You cannot put a price on your life; however, you can ensure that your family never has to live with financial difficulties after your demise. A 1 crore term insurance plan is a solution to all of their financal problems in your absence....Read More
Written by
Kriti Arora
Insurance Writer
Kriti is a content marketing and branding expert with more than 13 years of rich experience across BFSI and Telecom industries. She is currently leading Digital Creative Strategy for Axis Max Life Insurance.
Reviewed by
Vaibhav Kumar
Insurance Expert
With over 15 years in life insurance, Vaibhav is a recognized products and digital leader for driving innovation at Axis Max Life. He's played a pivotal role in developing new business lines and implementing successful D2C strategies.
Term insurance policies are becoming increasingly popular, and a 1 crore term insurance plan is becoming a common choice among policy buyers. A 1 crore term insurance plan means that a sum assured of Rs. 1 crore will be paid as the death benefit to the policyholder's family/beneficiary in the event of the life insured's demise.
Having an 8-figure sum set aside for contingencies can be peaceful and a substantial financial backup for your loved ones in your absense. The premium for a 1 crore term insurance plan is affordable, which makes it a favorable choice for you.
Given uncertainty of life, more and more people are purchasing insurance, particularly term insurance, to provide ultimate safety for their families in these times of medical inflation
You must ensure that your family has sufficient resources to live a comfortable life. Hence, you should look for the best 1 crore term insurance plan to protect your family’s future. Let’s understand how it works!
High life coverat affordable premiums
Death Claims Paid Ratio99.70%^
Worldwide Claims
Coverage against64 critical illnesses@
There are multiple reasons why you must consider a 1 crore term insurance plan. Let’s look at some of these:
Term plans are the most affordable of all life insurance plans available in the market; so, a term plan with life cover of Rs. 1 Crore features an affordable premium. For a 25 years old healthy male/female non-smoker, a Rs. 1 crore term insurance policy can be bought with a monthly premium of around Rs. 1200 -1300 only. The premium payable remains the same throughout the policy term. You can also use online premium calculator to calculate the premium for a Rs. 1 crore term insurance plan and then make an informed decision.
The primary goal of a Rs. 1 crore term insurance plan is to provide a payout equal to the sum assured of Rs. 1 crore in case of the death of the life insured during the policy term. This payout is designed to help you provide for your family with financial security even if you’re not around to take care of them. While your presence cannot be compensated for, the difficult time can be made a bit more manageable if the family doesn’t have to worry about finance.
When you get a 1 crore term insurance plan at an early stage of life, say at 28 or 30 years of age, it gives you a long-lasting cover at minimal premium rates. This way, you can lock the premium at an affordable price and then move to other investments and expenses that may knock.
You can plan your investments and savings more efficiently for wealth-creation purposes and park your money in relevant financial instruments. Contrary to this, if you delay and then buy a high coverage term plan like a 1 crore term plan at a later stage in life, you will have to pay more for the same life cover. This may impact your budget adversely, as you might already be having liabilities like loan EMIs, credit card bills, school fees, and various long term financial goals like retirement to take care of.
When you buy a Rs 1 crore term insurance plan, life cover should not the only thing you look at. It might be beneficial to enhance coverage through available add-ons and riders. Such add-ons could be added protection in the case of critical illness, disability, accidental death, etc. Having this added protection can play a significant role in making your life more manageable, when unexpected eventualities occur.
When you buy a term plan, irrespective of the sum assured, you get tax benefits, subject to the premiums you pay in a financial year. These benefits can be claimed as deductions u/s 80C for an amount up to Rs 1.5 lakhs annually, if you have opted for the old tax regime. Next, if the nominee claims death benefit upon demise of the life insured, the life cover payout thus received is also tax-free u/s 10 (10d) as per current tax rules. In addition to that, if you have opted for riders such as critical illness rider and/or accidental death/disability rider along with your Rs 1 crore term plan and are paying additional premium for the same, then you may be eligible to claim deduction of up to Rs 25,000 (and Rs 50,000 for senior citizens) annually u/s 80D of the Income Tax Act, 1961 provided one has opted for the old tax regime
Insurance gives you peace of mind in the present as well as the future. Various financial obligations, such as children's schooling, purchasing a new home, and children's marriage, 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.
When determining the right life cover amount for your term insurance policy, taking inflation into account is important. Inflation is a measure of the reduction in purchasing power of money and over time, this can make a significant difference. It can impact your lifestyle, financial goals, expenses and liabilities. In addition to all this, inflation affects the life cover amount as well. In order to combat inflation, you can opt for an increasing life cover amount at the time of policy purchase, if your 1 crore life plan allows it. Otherwise, you must initially, at the time of buying the policy, go for a term insurance policy that offers a higher life cover after computing the amount by factoring in the impact of inflation.
Long-term goals, like achieving retirement planning, owning a home or sponsoring your children’s education/marriage must be considered at the time of deciding the adequate life cover amount. The life cover you chose must be sufficient to help your loved ones reach at least some of these life goals even if you’re not around or are unable to help out financially. However, do keep in mind that you must balance these needs against the higher premium cost of plans that have a higher sum assured amount. Otherwise you run the risk of paying a higher premium that impact your household budget.
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:
Along with the option of 1 crore sum assured we also provide other sum assured options. Below mentioned are a few and you can choose as per your need. You can also know more about the steps of choosing the right sum assured.
Disclaimer: %*Standard daily premium for 24-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07). ARN: C/SA/280125
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:
Your preference should always be an insurance company which offers straightforward and transparent claim settlement process. Life insurance claims are always made in times of need and if the insurance company is not providing a hassle-free and quick claim settlement process, then it is not the right option to fulfill your protection needs.
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There is currently no rule that eliminates anyone for buying a term insurance plan of 1 crore cover as long as the policyholder fulfills the criteria eligibility specified by the insurer. Even then, a term plan of 1 crore is perhaps ideally suited to the needs of the following categories of individuals:
Opting for a Rs 1 crore term plan early in life, ideally before the age of 30 years is often recommended. At that point of your life, you are typically in good health and there is high chance that your financial liabilities are relatively limited. As a result of your young age the premiums for a 1 crore term plan at this stage in life are typically low and affordable. Since the premium at policy inception remains the same over the entire policy tenure, the benefit of low premiums extends over a lifetime.
Rs 1 crore as sum assured is a significant life cover amount, especially if you’re the sole earning member of the family. An unpleasant incident can occur anytime and impact the finances of your family adversely, if you do not take steps to protect their interests. So, if you are the sole earning member of the family, you should definitely opt for adequate life cover along with add-ons and riders to enhance the protection available to your family members.
If you have sizeable outstanding debts in the form of a home loan, or business loan, it is only wise to secure your own and your loved ones’ finances with a Rs 1 crore term plan. The premiums for such term plans is quite affordable, but the benefit of financial assistance and security such term plans offer cannot be overstressed. Even if you’re not around to help out, your dependents can stay on top of the payments using the payout received from such a 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 Axis Max Life Smart Secure Plus Plan (A Non Linked Non Participating Individual Pure Risk Life Insurance Plan| UIN: 104N118V11)
The following figures are calculated according to: Gender (Male) + DOB + Non-Smoker + Annual Income (7-10 lakhs). Cover upto 75 Years, Regular Pay. Excluding 12% discount & excluding GST. Axis 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 Health Insurance Rider | UIN: 104B033V02) | Return Of Premium Variant (Axis Max Life Smart Secure Plus Plan)1 Crore Term Insurance Plan | Axis Max Life Insurance
With Axis 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. Axis Max Life Smart Secure Plus Plan (Non Linked Non Participating Individual Pure Risk Life Insurance Plan (UIN: 104N118V11) 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 Axis 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/140824
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 Axis Max Life Critical Illness & Disability Rider | Non-Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN 104b033V02 and Axis Max Life Waiver of Premium Plus Rider | A Non-Linked Non Participating Individual Pure Risk Premium Health Insurance Rider | UIN 104B029V05
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 Axis 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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