Best Term Insurance Plan with 1 Crore Coverage

If you are financially stable and all the facilities providing for your family, it doesn’t mean you always will. Death is uncertain. So life insurance is an essential part of your financial portfolio, making it possible for you to give your loved ones a secured future. A life insurance policy helps to minimize the risk of financial difficulties which would be faced by the families in case of a sudden demise. ..Read More

A term life insurance policy is one simple and purest form of life insurance. The life insurance plan is designed to provide financial cover to the family members in case of the death of the policyholder. The term insurance offers death protection by simply paying the specified premium sum for the specific policy term.

The death benefit received by the nominee will help them to cover the financial needs in the coming times. Purchasing the best life insurance plan with 1 crore coverage would ensure more than just that. They would not be only living a comfortable lifestyle but fulfilling their expensive career dreams at the same time without having any financial hardships.

So, if you want to buy a 1 crore term life insurance plan, PolicyBachat helps you to guide on getting the best term insurance plan for 1 crore. How to shop for the best term insurance plan for 1 crore? What are the advantages and disadvantages of getting a 1 crore life insurance policy?

Best Term Insurance Plan with 1 Crore Coverage

What is a 1 Crore Term Insurance Policy?

The term insurance policy is a type of life insurance that covers the risk of death for a fixed period. A 1 crore term insurance plan is a life insurance policy that covers a sum insured of Rs.1 crore at the time of death. The coverage amount of Rs. 1 Crore would be paid to the policyholder in the event of maturity of the policy or to the nominee in the event of death of the policyholder due to any unforeseen circumstances. It is an excellent way to protect your family from the financial burden in case of your demise.

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Why Need 1 Crore Term Insurance Plan?

Life insurance is one of the most important financial planning tools available in the market as it covers both the investment and insurance parts under a single policy. 1 crore life insurance is needed because manage finance for your children’s education, to have a savings plan for the future so that you have a constant source of income after retirement and to ensure that you have extra income when your earnings are reduced due to serious illness or accident. Hence, you have to find the best term insurance plan for 1 crore can be a valuable investment in terms of your family’s future.

There are so many reasons why you must consider a 1 crore term insurance plan.

  • Security against Financial Liabilities: The sum assured amount of 1 crore helps you provide financial security to your family when you are not around.
  • Higher Coverage at Lower Premiums: In a 1 crore term insurance plan, you can get a cover of Rs. 1 crore at affordable premium rates if you buy it at an early life stage.
  • Investment Option: When you get a 1 crore term insurance plan at an early age you can plan for your investments and savings more efficiently for wealth-creation purposes.
  • Comprehensive Coverage: You can also add various riders at an additional premium to your 1 crore term insurance plan and it will enhance your coverage.

Why Need 1 Crore Term Insurance

How Does 1 Crore Term Insurance Plan Work?

Term insurance policies are increasingly getting quite popular 1 crore term life insurance is the sum assured or coverage under the life insurance policy available to the policyholder during the policy period. The coverage amount of Rs. 1 crore would be paid to the policyholder in the event of maturity of the policy or to the nominee in the event of the death of the policyholder.

For Example, Mr. Santhosh is a 29-year-old, with no Tobacco habit, an annual income of 10 Lacs, and a salaried individual. He took a life insurance policy with the sum assured amount of 1 Crore. So he covered under term insurance plan of 1 crore sum assured, if Santhosh dies, the insurance provider is obligated to pay that sum to the nominee according to the life insurance policy contracts terms and conditions.

Who Should Buy the Rs. 1 Crore Term Insurance Plan?

A 1 crore term insurance plan can be taken by anyone who has a family, irrespective of age and health condition. It is considered one of the most popular policies among people who are looking for a life insurance option with higher coverage. Rs. 1 Crore Term Insurance is an ideal choice for any individual who is highly concerned for the financial security of their family. If you are the income producer of your family, Rs. 1 Crore Term Insurance will help you provide financial support to your loved ones, even if you are no longer there to provide for them.

The sum assured amount of Rs. 1 Crore under your term insurance plan will ensure that your family members do not compromise on their needs due to the lack of finances. Those who want to ensure that their family gets the added protection and fulfills their financial goals such as child’s education or marriage, purchasing a house, travel, and more will also find the Rs. 1 Crore Term Insurance plan worth investing in. The premium amount you need to pay every year is calculated based on your age and the sum insured amount.

1 Crore term insurance well suited for

  • Those who have a limited income with big financial responsibilities.
  • Those who have a large family with parents, siblings, wife, and children
  • Those who have several debts
  • Those who want savings for their family in case of his/her absence.

Best Term Insurance Plan with 1 Crore Coverage

The major thing to be discussed in the term life insurance policy is the coverage available under the policy. Term life insurance policy provides coverage to the policyholder in the form of sum assured which means the amount mentioned in the policy terms and conditions would be paid to the nominee of the policyholder, in the event of death of the policyholder or to the policyholder at the time of maturity of the policy. The sum assured can be decided by the applicant or with mutual understanding between the applicant and the insurance company.

Some of the Best Term Insurance Plans with 1 Crore Coverage is

Plan Name Age Limit Policy Term Extra Benefits Opted Premium Payment Mode Premium
Bajaj Allianz Smart Protect Goal 18 to 60 years 5 to 60 years N/A Monthly, Quarterly, Half-Yearly, Yearly 729/- View Plan
HDFC Life Protect 18 to 65 years 10 to 40 years N/A Monthly, Quarterly, Half-Yearly, Yearly 1113/- View Plan
PNB MetLife Mera Term Plan Plus 18 to 65 years 10 to 81 years 24 Hours Claim Settlement Monthly, Quarterly, Half-Yearly, Yearly 711/- View Plan
Tata AIA Sampoorna Raksha Supreme 18 to 65 years 5 to 60 years Term Rider Benefit Monthly, Quarterly, Half-Yearly, Yearly 726/- View Plan
ICICI Prudential iProtect Smart Life 18 to 60 years 10 to 60 years Waiver Of Premium On Accidental Disability, Early Claim On Terminal Illness Monthly, Quarterly, Half-Yearly, Yearly 1005/- View Plan
Canara HSBC I Select Star 18 to 65 years 5 to 62 years Early Claim On Terminal Illness Monthly, Quarterly, Half-Yearly, Yearly 635/- View Plan
Aditya Birla Sun Life Digi Shield 18 to 65 years 10 to 55 years Early Claim On Terminal Illness Monthly, Quarterly, Half-Yearly, Yearly 703/- View Plan

*Premiums given are for illustration purposes only* Please refer to the website for the exact premium.

1 Crore Term Insurance Plans Comparison

Various life insurance companies offer term insurance plans with a sum assured of Rs. 1 Crore and even more. 1 Crore term life insurance can be purchased online by selecting the best insurance company from the list of insurance companies available at PolicyBachat. The sum assured would be automatically calculated based on the annual income and other factors of the applicant. If the customer doesn’t meet the eligibility requirements and wants to have a 1 Crore sum assured in his/her life insurance policy, then the same has to be justified by the applicant to the insurance company.

The underwriters of the insurance company would decide on the merits of the case in awarding a 1 crore sum assured to the customer even though he/she doesn’t meet the criteria. 1 Crore term life insurance is the sum assured under the life insurance policy or the coverage under the life insurance policy available to the policyholder during the policy period. The coverage under the term life insurance policy would be paid to the policyholder in the event of maturity of the policy or to the nominee in the event of death of the policyholder due to any unforeseen circumstances.

Earlier the premium charged for an Rs. 1 Crore term plan was on a higher side. But after the new regulations passed by IRDAI, insurers have reduced the premium rates for a cover of Rs.1 Crore or more. Even private insurance companies such as ICICI Prudential Life, HDFC Standard Life, Aditya Birla Sun Life, Canara HSBC Life are offering quite lower premium rates. When comparing different term insurers it is necessary to check the underwriting norms as lower premiums might come with stringent rules.

Advantages of 1 Crore Term Life Insurance

Advantages of 1 Crore Term Insurance

  • Affordable Premiums: 1 Crore term insurance policies provide high coverage at low premiums. The most affordable product in life insurance is the term insurance product which comes at cheaper premiums when compared with other life insurance products. For example, the 1 crore life insurance premium for a 25-year-old person with no adverse health conditions and non-smoker would be around Rs.20k for one year. While the other life insurance products charge anywhere between Rs.1 lac to Rs.3 lacs for the same sum assured to be provided.
  • Death Benefit: 1 Crore life insurance policy offer death benefit to the nominee of the policyholders in the event of death of the policyholder due to any unforeseen circumstances. The death benefit paid to the nominee of the policyholder can be used to prevent the family of the deceased from a financial crunch after the death of the policyholder.
  • Maturity Benefit: 1 crore life insurance plan offers maturity benefit in which the policyholder would get a lump sum amount at the time of maturity of the life insurance policy. There are certain term insurance plans in which the premium paid by the policyholder would be returned to the policyholder after the expiry of the term insurance policy.
  • Return of premiums: Another advantage of a 1 crore term insurance policy is that the premiums paid by the customer would be returned to the policyholder in certain types of term insurance policies such as Return of premium policies. The premiums would be returned to the policyholder at the end of the policy period or during certain events of life such as Marriage, Childbirth, Purchase of house, Child education, etc.
  • Loan Availability: Another advantage of a 1 crore term insurance policy is that these policies provide loans to the policyholders during certain stages of life such as Marriage, Child education, etc. Availing of a loan against the life insurance policy these days is the best option to meet all your emergency expenses. The process of availing loan from the life insurance policy is hassle-free when compared to other traditional loan types.
  • Add-ons/ Riders: Add-ons or riders are the extra coverage available under the life insurance policy to the policyholder on payment of additional premium. The major advantage of a 1crore life insurance policy is the availability of Disability cover for the same sum assured under the same life insurance policy. The add-ons or riders in the life insurance policy are affordable and the premium to be paid for these would be a percentage of the sum assured taken under the life insurance policy.
  • Loan burden reduction: For 1crore sum assured life insurance policies it is very important to have it to save the loan burden from falling on the family members of the deceased. The loan burden in these cases would be passed on to the insurance companies which would settle the loan amount directly to the Banks/NBFCs and then settle the remaining amount to the family of the deceased. The proceedings from the life insurance policy can be used to settle any kind of loan availed by the policyholder. The best way to prevent your family from facing a financial crunch and loan burden after your death is to purchase a life insurance policy which would be helpful in the event of the death of the policyholder.

Disadvantages of 1 Crore Term Life Insurance

  • Expensive for certain people: The major disadvantage of a life insurance policy is the premium that has to be paid by the customers with certain conditions such as Old aged customers, adverse disease conditions, etc. For instance, old age people have to shell out more premiums when compared to younger people. The other thing is that the customers with adverse health conditions such as a history of heartache, Cancer, and other illness would be charged extra premium compared to people without any adverse condition.
  • No guarantee of wealth: The major disadvantage of the 1 Crore life insurance policy is that the policy would not guarantee the creation of wealth. When compared to traditional investments the wealth-building in life insurance policy comes with a limited guarantee. For example, the term life insurance policy provides only protection without any generation of wealth. There are other types of life insurance policies such as ULIPs and other market-related policies which can be used to create wealth but the returns are not guaranteed as the wealth generation depends on the market conditions.
  • Lapsed policy means waste of premiums paid: In the 1 crore life term insurance policies if the payments are not made on time and the policy has lapsed then the customer would not be covered for any uncertainties until the lapsed policy is revived by the policyholder after paying the due premiums. In other forms of policy where the insurance company has specified the period to pay the premium and if the policyholder fails to do so, then the insurance company would not guarantee the returns as promised and there are instances where the returns are less than the premiums paid.
  • Premium payment capability reduces with age: Life insurance policies are generally taken for a long period such as 25 years or 30 years. The premium payment capacity of a policyholder might increase or decrease with an increase in age. This can be due to many reasons such as increased expenditure, inflation, etc. If a 1 crore term life insurance policy is taken for the age up to 80 years of the policyholder and the policyholder retires after 60 years of age, then it might be difficult for the policyholder to continue with the premium payment after the retirement.

1 Crore Term Insurance Exclusions

Most term life insurance policies offer different kinds of customization, based on the level of protection and coverage you are looking for. Even with the term insurance terms and conditions, there may be changes based on the individual policyholder. These term insurance terms and conditions otherwise referred to as exclusions, list out the situations under which your beneficiary’s claims will be rejected. While most will be customized following the insurer and the individual policyholder, several exclusions remain common across most term life insurance policies

  • Suicide and/or Death due to a hazardous activity
  • Participation in Criminal Activities
  • Pre-Existing Medical Conditions
  • Death under the influence of alcohol or drugs

1 Crore Term Insurance Premium Calculator

The premium calculator for 1 crore term insurance can be done by using the online portal in 3 simple steps and the premium can be paid online before the issuance of the policy. The below steps are to be followed to arrive at the premium of 1 crore sum assured term insurance policy.

Step 1: The first step in using the life insurance premium calculator is to click on the online life insurance premium calculator link and proceed to the life insurance section.

Step 2: The next step in using the life insurance premium calculator is to enter the below details clearly and correctly.

  • Gender of the applicant
  • Tobacco consumption; Yes or No
  • Annual income from the options given in the calculator
  • Occupation type; Salaried or Self Employed
  • Age of the applicant; to be entered as Date of Birth
  • Name of the applicant and email id of the applicant.

Step 3: In this step, you can enter your requirements such as:-

  • Sum assured required under the life insurance policy
  • Tenure – maximum age the coverage is required
  • Premium payment type - Regular or Lump sum or Limited pay
  • Premium payment frequency - Monthly or Quarterly or Half-yearly or Yearly
  • Payout type - Lump sum or Income or Combination of both
  • Add-ons such as Critical illness, Waiver of premium, and Accidental disability cover can be selected and the premium would change accordingly.

Factors influencing 1 Crore Term insurance premium

The sum assured in the life insurance policy is decided based on many factors such as age, annual income, health conditions, and many other factors. The sum assured in the life insurance policy depends on the annual income of the applicant. The sum assured can be selected up to 12 times the annual income of the applicant. Higher the annual income higher sum assured can be selected by the applicant. There are many instances where the customer's search for a 1 Crore sum is assured from the insurance companies. The reason for this is that people feel that a 1 Crore sum assured in the life insurance policy would be the minimum requirement to meet all future obligations.

List of factors influencing 1 Crore Term insurance premium is

  • Age
  • Gender
  • Health History
  • Lifestyle
  • Hobbies / Occupation
  • Type of Policy
  • Family Health History

Which is the Right Term Insurance Policy?

If you are the sole breadwinner in your family, you must think about the term plan to ensure that their families are adequately protected in the event of their death. One crore term policy is the best option to protect your family from financial burdens but a selection of an Rs.1 Crore term insurance policy might sound tricky but you can find easily with the below formula to know about Rs. 1 Crore term insurance is the right coverage amount or not. Also, you need to pay attention to the term insurance policy benefits, inclusions, and exclusions, advantages, and disadvantages, premium cost, claim settlement ratio of the insurance company, riders, etc.

Term Insurance Policy Sum Assured = [Family’s Lifelong Expenses + Expenses on Future Goals + Debts/Loans] – Saving.

Why Buy Rs. 1 Crore Term Insurance From PolicyBachat?

  • Fast Policy Issuance Process
  • Vast Range of Options
  • Easy Comparisons
  • Customer Information Security
  • Dedicated Customer Support
  • No Paperwork Required
  • Hassle-Free Claim Process

Why Buy 1 Crore Term Insurance

How to Determine the Right Coverage Amount?

Buying one of the best 1 crore term insurance is a common choice among policy buyers as it gives you major coverage to their families. Let’s look at how you can determine if a 1 crore term insurance plan is suitable for you

  • Your age and income source will affect not only how much insurance you must get but also how long you should keep it.
  • Cash value policies are frequently used as a different way to save or invest for retirement. This can help to find the cheapest term insurance as well as contribute to wealth accumulation.
  • If you have any dependents, you may want to consider purchasing one of the best term insurance plans for 1 crore, which can be meet their needs in your absence.
  • If you have any debts such as student loans, car loans, credit cards, and personal loans your policy must provide you with enough coverage to pay them off completely. Hence, you may want to consider the best term insurance plans for 1 crore to get extensive coverage.

How to Buy 1 Crore Term Insurance Online

The Process of buying a 1 crore term insurance plan online has become simple with PolicyBachat with the help of a few simple steps. All you need to do is fill out an application form and then make a payment for the premium. The entire process takes less than 15 minutes. To buy term insurance online, you will need to have a basic understanding of what it is, how it works, and what are the things to know before buying 1 crore term insurance.

How to Buy 1 Crore Term Insurance Online

Things to Consider Before Buying 1 Crore Term Insurance Online

a) Claim Settlement Ratio:

The claim settlement ratio is the total number of claims paid by the insurance company out of the total claims received by the insurance company in a particular year. The higher the ratio, the better would be your chances of getting a claim. The claim settlement ratio of the life insurance companies should be anywhere between 95% - 99% which is a good claim settlement ratio. No insurance company can have a 100% claim settlement ratio as there would be few claims which don’t satisfy the requirement of the insurance policy.

b) Hidden Clauses/ Conditions:

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Every life insurance contract has certain terms and conditions which cannot be breached. These terms and conditions are to be mentioned to the customer before taking the life insurance policy as the customer would decide his/her acceptance of the terms and conditions. There could be certain conditions in the policy which are hidden or not explained to the customer by the agent of the insurance company and these conditions may prolong the claim settlement process. It might sometimes be difficult for the nominee of the policyholder to submit the documents related to the policyholder after his death.

c) Premium:

Premium is the amount paid by the policyholder in return for the insurance coverage offered by the insurance company. The premium amount is decided by the life insurance company and depends on many factors such as the Age of the policyholder, Sum Assured, Policy Term, etc.

d) Coverage:

Many insurance companies offer disability coverage, terminal illness coverage, etc. apart from the death cover. This extra coverage is known as the Riders or Add-ons which can be availed on payment of extra premium. The extra coverage in the form of add-ons or Riders is to be taken by the customer to enhance the coverage and the chances of getting the claim settled. The best insurance company is the one that can offer extra coverage without charging the extra premium from the customer. The customer should check the companies which offer extra cover without any additional premium while satisfying the other requirements.

e) Solvency Ratio:

The solvency ratio indicates the ability of the company to meet its future liabilities and long-term commitments with the available cash flow. The higher the solvency ratio, the stronger is the company. All the life insurance companies in India are expected to meet a Solvency ratio of 1.5 or 150% as stipulated by the IRDA.  The solvency ratio is the most important thing to look at in an insurance company while buying a life insurance policy. Since the life insurance contracts are extended over a long period, the solvency ratio of the insurance companies needs to be stable enough to settle your claim in the future.

1 Crore Term Insurance Policy Claim Settlement Process

Step 1: Claim Intimation:

  • In the case of Maturity claims, a policyholder should inform the insurance company regarding the maturity of the policy or survival of the policyholder.
  • In case of Death claims, the nominee of the policyholder or the immediate family members can lodge a claim with the insurance company.

The claim intimation can be done online or offline which should contain basic information such as the Name of the Policyholder, Policy number, Date of Maturity, etc. In case of offline intimation, the claim form can be availed from the nearest life insurance branch and duly filled before submission. 

A claim intimation number is provided by the insurance company which is to be retained and used for any further communication with the insurance company.

Step 2: Submission of Documents:

Once the claim intimation is done and the claim intimation number is obtained, the next step is to provide all the relevant documents to the insurance company. It is advisable to submit all the documents in one go to avoid to and fro communication with the insurance company.
The following documents are to be provided by the nominee or the policyholder:

  • Certificate of Death (Death Claim)
  • Panchanama report (Death claim)
  • Statement from the hospital if the insured is admitted
  • Certificate from medical attendant stating that the illness of the insured
  • F.I.R Report (Accident death claim)
  • Cremation or burial report
  • Certificate from the employer if the deceased is an employee.
  • Age proof
  • Residence proof
  • Relation proof with the policyholder(Death claim)
  • Deeds of assignment (if any)
  • Policy document
  • Duly filled claim form/ claim intimation number
  • Bank account details
  • Any other documents as required by the insurance company.

Step 3: Claim Settlement:

As per regulation 8 of the IRDA (Policyholder’s Interest) Regulations, 2002, the insurer is required to settle a claim within 30 days of receipt of all the required documents. If the claim is an early claim (a claim which is occurred within 3 years from the date of policy start date) then there would be further investigation by the insurer. This procedure has to be completed within six months from the date of receiving written intimation of the claim.

After receiving all the documents the claim is processed and the insurance company releases the funds into the account mentioned in the claim intimation form.

Documents to be submitted to Purchase 1 Crore Term Insurance Policy Online

There are certain documents required to buy the term life insurance policy from any Life Insurance Company. They are:-

  • Age proof: To verify the age of the applicant, age proof such as Voter Card, Pan Card, Driving license, etc. should be submitted to the insurance company.
  • Address Proof: Proof of residence would be required to communicate the policy-related details and the address proofs such as utility bill, passport, Voter ID, Aadhar card, etc. would be required by the Insurance Company.
  • Photo Identity Proof: Photo identity proof such as PAN Card, Aadhar Card, Driving license, and any other proof which contains the photo of the applicant needs to be submitted at the time of taking the life insurance policy from the insurance company.
  • Picture: A passport-size photo of the applicant should be submitted at the time of taking the life insurance policy from the Insurance Company.
  • Income ProofThe income proof could be the salary slip, income tax return, employer’s certificate, or Form 16.
  • Medical Reports: Life Insurance Company might ask for a medical certificate depending on the declarations made by the applicant in the proposal form. Higher sum assured options may require compulsory medical tests before issuing the policy.

FAQs of 1 Crore Term Life Insurance Policy

How can 1 crore Term Life Insurance be transferred to Two Persons?

Yes, a 1 crore life insurance policy can be transferred to a wife and 2 children. The joint-life term insurance policy gives coverage to two people, and the premiums are paid according to the fixed period. If the policyholder dies or the first death of the family, the sum assured is given to another holder of the policy.

What is the premium for 1 crore term insurance?

The premium amount for 1 crore term insurance depends on several factors such as age at the time of buying the plan, health condition, smoking habits, gender, income range, etc.

Is it better to Opt for Higher Coverage?

The amount of life insurance you require is determined by your personal and financial circumstances and it should cover your dependents as well as your regular living expenses, loans, etc. A Rs 1 crore term plan is the finest approach to protect your family against unfortunate future expenses due to its cost, accessibility, and high coverage.

What Is The Minimum Age For Term Insurance Plan?

The minimum entry age for a 1 crore term insurance plan is 18 years.

Is Medical Examination Compulsory for 1 Crore Term Insurance Policy?

Yes, in most of the cases, depending on the factors such as sum assured opted by the applicant, medical history of the applicant decide on the medical examination requirement. The medical examination has to be undergone by the customer at the preferred network diagnostic centers as specified by the Life Insurance Company. In most of the cases, the life insurance would conduct tele medicals and would insist on physical medicals depending on the declarations made by the customer in the proposal form.

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