIC, ICICI, Aegon, and SBI are among the other good companies for term insurance.
Buying insurance through PayBima is a quick and easy process. Just fill in your basic details and get instant quotes from leading insurance companies. Compare among the various plans on offer and choose the one that best suits your requirements. Fill up the proposal form, make payment and your policy will be issued instantly.
PayBima focuses on bringing you all the information you need about insurance policies under one umbrella. You can find terms and conditions on different policies in an easy-to-read format.
- When you fill-up the proposal form, a host of diverse policy options are brought to you. You can explore them at your own pace and shortlist the ones best suited to your insurance needs. The website offers you a wide range of options for insurance policies to choose from with a stress-free buying experience.
- Once shortlisted, PayBima allows you to compare insurance online to see their benefits and shortcomings. Choose the one that offers you the maximum benefits. After finalising the best policy for yourself, you need to fill in your additional details. You can make payment and buy the policy on the PayBimaportal without being directed to any other website.
Yes, term insurance plans typically cover natural death, providing financial security to the policyholder's beneficiaries in such events.
