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5 Best ₹1 Crore Term Insurance Plans Providers
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A 1 crore term insurance plan sure sounds tempting. But is it worth the investment? What are its benefits and pitfalls? And which is the best term insurance plan for 1 crore investment in India? Let’s find all these answers in this blog.
Term insurance is undoubtedly one of the best investments in the current scenario. Life is unpredictable and it is life’s uncertainties that throw us the challenge of survival amidst difficult situations as and when they arise. While it is difficult to predict accurately what our future holds, we sure can prepare for it. Term insurance is our way of preparing for the future uncertainties. And while we’re at it, it makes sense to prepare well. This is where buying term insurance of a high sum assured sounds wise. For instance, investing in the best term insurance plan for 1 crore.
Here we discuss more about the advantages of buying a 1 crore term insurance plan and how it is more useful to the investor. We also share the top 5 names offering the best 1 crore term insurance plans so that you know how to put your money in wisely. Read on.
What is 1 Crore Life Insurance?
Buying or investing in a 1 crore term life insurance plan simply means purchasing an insurance plan that promises coverage of Rs. 1 crore when you need it the most. In other words, in the event of an untimely and unfortunate demise of the policyholder, who may also be the sole breadwinner for the family, a monetary death benefit of Rs. 1 crore would be paid out to the nominee or beneficiary chosen by the policyholder.
This large sum assured would guarantee taking care of the financial expenses of the family or household in the absence of the bread-earning member. Hence, it makes sense to invest in a plan with a sum assured as high as 1 crore so that your loved ones have nothing to worry about when you’re not around.
Who is the 1 Crore Term Plan For?
A 1 crore term plan means a higher premium compared to other term life insurance plans. This is why it really isn’t for everybody. However, there are some specific individuals and families who can highly benefit from buying a 1 crore life insurance policy:
- Those who are the sole breadwinners for the family and do not want their family to be under any financial stress in their absence;
- Those who are aged between 25 and 35 years and can earn comfortably to pay regular annual premiums towards the policy;
- Those who earn an annual income in the range of Rs. 5 and 7 lakhs;
Note: The term of the plan can be extended up to 35 years if the policy is bought within the above-mentioned age criteria.
All of the above would find a 1 crore term insurance plan highly helpful to keep the family expenses running in their absence without a worry or glitch.
Top 5 Rs. 1 Crore Term Insurance Plan Providers in India
Now that we know how useful investing in a 1 crore term plan can be, let us look at some of the best insurance companies offering term insurance plans for a secure financial future of your family without you:
| Name of the Insurer | Claim Settlement Ratio of the Insurer | Name of the Plan | Sum Assured | Premium Payable |
| Star Union Dai-ichi Life Insurance | 94% | Premier Protection Plan | Rs. 25 lakhs to Rs. 100 crores | Rs. 22,000 annually |
| HDFC Life | 90.50% | HDFC Click 2 Protect Plus Term Plan | Rs. 25 lakhs (minimum) | Rs. 11,145 per annum |
| LIC | 98% | e-Term Plan | Rs. 1 crore | Rs. 14,600 annually |
| ICICI Prudential | 93.80% | ICICI Prudential iCare II Term Plan | Up to Rs. 2 crore (maximum) | Rs. 18,293 annually |
| Max Life | 95.50% | Online Basic Term Plan | Rs. 1 crore+ | Rs. 9,046 annually |
3 Things Keep in Mind When Buying a 1 Crore Term Plan Cover
Considering that the premium payable towards a term insurance plan is relatively higher than other plans, it is important to bear in mind some important factors while investing in one:
- The Claim Settlement Ratio (CSR) of the insurer offering the term insurance plan is of prime importance here. The company’s CSR helps reflect its credibility and reputation in the market, besides lending trust to the investor in the insurer’s promptness in claim settlement.
- Look out for the rate of premium of the plan. A premium that is reasonably affordable would always be comfortable to pay regularly rather than an amount that is difficult to afford at regular intervals.
- Check out the add-on features of the plan such as rider benefits, tax discounts and exemptions, premium waiver benefits, and the like. They make the term insurance plan more attractive to the investor.
Read More: Best 1 Crore Term Life Insurance Plans
Wrapping it Up
A term insurance plan of Rs. 1 crore does come at a relatively higher premium; however, is worth the investment for the high cover and sum assured that it offers. If you’re seriously interested in investing in a term plan of a high cover, do remember to check out the 1 crore term insurance premium because it is important to have an affordable premium rate that can be comfortably paid out at regular terms. For more details on 1 crore term insurance plans provided by various insurers, visit PayBima online.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
FAQs on ₹1 Crore Term Insurance Plans Providers
What is the premium for 1 crore term insurance in LIC?
For a 1 crore term insurance cover, the premium payable for an LIC plan amounts to Rs. 17,445 per annum (GST included).
What is the eligibility for 1 crore term insurance?
To buy a 1 crore term insurance plan, an individual should be aged between 25 and 35 years or must ideally be the sole breadwinner for the family.
Is LIC good for term plan?
LIC is a preferred option for several investors in term insurance because of its high Claim Settlement Ratio (CSR) at more than 98%.
Can we claim 2 term insurance?
Yes, an investor is given the option of buying and claiming from more than 1 term insurance covers if their total income is eligible for a higher coverage under the plan. He/she is however required to show proof of annual income to claim multiple term insurance plans.
Can term insurance be rejected?
In case of false declaration, undisclosed information, or incomplete details furnished by the insured during a term insurance claim, the latter can be rejected by the insurance company. In addition, the benefits of the policy may also be suspended by the insurer under any of the above circumstances.
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What is the Free Look Period in Health Insurance Policy?
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Know the meaning of a Free Look Period in your health insurance plan, how it works, should you consider it, and what are its benefits, in this blog.
When you buy a health insurance plan, there are several terms and elements that are a part of it, all of which may not unfortunately be clear to the policyholder. Regardless, it is important to have a fair idea of some of the major terms commonly used in health insurance so that you know exactly how to avail the benefits of the plan when the need arises. One such term commonly used in health insurance plans is the free look period. Here we discuss in detail what this terms means in your mediclaim policy, what are its benefits, and how useful it is for you as the policyholder to consider this when buying health insurance for yourself or your loved ones. Read on.
What is the Free Look Period for Health Insurance?
In simple terms, free look period refers to a term offered by the health insurance company to the policyholder under which the latter has the flexibility to review the company’s policies and its terms and conditions. In addition, upon thorough review, the policyholder may also choose to terminate the purchased policy, if they so desire. Generally speaking, most health insurance providers offer a free look period of 15-30 days to their policyholders wherein they are free to terminate the policy upon review.
How Does the Free Look Period Work?
So we already discussed that a policyholder has the right under health insurance to review and even terminate the policy purchased in case they don’t seem satisfied with its provisions or terms and conditions. The health insurer would provide a total tenure of 15-30 days for this review/termination, which is termed as the Free Look Period.
Note that this period would commence from the date the policy contract was received by the policyholder and last for 15-30 days (as specified by the respective insurer). Also, it is worth noting here that though the insurer provides the choice of termination during the free look period, the insured must provide on their part a valid and reasonable reason for termination of the purchased policy.
In addition to stating the reason, the policyholder would also be required to submit the policy contract as well as other relevant documents pertaining to the said policy to the insurer. The insurer would then consider the termination request and in case approved, the insurer would process the refund amount to the bank account of the insured. This is the amount paid by the insured to the insurer while purchasing the policy.
Features and Benefits of the Free Look Period in Health Insurance
Now that we know what a free look period is and also how it works, it’s important to highlight the key features attached to this tenure as well as the top benefits that the policyholder has with this provision. Let us look at these in the table below:
| Features of Free Look Period | Benefits of Free Look Period to the Policyholder |
| Time limit offered by insurer – minimum 15 days from the date of receipt of insurance contract; max 30 days | Allows sufficient time to the policyholder for thorough review of the policy after purchase and request for cancellation if dissatisfied |
| Details to be submitted to insurer – valid reason for policy termination, date of receipt of policy, bank account details of policyholder | Refund of amount paid for the policy to the insured in case they are not satisfied with the terms and conditions laid out in the policy |
| Refund to insured – Amount paid for purchase of policy refunded to the insured, barring some deduction for medical test fee, stamp duty charges, etc. | Free look period provided for all types of insurance plans, regardless of the type of insurance purchased |
| Request for termination – Policy termination request to be filed with the insurer upon review and dissatisfaction on part of the insured; request to be made online or offline | Policy can be returned without a significant loss of money paid as premium |
| Submission of documents for cancellation – Receipt of last premium paid by insured, canceled cheque | Certain features or T&C not considered at the time of policy purchase can be reviewed during the free look period |
Steps to Terminate Health Insurance Within the Free Look Period
We learned above that the free look period can be quite useful for policyholders especially if they hadn’t been as careful in considering the terms and conditions of the plan at the time of its purchase. They can review the same carefully during the free look period and request the insurer for policy cancellation if they so desire. Let us look at the exact step-by-step procedure to do the same:
- In case you wish to apply for cancellation of the purchased health insurance plan during the 15-30 day free look period, you need to make a formal request to the insurance company via email. Make sure to state a valid and justified reason for policy cancellation.
- The insurer would seek some relevant documents pertaining to the health insurance policy that is requested to be canceled. Submit the same to the insurer.
- Upon receipt of the required documents, the insurer will review the request filed and proceed with verification of the same.
- Upon verification of the application, the insurance company would proceed with policy cancellation and process refund of the amount paid towards policy purchase into the bank account of the policyholder.
Read More: List of Diseases Covered under Health Insurance Policy
Wrapping it Up
The Free Look Period actually does seem to be a brilliant tool in the hands of the policyholder, empowering them to request for policy cancellation in case they seem dissatisfied with its provisions after purchase. It also gives them an opportunity to thoroughly review the terms and conditions of the policy which they may have missed out at the time of buying the plan. However, like every right and freedom comes with responsibility, so does the right of free look period. Make sure that the request that you make for cancellation is a valid and reasonable one.
For more information on health insurance plans and their respective free look period insurance, visit PayBima. You would know all about what a free look period and the terms attached to it on our website.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
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FAQs on Free Look Period in Health Insurance
Can we cancel policy after free look period?
The policyholder is allowed a free look period of minimum 15 days and maximum 30 days to cancel the policy. This period starts from the date on which the policy contract was received by the insured from the insurer. The policyholder can request cancellation of the policy only during this period and not after it.
How long is free look period?
Generally, all insurance providers provide a free look period of 10 days or more (15-30 days) for the policyholder to review the policy document and even request for termination if they so desire.
Do I have 14 days to cancel insurance?
As per the law, a minimum period of 14 days is provided to the insured to cancel or terminate the insurance policy for a valid reason. This is also called the 14-day cooling-off period. In case of life insurance, there is a 30-day cooling-off period granted.
What is grace period in insurance?
A grace period refers to the time after which the premium becomes due to the policyholder. During the grace period granted by the insurer, the policyholder can pay the premium without having to bear the loss of lapse of insurance coverage.
Can I cancel insurance after a day?
Yes, as per the free look period provision, you are free to cancel your insurance policy anytime within the 15-30 day time provision specified by the insurer. However, it is best to check with your respective insurer once in case of any difference in views regarding this.
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