₹ 1 Crore Term Insurance

A safety net to secure the future of your loved ones with a life cover

₹1 Crore

TERM INSURANCE

Asafety netto secure the future of your loved ones with a life cover

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The reason why term insurance is so important!

We all want an increase in our standard of living. This means rising expenses. Add to that the rise in inflation over time. As a sole provider, no one would want their loved ones to face hardships in case of any eventuality.

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₹1 Crore Term Plan Calculator

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What is ₹1 Crore Term Plan?

A 1Cr Term Insurance is a term policywith a sum assured of ₹1 Crore which is paid to the nominee of the plan in the unfortunate event of the death of the policyholder during the policy term.

Such a high life cover^< ensures that the life insureds family members are financially secure and are able to live their life comfortably without any compromises.

How does ₹1 crore term insurance plan work?

If you are wondering how does a ₹1 crore term insurance plan work, here’s an example that can help:

Let’s say Prashant bought a term insurance plan with a sum assured of ₹1 crore at the age of 30. He selected a policy term of 30 years and made his wife the plan’s nominee. An unexpected incident five years later led to Prashant’s untimely demise.

However, his wife received the entire sum assured of ₹1 crore from the insurance company. This payout can help her to be financially independent and continue her life in Prashant’s absence with dignity and fiscal security.

Prashant’s Age	30
Retirement age	60
Annual Income	₹ 11 Lakhs
Current Family Expense (Per year)	₹ 3 Lakhs
Family’s overall expenses for the next 30 years (assumed inflation rate 6%)	₹ 2.4 Crores
Other expenses (loan, education expenses etc.)	₹ 35 Lakhs
Personal Savings	₹ 10 Lakhs
Value of personal savings after 30 years (@10% assumed growth rate)	₹ 1.5 Crores
Recommended Life cover	₹ 2.75 Crores – ₹ 1.5 Crores = ₹ 1.25 Crores

Why do you need ₹1 crore term insurance plan?

Determine Ideal Life Cover

Future Planning

Determining how much life cover you need is the first step to take when buying a term insurance plan. This value depends on your family’s current living costs, pending loans, and future aspirations.

However, before zeroing in on a certain amount, you need to factor in inflation. The prices that you pay for items of daily necessities today are likely to increase in a few years.

Find out the current value of future costs using our Calculator. It can give you an idea about the amount needed to secure your loved ones’ finances in your absence.

Benefits of buying a ₹1 crore term insurance

Who should opt for ₹1 crore term insurance?

You should buy at least ₹1 crore term life insurance policy.

If you are the sole or primary breadwinner of your family, you need to shield your loved ones against financial uncertainties in case something unwanted happens.

The ₹1 crore payout will support your loved ones’ livelihood. It can help settle any outstanding dues and pay for your children’s higher education or wedding.

Thus, even if they lose the support from your income, they will not have to compromise on their lifestyle or future goals.

ICICI Pru

Term Life Insurance

Regular Income for your family

Children's education

Home loan

Daughter's wedding

Things to consider before buying a ₹1 crore term insurance plan

Choosing a policy with a premium that fits your budget is essential. Term plans with high premium rates can interfere with your budget and put a strain on your finances. Therefore, make sure to assess your financial situation, compare multiple plans, and select a plan with the features you need and a premium that you can comfortably afford throughout the policy duration.

How to choose the right ₹1 crore term insurance?

You need to research the different term plans available to ensure the product you buy satisfies all your requirements. Here are some parameters you should look into before purchasing a term insurance plan:

Premium Rate

Unless the premium fits into your budget, you won't be able to buy the plan or pay the amount regularly. Therefore, it is advisable to choose a term plan with the most affordable premium as per your income

Claim Settlement Ratio (CSR)

This figure reflects the number of claims the insurance provider settles annually. A Claim Settlement Ratio of over 95% indicates that the insurance company is committed to fulfilling its obligations to its policyholders. Hence, to ensure that your beneficiaries receive the claim amount on time, you should opt for an insurance provider with a consistently high Claim Settlement Ratio

Additional benefits

Apart from a life cover, insurers offer several other useful features with their term plans, such as:

Additional add-ons to increase the base cover
Accelerated payouts in particular circumstances
Provision to increase the cover with changing needs

Determine your financial needs & requirements

You must assess your financial requirements when purchasing a term insurance plan. Make sure to go through the features, check out the riders and use a ₹ 1 crore term insurance premium calculator to better understand whether your chosen plan suits your budget.

Consider inflation & the cost of living

Inflation and future expenses can help you decide on the right coverage amount. While a ₹ 1 crore term insurance plan can suffice for most of your future needs, it is still prudent to evaluate these factors when deciding on a plan.

Why choose ₹1 Crore Term Insurance?

This term plan offers the following benefits:

Affordable

Life cover of ₹1 Crore at an affordable premium rate^2a

Increase Cover

Option to increase the cover with growing liabilities, without any medicals

Disability Benefits

In-built premium waivers and continuation of life cover in case of a permanent disability⁵

Illness Benefits

100% payout on the diagnosis of a terminal illness³

Add-ons

Useful add-ons to enhance your life cover, offering upfront lumpsum payouts in case of accidents⁹ or the 34 critical illnesses^## covered in the plan

Extent Option

The choice to extend coverage up to 99 years of age

Discount Benefit

Discounts ' on buying online

Did you know?

Furthermore, over the years, ICICI Prudential life has maintained a Claim Settlement Ratio of over 95%; the FY2021-22 figure being 97.8% ~ . It assures you of a speedy settlement * of your nominee's claim. Hence, you can rely on this insurer to ensure that your family members live the life you want for them even in your absence.

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Dipankar chose ICICI Prudential iProtect Smart

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“…premium is nominal along with extra riders…”

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A safety net to secure the future of your loved ones with a life cover

₹1 Crore

TERM INSURANCE

Asafety netto secure the future of your loved ones with a life cover

₹1 Crore Term Plan Calculator

What is ₹1 Crore Term Plan?

How does ₹1 crore term insurance plan work?

If you are wondering how does a ₹1 crore term insurance plan work, here’s an example that can help:

Why do you need ₹1 crore term insurance plan?

Benefits of buying a ₹1 crore term insurance

Enhanced coverage with riders

High Coverage at Affordable Premiums

Consistent premium rates

Financial Security for Loved Ones

Tax Benefits

Who should opt for ₹1 crore term insurance?

Things to consider before buying a ₹1 crore term insurance plan

Premium Amount

Add-on Benefits

Solvency Ratio

Claim Settlement Ratio