Which Is The Best Term Insurance Plan For 1 Crore In India?

Introduction

1 crore term insurance plan! Sounds like a huge life cover amount. 

It does not only sound big, the cover amount is actually huge to support your family financially in case any unfortunate event happens in life. You must be thinking that such a high life cover term insurance plan will cost you heavily. If yes, then you would be happily surprised to know that a 1 crore term insurance plan will cost you only a few thousand rupees talking of annual premium.

When you talk about life insurance policy or a 1 crore term plan in India, affordability becomes a very big question. But the fact is that a term life insurance 1crore plan is a simple insurance policy which any individual can afford. Let us first explore what is a 1 crore term insurance plan?

Table of Contents

What is 1 crore Term Insurance?

Best Term Insurance Plan for Rs.1 crore in India.

Comparison of different 1Cr Plans.

What are the variants of term insurance plans?

Conclusion

What is a 1 crore term insurance plan?

A 1 crore term plan is an insurance policy that provides life cover of Rs.1 crore. It implies that if the life insured passes away during the policy term, the nominee will get the death benefit payout of Rs.1 crore. 

A term life insurance plan of Rs.1 crore is popular because it is affordable. This means that when other insurance products offer such a high sum assured, the premium under the products is high. Let us see the term insurance policies that you can consider buying.

Best Term Insurance Plan for Rs.1 crore in India.

These are the best term insurance plan for Rs.1 crore in India include:

1.Max Life Insurance: 

• Max life term insurance policy ensures financial security for the family @just Rs.604/ per month for Rs.1 crore.
• The company provides terminal illness coverage at zero additional cost.
• The term plan allows a low entry age for 18 years individuals.
• The insurance policy comes with these: death benefit as regular income, premium returned on survival, rider options for disability and critical illness available.
• High maturity age up to the age of 85 years allowed.
• The claim settlement ratio of Max Life Insurance is 99.35% for FY 20-21.

1. ABSLI DigiShield Plan:

• ABSLI DigiShield Plan is a term insurance policy that provides Rs.1 crore life cover.
• ABSLI DigiShield Plan comes at a monthly cost of Rs.480/per month (exclusive of GST) for Rs.1 crore.
• The comprehensive insurance policy comes with 10 plan options to choose.
• The highest age cover up to the age of 100 years is allowed under the term plan.
• The policy provides flexible death benefit payout options that include monthly, lump sum, or a combination of both.
• The ABSLI term plan gives survival benefit as monthly income if the life insured survives till age 60.
• The entry age allowed under the plan is 18 years.
• The claim settlement ratio of Aditya Birla Sun Life Insurance is 98.04% for FY 20-21.

1. ABSLI Life Shield Plan:

• ABSLI Life Shield Plan is a flexible plan that allows users to make a choice amongst 8 different plan options.
• The term plan provides options to cover spouse under the same policy.
• Return of premium option is available under the term plan.
• The term plan comes with inbuilt terminal illness benefits.
• The entry age allowed under the plan is 18 years.
• The claim settlement ratio of Aditya Birla Sun Life Insurance is 98.04% for FY 20-21.

1. HDFC Life Click 2 Protect Life:

• HDFC Life Click 2 Protect Life is a term plan that adjusts to the needs of the buyers. It protects the family against uncertainties.
• The term plan provides an option to avail whole life cover.
• The insurance policy provides income payouts for age 60 onwards.
• The buyers get the option to reduce premium payment terms from regular pay to limited pay.
• Minimum age allowed at the entry for the term plan is 18 years.
• The claim settlement ratio of HDFC Life Click 2 Protect Life is 98.01% with a 1-day claim settlement process.
• The term plan monthly premium instalments for Rs.1 crore is Rs.1218/-
• The claim settlement ratio of HDFC Life Insurance Company is 98.01%.

 

1. ICICI Pru iProtect Smart:

• ICICI Pru iProtect Smart is a life cover that comes with multiple benefits in 1 plan.
• The minimum age for buying a term plan is 18 years.
• All kinds of deaths are covered under the plan including natural, accidental, illnesses, murder, and natural calamities.
• The claim settlement ratio of ICICI Prudential is 97.9%.
• HDFC Life provides a term plan for Rs.1 crore at Rs.661/- per month.

 

Comparison between different term life insurance.

 

Name of the Plan	Min Entry Age	Maximum Maturity Age	Premium Payment Method	Premium Payment Term
Max Life Insurance Term Plan	18 years	85 years	Annual, Half-yearly, Quarterly, Monthly	Single Pay, Regular Pay, Limited Pay (5, 10, 12, 15 Years), Pay Till 60 Years
ABSLI DigiShield Plan	18 years	85 years  100 years for plan option 10.	Annual, Half-yearly, Quarterly, Monthly	Single Pay, Regular Pay, Limited Pay -5 pay,7 pay,10 pay, 12 pay, 15 pay, 20 pay.
ABSLI Life Shield Plan	18 years	85 years	Annual, Half-yearly, Quarterly, Monthly	Single Pay,Limited Pay-6,8,10 years, Regular Pay.
HDFC Life Click 2 Protect Life	18 years	Whole Life	Annual, Half-yearly, Quarterly, Monthly	Single Pay, Regular Pay, Limited Pay
ICICI Pru i Protect Smart	18 years	65 years	Annual, Half-yearly, Quarterly, Monthly	Single Pay, Regular Pay, Limited Pay

What are the variants of term insurance plans?

Variants of Term Insurance.	Benefits of the Term Insurance variant.
Basic Term Plan	The policy gives a lump sum amount as death benefit. The premium is quite low and affordable.
Term Life Plan with Monthly Income	The term plan assures to give fixed monthly income to the family along with the death benefit.
Term Life Insurance with Growing Income	The death benefit under the term plan comes along with a growing monthly income benefit.
Term Insurance with Return of Premium	Under the term plan, all the premiums paid will be returned along with the death benefit.
Group Term Insurance Policy	The policy provides coverage to a group of people working together.

Benefits of Term Insurance.

These are the benefits of term insurance policy:

• High life cover is available at an affordable premium.
• The term insurance policy is easy to understand.
• The 1 crore term plan gives multiple death benefit payout options.
• The term plan comes with multiple rider covers to enhance the scope of cover at additional premium.

Conclusion:

1 crore term insurance policy is an agreement or contract between the insured and the insurance company. Buy term insurance policy to provide financial security to the policyholder’s family. The term plan for such a high sum assured can help the family of the life insured to pay off the financial loan liabilities. For more details on term insurance, you may read here.