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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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  • Max Life Insurance
    "Excellent insurance"
    0.5 5.0/5 "Blown Away!"
    My relation and friend circle chosen the life insurance policy from Max thats the reason i have chosen them. I have been paying the premium amount of Rs. 1 lakh for the annual payment mode. Total term period of the policy is 12 years. Through cheque, i made the premium.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 16, 2019
  • LIC
    LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    Purchased my endowment plan was from LIC and its a brand and trustable company. Endowment plan is a good investment plan. I have selected the term period of 19 years. I am paying the premium amount of Rs. 3500 in every three months once through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    My endowment plan was taken from Life insurance Corporation of India. I have been paying the premium amount of Rs.11000 and chosen the annual payment mode. Regularly i make my premium through net banking and satisfied with the sum assured amount. The policy term is 21 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good investment plan"
    0.5 5.0/5 "Blown Away!"
    Endowment is a well better policy because its good agreement and i get a good returns in future. I got all the benefits from this policy. I pay the premium amount of Rs. 12000 for half year. I'm happy about the returns. There is 21 years policy. I make the premium through online. LIC terms and conditions are transparent.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good investment plan"
    0.5 5.0/5 "Blown Away!"
    Purchased my money back from Life insurance Corporation of India. I have been paying the premium amount of Rs. 15000 and i have chosen the half yearly payment mode. I have selected the tenure period of 16 years. Overall, I'm not satisfied with the policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good investment plan"
    0.5 5.0/5 "Blown Away!"
    I took my money back policy 5 years back. Other than the investment plan, money back policy is better. I have been paying the premium amount of Rs. 8000. I have chosen the half yearly payment mode. Total term period is 20 years. I got the money back directly to my account.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    Since i'm working as a LIC agent, before taking the policy, i'm very much aware of all the policy details. I took the term insurance policy with LIC. Its a claiming only for normal and accidental death is covered. I'm satisfied with the sum assured amount of Rs. 35 lakhs.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC before 12 years ago. The policy is for 20 years. I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. I use to do payments through an online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have take Life Insurance policy through LIC agent .I have got all the relevant details about the policy and also received the policy documents on time ,The process was really smooth and convenient according to me .This policy was for the tenure of 20 years .and paying the premium through monthly basis and the premium amount was Rs.15,000.
    Was this review helpful? 0
    , visakhapatnam
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC on 4 years before. The policy is for 20 years and it is a money back policy. I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details but delay to receive the documents. I use to do payments through an online.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 16, 2019
  • ICICI Prudential Life Insurance
    "Good Term policy with less benefits"
    0.5 4.0/5 "Great!"
    ICICI people have approached me hence i bought the life insurance policy with them. Every year i pay the premium amount of Rs. 15000 for the sum assured amount of Rs. 50 lakhs. This is a term insurance policy. It will cover upto 75 years of my age. In the documents, there is not mentioned about the partial disability and medical illness.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC taken on 30 years before. The policy is for 33 years. I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. They will debit the amount from my salary account for the payments.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 15, 2019
  • LIC Life Insurance
    "Good policy for LIC"
    0.5 4.0/5 "Great!"
    I pay the premium amount of Rs. 5000 and presently everything i can do with online for LIC life insurance policy which i'm happy about it. I make the premium through online. More than 12 years back, i bought the LIC policy. I haven't contacted their call centre people. This is a tax benefitable policy.
    Was this review helpful? 0
    , greater noida
    Reviewed on Jul 15, 2019
  • LIC Life Insurance
    "Good Life insurance policy"
    0.5 4.0/5 "Great!"
    No particular reason for choosing the policy of Jeevan Anand. Since my Dad's friend who is working as a LIC agent, hence i have bought the policy from LIC. I'm paying the premium amount of Rs. 32000 which is a annual payment mode. I'm not aware of the sum assured amount.
    Was this review helpful? 0
    , greater noida
    Reviewed on Jul 15, 2019
  • Edelweiss Tokio Life Insurance
    "Good growing company"
    0.5 4.0/5 "Great!"
    One of my friend is working edel weiss insurance and he has recommended me to take the term insurance policy with them. They have done all things on time and they have fixed an appointment for medical checked up. The coverage value is Rs. 1.5 crore and it covers upto 80 years. I have chosen the premium mode of monthly.
    Was this review helpful? 0
    , greater noida
    Reviewed on Jul 15, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy directly through LIC agent .This policy tenure is for 20 years and this policy name was Jeevan Anand .I am paying the premium on monthly basis and the premium was nominal .I have got all the required details about the policy through the agent .This policy was still active as well .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 15, 2019
  • ICICI Prudential Life Insurance
    "Nneed to be reduce premium amount"
    0.5 4.0/5 "Great!"
    I have taken a term insurance in ICICI PRUDENTIAL on one year before. The policy is for 65 years but I have taken for 32 years. I am paying premium in the monthly package and the amount is high. While getting a policy I came to know about an information about the policy details through an online.I use to do payment through an online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 15, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I always like LIC life insurance policy since my family has taken with them and i have a agent whose my family member thats the reason i took the policy with them. I'm paying the premium amount of Rs. 4000 every month and I'm satisfied with the sum assured amount of Rs. 10 lakhs. Through agent i make my premium.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 15, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the ENDOWMENT PLAN with LIFE INSURANCE CORPORATION OF INDIA where the policy coverage is for self. The maturity period of the policy is for 25 years. The premium paying for 3 months once with the policy. There are no issues with the policy.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 14, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the life insurance policy with LIFE INSURANCE CORPORATION OF INDIA because it is a Indian company also it is a trusted and traditional. I have purchased BHIMA plan where it has th long term of maturity with good coverage for self.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 14, 2019
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