Life insurance policies are one of the smartest ways to safeguard an individual’s family economically, in the case of a disastrous consequence. Presently, insurance companies provide various kinds of life insurance for 1 crore sum assured to its policyholders including customary term life insurance plan, investment-oriented Unit Linked Insurance Plan (ULIP) etc.
Nevertheless, the aim of such different policies is to offer an acceptable sum assured to someone’s dependents in case of someone’s premature death. Bearing this need in mind, various Life Insurance companies offer several insurance policies to its customers, which come with a total sum assured of more than INR 1 crore.
What is Life Insurance Policy?
- 1 What is Life Insurance Policy?
- 2 Best Life Insurance For 1 Crore Cover Plans
- 2.1 LIC e-Term Plan:
- 2.2 SBI Life Insurance eShield Plan:
- 2.3 HDFC Life Insurance Click2 Protect Plus Plan:
- 2.4 Star Union Dai–ichi Premier Protection Policy:
- 2.5 Max Life Online Term Policy:
- 2.6 Bajaj Allianz iSecure Plan:
- 2.7 ICICI Prudential iCare II Plan:
- 2.8 AEGON Life Insurance iTerm Plan:
- 2.9 Reliance Life Insurance Online Term Plan:
- 2.10 PNB Metlife Mera Term Policy:
The life insurance plan is a kind of insurance policy that offers cover against unexpected events like premature death of the life insured or when the insurance plan matures. So as to avail this security, the policyholder has to pay a certain premium to maintain the insurance policy. So the life insurance policy is a safety net that offers economic security against death. There is a total of three basic aspects associated with the life insurance policy, these aspects are as follow:
The premium of the Policy
The policyholder gets cover based on the sum of cash i.e. the premium payments towards the insurance policy. In the case of the Life Insurance for 1 crore sum assured the premium is a little higher.
The term of the Policy
A life insurance plan provides security for an assured period. This period is called term in the insurance policy, and this term can differ depending on the kind of insurance policy chosen. These terms could be a short-term insurance plan, long term insurance plan etc.
Sum Assured or Death Benefit
Sum Assured or Death Benefit is the cash which the insurance company pays to its beneficiary or to its nominee (At the time of premature death) of the life insured. However, the amount of sum assured or the death benefits vary depending on a certain number of factors.
Best Life Insurance For 1 Crore Cover Plans
Here in this article below, I have listed down 10 best life insurance for 1 crore cover plans. Here is the list is given below:
LIC e-Term Plan:
The Life Insurance Corporation (LIC) has the maximum claim settlement percentage and the e-Term plan among the well-known Life Insurance for 1 crore cover plans presented. The LIC e-Term plan is a basic plan, however, the premium of this plan is little too high.
Plan Name: Basic e-Term Plan
Premium: INR 14600/annum
Claim Settlement Percentage: 98%
SBI Life Insurance eShield Plan:
The SBI Life Insurance eShield Plan is a term plan that comes with an in-built Accidental Demise Benefit, which allows its policyholder to grab a comprehensive level of cover for life. Moreover, this one is among the cheapest alternatives available for Life Insurance for 1 crore cover in the insurance market.
Plan Name: eShield of the SBI Life Insurance
Premium: INR 6400/Annum
Claim Settlement Percentage: 89%
HDFC Life Insurance Click2 Protect Plus Plan:
The HDFC Life Insurance Click2 Protect Plus Plan is a mid-level plan in accordance with the premium rates. This basic plan likewise provides an earnings option as the rider in the case of complete permanent disability.
Plan Name: Click 2 Protect Plus of HDFC Life
Premium: INR 11145/Annum
Claim Settlement Percentage: 90.5%
Source:- https:// www . financial-world . org/news/news/insurance/505/bank-of-india-to-exit-star-union-daiichi-life-insurance-joint-venture/
Star Union Dai–ichi Premier Protection Policy:
Under the Star Union Dai-ichi Premier Protection Policy, the insurer is basically a joint project. The policy is the highest priced plan under the list of Life Insurance for 1 crore cover.
Plan Name: Premier Protection Plan Of Star Union Dai-ichi
Premium: INR 22000/Annum
Claim Settlement Percentage: 94 %
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Max Life Online Term Policy:
An individual can apply for the Max Life Online Term Policy via an online platform and the plan has a great premium rate, which falls under INR 10000. This basic plan provides life cover as well as a pair of rider alternatives.
Plan Name: Online Term Plan of Max Life
Premium: INR 9046/Annum
Claim Settlement Percentage: 95.5%
Bajaj Allianz iSecure Plan:
The Bajaj Allianz iSecure Plan is a useful term policy with inexpensive rates from an extremely trusted private insurance company. This plan provides a level of coverage for the high sum assured quantities.
Plan Name: iSecure of Bajaj Allianz
Premium: INR 14513/Annum
Claim Settlement Percentage: 91.9%
ICICI Prudential iCare II Plan:
The ICICI Prudential iCare II Plan is one of the most trustworthy life insurer companies in India. You can also buy the ICICI Prudential iCare II Plan from an online platform and requires just about no time to get finalized.
Plan Name: iCare II Term Insurance of ICICI Prudential
Premium: INR 18293/Annum
Claim Settlement Percentage: 93.8%
AEGON Life Insurance iTerm Plan:
The AEGON Life Insurance iTerm Plan is among the lower priced Life Insurance for 1 crore cover in the insurance market at present times with a good claim settlement percentage.
Plan Name: iTerm of AEGON Life Insurance
Premium: INR 8892/Annum
Claim Settlement Percentage: 89.8%
Reliance Life Insurance Online Term Plan:
Under the Reliance Life Insurance Online Term Plan non-smokers receive a superior discount & this life cover is especially for till the age of 75. The most important factor in the plan is that they arrange for the medical test at home only.
Plan Name: Online Term of Reliance Life insurance
Premium: INR 7950/Annum
Claim Settlement Percentage: 83.8%
PNB Metlife Mera Term Policy:
The PNB Metlife Mera Term Policy is among the few efficient plans in our country to provide a sum assured of 1 crore as the death benefit together with suitable tax benefits.
Plan Name: Metlife Mera Term Plan of PNB
Premium: INR 9011/Annum
Claim Settlement Percentage: 92.9%