On the basis of popular guideline that
one must have life insurance coverage of at least 10 times his or her income;
an average person with an annual income of Rs. 10 lakh cannot pay a premium of
Rs. 10 lakh to get coverage of Rs. 1 crore. And for such situations, insurance
sector in India has designed way for sophisticated plans which can a help
person to secure his family’s financial future.
The i-term plan offered by private
sector of life insurance, majorly Aegon
Religare has made it possible for an average income person to get life
insurance coverage of Rs. 1 crore for a premium as low as Rs. 25 per day. You
just need to pay a premium of Rs. 7, 978to get the coverage of Rs 1 crore. The policy duration for
this amount coverage is 5 years. You can avail this plan up to the age of 75
years. If you increase the policy term to 10 years, then the premium goes even
low.
HDFC Life’s Click2Protect plan offers the insurance coverage of Rs 1 crore at a premium cost of
Rs. 11, 461a year.
Reliance Life Insurance offers the insurance coverage at a cost of Rs. 7,966 per annum.
Max Life also offers term
insurance plan of Rs 1 crore at the cost of Rs. 7,978a year.
If you want even lower premium amounts,
then you need to consider an increasing term of the policy. To be a responsible
parent, it is important to have a term insurance plan in your financial
portfolio. This way the cost is quite effective.
You can make a combination of Unit Linked Insurance Plans (ULIPs), Term
Insurance, and Health Insurance to
make the best out of the tax benefits as well as coverage.
Who should opt for Rs. 1 crore Term Plan?
·
Any individual in the
age category of 30-35 years
·
Any individual having
more earning years, or one who is the only earning member of the family are apt
for buying term life insurance plan with cover of Rs. 1 crore as his or her
family will have to fight many challenges ones the earning member is dead.
1
Crore Term Life Insurance Plan-
There are various insurance companies
who offer term insurance plans with a cover of Rs. 1 crore. After the new
regulations passed by IRDA, the insurance companies have drastically reduced
their premium rates for a cover of 1 crore or more. Many private insurance
companies like ICICI Prudential life, HDFC Standard Life, Birla Sun Life are
offering low rates of around Rs. 15000.
LIC offers a rate of around Rs. 25000 to
32000. Here are some plans of LIC that offers high sum assured-
1. LIC Term
Insurance Plan-
These
are traditional products that offer high sum assured for low annual premium.
These plans are cost-effective protection solutions.
ü Amulya
Jeevan-I
The plan offers protection
through high sum assured with long policy terms.
ü Amulya
Jeevan-II
This plan offers no maturity
benefits but offers the entire sum assured with long policy terms.
ü E-Term
This is the plan that can be
bought online and offers discount on the premiums to policy holders who do not
smoke.
2. Endowment Plans-
Under
this, there are two types of plans, participating and non-participating plans
i.e. some plans take part in the company’s profit, while others do not.
ü Single
Premium Endowment Plan-
In this, the premium is paid
in a single lump sum.
ü New Endowment
Plan-
This is the endowment life
insurance policy where the insurance cover can be more than Rs. 1 crore.
ü New Jeevan
Anand-
The scheme offers discounts
on premiums if the sum assured is high.
ü Limited
Premium Endowment Plan-
In this, the premiums are
not paid for the duration of policy but for a limited period only.
ü LIC’s Jeevan
Lakshya-
This plan offers high sum
assured and maturity benefits to policy holders.
ü New
Endowment Plus-
This is a ULIP and an
endowment that invests in various funds for the policy holder. Under this, the
policy holder takes advantage of investments made in the market.
While comparing various insurance
companies, it is important to check their norms as many private firms ask for
lower premiums but with strict conditions.
Premium Rates of Few Insurance Companies In Case of
Online Term Plan-
|
Company
|
Policy name
|
Premium for SA of 1 crore
|
|
Aviva
|
i-Life
|
Rs. 7965
|
|
Aegon Religare
|
i-Term (Medical)
|
Rs. 7978
|
|
Bharti AXA
|
eProtect
|
Rs. 7978
|
|
Max Life
|
Online Term Option I
|
Rs. 7978
|
|
HDFC Life
|
Click2Protect
|
Rs. 11461
|
|
Edelweiss Tokio
|
Protection
|
Rs. 12225
|
|
SBI Life
|
eShield
|
Rs. 12237
|
|
ICICI Prudential
|
iCare
|
Rs. 14607
|
On the basis of additional riders, the rates may differ.
The table above is designed for 30 years old person and salary tab of about 5-7
lakhs.
Conclusion-
Selecting
a 1 crore term insurance policy is a tricky job to do. You need to read the
term policy carefully to know about the benefits, inclusions and exclusions
mentioned in the policy. Also carefully compare the premium rate of various
policies available. Check the riders provided and claim settlement ratio of
various insurance companies.
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