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

Name: Product Name
Brand: Bajaj Allianz
Rating: 4.6 (3500 reviews)

How Does A 1 Crore Term Insurance Plan Work?

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 option is selected, the total premiums paid will be refunded basis policy terms and conditions.

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 25 years, buys Bajaj Allianz Life eTouch II, a non-linked, non-participating individual life insurance term plan with a sum assured of Rs.1 crore. Here are the policy details^* –

Policy term	30 years
Premium paying term	30 years
Premium paying frequency	Annual
Coverage option selected	Life Shield
Premium amount	1st Year Premium is Rs. 5,092 per annum, 2nd Year onwards premium Rs. 5,520 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 30years (assuming he bought a pure-term insurance plan)

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

Is 1 Crore Term Insurance Enough for You?

Calculate your sum assured requirement using the life insurance calculator available online. Enter your basic details and find out how much sum assured is needed. Check if Rs.1 crore term insurance is enough for you or if you need a higher sum assured for optimal coverage.

Reasons To Buy Rs.1 Crore Term Insurance Plan

Like other term plans, there are various benefits of Rs.1 crore term insurance plan. Some of the reasons to buy the plan are as follows –

Financial coverage to take care of your family’s needs in your absence.
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 under Income Tax Act 1961

Other Sum Assured Options for Term Insurance

You can choose other sum assured levels too depending on your coverage needs. Some of the options, among others, that you can consider are as follows -

Rs.50 lakh sum assured
Rs.2 crore sum assured
Rs.4 crore sum assured
Rs.5 crore sum assured
Rs.10 crore sum assured
Rs.15 crore sum assured

Why Do You Need A 1 Crore Term Insurance Plan?

Like other term insurance plans, you need a Rs.1 crore term insurance plan to –

Create a safe financial net for your loved ones
Fulfil the financial goals of your family which might be affected in the case of your premature demise
For debt repayments
To meet the lifestyle needs of your dependents

Is It Better To Opt For Higher Coverage?

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.

How Do You Choose the Right Term Insurance Plan?

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

How Do You Choose The Right Term Insurance Plan

How Is the Premium for 1 Cr Term Insurance Calculated?

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 . Thus, premiums are higher for older ages compared to younger ones
Gender	Females are usually charged lower premiums compared to males^[5]
Health history	Existing health conditions increase your mortality risks. So, premiums are higher if you suffer from any health or medical complication
Family Medical history	A family medical history of illnesses or ailments affects your mortality since some illnesses can be genetic. As such, an adverse family medical 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
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

What Are the Riders Available with 1 Crore Term Insurance?

Some common riders available with a Rs.1 crore term insurance plan include the following –

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^[8]
Accelerated death benefit rider (ADB)	This rider covers if the insured persons is suffering from terminal illness and can decrease their life span. Generally, insurers advance a percentage of the death benefit of the base policy to the insured.^[6]
Waiver of premium rider	The rider waives future premium if the insured suffers a disability or critical illness or if the policyholder passes away while the life insured is still alive^[6]
Family income benefit rider	The rider pays a monthly guaranteed income for a specified period to take care of the family’s lost income^[6]