1 Crore Life Insurance Policy

1 Crore Life Insurance Policy

In a life full of uncertainties, we still seek surety and assurance in almost every aspect of life. For this, we often take the support of life insurance policies. One such insurance plan is the ‘1 Crore Life insurance plan’ through which you can make a fine cushion for your loved ones.

Buying a life insurance plan of Rs. 1 Crore would ensure that your children, spouse, or parents lead a comfortable life in case of your untimely demise, and will support them financially. Below we have mentioned the best 4 ‘1 Crore’ plans. Let’s find out more about them.

List of 1 Crore Life/Term Insurance Plans

1. Max Life Online Term Plan Plus

Under this plan, the assured’s family is offered a guaranteed payment either in a lump sum or monthly income or income through regular increasing income. This plan could be particularly useful if you are the chief earning member of your household.

Eligibility Criteria: 

1Minimum age at entry18 Years
2Maximum age at entry60 Years
4Policy term10-50 Years
5Minimum Sum Assured25 Lakhs
6Maximum Sum Assured100 Crores

Benefits:

  • The plan comes with 3 different variants to choose from- basic life cover, a life cover + monthly income and life cover + increasing monthly income (at the rate of 10% per annum).
  • In case of disability or critical illness, the future premiums will be waived off by opting for additional riders.
  • Under this policy, the policyholder can increase the sum assured amount for some of the major events such as the marriage of children, birth of a child or home loan, where the policyholder would need plenty of funds to cope with the expenses.
  • The premium rates are lower for non-smokers and the policy gives rewards for staying healthy.

Max Life Term Insurance Plans – Benefits, Reviews and Premium Details

2. Bharti AXA Life premier Protect Plan 

Bharti AXA Life Premier Protect Plan is a pure protection plan under which you will be able to protect your family against any uncertainty in case of your unfortunate demise.

Eligibility Criteria:

1Minimum age at entry18 Years
2Maximum age at entry65 Years
3Maximum age at maturity75-80 Years*
4Policy term5-35 Years*
5Minimum Sum Assured25 Lakhs
6Maximum Sum AssuredNo Limit (Subject to underwriting)

* Depends on the premium payment option

Benefits:

  • Under this policy plan, the policyholder has the flexibility to choose from 3 Death Benefit Payout Options that ie; Lumpsum, Monthly Income and Lump Sum plus Monthly Income.
  • The plan offers the option to choose from multiple premium payment terms such as Single Pay, Limited Pay & Regular Pay.
  • The policyholder has the flexibility to revive his/her lapsed policy within the revival period of five years (after the due date of the first unpaid premium).
  • Under the Income Tax Act 1961, you can avail of the tax benefits on the premiums paid.

3. HDFC Life Click 2 Protect Plus

This plan allows the policyholder to secure his/her family’s financial needs (at an affordable price) and protect their future against the uncertainties that life may throw in a given stage of life.

Eligibility Criteria:

1Minimum age at entry18 Years
2Maximum age at entry65 Years
3Maximum age at maturity85 Years
4Policy term5-40 Years*
5Minimum Sum Assured25 Lakhs
6Maximum Sum AssuredNo Limit on maximum sum Assured

*May change as per the plan option

Benefits:

  • The plan has 3 different premium payment options to choose from: Single, Limited and Regular.
  • You can choose the cover option (from the available options) of your wish – Life Option, Extra Life Option, Income Option and Income Plus Option.
  • You can avail tax benefits under section 80C of the Income Tax Act, 1961.

4. Aegon Life iTerm Insurance Plan

Aegon Life iTerm Insurance Plan is an online term insurance plan whose objective is to provide financial protection to the family of the life insured in case of any eventuality.

Eligibility Criteria:

1Minimum age at entry18 Years
2Maximum age at entry65 Years*
3Maximum age at maturity100 Years
4Policy term5-82 Years*
5Minimum Sum Assured25 Lakhs
6Maximum Sum AssuredNo limit, subject to Board Approved Underwriting Policy

*May change as per the plan option

Benefits:

  • Flexibility to choose from 3 different plan options (Life Protect, Protect Plus and Dual Protect) based on your protection needs.
  • Offers flexibility to choose the Death Benefit payout- lump sum payment, as fixed monthly income for 100 months, or as a combination of both.
  • The policy plan offers lower premium rates for Females and Non-smokers.

Your untimely demise should not impose a burden on your family members and that is only possible with some financial planning. Do a thorough analysis of your family’s expenses, liabilities, investments, and requirements and then decide if your family needs a 1 crore life insurance plan or not. There is no need to put pressure on your wallet (because of high premiums) if you don’t need such a huge amount of coverage.

Why Should You Have More Than One Life Insurance Policy?

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