Buy 1 Crore Term Insurance Online

Affordable and Durable Premium

Even though a term plan doesn’t provide a saving component, the life covers you get are competitive. The premium rates are more affordable than permanent life cover. The premium rates will remain the same throughout tenure regardless of your policy term, whether 10 years, 20 years or 30 years.

Extensive Coverage

If your life goals change after important events like marriage, childbirth, or health conditions, you can enhance the life cover using the life-stage benefit of the term plan. The insurers allow enhancing the coverage to meet your long-term liabilities. A policyholder can also add multiple riders to get enhanced coverage. You can do this by paying an extra premium.

Long-term Protection

Different insurers offer a 1 crore term plan to cover your whole life, till 99 or 100 years. This ensures that your family will receive the benefit amount in your absence to manage their expenses peacefully.

Security Against Financial Liabilities

If you take a 1 cr term insurance, your family can bear the financial burdens like outstanding loans, health or educational expenses, child marriage, etc., in your absence.

Tax Benefits

The 1 crore term insurance helps you to save on taxes as mentioned under sections 80C and 10 D (D) of the Income Tax Act 1961.

Assess Your Requirements

The first and foremost need is to assess your financial requirements in case of your uncertain demise. Start with calculating your income, annual expenses, savings, and important upcoming events in life. If you have any debts or loans, add them to your expenses. The sum assured should be an amount you might need to back your family in your absence.

Premium Payment Term

You must choose how will you prefer to pay the premium of 1 crore term insurance. The available options include payment of monthly, annual, half-yearly, quarterly, or limited payment terms that fit your budget.

Inflation and Cost of Living

The inflation rate will highly affect the cost of living in future. So while choosing the right 1 cr term insurance plan for you, remember that it significantly covers your family’s financial needs in the coming years.

Additional Benefits

Other than providing life coverage of 1 crore, insurers provide other benefits to enhance the coverage. Like

• Add-on riders to enhance the base coverage.
• Option to choose the frequency of payouts at the time of policy commencement.
• With the evolving life stages requirements, you can increase the coverage.

Claim Settlement Ratio (CSR)

Select an insurer with a high claim settlement ratio, as it indicates the efficiency of solving claims raised by the insured. Generally, a more than 95% CSR indicates that the company is committed to fulfilling its obligations and the nominee/ beneficiary gets the claims on time.

Solvency Ratio

The solvency ratio indicates the financial capability of an insurer to settle the claim. An insurer with high solvency ratio is preferable to buy a plan.

The Premium Rate

The premium prices of the 1 cr term insurance plan vary per the insurers. Since you are responsible for paying the premium, you should check the premium rates wisely and choose one that suits your budget.

Critical Illness Benefits

To enhance your 1 crore term plan coverage, you can add the critical illness cover if you are diagnosed with any critical health condition. To avail of critical illness benefits, you must pay an additional premium along with your base premium payment.

Exclusions

It is advised to read the policy’s terms and conditions carefully. It may seem tedious, but the plan mentions essential exclusions that will deny paying any payout. Double-check that you are aware of these exclusions and implications.