1 Crore Term Insurance Plan

“You cannot put a price on your life, however, you can make sure your family doesn’t ever have to live a life of financial difficulties after you. 1 crore term insurance plan is a financial solution that ...Read More

What is 1 crore Term Insurance Plan?

Term insurance policies are becoming increasingly popular, and 1 crore term insurance plan is becoming a common choice among policy buyers. A 1 crore term insurance plan means that the term plan provides a sum assured of Rs. 1 crore which is paid as a death benefit to the policyholder's family/beneficiary in the event of the policyholder's death.

Having an 8-figure sum set aside for contingencies, in essence, can put your mind at peace and provide a substantial financial backup for your loved ones. The premium rates for 1 crore term insurance plan is affordable, which makes it a favorable choice among policy buyers.

Why You Need 1 crore Term Insurance Plan

In the backdrop of uncertainty of life, people are increasingly turning to insurance, particularly term insurance, to provide ultimate safety for their families in today's society.

In these times of rising prices, one must ensure that his/her family has the resources to live comfortably. Hence, you may find that finding the best term insurance plan for 1 crore can be a valuable investment in terms of your family’s future. Let’s understand how it works!

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Why Buy 1 Crore Term Insurance Plan?

There are multiple reasons why you must consider a 1 crore term insurance plan. Let’s look at some of these:

Higher Coverage at Lower Premiums

You can get a cover of Rs. 1 crore at nominal premium rates if you buy it at an early life stage.

Security Against Financial Liabilities

Such a considerable amount of sum assured helps you provide for your family appropriately when you are not around. They can pay outstanding loans, education fees, and other living expenses without worrying.

Frees Up Earnings for Investments

When you get a 1 crore term insurance plan at, say, 30 years of age, it gives you a long-lasting cover at minimal premium rates. Hence, you can plan your investments and savings more efficiently for wealth-creation purposes and park your money in relevant financial instruments.

Comprehensive Coverage

You can also add multiple riders like critical illness benefit, waiver of premium benefit#, accidental death benefit, etc. at an additional premium to your 1 crore term insurance plan and get enhanced coverage

How Does 1 Crore Term Insurance Plan Work?

How Does 1 Crore Term Insurance Plan Work

Insurance is not a new concept in India. It is what gives individuals peace of mind in the present and future. Various financial obligations, such as children's schooling, purchasing a new home, children's marriage, and so on, can be taken care of with a substantial death benefit offered by the term insurance plan for 1 crore.

Let’s go over the basics of a term plan to understand how a 1 crore term insurance plan works:

  • A term plan is a form of life insurance policy that lasts for a set period. When you purchase a term plan, you will be covered for a pre-determined length of time or ‘term.’
  • If the insured person dies within the stated term, the life insurance policy's nominee is eligible to receive a death benefit from the insurance provider equal to the sum assured. For example, if you are covered with a term insurance plan of 1 crore sum assured, the insurance provider is obligated to pay that sum to the term plan's nominee if the insured person dies, according to the policy contract's terms and conditions.
  • A term plan can be the most cost-effective option to protect your family's future, especially if you have a young family. Even if you buy one of the best term insurance plan for 1 crore cover amount, the premiums will not be a burden if the policy term is a considerable period.
  • Throughout the life of your insurance, your premium is fixed and does not change. You are covered as long as you pay your premiums on time.

A term insurance policy serves the purpose of giving a death benefit to the insured’s family, assuring financial security in the event of the insured's death within the policy's term. A Rs. 1 Crore term insurance plan is a policy that provides the nominee with the sum assured of the stated amount in the event of the insured's death. This plan acts as a guardian for the policyholder's family, enabling them to meet their financial needs and goals.

How to Determine the Right Coverage Amount?

Buying one of the best term insurance for 1 crore is a common choice among policy buyers as it gives you substantial coverage to their families. It fulfils the primary objective of ensuring that your family is financially secure in the event of your untimely death. However, what constitutes adequate coverage is a valid topic to pose here.

Let’s look at how you can determine if 1 crore term insurance plan is suitable for you:

1. Your Age & Income

Your age and income source will affect not only how much insurance you must get but also how long you should keep it. Although age is a factor to consider when determining the amount of coverage you need, it is not an excuse to put off acquiring a policy. Since older people are more difficult to insure, life insurance premium rates may be higher. On the other hand, you can get a lower premium for the term insurance plan for 1 crore if you buy a policy when you're young and healthy.

2. Purpose of Buying Insurance

If you have a policy that accumulates cash value, you can also think of life insurance as an investment. Cash value policies are frequently used as a different way to save or invest for retirement. This can help policy buyers find the cheapest term insurance as well as contribute to wealth accumulation. You can also choose term insurance or an endowment plan to expand your investment portfolio further.

3. Dependants’ Needs

The costs of raising a child or caring for an elderly parent are rising every year. If you have any dependents, you may want to consider purchasing one of the best term insurance plan for 1 crore, which can be adequate to meet their needs in your absence.

4. Liabilities

Student loans, car loans, credit cards, and personal loans are all examples of debts that can be paid off using life insurance. If you have any of these debts, your policy must provide you with enough coverage to pay them off completely. Hence, you may want to consider the best term insurance plans for 1 crore to get extensive coverage.

Is it Better to Opt for Higher Coverage?

Is it Better to Opt for Higher Coverage

The amount of life insurance you require is determined by your personal and financial circumstances and it should cover your dependents as well as your regular living expenses.

According to most insurance firms, an acceptable amount of life insurance is six to ten times the annual earnings.

Multiplying your annual pay by the number of years before retirement is another way to figure out how much life insurance you will need. Apart from this, you can figure out how much life insurance you require by adding up your debts and subtracting your liquid assets.

A Rs 1 crore term plan is the finest approach to protect your family against unforeseeable future calamities due to its cost, accessibility, and high coverage. It can be one of the cheapest term insurance plans available, which is accessible both online and offline.

Here are some of the benefits of choosing one of the best term insurance plan for 1 crore:

  • Cost-Effective Option
  • Term insurance policies are one of the most affordable types of life insurance available. Since it is purely a life insurance policy, the premiums are quite low. Whether you buy a term insurance plan for 50 lakhs or a 1 crore term insurance plan, you can get significant coverage at affordable rates.
  • Steady Premiums
  • Term insurance policies have a consistent premium throughout the policy's term. Regardless of whether your coverage is for 10, 20, or 30 years, the premium will remain the same during the policy term. So, if you choose one of the best term insurance plan for 1 crore early in life, you can enjoy long-term, steady and affordable premium rates.
  • Comprehensive Cover
  • If you are willing to pay higher premiums as you become older, many insurance companies will allow you to upgrade your coverage at key points in your life. For example, if you have a basic Rs 1 crore term insurance plan, you can choose to enhance your sum insured by paying slightly higher premiums when you get married or have a child.
  • Riders
  • You can choose to supplement your term plan with add-ons such as a critical illness benefit*, in addition to the Rs 1 crore term insurance plan. Depending on the policy, you can get a variety of other riders to attach to the term insurance plan for 1 crore.

    Who Should Opt for Term Insurance Cover of 1 crore?

    Who Should Opt for Term Insurance Cover of 1 crore

    There is no strict rule for buying a term insurance plan for 1 crore cover. However, if you find yourself in the following categories of people, you may want to consider it:

    • Ideally, a suitable term insurance plan for 1 crore can be purchased early in your career, when you are still young, healthy, and unburdened. Working professionals in their late twenties or early thirties (25-35 years old) can invest in a 1 crore term insurance plan to benefit from cheap premium rates that are fixed throughout the policy's duration.
    • Individuals who are the sole breadwinners in their families can invest in at least one 1 crore term plan to ensure that their families are adequately protected in the event of their death. They can also consider whether a one-crore-term policy is the best option or if they require further coverage.
    • Since the policy term of 1 crore term insurance plan can spread through several years of your life, these may be suited for those aged 25 to 35.
    • These plans are ideal for those with an annual income of between 5 and 7 lakhs.
    • Additionally, if you are the sole breadwinner with multiple dependants, finding the term insurance plan for 1 crore can be a wise move.
    • In case you have outstanding debt repayments in the form of home loans, car loans, student loans, etc, buying the 1 crore term insurance plan as a safety net can be helpful. In the event of a disaster, the sum assured can be used to pay off an individual's loans, leaving the family debt-free.

    How To Select The Right Term Insurance Plan?

    Selecting a term plan depends on several personal factors. Naturally, the premium rate is a deciding factor for policy buyers and the premium rate is decided primarily according to the policy period which means the age at which you decide to purchase the term insurance. Other factors such as the riders you add to your plan also impact the premium rate.

    To make it easier for you to select the term insurance plan for 1 crore, we have compared the premium rates for different age brackets for base cover and for base cover and a rider of Max Life Smart Secure Plus Plan (A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan| UIN: 104N118V02)

    The following figures are calculated according to: Gender (Male) + DOB + Non-Smoker + Annual Income (7-10 lakhs). Cover upto 75 Years, Regular Pay. Excluding 5% discount & excluding GST. Max Life Critical illness & Disability Rider# (Rider SI – Rs 5 lakhs, upto 75 years, platinum plus version)

    AgePremium for 1 crore Term Insurance (Monthly)Premium for 1 crore Term Insurance + 1Critical Illness & Disability Rider (Monthly) Premium for 1 Crore Term Insurance with Return of Premium** Option (Monthly)1
    20Rs. 652Rs. 876Rs 1336
    30Rs. 1,006Rs. 1,350Rs 2,309
    40Rs. 1,807Rs. 2,389Rs 3,570
    50Rs. 3,584Rs. 4,520Rs 8,161
    60Rs. 7,183Rs. 8,867Rs 19,524

    1

    Premiums exclude GST. CIDR rates mentioned in the table are for a sum insured of Rs. 5 lakhs (base cover unchanged) for the CIDR Platinum Plus Variant, valid up to the age of 60.1Critical Illness & Disability Rider (Non Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN: 104B033V01)| Return Of Premium Variant (Max Life Smart Term Plan – UIN: 104N113V04)1 Crore Term Insurance Plan | Max Life Insurance

    With Max Life’s 1 crore term insurance plan, you get a variety of benefits that are specifically created to suit the financial needs of today’s customers. The Max Life Smart Secure Plus Plan (Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan (UIN: 104N118V02) comes with two variants for the death benefit with choices for the premium payment term. Apart from this, some unique benefits of this plan include:

    • In-Built Terminal Illness Benefit
    • Up to 1 crore pay-out on the diagnosis of Terminal Illness
    • In-Built Special Exit Value
    • Surrender offering whereby the customer has the option to receive all premiums paid back at one specified point in the term of the policy.
    • Premium Break Option##
    • One-of-a-kind feature that allows policyholders to skip paying premiums twice in the policy term.
    • Joint Life Cover*
    • Option to add a spouse to the coverage.

    The Smart Secure Plus Plan by Max Life Insurance can be an excellent financial instrument for you to achieve maximum financial security for yourself and your loved ones. If you have dependant family members, it is in your best interest to start planning as early as possible in life.

    Online Insurance Plans of Max Life Insurance

    • Max Life Smart Secure Plus Plan

      Comprehensive death benefit for your family member(s) in case of your unfortunate demise during policy term

      Guaranteed maturity benefits/Income Benefit and accrued guaranteed additions to help meet your life goals

      Multiple variants - lumpsum; short term income, long term income, and whole life income with unique benefits

      Know more
    • Max Life Smart Term Plan

      Financial protection against critical illnesses, including heart attack, cancer, and kidney failure

      Flexibility to choose the most suitable premium payment options that fits your budget and income

      Life coverage along with return of premium option to get the premiums paid back as a survival benefit

      Know more
    • Max Life Online Savings Plan

      Comprehensive death benefit covering the policy tenure, along with saving money for various life goals

      Monthly income, accrued bonuses, and flexible fund options for the policyholders with no policy charges

      Flexibility to choose a policy term up to 85 years, premium payment term and payouts to fit your needs

      Know more
    • Max Life Cancer Insurance Plan

      A comprehensive Cancer Insurance Plan that provides a payout at all stages of Cancer

      Get 10% increase in original sum assured in case of no claims for the first 5 years

      20% of Sum Insured - Waiver of premium, in early stage diagnosis

      Lumpsum payout - annual income for 5 years in major stage diagnosis

      Tax benefit under section 800 as per prevailing tax laws

      Know more
    • Max Life Smart Wealth Plan

      Comprehensive death benefit for your family member(s) in case of your unfortunate demise during policy term

      Guaranteed maturity benefits/Income Benefit and accrued guaranteed additions to help meet your life goals

      Multiple variants -lumpsum, short term income, long term. income, and whole life Income with unique benefits

      Know more
    • Short Term Income

      Guaranteed income benefit at the end of the policy term based on the chosen frequency for the payout period

      Eumpsum quaranteed death benefit payable to the nominee after the death of the life insured during policy term

      Multiple premium payment tenure and policy period options to fit your profile and specific requirements

      Know more
    • Long Term Income

      Guaranteed Income benefit for 25 or 30 years after the policy period ends, as per the sub variant selected

      Terminal benefit which equals total premiums paid, post completion of the payout period payable to nominee

      Two premium payment options - 6 and 10 years to be chosen as per suitability of the plan for your needs

      Know more
    • Term Plan with Return of Premium

      Option to receive the premiums paid back on successful survival of the insured till end of policy term

      Death benefits for your family members in case of any eventuality leading to the loss of your life

      Limited pay options to pay for term plans with return of premium - 5 Pay, 10 Pay, 12 Pay, 15 Pay, or 60 Pay

      Know more
    • Max Life Critical Illness and Disability Rider

      Additional protection against upto 64 critical illnesses depending on the rider variant you select

      Total and Permanent Disability Cover on the occurrence of disability arising from sickness or injury

      Wellness benefit to avail a discount on annualised renewal premiums as per healthy weeks you accumulate

      Know more
    • Max Life Waiver of Premium Plus Rider

      Waiver of all future premiums in case of the covered dismemberment so that you can live worry-free

      Future premiums waiver in case you suffer from critical illnesses as specified in the rider terms

      Continued benefits of the base policy to give you peace of mind about maintaining various life expenses

      Know more

    Frequently Asked Questions

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    Like most term insurance policies, you can purchase the term insurance plan for 1 crore if you are 18 years old. The maximum age limit on the policy is 65 years.

    Ideally, you can consider buying the term insurance plan for 1 crore at a younger age. This way you will have a longer duration of the policy, meaning cheaper premium rates.

    Finding the cheapest term insurance plan depends on your financial requirements. You can compare different term insurance policies on the basis of the benefits offered, premium rates and policy term to find the best term insurance plan for 1 crore.

    Endowment plans have the added benefit of providing the sum assured as a maturity benefit if the policyholder lives longer than the policy term. Term plans, on the other hand, are advantageous for people who desire more coverage for a lower cost, as well as financial protection for their family in the event they pass away. Hence, you can choose depending on your needs.

    The premium rate for 1 crore term insurance depends upon several personal factors such as age at the time of buying the plan, health condition, smoking habits, gender, income range, etc.

    You can use the term plan calculator on our website to estimate the premium rates for your 1 crore term insurance plan by putting in basic information about yourself such as age, income range and smoking habits.

    Once you have understood how the policy works, you can get an estimate of the premiums through the term plan calculator on Max Life Insurance website and continue the purchase by providing the necessary details.

    The minimum entry age for 1 crore term insurance plan is 18 years.

    The primary benefit of buying term insurance at an early age is that you can get life cover at much lower rates. Apart from this, it also helps you financially plan your life in terms of other investments and savings since you have life security.

    The foremost benefit of buying 1 crore term insurance in India is that you get a sizeable life cover at low premium rates. This means your loved ones can be financially independent even during difficult times and will not have to compromise on important life goals such as a child’s higher education.

    You can add critical illness and disability rider#, accident cover*, waiver of premium# plus rider to your 1 crore term insurance plan with Max Life Insurance.

    If you have opted to get the premiums back at the end of the policy period, you get a maturity benefit in case of survival.

    ARN:PCP/1CTIP/250522

    1)*On payment of additional premium

    2)**On payment of additional premium. Upon policyholder’s selection of Return of Premium variant, this product shall be a Non-Linked & Non participating Individual Life Insurance Saving Plan

    3)#Applicable riders available on the payment of Additional Premium are Max life Critical Illness & Disability Rider | Non-Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN 104b033V01 and Max Life Waiver of Premium Plus Rider| A Non-Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN 104B029V03

    4)##Available at an additional premium for policies with Policy Term greater than 30 years & premium payment term greater than 21 years. Option to skip paying premium for 12 months, 2 premium breaks will be available during the Premium Payment Terms separated by interval of at least 10 years.

    Customer Reviews

    Max Life Term Insurance Plan

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    Max Life Term Insurance Plan

    “I already have a policy and buying this was a nice experience. This is according to my requirement. Completely satisfied with details shared by customer care executive before purchasing the policy.”

    Gaurang Kumar Pawar

    Max Life Term Insurance Plan

    “I visited Amritsar branch after the demise of my son. My family was not left with a single penny and it was getting impossible to make the ends meet. Vinay Sharma gave me the right direction and helped me at every step to receive the claim amount and gave a source of income to my family. I thank him and bless him from the bottom of my heart.”

    Vinay Sharma

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