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Is INR 1 Crore term insurance good enough cover?

Leia Doyle
Is INR 1 Crore term insurance good enough cover?

Term insurance is one of the life insurance policies that every individual who earns money should invest in. A term insurance plan is beneficial not for the policyholder but for the family of the policyholder. It is an investment that gives a return in an unfortunate situation where the policyholder passes away within the policy tenure.

The confusing part is choosing a term plan that offers the best return. The majority of the people choose INR 1 Crore term insurance, as it solves many financial problems. However, if INR 1 Crore term insurance plan is sufficient for a family, especially when the sole breadwinner of the family is gone, is a major concern? Well, before taking the final call, let us know a little more about the INR 1 crore term insurance plan.

An INR 1 crore term insurance plan is a life insurance policy that offers an insurance cover of INR 1 crore if the policyholder passes away within the policy tenure. The other types of life insurance policies that offer a sum assured of INR 1 Crore, also demand quite a high premium. However, when you buy a term insurance plan, you also get the same amount at a much lower premium. These plans are well-regulated by IRDAI and you can buy them either online or offline, whichever mode suits you. Let us understand this particular plan in greater detail.

Is this plan suitable for you?

To understand whether the plan is suitable or not, let us discuss this high cover term plan here today.

  • This term is apt for individuals between the age ranges of 25 years to 35 years
  • The large sum assured helps in extending the term period of up to 35 years when it is bought within the above-mentioned age range
  • The plan helps the family of the policyholder to get maximum financial security in case of the demise of the insured
  • Individuals with an income range of INR 5 lacs to INR 7 lacs
  • This is one of the best options for the sole earner of the family.

How to choose a term plan that offers INR 1 Crore?

Choosing a term plan that offers a sum assured of INR 1 Crore can be a little confusing, especially for the individuals who are doing it for the first time. Here are some tips for the same.

  • The foremost thing you need to check is the premium rate that you are going to pay. It must be affordable so that you can pay all the premiums without any problems and interruptions
  • The next thing you must check is the Claim Settlement Ratio of the insurance company. A company with a higher claim settlement ratio is a great choice as the beneficiaries will easily be able to claim the sum assured
  • Last but not the least, you must check the additional features that come along with the INR 1 Crore plan, which may include riders like accidental total permanent disability benefit, critical illness benefit, waiver of premium, etc.

Some of the best 1 Crore term insurance plans in India

  • Max Life: This is an online term plan in which you have to pay an annual premium of INR 9,046. The Claim Settlement Ratio of Max Life is 99.22%.
  • LIC 1 Crore Plan: This e-Term Plan, is basic. For the sum assured of INR 1 Crore, you have to pay an annual premium of INR 14,600. The Claim Settlement ratio is 96.69%.
  • ICICI Prudential: With a Claim Settlement ratio of 97.84%, iCare II Term insurance is one of the best plans with a sum assured of INR 1 Crore. The annual premium to be paid for this plan is INR 18,293.
  • Star Union Dailachi Life Insurance: The Premier Protection Plan offers a sum assured of INR 1 Crore. The per annum premium for this plan is INR 22,000. The Claim Settlement Ratio of the company is 96.96%.
  • HDFC Life: The name of the plan is Click 2 Protect Plus. You have to pay an annual premium of INR 11,145 under this plan. The Claim Settlement Ratio of HDFC Life is 99.07%.

To know about more such plans, you can visit the website of IIFL. You can compare each of the plans and make an informed decision about which plan should you opt for.