Buy Best 1 Crore Term Insurance Premium Plan Online in India 2024

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 total premiums paid will be refunded.

Moreover, if there are riders with the plan, either inbuilt or bought additionally, a rider benefit will also be paid if the incident covered under the Rider 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 eTouch plan with a sum assured of Rs.1 crore. Here are the policy details –

Term	Details
Policy term	25 years
Premium paying term	20 years
Premium paying frequency	Annual
Coverage option selected	Life Shield
Premium amount	Rs.13,966 per annum plus taxes
Variant	Life Shield

Case 1 – Mr Verma passes away in the 7^th policy year

Benefit – His nominee will receive Rs.1 crore as the death benefit and the plan will terminate.

Case 2 – Mr Verma is diagnosed with a terminal illness in the 10th policy year

Benefit – He will receive the sum assured of Rs.1 crore and the policy would terminate

Case 3 – Mr Verma survives the policy tenure of 25 years (assuming he bought a pure-term insurance plan)

Benefit – No maturity benefit is paid and the coverage is terminated.

Who Should Opt for a 1 Crore Term Insurance Plan?

Young professionals

A Rs.1 crore term insurance plan may help in taking care of your financial responsibilities which might 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 buying a home, car or for planning your child’s higher education.

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Couple without kids

Newly 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.

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Couple with young kids

The 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.

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Couple with older kids

Such 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.

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Adults approaching retirement

Adults 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.

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Term Insurance Plans by Bajaj Allianz Life

How to Determine the Right Coverage Amount?

To determine the right coverage amount, consider the following factors^{1 and 2} –

Age

The younger you are, the higher the sum assured that you would need because financial responsibilities keep increasing as you age.

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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.

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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.

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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.

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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.

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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.

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The premium is calculated using the following factors^{3 and 4} –

Factors	Effect on premium
Age	The older you are the higher your mortality risk (risk of dying). Thus, premiums are higher for older ages compared to younger ones
Gender	Females are usually charged lower premiums compared to males⁵
Health history	Existing health conditions increase your mortality risks. So, premiums are higher if you suffer from any health or medical complication
Family history	A family history of illnesses or ailments affects your mortality since some illnesses can be genetic. As such, an adverse family history increases the premium
Occupation	If you are engaged in dangerous occupations, like aviation, mining, defense, etc., the premiums would be higher
Lifestyle habits	Premiums are higher for smokers and those who drink alcohol
Physical build	Your 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
Sum assured	The higher the sum assured selected, the higher would be the premium payable
Policy tenure	Long-term term insurance plans have lower annual premiums than short-term plans
Premium paying tenure	Regular premiums have lower annual premium outgo compared to limited premiums
Premium paying frequency	Annual premiums are the lowest while paying premiums in the half-yearly, quarterly or monthly mode attracts a loading which increases the overall premium amount
Riders	Inbuilt or optional riders added to the policy enhance the premium since the coverage increases
Discounts available	If the policy offers discounts, the premiums are reduced

How Do You Choose the Right ₹1 Crore Term Insurance?

Like other term plans, check the below-mentioned factors when choosing the right Rs.1 crore term insurance plan –

Coverage offered:

While term plans offer simple coverage, you might find inbuilt or additional 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.

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The premium charged:

Compare 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.

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Ease of buying the policy:

Term plans which are easy to buy, with limited efforts and no complicated process, are better. You can get covered quickly with such plans.

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Ease of claim settlement:

Check the claim process too and buy a policy which offers quick and easy claims without much hassles.

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Claim Settlement Ratio:

Compare 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.

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Life Insurance Guide

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Rider	Meaning
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

1 Crore Term Insurance

How Does A 1 Crore Term Insurance Plan Work?

Is 1 Crore Term Insurance Enough for You?

Reasons To Buy Rs.1 Crore Term Insurance Plan

Other Sum Assured Options for Term Insurance

Why Do You Need A 1 Crore Term Insurance Plan?

Who Should Opt for a 1 Crore Term Insurance Plan?

Young professionals

Couple without kids

Couple with young kids

Couple with older kids

Adults approaching retirement

Term Insurance Plans by Bajaj Allianz Life

Is It Better To Opt For Higher Coverage?

How to Determine the Right Coverage Amount?

Age

Number of dependents:

Basic lifestyle needs:

Inflation rate:

Goals:

Existing assets and liabilities:

Proposal form

photographs

Proof of identity

Proof of address

Proof of age

Proof of income

Medical report

Any other document

How Do You Choose the Right ₹1 Crore Term Insurance?

Coverage offered:

The premium charged:

Ease of buying the policy:

Ease of claim settlement:

Claim Settlement Ratio:

Why Bajaj Allianz Life Insurance ?

Claim Settlement Ratio~

Claim Approval%

CARE Stable Rating$

Assets Under Management (AUM)**

Number of Lives Covered#

Solvency Ratio^

Frequently Asked Questions

Life Insurance Guide

Articles

Calculators

Podcasts

Videos

Customer Speaks

Popular Searches

Claim Settlement Ratio^~

Claim Approval^%

CARE Stable Rating^$

Assets Under Management (AUM)^**

Number of Lives Covered^#

Solvency Ratio^{^}