Paisawiki is a Part of Logo
700,792
*Please note that the quotes shown will be from our partners

1 Crore Term Insurance

With time, one's financial responsibilities also tend to grow. Thus, it is very important for individuals to create a financial backup so that they can deal with the eventualities of life. The best way to secure the financial future of the loved ones is to have a term insurance plan.

By choosing an adequate amount of term insurance cover can help the policyholder to protect their family financially. These days,  many insurance companies offer a 1 crore term insurance plan to cater to the requirement of insurance seekers.

These plans are gaining huge popularity among customers as it provides high insurance coverage at an affordable premium rate. Further in this article, we will elaborately discuss everything you need to know about 1 crore term insurance plans.

1 crore term insurance

What is a 1 Crore Term Insurance Plan?

Term insurance plans generally serve the purpose of providing insurance coverage to the insured's family and ensure financial stability in the family  in case of anuncertain demise of the insured during the policy term.  The 1 Crore term insurance plan is a type of term insurance policy that guarantees payout to the nominee of the policy upon the demise of the insured. The plan, therefore, works as an economic backbone for the family of the insured. It also helps the surviving family members in fulfilling their aspirations by taking care of their financial needs.

Best Rs.1 Crore Term Insurance Plans

Various leading life insurance providers in India offer vast ranges of comprehensive term insurance policies that can be customized as per the needs of the insurance seekers.  Let’s take a look at the term insurance plans that offer 1 crore insurance coverage

  1. ABSLI Life Shield Plan

    Aditya Birla Sun Life Insurance has come up with a comprehensive term Insurance plan Level Term Insurance with 8 customizable options. The insurer can choose from various customizations to suit different protection needs. This plan is available in variants as follows:

    • Level Term Assurance
    • Level Term Assurance with Waiver of Premium (WOP)
    • Increasing Term Assurance
    • Increasing Term Assurance with WOP
    • Decreasing Term Assurance 
    • Decreasing Term Assurance with WOP
    • Return of Premium
    • Return of Premium with WOP

    The Waiver of Premium option is provided with Level term, Increasing and Decreasing Term, and even Return of Premium (ROP) option. The premiums for different plan variants will vary as per the plan option. ABSLI Life Shield Plan offers you the freedom and flexibility to choose your plan options, the sum assured, and your policy term at the plan inception. Other benefits of this plan are:

    • Option to increase coverage on the achievement of important milestones in life
    • Option to cover both the individual and his spouse under the same policy
    • Terminal Illness Benefit inbuilt with the plan
    • Multiple ways to receive the death benefit, like, lump sum, monthly income
    • Availability of multiple rider options
  2. AEGON Life iTerm Insurance Plan

    AEGON Life iTerm Insurance Plan offers the following benefits upon buying this Rs. 1 Crore term insurance plan:

    • The policyholder can enjoy his/her life cover till he or she is 100 years old
    • Three different variants of this term life insurance plan are available
    • These are Life Protect, Dual Protect, and Protect Plus
    • The Life Protect variant offers increasing life cover at various important stages of life.
    • It also provides terminal illness cover
    • In the Protect Plus variant, the existing life cover sees an annual increase of 5% without having to pay any extra premium
    • It also offers terminal illness cover
    • The Dual Protect variant offers life cover along with terminal illness cover
    • It also offers monthly payouts from 60 years of age till maturity
    • One unique feature of this term plan is that it rewards the policyholder's switching to a healthier lifestyle as well as quitting smoking during the policy term
    • Also, there are survival benefits given for Protect Plus and Life Protect plans.
  3. AVIVA LifeShield Advantage

    The benefits offered by the Rs 1 Crore term Aviva LifeShield Advantage Plan’s Option A are:

    • The policy can be purchased instantly through the website of the insurance company
    • Anyone between the age ranges 18 to 55 can avail of the policy
    • Additional cover for terminal illness and critical illnesses riders can be included
    • Includes maturity benefit, which is the complete return of the total premiums paid
    • The premium can be paid monthly, quarterly, semi-annually, or annually
    • In case of the policyholder's demise, the family's financial future is secure; all future premiums are also waived
    • There is also live coverage with accidental death benefits
    • The maximum maturity age for the policy is 65
    • The policy term ranges from 10 to 30 years for Protect Plus Plan
  4. Bajaj Allianz iSecure

    This term insurance policy, Bajaj Allianz iSecure Plan provides an assured sum up to Rs 1 Crore with minimal cost and different premium rates to select from. Some of its benefits are:

    • The plan can be purchased by an individual or conjointly with a spouse
    • Non-smokers and preferred non-smokers have premium discounts
    • The policy can be purchased online without many formalities
    • Anybody age 18 to 60 can purchase it, and the maximum maturity age is 70
    • One can avail of death benefits as annual installment for 5 to 10 years
    • The assured sum is paid in a joint plan if one partner dies while the policy is in force. However, the policy continues until the maturity period or death of the other spouse. If the other spouse also dies during the policy period, the additional sum assured is also paid to the nominee
    • The policy term ranges from 10 to 30 years, and the premiums can be paid quarterly, monthly, half-yearly, or annually
    • The policy allows a free-look period of 30 days for the policyholder to decide. The policy can be cancelled at zero cost and receive a refund of premium (if paid) if they find it unsatisfactory
  5. Bajaj Allianz eTouch Online Term Plan

    It is a regular online term insurance plan that offers comprehensive cover and 4 variations to choose from- Shield, Shield Plus, Shield Super, and Shield Supreme.

    • The policy provides sum assured on the death of the policyholder and in case of accidental total permanent disability, the premium is further waived
    • Accidental death and critical illness riders are available for additional cover
    • Premium payment can be flexible; the benefit payout can also be in lump-sum or monthly instalments
    • Premium rates are lower for individuals with a healthy lifestyle
  6. Bajaj Allianz Life Smart Protect Goal

    Bajaj Allianz Life has offered another pure term life insurance plan. The Smart Protect Goal Plan helps the insurer to plan the important goals in life and secure them with customizable options. The plan offers many contemporary features as follows:

    • Comprehensive coverage 
    • Choice of Whole of Life covers until 99 years of age
    • Option to choose Return of Premium (ROP) as Maturity Benefit (not available for Whole Life option)
    • Choice of a host of Add-on covers: 
    • Accidental Death Benefit (ADB) 
    • Accidental Total Permanent Disability Benefit (ATPDB) 
    • Critical Illness Benefit (CIB) 
    • Waiver of Premium Benefit
    • Flexibility for premium payment mode: Single, Limited or Regular Premium
    • Waiver of Premium Benefit also available
  7. Canara HSBC OBC Life Insurance ISelect+ Term Plan

    This policy offers multiple options to cover different types of uncertainties. This includes options of in-built covers and options to cover spouses. The main features of the policy include:

    • The additional in-built cover options include accidental death benefits, child-support benefits, and accidental total or permanent disability services
    • Cover for a spouse can be selected as a lump sum, monthly income or part lump sum, and part monthly income
    • Multiple options for premium payment and payment for a short duration can also be selected according to preference
    • Life cover and protection can be augmented further on during the policy term, according to growing needs
    • Existing patrons of the company receive loyalty discounts
    • There are also premium discounts for female lives and higher sums assured
    • Anyone age 18 to 65 can purchase the policy, and the policy tenure ranges from 10 to 62 years
    • The policy can be purchased and managed online
    • The premium payment term can be chosen from a minimum of 5/10/15/20/25, and the maximum term is 60 years
    • The entire policy can be tailored according to one's preferences
    • The payment of premiums also lets one avail of tax benefits per the prevailing tax laws
    • Further, the plan provides three options for cover:
    • Life - The sum assured is payable on claims raised in case of the policyholder's unfortunate demise or on the diagnosis of a severe illness, based on which occurs earlier. It can also cover the spouse of the insured. The policy is terminated on the payout of claims
    • Life with the return of premium - The sum assured is payable if claims are raised on the insured's unfortunate demise or on diagnosing a severe illness, depending on which happens earlier. In addition to this, if the policyholder outlives the policy tenure, the total premiums paid are returned to the policy's maturing. After reaching this payout on the maturity period, the policy is terminated
    • Life Plus - The sum assured on death is paid upon diagnosing a terminal illness or the policyholder's death. If the policyholder outlives the policy term, the total premiums paid will be compensated. The policy further continues till the policyholder turns 99, even if it is the policy's post maturity. This is considered Extended Cover Duration. The sum assured will be paid to the policyholder to attain 99 years or diagnose a terminal illness or demise. The policy is terminated on payment of all the benefits
  8. Edelweiss Tokio Total Secure Plus

    This 1 crore term insurance plan provides extensive coverage to the family of the insured at an affordable premium rate. The plan provides cover against 35 critical illnesses. Here are the features and benefits offered by the policy.

    • The insured can choose from four different payout options as offered by the policy.
    • The plan offers the option to increase the monthly pay-out.
    • An additional accidental death benefit rider is offered under the policy to increase the coverage of the plan.
    • The policy provides coverage until the maximum age of 80 years.
    • Tax benefits can be availed by the insured under section 80C of the Income Tax Act.
    • The plan provides premium discounts for higher sum assured amount
    • The plan offers 3 variants of cover options to choose from i.e.
      1: Life cover
      2: Life cover with basic health cover
      3: Life cover with comprehensive health cover
  9. Edelweiss Tokio Life Zindagi Plus

    The Zindagi Plus term plan from Edelweiss Tokio Life provides a life cover along with Option to Increase your sum assured at key life stages to take care of changing responsibilities or to Increase it regularly to take care of the increased cost of living. It also offers the option to select the Better Half Benefit for the spouse of the insured to ensure enhanced financial security for them.

    There is even an option of Waiver of Premium (WOP) in case of the covered critical illnesses. The insured person can further customise this plan by selecting a convenient Death Benefit payment mode or Premium Paying Term. Some additional benefits of the plan are:

    • Top-up benefits
    • Life Stage benefits, where Life Stage sum assured can be added to the policy in case of milestones, like, marriage, the birth of the first or the second child, or taking a home loan
    • Additional protection with 3 available Riders
  10. Future Generali Flexi Online Term Plan

    This is an online term plan that offers higher insurance coverage at an affordable premium rate. The plan provides financial protection to the policyholder's family and takes care of the liabilities in case of any eventuality. The following are the salient features and benefits offered by the policy.

    • The plan offers a maximum sum assured of Rs. 1 crore or more.
    • The minimum entry age of the policy is 18/25 years whereas the maximum entry age of the policy is 55 years
    • The maximum maturity age of the policy ranges up to 65 years.
    • The policyholder can avail tax exemption under section 80C of the Income Tax Act.
    • The plan offers a flexible premium payment option
    • The plan offers 3 different cover options to choose from i.e
    • 1: Basic life cover
      2: Fixed income protection
      3: Increasing income protection
  11. Future Generali Express Term Life Plan

    This Express Term Life Plan from Future Generali provides comprehensive protection for the insured’s family at affordable premiums. It offers 4 variants, namely: 

    • Life Cover: Under this option, the death sum assured is provided as a lump sum either in the case of death or the diagnosis of a terminal illness of the insured. If the insured suffers Accidental Total and Permanent Disability (ATPD), the policy waives off all future premiums.
    • Extra Life Cover: This is the life cover option along with additional features and benefits.  In case of accidental death of the insured, it provides the beneficiary with the sum assured along with an additional lump sum benefit.
    • Life Plus Health Cover: Under this plan variant, the person insured gets both a life cover, along with additional benefits cover for Critical Illness if the Life Assured suffers from or is diagnosed with any of the listed 34 Critical Illnesses under the plan.
    • All in One Cover: This variant has all the features and benefits of the Extra Life Cover along with the benefits under the Critical Illness health cover.

    The plan is designed to offer flexibility to choose the insurance protection period and the premium payment period. Anyone in the age group 18-55 years of age can opt for the plan. However, for the Income Protection Plan, an individual must be 25-55 years of age at the time of applying for the plan.

  12. HDFC Life Click 2 Protect Plus 

    HDFC Life has come up with the Click 2 Protect Plus option that offers comprehensive coverage as a pure protection plan. It is available in 4 variants, which are as follows:

    • Life Option 
    • Extra Life Option 
    • Income Option 
    • Income Plus Option

    This plan provides an opportunity to secure the future of the policyholder’s family with income options at affordable premium rates.

    The plan provides the flexibility to choose your premium payment as Regular, Single or Limited. You can even choose the payment frequency from monthly, quarterly, half-yearly or yearly payments. The insured person has maximum customization available with this plan as he can choose from various plan variants, the sum assured, policy terms, and additional coverage options.

    The minimum entry age for this plan is 18 years, while the maximum age is 65 years.

    There is no restriction to the maximum sum assured as it is based on the underwriting terms.

  13. HDFC Click 2 Protect 3D Plus Life Option

    This is an online term insurance plan which offers comprehensive coverage to the policyholder at an affordable premium rate. The 3D in this plan stands for three uncertainties of life i.e disability, death, and disease. The following are the features and benefits of the policy.

    • The plan offers 9 different variants of cover options to choose from.
    • The plan ensure financial security to the family of the insured in case of any eventuality.
    • In case of a diagnosis of critical illnesses or total permanent disability, all the future premiums of the policy are waived off.
    • The minimum entry age offered by the policy is 18 years, whereas the maximum entry age of the policy ranges up to 65 years.
    • The plan offers the maximum sum assured amount up to  Rs.1 crore.
  14. ICICI iProtect Smart Lump Sum Plan

    This plan is considered as one of the best 1 crore term insurance plans available in the market. The plan offers a comprehensive cover-up to Rs.1 crore at an affordable premium rate of Rs.490 per month. Let’s take a look at the salient features and benefits offered by the policy,

    • The insured can choose from four different payout options as offered by the policy.
    • Tax benefits can be availed under section 80C and 10(10D) of the Income Tax Act.
    • Under the life stage option, the policyholder can increase the coverage up to 50% after marriage.
    • The plan offers optional add-on rider benefits like accidental death benefit and critical illness rider to enhance the coverage of the policy.
    • The minimum entry age of the policy is 18 years whereas the maximum entry age of the policy is 65 years.
  15. IndiaFirst Anytime eTerm Plan 

    It is Rs 1 Crore term plan that can be purchased online without any hassle. The features of the plan are:

    • The premium payment term can be extended throughout the policy term as regular payment or be paid as a single lump-sum payment
    • The premium can be paid half-yearly, yearly, or monthly
    • The plan provides tax benefits in line with the current tax laws
    • The sum assured can be paid to the nominee on the unfortunate sudden demise of the insured
    • Anyone of the age group 18 to 60 years can purchase the plan, and the maximum maturity age is 70 years
    • The policy term ranges from 5 to 40 years
    • The policy offers varying premium rates for smokers and non-smokers, depending on their coverage amounts
    • The policy also offers a unique benefit of medical review by medical experts from Inter Consultation Services
  16. Kotak Life eTerm Plan 

    The Rs 1 Crore term plan by Kotak Life allows long term financial safety for one's family at affordably low premiums. The details of the eTerm plan are:

    • It is a non-participating, pure protection plan that provides death benefits on the insured's unfortunate demise
    • The plan offers three variations regarding the death benefit, which are:
    • Life - in this plan, the insured's nominee receives 100% of the sum assured in the case of the insured's demise within the policy tenure
    • Life Plus - According to this plan, the nominee receives the sum assured and an additional 100% of the basic sum assured. This is payable in a situation when the insured has faced an unfortunate demise due to an accident
    • Life Secure - In this plan, there is a waiver of base policy premiums for the rest of the policy term in the face of total and permanent disability during the policy period. The policy continues until the insured's death despite waiver of premium on total and permanent disability grounds. Further, if the insured's demise happens during the policy period, the nominee shall be paid 100% of the sum assured
    • In addition to plan variations, the policy also allows payout variations. These are in terms of:
      • Immediate - In this option of payout, the sum assured is paid to the nominee in the insured's demise situation
      • Level recurring - This payout option pays the nominee a lump-sum payout of 10% of the total sum assured during the situation of the unexpected demise of the insured. Further on, 6% of the sum assured is paid out as yearly income for the next 15 years. The first installment of this payout is given one year after the insured’s death
      • Increasing recurring - In this payout option, the nominee receives a lump sum amount of 10% of the sum assured immediately, making the claim settlement for the insured's death. Further, every year for the next 15 years, 6% of the sum assured shall be paid as installments to the nominee. This payout shall also increase by 10% each year (based on simple interest). The first installment shall be paid one year after the death of the policyholder
    • Apart from these benefits, the company allows additional Kotak Critical Illness plus benefit riders to be attached to any of the above plans
    • These plans do not provide any maturity benefit, and reduced paid-up of premiums are also not permitted
    • Surrender value can be availed for policies wherein the premium is paid either through a single payment or limited period payment. Single premium payment policy has surrender value immediately after payment of premium. For limited period premium payment policies, the surrender value is dependent on the premium payment term and regularity of premium payment in the past years
    • The company also allows the reinstatement of a lapsed policy within five years of defaulting premium payment. The revival would require evidence of good health and repayment of all outstanding premiums with interest charges
  17. LIC 1 Crore Term Plan

    The Rs 1 Crore insurance policy by LIC is a protection plan that offers much needed financial safety to policy nominees in the case of an untimely demise of the insured. Besides death benefit, it includes additional benefits such as:

    • Additional rider benefits like critical illness, accidental death cover, and terminal illness rider
    • The death benefits can also be availed in installments

    There are different variations of LIC Rs 1 Crore term plans. They are:

    LIC Tech Term Plan

    It is a non-linked pure-risk plan with non-participating premium plans. It is an online policy that can be purchased without any hassle:

    • The minimum entry age is 18 years, and the maximum entry age for the policy is 65 years. The maximum maturity age for the policy is 80
    • The policy provides death benefits as two options- the level sum assured and increasing sum assured
    • The premium can be paid as a single payment, regular payment, or a limited premium payment option
    • The policy provides special premium rates for women, and there are rebates for policies with a sum assured higher than Rs 1 Crore
    • The policyholder has the freedom to choose a policy term and premium payment term
    • An additional rider for accident benefits can be added to the cover
    • The death benefits of the policy can be availed as installments
    • The premium rates are different for smokers and non-smokers. The rates for non-smokers are decided based on their results on the Urinary Cotinine test

    Jeevan Amar LIC Term Plan

    It is a non-profit, non-linked protection plan managed offline. The policy offers an assured sum as the financial cover for the policyholder's family in case of an unexpected demise during the policy term.

    • The policy premium will be relatively high since it is a pure protection plan
    • The minimum entry age for the policy is 18 years, and the maximum entry age is 65. The maximum age of maturity is 80 years
    • The policy term ranges from 10 to 40 years
    • On claiming death benefit, the assured sum can be claimed as the level sum assured and increasing sum assured
    • The death benefit can also be claimed as installments
    • Additional accident benefit rider can also be added to cover
    • The premium rates are varied for women. There are rebates available of choosing sums assured as higher than Rs 1 Crore
    • There are spate premium rates for smokers and non-smokers. The premium rates for non-smokers would vary based on the results of the Urinary Cotinine test
    • The policyholder can choose between single premium payment, regular premium payment, and limited premium payment

    LIC Jeevan Umang Plan

    It provides a death benefit to nominees in the case of the policyholder's demise during the policy terms. The sum assured is paid to the nominee as per the policy in force.

    • The policy premium can be paid yearly, half-yearly, or as a single premium mode
    • The death benefit is higher of the 7 times of annualised premium or basic sum assured
    • The company offers a rebate of 2% on a yearly premium payment mode
    • The monthly payment of premium receives a grace period of 15 days
    • The minimum age to purchase the policy is 18, and the maximum entry age is 60. The maximum age of maturity for the policy is 100
    • There is also a lookout period of 15 days in joining the policy. During this period, the policyholder can cancel the policy without any consequences
  18. Max Life Insurance Smart Term Plan

    Max Life Insurance Smart Term Plan provides term insurance coverage up to Rs. 1 Crore for a minimum monthly premium of Rs. 493 only. Some of the  salient features and benefits offered by this particular Rs. 1 Crore term insurance plan are:

    • This plan offers term insurance coverage to the policyholder until the maximum age of 85 years
    • The plan can be customized easily
    • The policy offers coverage against critical illness, death, and disability.
    • The policy offers a flexible premium payment option for the policyholder.
    • The policyholder can avail add-on accidental rider benefits to enhance the coverage of the policy.
    • Moreover, the policyholder may also select one out of the multiple payout options I of the death benefit, whether as a lump-sum or as a regular monthly income
  19. Max Life Online Term Plan Plus

    Max Life Online Term Plan is available only online and provides a range of pay-out choices. Its features are as follows:

    • Minimum age required is 18 years to buy the plan
    • Maximum age can be up to 60 years for buying the cover
    • Multiple regular income pay-out options for the death benefits
    • Limited Pay Premium payment option provided
    • Option to add benefits like critical illness covers, accidental death and disability benefits, and premium waiver (On payment of the additional premium)
    • Option to pay premiums annually, monthly, half-yearly, quarterly, or monthly
    • This plan is available in 3 plan variants:
    • Basic Life Cover – Single lump-sum pay-out for the insured’s family or the beneficiary
    • Basic Life Cover + Monthly Income – Lump sum plus financial security for the insured’s family with monthly income for 10 years 
    • Basic Term Life Cover + Increasing Monthly Income- Lump sum plus increasing monthly income for ten years for the insured’s family.
  20. PNB MetLife Mera Term Plan

    This pure protection INR 1 Crore term plan comes with a host of coverage benefits:

    • An exclusive feature of this term plan is its maximum maturity age, which is 99 years
    • The minimum age for entry in this term plan is 18 years
    • The maximum age for entry in this term plan is 65 years
    • The tenure of the term policy ranges from 10 to 81 years
    • Some of the different rider benefits available in this Rs. 1 Crore term plan are: benefit from accidental death, benefit from accidental disability, cover for serious illness, protection for life stage, a benefit for critical illness, and benefit for joint life
    • The company provides three variants of policies, which are: 
    • Mera Term Plan- The payout of death benefit further provides four options such as
    • Lump-sum amount of sum assured
    • 50% Sum Assured is paid as a lump sum while the rest is given as monthly installments for the next ten years
    • 50% Sum Assured is paid as a lump sum, and the rest is paid as monthly installments with 12% interest
    • The fourth option is for policyholders who have minor nominees such that the 50% Sum Assured is a lump sum, and the rest is given as installments until they turn 21
    • Mera Jeevan Suraksha- In this policy, the payout is given as monthly installments
    • Mera Jeevan Suraksha TROP
  21. SBI Life Insurance eShield Term Plan

    This 1 Crore term plan by SBI Life insurance is a pure term insurance policy with four variations available for protection cover and regular premium payment options.

    • The minimum entry age for the policy is 18, and the maximum entry age is 60
    • The maximum maturity age for the policy is 70 years
    • The premium payment frequency is yearly, in regular amounts
    • The nominee receives the sum assured on the demise of the policyholder
    • There is an in-built accidental death benefit rider with certain variations of the plan
    • For plans with increasing cover, the sum assured also increases by 10% every five years
    • The four variations of the plan are:
    • Level Cover- Fixed Sum Assured throughout the policy term
    • Level cover with accidental death benefit- The plan includes both benefits of sum assured and the accidental death rider. On the demise of the policyholder in an accident during the policy period, the nominee would receive both benefits
    • Increasing cover- the sum assured increases by 10% every five years, although the premium of the policy remains the same
    • Increasing cover with accidental death benefit- In this plan, the sum assured is increased by 10% every five years, and there are additional rider benefits. Therefore, in the case of a policyholder's demise due to an accident during the policy period, the nominee would receive both rider benefits and the sum assured
    • Apart from these benefits, there are savings on premium for females and non-smokers
    • The policy allows a 30-days grace period for premium payment and a 15-day free look period for the policies
  22. SBI Life Smart Shield Plan

    This plan from SBI Life is a pure risk premium plan to keep the insured’s family secure in case of an eventuality. This term plan offers financial security and protection for the whole family at affordable premium rates. The insured gets the flexibility to choose from two plans as per his needs to receive the death benefit. They are – Level Term Assurance and Increasing Term Assurance. In the case of Level Term Assurance, the cover remains fixed throughout the tenure of the plan. In the second option, the insurance cover is increased every year to cover future inflation costs by payment of a little additional premium.

    He can also avail of various rider benefits at an additional cost. The riders available are:

    • SBI Life - Accidental Death Benefit Rider
    • SBI Life - Accidental Total and Permanent Disability Benefit Rider 

    One can also avail of tax benefits as per prevailing law and savings on the large sum assured. There are even perks for healthy lifestyles.

  23. Star Union Dai-ichi Life Abhay

    This policy offered by Star Union Dai-ichi offers financial protection for ones' family in case of the unexpected demise of a loved one. It is a pure term plan with affordable premium rates and long policy term periods. 

    The benefits offered by the police are:

    • The policy offers long-term financial savings for one's family. The length of the policy term can be chosen by the policyholder
    • The premium rates are affordable. It can be paid yearly, half-yearly, or monthly
    • The sum assured is payable to the nominee on the sad event of the policyholder’s death
    • The policy offers tax benefits in accordance with the prevalent tax laws
    • The higher sum assured will be eligible for rebates on the premium paid. The premium payment frequency will also make one eligible for rebates
    • The minimum sum assured can be varied from 25 lakhs to Rs 100 Crore
    • The minimum entry age for the policy is 18 years, and the maximum entry age is 60 years. The maximum maturity age is 70 years
    • The policy term can be varied from 10 to 30 years
    • There is an additional provision of reviving lapsed policies if the policyholder states a request within two years of defaulted premium payment. Sufficient proof of the ability to continue the policy and repayment of premium along with accumulated interest would let the policy be reinstated
    • The plan allows a grace period of 30 days for premium payment
    • There is also 15 days free look period available for the policy
    • The plan does provide provision for additional riders such as the SUD life Accidental Death and total & permanent disability benefit riders. These riders extend the cover for the insured and add to the benefits received by the nominee in case the policyholder has an unexpected demise resulting from an accident
  24. TATA AIA Term Insurance Plans

    The term plans offered by TATA AIA offer long-term financial protection for ones' family and their future in one's absence. Four main plans come under Rs 1 Crore term plans. They are:

    TATA AIA iRaksha TROP

    It is a non-linked, non-participating, online plan. It pays the nominees the sum assured and the total premium paid in case of the policyholder’s unfortunate demise.

    • The minimum and maximum age for availing of the policy is 18 to 65 years
    • The maximum policy term is 35 years
    • The death benefit paid for this plan is ten times the total premium paid till the death of the policyholder
    • The plan has maturity benefits wherein 100% of the premiums will be returned
    • The premium can be paid semi-annually, annually, a single payment, or for five years of policy term between 10 and 30 years, or ten years between the 15 and 30 years of the policy term
    • Non-smokers and females are given preferential rates of premiums
    • The higher sum assured plans become eligible for additional rebates

    TATA AIA Life Sampoorna Raksha

    It is an online non-linked, non-participating, pure risk plan which can be purchased through their website without any hassle.

    • The sum assured or enhanced sum assured along with monthly income for the next 10 years is payable at the demise of the insured during the policy term depending on the options preferred
    • Rebates are given for higher sum assured plans. Non-smokers and females receive preferential rates of premium
    • Anyone between the age of 18 to 70 can avail of the plan

    TATA AIA Life Sampoorna Raksha +

    It is a non-linked, limited period premium payment plan wherein the insured can decide the premium payment period between 12 and 15 years. 

    • Anyone of the age range 18 to 70 can avail of the plan, and the plan tenure is 40 years
    • The sum assured along with ten times the total premium paid is payable at the demise of the insured to the nominees

    TATA AIA MahaRaksha Supreme

    This is a pure-term plan that pays the nominee the sum assured in the insured's unexpected demise.

    • The final sum assured paid upon the insured’s death would also include ten times the total premium paid if the premium were paid regularly. For a plan with a single payment of premium, the final payable amount includes the sum assured is paid along with 125% total premium paid
    • The premium can be paid as regular installments or as a single lump-sum payment
    • The sum assured can be increased further according to life milestones by the insured
    • The plan has a Payout Accelerator Benefit inbuilt, which allows 50% sum assured payment upon diagnosis of a terminal illness of the insured within the policy period
    • Females and non-smokers have separate premium rates, which are lower or preferential
    • The minimum age for availing of the plan is 18, and the maximum age is 70. The maturity age for the policy is 80 years, and the maximum policy term is 40 years

Who Should Opt for 1 Crore Term Plan?

Since the premium of the policy increases along with the rising age of the policyholder, it is advised to buy a term insurance plan while being young. Moreover, if the individual is a single earning member of the family and has dependents they should choose a term insurance plan which provides higher coverage up to Rs. 1crore. To determine the premium amount for such Rs.1 crore term plans, one can use the term insurance premium calculator available online.

Comparison of Plans Offering 1 Crore Term Insurance

There are many term life insurance providers in the market that offer different term insurance plans with INR 1 Crore sum assured.. Earlier, the premiums charged for such plans were on the higher side. However, after IRDAI's new regulations came into effect, insurance providers have reduced premium rates for such covers, When comparing the different term plans offered by different insurers, it is important to check out the underwriting norms, since lower premiums tend to come with hard and fast rules.

There are various offline term plans available as well, which may be availed by contacting the specific agents of the specific insurance providers. The premium rates of term insurances differ based on the addition of riders

FAQs

  • Q: How can one get a 1 crore insurance?

    Ans: One can get a 1 crore life insurance, either offline or online. However, purchasing the policy online provides the potential policyholder with more opportunities to compare between the best available plans
  • Q: What are the usual features and benefits that the 1 crore term insurance policies come with?

    Ans: While the nitty-gritty tends to change from plan to plan and insurer to insurer, they generally come with the following features:
      • The minimum age of entry is 18 years
      • The maximum age of entry is 65 years
      • Maximum age of maturity ranges between 80-100 years
      • The minimum and maximum amounts of sum assured tend to differ from one plan to another
      • The plans come with different rider benefits
      • One may receive the death benefit in lump-sum or installment in the event of the death of the policyholder during the tenure of the policy.
  • Q: Is Rs. 1 Crore Term Insurance Cover Sufficient For A Policyholder?

    Ans: While it might be sufficient for one person, it may not be so for another person. A potential policyholder can only decide upon a figure after considering his/her future responsibilities towards the surviving and dependent family members. This is mainly the reason people buy term insurance policies in the first place.

    Given the current rates of inflation and the personal living standards which vary widely from person to person, it is very much possible that the existing home loans and many other major expenses like children’s education, marriage, care for the elderlies and partner’s retirement needs may just as well surpass this given amount. Therefore one must decide wisely.

  • Q: What is an ideal Term Insurance Cover?

    Ans: It is generally recommended to a potential policyholder to buy term insurance with a sum assured amount, which is 15 to 20 times his/her annual salary. Whereas this is the so-called 'basic thumb rule,' it is not a one-size-fits-all kind of formula.

    The ideal cover varies from one person to another depending upon salary, dependent members, ss well as the financial goals of the future.

  • Q: What factors need to be taken into account while opting for an Rs. 1 Crore term insurance?

    Ans: While calculating an ideal amount of term insurance coverage, it is imperative to factor in the family's financial needs, which also grows with time. One also needs to think of any outstanding loans, the number of years that one's dependents will need a monthly income, and any other major expense, like children's higher education/marriage that have been planned to take place shortly. Then upon deducting the existing savings from the total amount, one gets an estimation of the life insurance coverage.
You May Also Want to Know About
Best Term Insurance Plans in India
Best Term Insurance Plans in India 2021 With the growing uncertainties of life, it is very import...
Life Insurance Benefits
Life Insurance Benefits What is life insurance? Life insurance is a financial contract between t...
Types of Death Covered and Not Covered by Term Insurance
Types of Death Covered and Not Covered by Term Insurance With so many different kinds of term ins...
Types of Life Insurance
Types of Life Insurance Life insurance is a legal contract between the policyholder and the insur...
Term Insurance Benefits
Term Insurance Benefits A person always wants to secure the future of the family in any circumsta...