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1 Crore Term Insurance Plan

Know the features and benefits of availing a Rs.1 crore term insurance. Make your decision by comparing the life insurers offering the 1 crore term insurance plans and choose a plan that best suits your needs and convenience.
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Along with rising costs of living, the associated risks to life in general need appropriate cover as financial support post one’s untimely can be a really tough choice for the family members. In the early days of life insurance, choosing an appropriate cover might have been a bit of a fix for people, owing to the premium values involved. But nowadays, it is a different scenario wherein individuals from almost any economic category can avail a life insurance of a sizable cover.

Comparison of Plans Offering 1 crore Term Insurance:

Among the simplest plans for life insurance, term insurance plans are available with multiple companies and they normally offer a cover of more than 1 crore. For this particular case though, we’d be looking at sum assured amount of 1 crore rupees so that we can offer a standardised depiction of the rates of premiums and features of the individual plans.

One should understand that there are many criteria as per which one can rate any particular insurance product. By far, the most important criteria would be the claim settlement ratio of the insurer. So, in the table below you’d find a gradation and rating of the best term insurance plans available in India as per the claim settlement ratio of the insurers is concerned.

Insurers Name

Plan Names

Claim Settlement (in percentage)

Sum Assured (Lump Sum in INR)

Premium*

(in INR)

LIC

e-Term Plan

(Basic Plan)

98

1 Crore

14600 Per Annum

Max Life

Online Term Plan

(Basic Plan)

95.5

1 Crore

9046 Per Annum

Star Union Dai Ichi Life Insurance

Premier Protection Plan (Basic Plan)

94

1 Crore

22000 Per Annum

ICICI Prudential

iCare II Term Insurance

(Basic Plan)

93.8

1 Crore

18293 Per Annum

PNB Metlife

Metlife Mera Term Plan

(Basic Plan)

92.9

1 Crore

9011 Per Annum

Bajaj Allianz Life Insurance

iSecure

(Basic Plan)

91.9

1 Crore

14513 Per Annum

HDFC Life

Click 2 Protect Plus

(Basic Plan)

90.5

1 Crore

11145 Per Annum

AEGON Life Insurance

iTerm

(Basic Plan)

89.8

1 Crore

8892 Per Annum

SBI Life Insurance

eShield

(Basic Plan)

89

1 Crore

6400 Per Annum

Reliance Life Insurance

Online Term

(Basic Plan)

83.8

1 Crore

7950 Per Annum

*One should understand that the above mentioned plans reflect the premium payment only as samples for the basic plan option. The rates are subject to change based on the discretion of the insurer. Additionally, if one decides to go for optional riders, the premium rates might increase. The above rates as for a healthy person aged 30 years who doesn’t smoke, consume alcohol or tobacco and has chosen a policy term of 30 years.

A quick overview of the above mentioned plans are given as follows:

  1. LIC e-Term: LIC has held the highest claim settlement ratio for about 3 years in a row and e-Term is one of the best plans available for 1 crore and above of Sum Assured. The plan is a pure insurance policy

  2. Max Life Online Term Plan: This plan can be applied for online and has a decent premium rate that falls below 10000 rupees. The basic plan offers just the life cover but it also has a couple of rider options.

  3. Star Union Dai Ichi Premier Protection Plan: The insurer is a joint venture of a couple of the best banks in India and a premier international life insurer. The plan is one of the relatively higher priced ones.

  4. ICICI Prudential iCare II: Offered from one of the best life insurers in the country, this plan can also be bought online and requires almost no time to get finalised. It feature quick claim settlement times.

  5. PNB Metlife Mera Term Plan: One of the few economical plans in India to offer a lump sum pay-out of 1 crore as a death benefit along with appropriate tax benefits.

  6. Bajaj Allianz iSecure: A beneficial term plan with affordable rates from a highly trusted private insurer, this plan offers a level cover for high sum assured amounts.

  7. HDFC Life Click 2 Protect Plus: One of the mid-level plans as per the premium rates are considered, the basic plan also offers an income option as a rider in case of total permanent disability.

  8. AEGON Life Insurance iTerm: One of the lower priced premiums in the market with a decent claim settlement ratio, the life cover is till 75 years with an in-built terminal illness benefit.

  9. SBI Life Insurance eShield: A term plan with in-built Accidental Death Benefit that allows for a more comprehensive level coverage on life. Also, it is one of the cheapest options in the market.

  10. Reliance Life Online Term Insurance: Non-smokers get a special discount and the life cover is for an age of 75 years. Medical tests are done at home.

Choosing an Appropriate Term Insurance

Unlike conventional life insurance policies that offer coverage for the entire life, one needs to be more picky with term insurance options since these are for a limited period of time. Of course, premium rates are important, but they are not the only aspect. One needs to pay attention to the exclusion list, benefits and other terms of coverage. Checking with real life cases and speaking to the insurance agents is also helpful to find out the claim settlement ratio and time. After all, an insurance scheme that takes a long time to deliver the benefits isn’t going to be any helpful to you or your family.

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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Life Insurance Reviews

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  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I took my life insurance policy from LIC around 5 years back and this policy is going to matured in the year of 2026. It was for the safety and protection for the family. I have selected the payment option as very half year and i pay the premium amount of Rs. 2000. I will give the cash to my agent and he will pay in the LIC office.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 11, 2019
  • LIC
    LIC Life Insurance
    "Safe and secure policy"
    0.5 5.0/5 "Blown Away!"
    LIC policy is safe and if you have a long term policy, it will be useful. If i go to their office, the response is fine. They have a good portal to know about the payment premium amount and existing policy details. I make the premium through online. I took the money back policy and it got matured already.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 11, 2019
  • LIC Life Insurance
    "Good security policy"
    0.5 3.5/5 "Pretty good"
    In LIC website, they are updating the policy details on a timely basis. I took my retirement plan in life insurance corporation of India. For the safety purpose, i have selected this company. I am investing the money of Rs. 10K every month. I get the returns after my age of 56. This is a tax benefitable policy.
    Was this review helpful? 0
    , haridwar
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Service should be improved"
    0.5 3.5/5 "Pretty good"
    I have taken money back policy from LIC its because of the safety reason. I have been investing the money of Rs. 10K every month. I purchased the policy 4 years ago. They are providing the sum assured amount of Rs. 1.2 lakhs. This is a tax beneficial policy. I make the premium amount through online.
    Was this review helpful? 0
    , haridwar
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I didn't use the customer care service till now in LIC where i have taken my life insurance policy. I'm not sure about the plan name but i pay the premium every year once. I have been paying the premium amount of Rs. 17699 and total term period of the plan is 16 years. For the savings purpose, i have chosen LIC.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Best service "
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurance policy directly through LIC agent .This policy tenure is 10 years .I am paying the premium through Half yearly basis and paying the premium through Online .The agent gave a clear picture about the policy and not yet faced any difficulties .I am satisfied with the service so far .
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC since 1990. This policy term is 20 years. I am paying premium on monthly package and the amount which is nominal. I am paying premium in a cheque mode. While getting a policy my agent has given an information about the policy details and this is a money back policy.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 2.0/5 "Expected more"
    I have taken Life Insurance policy taken through LIC agent.This was a Maturiy benefit policy and each and every details was shared by the agent .This policy is still active and there was no difficulties faced as well. Overall am happy with it.
    Was this review helpful? 0
    , surat
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 9 years before. Tenure period of policy is 20 years. I am paying premium on quarterly package the amount of 3K which is nominal. Agent is my neighborhood so he has given an information about this policy. It covers my whole family.
    Was this review helpful? 0
    , pune
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 3 years before. The policy is for 16 years. I am paying premium on monthly package the amount of Rs. 17k which is nominal. I am paying premium manually. While getting a policy my agent has given an information about the policy details. It covers myself. It is a jeevan anadha policy
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Good Investment plan"
    0.5 5.0/5 "Blown Away!"
    LIC plan is a savings cum income plan and i get the good returns in future. Its covers for life. I took the policy through agent who is my relative recommended me about this policy. My father is taking care of the premium part hence I'm not sure about the coverage value.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 08, 2019
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance policy from LIC more than 5 years.The agent is very supportive and providing proper guidance and this is a JEEVAN ANAND policy. Policy is valid for life long and the tenure is 20 years after some years. I am paying annual premium is Rs.24k, this is a death benefit plan after that my wife will be getting some returns.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 07, 2019
  • LIC Life Insurance
    "Good cover for entire life"
    0.5 5.0/5 "Blown Away!"
    Chosen the life insurance policy from LIC its because of the good benefits. Jeevan policy has a coverage till life time. I have not paid the premium for a couple of years even though they are giving a proper reminders every year. This is a tax cover policy.
    Was this review helpful? 1
    , pune
    Reviewed on Dec 07, 2019
  • Bharti Axa Life Life Insurance
    "Best insurance "
    0.5 5.0/5 "Blown Away!"
    I have taken a BHARTI-AXA LIFE INSURANCE more than 2 years. The policy is for 15 years term . I am paying premium on monthly package the amount which is nominal and i will do cheque payment. While getting a policy they given an information about the policy details. It covers myself.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 06, 2019
  • LIC Life Insurance
    "Best Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy direclty through LIC agent.The policy tenure is for 20 years and paying the premium on quarterly basis .I will be paying the premium through the agent.The policy details was clearly explained by the agent ,Still this policy is active.I am paying Rs.15,000 premium for this policy.
    Was this review helpful? 1
    , sikar
    Reviewed on Dec 05, 2019
  • LIC Life Insurance
    "Best Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy direclty through LIC agent.The policy tenure is for 30 years and paying the premium on half yearly basis through the agent.The policy details was clearly explained by the agent ,Still this policy is active.I am paying Rs.10,000 premium for this policy.
    Was this review helpful? 0
    , sikar
    Reviewed on Dec 05, 2019
  • LIC Life Insurance
    "Best Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through LIC agent .The policy tenure is for 20 years .The premium is paid on quarterly basis and all the details about the policy was shared by the agent.I am paying the premium through the agent .There was no drawbacks faced so far .
    Was this review helpful? 0
    , sikar
    Reviewed on Dec 05, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurance policy through LIC agent.This was a maturity benefit policy and the tenure is for 20 years and I am paying the premium on monthly basis through ECS and not yet faced any issues. The process was smooth and there was no drawbacks faced so far.
    Was this review helpful? 0
    , arakkonam
    Reviewed on Dec 05, 2019
  • ICICI Prudential Life Insurance
    "Good Plan"
    0.5 4.0/5 "Great!"
    I have taken my term insurance from ICICI prudential. I have trusted this bank because its a top most high, that is the reason i have chosen them. I'm happy about the claim ratio. I'm satisfied with the sum assured amount. I have chosen the annual payment mode after 1 year, i will change the payment mode on a monthly basis.
    Was this review helpful? 0
    , rajahmundry
    Reviewed on Dec 05, 2019
  • LIC Life Insurance
    "Best Plan"
    0.5 4.0/5 "Great!"
    Purchased my life insurance policy from LIC because my friend is working as a LIC agent and i do not have idea about the plan name. I have been paying the premium amount of Rs. 15000 per year and i make the payment through online and through cash. Overall, I'm happy about the plan.
    Was this review helpful? 0
    , rajahmundry
    Reviewed on Dec 05, 2019
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