The general progressive increase in the price of everything and the gradual increment in the list of necessities have majorly increased the cost of living. In this situation, a good financial planner is the one who has maintained his/her current lifestyle and is constantly thinking to provide a secure financial future to family and is prepared for various unexpected expenses. One of the best ways to be prepared for any unforeseen emergencies is taking a term insurance plan.
What is Term Insurance?
A term insurance plan is basically a death benefit plan wherein financial support is provided to the family of the policyholder in case of his/her (policyholder’s) demise during the policy tenure. Most of the term insurance plans are affordable and provide up to Rs.1 Crore coverage. Now let us see what exactly is 1 crore term insurance plan?
What is Rs. 1 Crore Term Insurance Plan?
The 1 crore term plan provides guaranteed sum assured of Rs.1 Crore to the nominee in case of the death of the insured during the term of the policy. Term insurance basically works as a guardian or financial help to the family of the insured when he/she is not there to support the family.
Who Should Take Rs. 1 Crore Term Insurance Plan?
A 1 crore term plan is most suitable for any working professional who is aged between 25 years to 35 years and for any individual who is the sole-earner of his/her family. One can take this policy for 30 years or more and having an annual salary between Rs.5 Lakhs to Rs.7 Lakhs.
The term insurance plans are directly regulated by the IRDAI and hence the premiums are substantially reduced to make them more affordable than before. Various government-backed insurance companies and private insurance providers offer different premium prices for a term insurance plan for 1 crore.
However, an applicant is required to check the features and benefits of a plan thoroughly and the term and conditions of a plan. One can either purchase a 1 crore term plan online or offline.
Best 1 Crore Term Insurance Plans
Most of the 1 crore term plans are available at affordable premiums, here in the below-mentioned list we are providing term plans with their premium rates when an individual purchases it online:
|Insurance Provider||Plan Name||Premium Rate for Sum Assured of Rs.1 Crore|
|Aegon Religare||i-Term (Medical)||Rs.7978/ annum|
|PNB Metlife||Metlife Mera Term Plan||Rs.9, 011/ annum|
|Max Life||Online Term Option I||Rs.7978/ annum|
|Reliance Life||Online Term||Rs.7950/ annum|
|Edelweiss Tokio||Total Secure+||Rs.6822/ annum|
|HDFC Life||Click2Protect||Rs.11461/ annum|
|ICICI Prudential||iCare||Rs.14607/ annum|
|SBI Life||eShield||Rs.12237/ annum|
|LIC||e-Term Plan||Rs.14, 600/ annum|
|Star Union Dai Ichi Life Insurance||Premier Protection Plan||Rs.22, 000/ annum|
A brief introduction of all the above-mentioned plans is given below. This will give more understanding of these plans:
Aegon Religare Life Insurance iTerm:
A term insurance plan with the lowest premiums among all the other plans available in the market. The iTerm plan has a decent ratio of claim settlement and provides life insurance coverage until 75 years. This plan also offers an inbuilt terminal illness cover.
PNB Metlife Mera Term Plan:
Another economical term insurance plan that offers sum assured of lump sum Rs.1 crore.
Max Life Online Term Option:
This term insurance plan for 1 crore has a decent premium rate wherein only life cover is provided. However, for some additional coverage, one has to purchase different riders provided under this plan.
Reliance Life Online Term Insurance:
A term insurance plan wherein non-smokers are eligible to get a good discount.
Edelweiss Tokio Total Secure+:
A comprehensive term insurance plan that offers life insurance cover with coverage for 35 critical illnesses.
HDFC Life Click2Protect:
A mid-level term insurance plan that provides income options as an add-on for covering total permanent disability.
ICICI Prudential iCare:
Being one of the best life insurance plans providers in India, ICICI’s this term insurance plan for 1 crore can easily be bought online and has quick claim settlement process.
SBI Life e-Shield:
It is one of those term plans that provide in-built accidental death cover in affordable premium.
LIC e-Term Plan:
LIC is one of those term insurance plans that has the highest claim settlement ratio and e-Term is one of it’s the best term insurance plans. It is a pure term insurance plan with a sum assured of Rs.1 crore.
Star Union Dai Ichi Life Insurance:
It is one of the expensive term insurance plans that is provided by a joint venture of some of the best Indian banks and one of the prime international life insurance provider.
The Process to Select the Best Rs. 1 Crore Term Insurance Plan
Selecting the best 1 crore term plan can be a challenging task, but there is no one term insurance policy that can fit in the size of all. The best term insurance policy that is suitable for an individual is the one that is affordable for him/her and provides maximum coverage for one’s future requirements. To get the best a term plan for 1 crore it is suggested to read all the term and conditions of the plan and keep an eye on its benefits and features. In addition to this, the claim settlement ratio of the insurance provider also plays a major role in deciding the most suitable plan. Moreover, comparing various term insurance plans can also make one eligible to select the most suitable 1 crore term plan.
Comparing Rs. 1 Crore Term Insurance Plans
Most of the leading life insurance providers in India offer a wide range of term insurance policies that can easily be customized for different requirements of the customer. Different term insurance providers have different features and inclusions in their term insurance plans of 1 crore and it is the responsibility of the applicant to compare various plans as per his/her requirements and select the most suitable one. Most of the times, the premiums are high for the individuals who have a medical history, health issues, and have added some riders.
However, if one is still confused in deciding the best insurance plan for him/her, then opting for an insurance web aggregator is advised. With the help of a good insurance web aggregator, an individual can compare different plans and select the most appropriate one.