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In a 1 Crore term insurance plan, the policyholder’s nominee/beneficiary gets a death benefit of Rs. 1 Crore. This insurance policy is the best financial solution that allows you to be there for your loved ones even in your absence. The policyholder pays premiums as stipulated by the policy contract and upon the death of the policyholder; the beneficiaries of the plan will be paid the predetermined Sum Assured. The premium is also affordable. Let us understand about it in detail.
A 1 Crore Term Insurance Plan is a term plan that provides a sum assured of Rs. 1 Crore as a death benefit to the designated beneficiary in case of policyholder’s death during the policy term. It is the best way to build a sizeable financial corpus for your loved ones. Having such a large financial backup can put your mind at ease. The premiums for these term plans are very affordable making it a very popular option among prospective policy buyers.
These term plans are strictly regulated by the IRDAI (Insurance Regulatory and Development Authority of India). As per their directions, premiums for 1 Crore life insurance cover have been considerably reduced and made affordable for the middle class population. A number of government and private insurers provide competitive premium rates for such plans. These plans are available online as well as offline.
Term insurance plans can work in different emergencies based on the covers you have selected while purchasing. The policy will usually work as given below:
For instance, if you have chosen all the added benefits in the iSelect Smart360 Term Plan, it will have the following covers and benefit features:
The term plan will work in the following manner under different situations:
In the case of your (insured) early death
If you are diagnosed with a terminal illness within the policy term
You are diagnosed with a covered critical illness condition (based on the benefits selected):
Accidental total and permanent disability occurs during the policy term
Do note that terminal illness benefit is a unique feature of the iSelect Smart360 Term Plan. It may not be available with other term insurance plans.
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One of the major features that set term life insurance apart from other life insurance policies is its affordability. A term plan is the cheapest form of insurance you can buy. A term plan offers to cover your life for a specific period. A term plan is basic, with only the death benefit involved. There is no maturity benefit, which further makes it cheap.
A term plan is free from complexities that are involved such as making investment decisions or worrying about returns etc. It is very easy to buy and manage. All you have to do before buying a term plan is to assess your expenses and choose a sum assured accordingly. You can also make use of the calculators available online.
Term plans such as iSelect Smart360 Term Plan offers you many flexibilities. Not all people who purchase life insurance have the same financial background and preferences. A term plan understands this and thus provides you with multiple options in which you can pay your premiums.
Different options offered by iSelect Smart360 Term Plan
- Regular Pay: Pay your premiums at specified regular intervals
- Limited Pay: Pay the premiums for a limited time and enjoy benefits till later
- Single Pay: Pay the whole premium at once in a lump sum
Another feature of the 1 Crore term plan is that allows you to increase your coverage amount within the same policy. This enables you to buy a term plan early in your life and take advantage of lower premiums.
As you age, you will get more responsibilities, such as marriage, childbirth, etc. All these are milestones you want to achieve and thus you may require more coverage.
With a term plan, you can increase your sum assured as and when you reach these milestones.
1 Crore term insurance policy gives you a set of riders to choose from, to add to your policy riders are additional benefits that can enhance the scope of your existing policy.These cover the aspects that your basic policy does not. A rider will provide you with additional coverage.
Types of riders are:
a) Accidental death benefit
b) Accidental Total and permanent disabipty rider
c) Critical Illness rider
d) Child support benefit
Inflation in India rose from 5.54% in November straight to 7.35% in December. Although Rs. 1 crore might seem like a humongous amount now, after factoring in rising inflation, it will start to seem like a necessity.
While determining the sum assured for a term insurance plan, not only should one’s utility and household expenses be taken into account, but financial liabilities like loans and mortgages too. In the absence of the policyholder, the burden of paying off loans and mortgages falls on the shoulders of the rest of the family. Thus, to ensure timely repayment, a high sum assured can come in handy.
A sum assured of Rs. 1 crore can give policyholders access to extra perks and benefits that they might not be able to avail in a plan with a lower sum assured.
You can opt for a policy period up to the age of 99 years. With 1 crore term insurance, you can ensure a legacy for the next generation after your natural demise. The amount is also adequate to provide financial security to your dependents in the case of your early demise.
The term insurance plan takes care of the financial safety needs of your family. Thus, you can afford to invest in long-term investments and enjoy higher growth in your savings.
You can add benefits such as critical illness and accidental disability and death coverage to your base term plan. These benefits enhance your coverage and protection against a wider range of contingencies.
1 Crore term plan is best suited for you if your annual income averages about Rs 10 lakhs. This term plan will be an important investment for you, especially when you have dependent family members. Also, term plans like iSelect Smart360 Term Plan from Canara HSBC Life, allow you to increase the sum assured without buying a new term plan.
Example,
Raj is 30 years old and the sole earner for a family of four including his spouse and two children. His current annual income and expenses are as follows:
| PARTICULAR EXPENSES | AMOUNT | Annual Salary | 10 Lakhs |
| Annual Household Expenses (kitchen, maintenance, utilities, children’s school fee) | 5 Lakhs |
| Other Miscellaneous Expenses | 1 Lakh |
| Saving to Retirement | 1.2 lakhs |
| Home Loan | 25 lakhs |
| Money required to cover regular expenses for the next 30 years (ret. age for Raj is 60) | 50 lakh |
| Term Insurance Cover Needed | 1 Crore |
Rs 1 crore term insurance cover will help Raj’s family to look after their regular expenses, pay off the home loan balance and save for children’s future if Raj, unfortunately, dies before meeting these goals.
Term plans of any sum assured are not a one-size-fits-all affair. There are certain things that need to be taken into consideration keeping your financial situation and family in mind.
Your life insurance cover should be enough to take care of your family in the case of your early demise. The three outflows your term life cover must take care of include:
- Regular household and lifestyle expenses
- Any ongoing debt
- Savings goals for future financial needs, e.g., child’s higher education and marriage
Typically, it will take an amount equal to about 10 – 15 times your annual income. A Rs 1 crore term plan fits well in this scenario if your annual income is close to Rs 10 lakh. It also has the following benefits for you:
If you are in your 30s Rs 1 crore plan is quite affordable with low premiums and high coverage. This is usually due to your superb health and lack of lifestyle problems.
You can enhance your life cover with added options like critical illness cover and accidental death and disability covers. This will ensure your financial stability and continued life cover for contingencies like illness and accidents as well.
Buying a higher coverage early helps you avoid having to increase your life cover every few years. However, you may need to increase the life cover amount as your family and income grow. You can Block Your Premium in the iSelect Smart360 term plan for the first five years after purchase and increase your cover in these years.
Premium payment for Rs 1 crore term plan will remain consistent throughout the policy term. So, if you buy the cover at a young age, you can continue paying a lower premium.
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Canara HSBC Life Insurance iSelect Smart360 Term Plan is one of the best term insurance plans that offer all-around protection. Here are some reasons that you should purchase 1 crore term insurance from the insurance company:
A term plan helps you to financially protect your family members if something happens to you. If due to any unfortunate event, you lose your life, then your family will be taken aback financially. If you purchase a 1 Cr term plan, then your family will receive 1 Cr when you die. This will ensure that they don’t live by making major compromises to their daily life.
1 Cr term plan is a high coverage amount. It is enough for your family to carry on with their lives. Also, a term plan allows you to get high coverage at an affordable price. It is the cheapest among all the other variants of life insurance.
In your life, you are likely to take up loans from banks or other institutions to build your home, business, etc. These loans are spread over a timeline.
But what if you die in between the term? Money received from 1 crore term insurance can be used to pay off all your loans and debts.
The best term insurance plan for 1 crore, offers you many riders to enhance your contingency cover. iSelect Smart360 Term Plan also has the terminal illness benefit included as default cover. That is, if you die or get diagnosed with a terminal illness such as cancer, heart disease, etc, you will be provided sum-assured immediately.
1 Cr term insurance plan provides you with tax benefits as well. You can avail of tax deductions of up to Rs 1.5 lakh on the premium you have paid in the financial year under section 80C.
Also, the death benefit is exempt from tax as well.
1 crore term plan can help bring peace of mind to policyholders by thoroughly financially securing their family. A sound term insurance plan replete with a high sum assured at nominal rates as well as multiple benefits is Canara HSBC Life Insurance iSelect Smart360 Term Plan. It is a comprehensive plan that offers benefits like the option of increasing the sum assured over the course of the policy term on certain special occasions like weddings, childbirth, and purchase of a house. The benefit payout can be opted as a lump sum, monthly income, or even lump sum + monthly income. It comes with 4 rider options which include Accidental Death Benefit, Accidental Total & Permanent Disability (Premium Protection), Accidental Total & Permanent Disability (Premium Protection Plus), and Child Support Benefit.
The premium for 1 crore term insurance depends on your age and lifestyle habits. The monthly premium for a 1 crore term plan for a 30-year-old healthy male proposer may range between Rs 500 to 900 based on the benefits and added covers selected.
The eligibility criteria for a Rs 1 crore life insurance include your age and income. You should be of legal age to sign the contract, i.e., 18 years. Also, you should have an income from any source which justifies the Rs 1 crore life cover for you, i.e., about 10 lakhs a year.
You can compare a 1 crore term insurance plan for the following factors:
In a pure risk term life cover of Rs 1 crore sum assured if you survive the policy term you can stop paying the premiums and the policy expires. However, if you buy Life Secure with Income option under the iSelect Smart360 term plan, you will start to receive a regular income as your turn 60.
You can use the online term plan calculator to estimate the premium for a 1 crore term plan. Alternatively, you can also contact the insurer’s customer support numbers or an independent advisor to help you with the calculation.
You should buy term insurance coverage as soon as you start earning. The ideal time to buy a Rs 1 crore term insurance would be when you are eligible for it. You will need to have an annual income of about Rs 10 lakhs to secure a Rs 1 crore term plan.
You need a life cover of at least 10 times your annual income to provide an adequate financial umbrella for your family after your demise. One crore term insurance makes it possible with affordable premiums. Whereas, an endowment plan would be more appropriate for fulfilling important goals such as a child’s higher education.
With Rs 1 crore term insurance you can secure the following riders with the iSelect Smart360 term plan:
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