In today’s unpredictable world, securing your family’s future is more important than ever, and opting for the best term insurance plan for 1 crore can provide unmatched peace of mind. Whether you are the primary breadwinner or a contributor to your family’s financial stability, protecting your loved ones from unforeseen circumstances is essential. This type of plan ensures your family’s financial well-being, offering them the support they need if something happens to you.
In this blog, we’ll take an in-depth look at what a 1 crore term insurance plan is, why it’s important, and how you can choose the best term insurance plan for Rs1 crore. We will also explore some of the top 1 crore term insurance plans in India and their key features.
A 1 crore term insurance plan is a type of life insurance policy that offers a Rs1 crore sum assured as the death benefit. It is a pure life cover, which means that if something happens to you during the policy term, your family or nominated beneficiary will receive the Rs1 crore payout to cover expenses such as daily living costs, paying off debts, or securing their financial future.
Term insurance is an affordable way to provide financial security to your loved ones. It offers high coverage at low premiums, making it an attractive option for many people looking to safeguard their family’s future. A Rs1 crore term insurance policy is designed to ensure that in case of your untimely death, your family will have sufficient funds to maintain their lifestyle without worrying about financial stability.
Here’s a list of the best 1 crore term plans in 2024 that you can consider buying.
|
Plan Names |
Claim Settlement Ratio (CSR) 2022-23 |
Entry Age |
Maturity Age |
|
|
Bajaj Allianz Life Smart Protection Goal |
99.04% |
18 to 65 years |
85 years |
|
|
Max Life Smart Term Plan |
99.51% |
18 to 60 years |
85 years |
|
|
SBI e-Shield Next |
98.39% |
18 to 45 years |
85 years |
|
|
ICICI Pru iProtect Smart |
97.8% |
18 to 65 years |
85 years |
|
|
Aditya Birla ABSLI Digishield Plan |
98.12% |
18 to 45 years |
85 years |
|
|
Bandhan i-Term Prime |
99.03% |
18 to 65 years |
70 years |
|
|
HDFC Life Click 2 Protect Super |
99.39% |
18 to 65 years |
85 years |
|
|
Kotak E-term Plan |
98.82% |
18 to 65 years |
99 years |
|
|
IndiaFirst Life Guaranteed Protection Plus Plan |
97.04% |
18 to 60 years |
85 years |
|
|
LIC New Tech Term Plan |
95.1% |
18 to 65 years |
85 years |
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Several insurance companies in India offer Rs1 cr term insurance policies, each with unique features and benefits. To help you make an informed decision, here are some of the best term insurance plans for Rs1 crore:
Bajaj Allianz Life Smart Protection Goal is a flexible term insurance plan that offers a variety of options to suit your financial needs.
Key Features:
Coverage for 55 critical illnesses.
Premium return options are available.
Coverage up to age 99 with limited premium payments.
Maturity benefits are equal to the total premiums paid as a lump sum at the end of the policy term.
This plan is ideal for those who want financial security for their loved ones while also having the possibility of receiving premiums back after a few years.
Max Life Smart Term Plan offers long-term coverage and flexible premium payment options.
Key Features:
Coverage up to the age of 85 years.
Choice of 7 death benefit options to choose from.
Flexibility in premium payment (monthly, quarterly, semi-annually, or annually).
Option for a premium refund at the end of the policy term.
This plan is suitable for those who want comprehensive coverage and the option to return premiums at the end of the term.
SBI Life eShield Next is a customizable plan with three variants to cater to different needs.
Key Features:
Level Cover, Increasing Cover, and Future Proofing Benefit Options.
Terminal illness benefits are available.
Flexible premium payment options.
Two rider options for added protection.
SBI Life eShield Next is perfect for those looking for a more tailored policy that adjusts to their changing financial needs.
ICICI Prudential iProtect Smart is a popular term insurance plan that provides extensive coverage for a range of needs.
Key Features:
Enhanced protection against death, terminal illness, and disability.
Additional benefits for accidental death and critical illness.
Special premium rates for non-smokers.
Multiple payout options, including a lump sum or monthly income.
This plan is ideal for those who want more than just life coverage and are looking for enhanced protection.
ABSLI Digishield Plan is a comprehensive, customizable plan designed to cater to the individual needs of policyholders.
Key Features:
Coverage up to age 100 years.
Flexible death benefit payouts (lump sum, monthly, or both).
Terminal illness benefits.
The option to increase coverage as life circumstances change.
This plan offers the highest level of flexibility for people who want to adjust their coverage over time.
Bandhan i-Term Prime Plan offers affordable premiums with the option for a high sum assured.
Key Features:
High sum assured at affordable premiums.
Option to withdraw premiums after age 55, with a partial refund.
Lump sum payout on death.
This plan is suitable for people looking for budget-friendly coverage with a high sum assured.
HDFC Life Click 2 Protect Super is a smart term plan with several coverage options to suit your lifestyle.
Key Features:
Whole life cover option.
Income payouts for those above age 60.
Balancing death and critical illness benefits.
HDFC Life Click 2 Protect Super is ideal for those who want a plan that adapts to their changing lifestyle and offers whole-life coverage.
Kotak E-term Plan offers a simple, affordable term insurance plan that provides extensive coverage at a low cost.
Key Features:
Multiple plan options (Life, Life Plus, Life Secure).
Accidental death benefit available.
Three payout options: lump sum, recurring, or increasing recurring payout.
This plan is perfect for individuals who want a basic yet flexible term insurance plan with multiple payout options.
IndiaFirst Life Guaranteed Protection Plus Plan is a customizable plan that meets all your life insurance needs.
Key Features:
Three variants to choose from.
Flexibility in premium payments (monthly, quarterly, yearly).
Various payout options (lump sum or income).
Affordable premiums with high sum assured.
This plan is ideal for people who want coverage for long-term financial goals such as education, marriage, and retirement.
LIC’s New Tech Term Plan is an online plan that offers financial protection to the insured’s family in case of death.
Key Features:
Option to choose between Level Sum Assured and Increasing Sum Assured.
Special premium rates for women and non-smokers.
Coverage enhancement options.
This plan offers flexibility, affordability, and the trusted reputation of LIC.
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You might be wondering, "Why is a Rs1 crore term insurance plan necessary for me?" Here's why:
High Coverage at Affordable Premiums
A Rs1 crore term insurance plan provides substantial coverage at an affordable cost. The premiums for these plans are usually low, making them accessible to most people. If you opt for the best term insurance plan for 1 crore, you can get high protection at a reasonable cost without stressing about high premiums.
Financial Security for Your Family
If you are the primary earner in your family, your passing away could leave your family with significant financial challenges. A Rs1 crore term insurance plan ensures that your loved ones are protected against those difficulties by providing a lump sum payout or regular income. This payout can be used to cover expenses like children’s education, household bills, loan repayments, and more.
Paying Off Existing Debts
Another essential benefit of a Rs1 crore term insurance policy is that it can help pay off any outstanding debts such as home loans, car loans, or personal loans. If you have significant debts, your family won’t have to bear the burden of repayment. The insurance payout will take care of these financial obligations.
Tax Benefits
Premiums paid for term insurance policies are eligible for tax deductions under Section 80C of the Income Tax Act. Furthermore, the payout received by the nominee is also tax-free under Section 10(10D) (subject to certain conditions). This allows you to save on taxes while securing your family’s future.
Now that you have a better understanding of the top term insurance plans, let's discuss the key benefits of buying a Rs1 crore term insurance policy:
One of the most significant benefits of 1 crore term insurance is the high coverage you get at a low premium. Unlike traditional life insurance policies that can be expensive, term insurance allows you to secure a Rs1 crore life cover without putting a strain on your budget.
In case of your untimely death, the Rs1 crore payout from the policy ensures that your family is financially secure. Whether it’s for replacing lost income, covering household expenses, or fulfilling future goals like education or marriage, the sum assured can provide peace of mind during a difficult time.
If you have ongoing financial commitments like home loans, car loans, or business loans, your family may struggle to pay them off in your absence. A Rs1 crore term insurance plan helps ensure that these debts are settled, preventing your loved ones from bearing the burden.
Term insurance plans offer flexible-premium payment options to suit your financial situation. You can choose to pay premiums as a lump sum, for a limited term, or on a regular basis throughout the policy duration.
Depending on the policy, you can choose how the Rs1 crore sum assured is paid to your family. Some plans offer lump sum payouts, while others allow monthly income payouts or a combination of both.
When selecting the best term insurance plan for 1 crore, it is important to consider the following factors:
Check if the policy provides sufficient coverage for your family’s needs. Look at the payout options available—whether it’s a lump sum, monthly income, or a combination of both—and ensure it aligns with your family’s financial goals.
Ensure the premium amount fits your budget. While an Rs1 crore cover might seem like a large sum, the premiums for term insurance are often very affordable, especially for younger policyholders in good health.
Choose a reliable and trusted insurance company with a strong track record of customer service and claim settlement. Look at the insurer’s claim settlement ratio to gauge how efficiently they handle claims.
Term insurance plans often come with optional riders like accidental death benefits, critical illness coverage, and disability benefits. These add-ons can further enhance the protection provided by the policy.
Check the policy term options and the age limit for coverage. Ensure that the policy will cover you for a period that meets your needs and offers coverage until your retirement or beyond.
Start Investing In 1 Crore Term Insurance Plan —- Start Now
A Rs1 crore term insurance plan is an essential tool for anyone who wants to provide financial security for their family. By offering substantial coverage at affordable premiums, term insurance ensures that your loved ones are financially protected, even in your absence. Choosing the best term insurance plan for 1 crore involves considering various factors, including coverage, premiums, payout options, and the insurer’s reputation.
By selecting a reliable and flexible term insurance plan, you can ensure that your family will have the financial security they need to navigate life’s challenges. Don’t wait until it’s too late—get a Rs1 crore term insurance policy today and secure your family’s future.
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