"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 allows you to be there for them even in your absence."...Read More
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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!
Tax exemptionup to Rs.54,600~#
High life cover at affordable premiums
Claim Paid Ratio^99.34%
Coverage against 64 critical illnesses@
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:
You can get a cover of Rs. 1 crore at nominal premium rates if you buy it at an early life stage.
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.
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.
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
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 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.
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:
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.
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.
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.
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.
Choosing a good 1 crore term plan for yourself is an important decision as it involves the financial security of your loved ones in case of your untimely demise. Here are some factors to consider when selecting a 1 crore term plan:
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:
Buying a 1 crore term insurance plan is a big decision as it provides financial protection to your loved ones in case of any unforeseen event. Before buying a term insurance plan of this magnitude, it is important to consider the following factors:
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:
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: 104N118V05)
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)
| Age | Premium 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 |
|---|---|---|---|
| 20 | Rs. 741 | Rs. 964 | NA (Maximum PT allowed is 50 years) |
| 30 | Rs. 1,145 | Rs. 1,488 | Rs 2,176 |
| 40 | Rs. 2,065 | Rs. 2,647 | Rs 4,016 |
| 50 | Rs. 4,096 | Rs. 5,032 | Rs 9,180 |
| 60 | Rs. 8,209 | NA (Max. Entry age for CI is 55, internal check due to Medicals) | Rs 2,238 |
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 Secure Plus Plan – UIN: 104N113V05)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: 104N118V05) 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:
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.
ARN NO: PCP/1CTIP/100323
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.
“Subodh Mishra helped me a lot in getting the money. He personally collected the documents and helped me at every step. I am extremely thankful to him and I would like to buy another Max lIfe policy in future”
Subodh Mishra
“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
“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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