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Get Life Cover worth Rs.1 Crore at Rs.17 per day2 – Bajaj Allianz Life Smart Protection Goal
CALCULATE NOWApne life goals ki guaranteed1 hona Ye Bhi Sahi Hai
WATCH VIDEOFulfill your Life Goals with Bajaj Allianz Life Goal Assure
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A term insurance policy with a sum assured of Rs.1 crore is called a 1 crore term insurance plan. The policy pays Rs.1 crore as a death benefit if the life insured passes away during the chosen tenure. A Rs.1 crore term insurance policy offers good coverage at affordable premium rates so that you can be optimally insured without worrying about the underlying costs.
Get ₹1 Cr. Life Cover @ ₹18*/Day
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Under a Rs.1 crore term insurance plan, the sum assured is Rs.1 crore. You can choose the following details –
The policy tenure
Premium paying term
Premium paying frequency
Optional riders
Based on the coverage details selected, your age, health condition and other risk factors, the premium is determined.
Pay the premium over the chosen premium payment tenure and in the selected frequency. If the life insured passes away during the chosen tenure, the death benefit of Rs.1 crore would be paid. If the insured survives the chosen tenure, no maturity benefit is paid under normal term plans. However, if the return of the premium plan or option is selected, the premiums will be refunded.
Moreover, if there are riders added to the plan, either inbuilt or optional, a rider benefit will be paid if the relevant claim occurs. For instance, if you choose the accidental death benefit rider and the insured passes away in an accident, the rider sum assured would be paid in addition to the death benefit under the term insurance plan.
Let’s take an example to understand how a Rs.1 crore term insurance plan works – Mr. Verma, age 35 years, buys Bajaj Allianz Life Smart Protection Goal plan with a sum assured of Rs.1 crore. Here are the policy details –
Like other term plans, some of the reasons to buy the Rs.1 Crore Term Insurance Plan are as follows
Financial coverage to take care of your family’s needs in your absence. Your family might have sufficient financial resources to meet their daily lifestyle expenses
Another benefit of Rs.1 crore term insurance plan is that the death benefit might help pay off outstanding loans when you are not around
The policy can take care of your family’s financial goals
The premiums of the policy are affordable
You can enjoy tax benefits on the premiums paid
Young professionalsA Rs.1 crore term insurance plan can take care of your financial responsibilities which might age increase with age. For instance, when you are young you might be unmarried and have no responsibility for the family. However, later on, when you get married and have children, you might need to plan for a financial corpus for your buying a home, car or for planning your child’s higher education.
Couple without kidsNewly married couples or couples who don’t have kids can secure their financial goals with a Rs.1 crore term insurance plan. They can also create financial security for their spouse and dependent parents. The plan can help them create a corpus for buying a home or car in the future. Moreover, when they plan a family, they can be start planning for their child’s future financial needs too.
Couple with young kidsThe Rs.1 crore term insurance plan can give a good corpus to the family in the breadwinner’s absence. The corpus can take care of any existing debts and meet the family’s financial needs. Moreover, it can help finance the children’s higher education if the parent is not around.
Couple with older kidsSuch couples can plan for other financial goals that they might have like building up a retirement corpus and paying off existing debts. Moreover, the expenses of the children’s wedding can also be met with a Rs.1 crore term insurance plan.
Adults approaching retirementAdults who are close to their retirement age can buy a Rs.1 crore term insurance plan to create a corpus for their spouse in their golden years and also to leave behind a legacy for their loved ones.
Given the effect of inflation, financial needs keep increasing with each passing year. This is why higher coverage is important so that it can adequately fulfil the family’s lifestyle needs. Moreover, if you have multiple goals, a higher coverage becomes imperative to fund the different goals that require a considerable corpus given the effect of inflation. To determine the right coverage amount, consider the following factors
To determine the right coverage amount, consider the following factors1 and 2
Age
The younger you are, the higher the sum assured that you would need because financial responsibilities keep increasing as you age.
Number of Dependents
The higher the number of dependents that you have, the higher would be the coverage amount that would be needed and vice-versa.
Basic Lifestyle Needs
Your basic lifestyle expenses also determine the coverage amount because the amount should be sufficient to give your family the funds needed to meet their lifestyle expenses. The higher the lifestyle needs, the higher the required coverage and vice versa.
Inflation Rate
Your coverage should keep pace with the economic inflation. With the rising inflation rates, you need a higher sum assured to cover your and your family’s financial needs.
Goals
The number of goals is directly proportional to the required coverage. The more the number of financial goals that you have, the higher the coverage required to fulfil them all.
Existing Assets and Liabilities
Existing assets and liabilities also affect the coverage requirement. While existing assets reduce the coverage required, liabilities increase the requirement since you need funds to pay them off.
The right term insurance plan would be the one that
Offers a good and comprehensive scope of coverage
Is easy to understand and buy
Offers quick and smooth claim settlements
Offers a range of riders for coverage customization
Has competitive premium rates
Like other term plans, check the below-mentioned factors when choosing the right ₹1 Crore Term Insurance plan.
Coverage offeredWhile term plans offer simple coverage, you might find inbuilt riders and coverage options which enhance the scope of the policy and make it flexible. Look for the coverage benefits and choose a plan that offers the coverage you need.
The premium chargedCompare the premium offered across different Rs.1 crore term insurance plans. Compare the premium vis-à-vis the coverage offered and choose a plan that offers the best deal.
Ease of buying the PolicyTerm plans which are easy to buy, with limited efforts and no complicated process, are better. You can get covered quickly with such plans.
Ease of Claim SettlementCheck the claim process too and buy a policy which offers quick and easy claims without much hassles.
Claim Settlement RatioCompare the Claim Settlement Ratio (CSR) across insurers. A company with the high CSR is better as it shows that the company has settled the maximum of its claims.
The premium is calculated using the following factors3 and 4_
Personal Factors affecting Premium
AgeThe older you are the higher your mortality risk (risk of dying). Thus, premiums are higher for older ages compared to younger ones
GenderFemales are usually charged lower premiums compared to males5
Health historyExisting health conditions increase your mortality risks. So, premiums are higher if you suffer from any health or medical complication
Family historyA family history of illnesses or ailments affects your mortality since some illnesses can be genetic. As such, an adverse family history increases the premium
OccupationIf you are engaged in dangerous occupations, like aviation, mining, defence, etc., the premiums would be higher
Lifestyle habitsPremiums are higher for smokers and those who drink alcohol
Physical buildYour height and weight also affect your premium since they are used for calculating your BMI. A high or low BMI entails a higher premium compared to a normal BMI
Other Factors affecting Premium
Sum assuredThe higher the sum assured selected, the higher would be the premium payable
Policy tenureLong-term term insurance plans have lower annual premiums than short-term plans
Premium paying tenureRegular premiums have lower annual premium outgo compared to limited premiums
Premium paying frequencyAnnual premiums are the lowest while paying premiums in the half-yearly, quarterly or monthly mode attracts a loading which increases the overall premium amount
RidersInbuilt or optional riders added to the policy enhance the premium since the coverage increases
Discounts availableIf the policy offers discounts, the premiums are reduced
Accidental Death benefit rider (AD)
This specific rider covers accidental deaths during the policy tenure. In such cases, an additional rider sum assured is paid
Accidental Death and Disablement benefit rider (ADD)
This specific rider covers both accidental deaths and permanent disablements suffered in an accident. A lump sum benefit is paid in either case
Critical Illness rider
This specific rider covers the listed specified critical illnesses. If the life insured is diagnosed with any of the covered critical illnesses that are listed, the coverage for the rider will be paid in a lump sum.
Waiver of Premium Rider
The rider waives the premium if the insured suffers a disability or critical illness or if the policyholder passes away while the life insured is still alive
Family income benefit rider
The rider pays a monthly guaranteed income for a specified period to take care of the family’s lost income
Some of the common documents required to buy a ₹1 Crore Term Insurance plan are as follows8_
Proposal form
Filled and signed by the proposer
Photographs
Recent coloured photographs
Proof of identity
Aadhaar card, PAN card, voter’s ID card, passport, driving license, etc.
Proof of address
Aadhaar card, voter’s ID card, passport, driving license, recent utility bills, Property Deed, Registered Rent Agreement, etc.
Proof of age
Birth certificate, Aadhaar card, Voter’s Identity card, PAN card, Passport, School certificate, Driving Licence, etc.
Proof of income
Salary slip, form 16, financial statements of the business, bank statement, etc.
Medical report
Medical examination report (if applicable)
Others
Any other document required by the insurance company
Bajaj Allianz Life, one of India's leading Private Insurer, committed to offer value packed and innovative products to meet you Life Goals
99.04%~
Claim Settlement Ratio
1 Day%
Claim Approval
AAA Rating$
Rated by CARE*
₹90,584 Crore**
Assets Under Management
2.82 Crore#
Number of Lives Covered
516%^
Solvency Ratio
The age limit for a Rs.1 crore term insurance plan depends on the policy that you buy. Usually, the minimum entry age is 18 years while the maximum is 65 to 70 years across plans.
Resident Indians and Non-Resident Indians can buy the Rs.1 crore term insurance plan provided they fulfil the minimum and maximum age criteria specified by the insurance company and have sufficient income to pay the underlying premium.
It is better to buy the Rs.1 crore term insurance plan as early as possible so that you can lock in a lower premium at a younger age. Moreover, when you buy young, you can enjoy coverage from an early age and also save taxes on the premiums paid.
Buying a Rs.1 crore term insurance plan or an endowment plan depends on your needs. If you are looking for protection only at affordable premiums, the Rs.1 crore term insurance plan would be suitable. On the other hand, if you want to create a savings corpus too, an endowment plan would be suitable. However, for a Rs.1 crore endowment insurance plan, the premium would be high.
The premium for a Rs.1 crore term insurance plan depends on a lot of factors like age, gender, medical history, lifestyle habits, policy tenure, etc. Enter the details in the premium calculator and you can find how much Rs.1 crore term insurance plan costs.
Some term plans offer the whole life coverage option too wherein you can avail of coverage till 99 or 100 years of age. If you choose a plan which offers the whole life option, you can get whole-life coverage.
To use the Rs.1 crore term insurance plan premium calculator, you just have to go online, choose the calculator and provide the relevant details. Some of the details that the calculator requires include the following –
By entering these details you can find the premium instantly.
Most Rs.1 crore term insurance plans allow four premium payment frequencies – annual, half-yearly, quarterly and monthly.
Yes, if the woman is also the life insured, the premiums would be lower compared to men. It is because women are statistically found to outlive men and their mortality is lower. Hence the mortality cost is also comparatively lower than men of similar age¹.
The premium depends on your age, medical history, lifestyle habits, family history, gender, occupation, policy term, premium paying term, etc. You can calculate the premium using the online premium calculator and pay it for the Rs.1 crore term insurance plan.
There is no specific income criterion to apply for a Rs.1 crore term insurance plan. That being said, your income should be sufficient to pay the premium and justify buying the Rs.1 crore term insurance plan. Insurance companies use their financial underwriting policies to determine whether your income justifies a coverage of Rs.1 crore or not. So, check with the insurer if there’s a specific income limit for a Rs.1 crore term insurance plan.
Customers Reviews
Disclaimers
The views stated in this article are not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read the sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale. Bajaj Allianz Life Insurance Company Ltd., Regd. office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006, Reg. No.: 116, CIN: U66010PN2001PLC015959, Call us on toll free No.: 1800 209 7272, Mail us:
customercare@bajajallianz.co.in
Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.
~Individual death claim settlement ratio FY- 2022-2023
%96.31% of non-investigative individual claims approved in one working day for FY 2022-23. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices.
^Solvency ratio 516% as at 31 March 2023 against IRDAI mandated 150%
$For details refer to press release published by CARE
**All figures as on 31 March, 2023
#Individual & Group
SMS Service
Dear Customer,
To get SMS updates on your policy - now you can refer to our glossary of pull sms services from the table:
GLOSSARY - PULL SMS TABLE! | |||
---|---|---|---|
No. | Service | Type Keyword | Send To |
1 | For Callback for service related queries | SUPPORT<space>POLICY NO | 8108222251 |
2 | For Callback for renewal premium payment related queries (From Registered Mobile Number) | RENEW<space>POLICY NO | |
3 | For Branch Address | BRANCH<space>PIN CODE | |
4 | For Callback for Reinvestment related queries (From Registered Mobile Number) | REINVESTMAT<space>POLICY NO | |
5 | For Fund Value of Policy (From Registered Mobile Number) | FV<space>POLICY NO | |
6 | For Account Statement (From Registered Mobile Number) | ACCSTMT<space>POLICY NO | |
7 | To Update Email Address (From Registered Mobile Number) | EREG<space>Unique ID*<space>DOB of policyholder in DDMMYYYY<space>email id | |
8 | For Callback for queries related to fund switching | FSWITCH<space>POLICY NO | |
9 | For IT Certificate (From Registered Mobile Number) | TAXCERT<space>POLICY NO | |
10 | For Claim status | CLAIM<space>POLICY NO |
Disclaimer: By using above SMS services kindly note that you would be authorizing to receive call(s) / SMS from Bajaj Allianz Life Insurance Co. Ltd through its representatives on your tele-contact no with respect to the query for which you have requested call back even if it is registered under NCPR/NDNC registry with your telecom operator.
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SMS Service
Dear Customer
To get SMS updates on your policy - now you can refer to our glossary of pull sms services from the table:
GLOSSARY - PULL SMS TABLE! | |||
---|---|---|---|
No. | Service | Type Keyword | Send To |
1 | For Callback for service related queries | SUPPORT<space>POLICY NO | 8108222251 |
2 | For Callback for renewal premium payment related queries (From Registered Mobile Number) | RENEW<space>POLICY NO | |
3 | For Branch Address | BRANCH<space>PIN CODE | |
4 | For Callback for Reinvestment related queries (From Registered Mobile Number) | REINVESTMAT<space>POLICY NO | |
5 | For Fund Value of Policy (From Registered Mobile Number) | FV<space>POLICY NO | |
6 | For Account Statement (From Registered Mobile Number) | ACCSTMT<space>POLICY NO | |
7 | To Update Email Address (From Registered Mobile Number) | EREG<space>UNIQUE ID as printed on policy bond<space>DOB of policyholder in DDMMYYYY<space>email id | |
8 | For Callback for queries related to fund switching | FSWITCH<space>POLICY NO | |
9 | For IT Certificate (From Registered Mobile Number) | TAXCERT<space>POLICY NO | |
10 | For Claim status | CLAIM<space>POLICY NO |
Disclaimer: By using above SMS services kindly note that you would be authorizing to receive call(s) / SMS from Bajaj Allianz Life Insurance Co. Ltd through its representatives on your tele-contact no with respect to the query for which you have requested call back even if it is registered under NCPR/NDNC registry with your telecom operator. Your carrier may charge for SMS messages used to call for SMS Services.
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