1 Crore Term Insurance

Set up a layer of financial security with our ₹1 Crore term plan against the ever-increasing costs of living coupled with the uncertainties of life. Our term insurance plans are cost-effective options created to help you bring peace of mind for yourself and your loved ones.

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What is ₹1 Crore Term Insurance?

A life insurance offering, ₹1 Crore term insurance is the value of a policy with all the features of a level term life insurance policy. The highlight of this policy is a ₹1 crore sum assured. The process of buying these plans is the same as buying any other term life policy.

The premium for your ₹1 Crore life cover depends on a variety of factors, such as your age, lifestyle, gender, location, and more. Using a term insurance calculator, you can estimate how much the premium value may be.

How Does a ₹1 Crore Term Insurance Plan Work?

When you purchase a one crore term insurance life cover for yourself, you pay premiums based on factors such as age, health, and lifestyle. If you pass away during the policy term, the insurer pays the ₹1 crore sum assured to your nominated beneficiaries. This lump sum can help them cover living expenses, repay debts, and manage other financial obligations, ensuring your family's financial stability.

Let’s illustrate this with an example of Miss Ambika at the age of 31 years. Ambika is a working professional who currently has no dependents but is planning to get married next year. She is planning to buy a one crore term life insurance plan to prepare herself financially.

Here is how that would work.

Ambika

31 years

Ambika buys a ₹1 Crore term plan after browsing through all available options and getting estimates using online calculators. She opts to pay yearly premium, which she has recognised as a suitable option for herself, after studying her finances.

32-40 years

Ambika gets married and is now raising two children. She also spends a lot of time working and taking care of other family members, who are slowly beginning to count on her support.

58 years

Ambika and her spouse succumb to an accident. They are survived by her children. She has named her children and her mother as nominees for the ₹1 Crore life cover.

After the claim made by her nominees has been processed her children can now use money to pursue their dreams. Similarly, her mother can take care of herself in her old age, as her dearly departed daughter intended for her.

Like Ambika, if you’re looking to buy a new Term Insurance Plan, you can find a range of plans with IndiaFirst Life that offer term insurance for ₹1 Crore.

Explore Our Term Insurance Plans

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IndiaFirst Life Elite Term Plan

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IndiaFirst Life Plan

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IndiaFirst Life Guaranteed Protection Plus Plan

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IndiaFirst Life Saral Jeevan Bima Plan

Product Name: IndiaFirst Life Saral Jeevan Bima Plan
Product Description: Take a step towards securing your family's financial future with IndiaFirst Life Saral Jeevan Bima Plan. This pure term insurance policy is designed to provide lump sum benefit as a safety net for your loved ones in case of unexpected events. Safeguard their dreams by choosing our term plan today!
Product Benefits: Life Insurance Cover of up to ₹50 lakhs.
Flexible premium payment options
Up to 40 years of protection for loved ones.
Protection against COVID-19 with lump sum benefit.
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Who Should Buy a ₹1 Crore Term Insurance Plan?

₹1 Crore term life insurance is suitable for a range of individuals across age and income groups. Some sections of the demographic who may benefit from a ₹1 crore life insurance sum assured are:

Primary Breadwinners

Individuals with dependents relying on their income should secure their family's future with a significant life cover. Those with substantial financial obligations, such as home loans or children's education, may also benefit from this coverage. ₹1 crore life insurance can help a nominee take care of multiple responsibilities without having to worry about financial stress after the passing of the life insured.

Young Professionals

Young individuals can lock in lower premiums by purchasing the policy early in their career, ensuring long-term coverage at a more affordable rate. This allows them to chase their dreams without worrying about any liabilities they may leave behind for their loved ones in the future.

Individuals with Liabilities

It is not ideal for one’s liabilities to be passed onto their loved ones. One’s family can be protected from the burden of loans or other significant debts. For someone burdened by significant loans, a ₹1 crore term plan can help keep the family protected.

High-Net-Worth Individuals

Matters such as wealth transfer and estate planning can be secured with adequate coverage for heirs. One’s loved ones will be supported financially after they are gone.

Why Choose IndiaFirst Life Insurance Term Plans?

Ensuring your family's financial security is paramount, and IndiaFirst Term Life Insurance Plans are designed with this priority in mind. Here's why opting for our term insurance is the right choice:

Trusted by 1.6 Crore Customers for their life insurance policy

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High Claim Settlement Ratio of 98.04%

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100% Genuine Claims are Settled in 1 day.

How to Select the Right 1 Cr Term Insurance Plan?

Step 1

Determine the Right Policy Tenure

Choose a term insurance policy period offering coverage when you most need it. Ensure the plan allows you to pay premiums comfortably for the entire duration.

Step 2

Calculate the Premium

Use a term insurance calculator to determine the premium for your chosen plan. Ensure the premium is affordable for the entire policy tenure, allowing for a well-informed financial decision.

Step 3

Eligibility and Features

Research and compare ₹1 crore insurance policy options based on features and eligibility criteria. Select a plan that meets your financial requirements.

Step 4

Claim Settlement Ratio

Analyse and compare term insurance plans based on features, benefits, and premium rates. Choose an insurer with a high claim settlement ratio to ensure your family receives the benefits of term insurance with ₹1 crore sum assured.

Step 5

Customise the Term Insurance Policy

Customise the plan by selecting suitable premium payment options, payout options, and adding riders for enhanced coverage. Choose a convenient premium payment mode (such as monthly, half-yearly, or annual).

Step 5

Consider Including Riders

Riders offer additional benefits, such as an accidental death benefit, to enhance coverage in specific scenarios.

How to Determine the Right Coverage Amount?

If you are wondering whether ₹1 crore is the right sum assured for you, here are a few things to consider:

The coverage should be at least 10x your annual income, so it may sustain your loved ones for a significant time while they get back on their feet.
If you have any liabilities, it is ideal to include those in the sum assured calculation.
Your specific responsibilities, such as the education of your child, can also be considered for the calculation.

Use an online term insurance calculator to help you arrive at the right sum assured value and understand whether a ₹1 crore plan is right for you.

Is it Recommended to Select a Term Plan Offering Broader Coverage?

Let's explore how selecting a higher sum assured, such as ₹1 crore, can impact you.

Cost-Effective Premiums

Term insurance policies, including those offering a ₹1 crore sum assured, provide substantial coverage at very affordable premiums. The cost remains manageable whether you opt for a ₹50 lakh plan or a ₹1 crore plan. This allows you to benefit from higher coverage without straining your finances.

Steady Premiums

Term plans ensure your premiums remain consistent throughout the policy term. Choosing a ₹1 crore policy for up to 30 years means you'll pay the same annual premium. Purchasing term insurance early in life, ideally in your 20s or early 30s, ensures long-term affordability and financial predictability.

Adequate Coverage

A ₹1 crore term insurance plan offers robust financial protection. Opting for this higher sum assured can help your loved ones achieve future financial goals and maintain their standard of living, even amidst high inflation rates.

Riders

Increasing your sum assured isn’t the sole method to enhance coverage. You can customise your policy with riders that provide additional benefits. Critical illness riders and other options offer flexibility, tailoring your insurance policy to suit specific needs and circumstances.

Why Buy ₹1 Crore Term Insurance Plan from IndiaFirst Life

IndiaFirst Life offers affordable premiums for their 1 crore term life insurance plans, making it a cost-effective choice for comprehensive coverage.
Our plans provide financial security by ensuring a lump sum payout of ₹1 crore to your beneficiaries in the event of your untimely demise. Together, we can help them maintain their lifestyle and meet financial obligations.
IndiaFirst Life's ₹1 crore term insurance plans come with flexible policy terms and options. We allow you to tailor the coverage to suit your specific needs and financial goals.
We offer additional benefits such as critical illness riders and accidental death riders, enhancing the coverage to provide comprehensive protection against various unforeseen circumstances.
IndiaFirst Life is known for its efficient customer service and hassle-free claims process. Your loved ones can receive the financial support they need during difficult times without unnecessary delays.

Things To Consider Before Buying a ₹1 Crore Term Insurance Plan

Coverage Assessment

Evaluate your family's financial needs, including loans, future expenses, and lifestyle aspirations, to ensure adequate coverage.

Policy Duration

Select a tenure aligning with your financial goals, considering loan terms, children's education, and retirement age.

Premium Affordability

Choose premiums fitting your budget throughout the policy period, with a payment frequency suiting your financial plans.

Claim Settlement Ratio

Research the insurer's claim settlement ratio for efficient claims processing and peace of mind.

Riders

Explore additional options such as a critical illness rider or accidental death rider to enhance coverage tailored to your needs.

Purchase Requirements

Understand any medical examination requirements based on age and coverage amount.

Policy Exclusions

Review and understand specific conditions not covered by the policy to clarify the extent of your coverage.

Claims Process

Familiarise yourself with the insurer's claims process for transparent and efficient settlements.

How to Buy ₹1 Crore Term Insurance Plan from IndiaFirst Life?

Term insurance policies from IndiaFirst Life can be purchased online. Choose the plan you like and head on to the buying page.

Step 1

Choose the details of the plan and then input your personal details.

Step 2

Review the plan and confirm the details.

Step 3

You will then be required to submit the relevant documents and pay the premium.

Step 4

You will receive your copy of the policy document.

Need help in choosing the right life insurance plan? Call us now at 8828840199 or book a call here.

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What is the minimum income requirement to purchase term insurance of ₹ 1 crore?

Answer: There are no stringent income requirements. However, the underwriting team may reserve approval based on your income and other liabilities. It is ideal to consult the insurer to understand this aspect as it may differ from case to case.

Who is eligible for a ₹1 Crore Term Plan?

Answer: While the final approval lies with the underwriting team, everyone who is eligible for a regular term plan may apply for a ₹1 crore term insurance plan.

What is the average premium value for a ₹1 crore term insurance policy?

Answer: The premium for term insurance depends on various factors such as age, gender, and lifestyle. You may use a calculator to get estimates based on your personal details.

How to buy a ₹1 crore term insurance plan online?

Answer: You can go to the insurance provider’s website to purchase a plan. You will be required to submit digital copies of relevant documents and make the premium payment online to complete your purchase.

Can two term insurance plans be purchased for higher coverage?

Answer: There is no regulation against having more than one term insurance plan. However, it is ideal to assess your needs and see if your current plan can be altered to suit all your needs before you put your money into another policy.