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₹1 Crore TERM INSURANCE

₹ 1 Crore Term Insurance

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

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

Save more with up to 5%
lifetime online discount
Covers COVID-19 Life Claims ⁸

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.

Save more with up to 5% lifetime
online discount ^‘

Covers COVID- 19 life Claims ⁸

The reason why term insurance is so important?

Save more with up to 5% lifetime
online discount ^‘

Covers COVID-19 life Claims ⁸

₹1 Crore Term Plan Calculator

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What is ₹1 Crore Term Plan?

A 1Cr Term Insurance is a term policy with 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 insured’s 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 (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% 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?

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.

Considering the historical inflation rates, ₹1 crore is a large enough sum to protect your family’s future. Also, if ₹1 crore term life insurance plans typically provide this high cover at very competitive premium rate.

This is possible because term plans are pure protection plans. Having no investment component, your entire premium goes into securing your life cover. Hence, these plans enable you to safeguard your dependents from financial shortfalls in case of an eventuality.

Find out the current value of future costs using our Calculator.

Benefits of buying a ₹1 crore term insurance

Enhanced coverage with riders

A ₹1 crore term insurance policy not only provides a substantial amount of life cover ^< but also ensures that you are protected in other adverse situations, such as being diagnosed with a critical illness ^## or an accidental death⁹. The critical illness ^## rider (optional) and accidental death benefit ⁹ rider (optional) can help you and your loved ones against medical expenses and the shock of losing a loved one in an accident with an extra layer of protection.

High Coverage at Affordable Premiums

Term insurance policies are known for offering a high sum assured at a relatively affordable premium rate ^>> . Since these plans offer pure life protection, you can plan with a sum assured as high as ₹1 crore at a low premium compared to other types of life insurance policies. This makes term insurance a valuable tool for most people, irrespective of their income and budgetary constraints.

Consistent premium rates

The premium rates for a ₹1 crore term insurance plan remain consistent throughout the policy period until maturity. You can opt for a cover ranging from 10, 20, or 30 years. The premium rates are fix for the policy term you choose. Consistent premium rates offer predictability, allowing you to plan your budget and other financial goals without worrying about sudden premium increases.

Financial Security for Loved Ones

A ₹1 crore term insurance plan can provide you and your loved ones with comprehensive financial security for life. A sum as large as this lets your dependents cover miscellaneous expenses like outstanding debts, children's education and marriage, daily living expenses and several other financial liabilities.

Tax Benefits

The premiums paid for ₹1 crore term insurance can be used to claim a deduction of up to ₹1.5 lakh subject to conditions prescribed under Section 80C ^{^} of the Income Tax Act, 1961.

Additionally, the sum assured amount of ₹ 1 crore is exempt when claimed by the nominee subject to the conditions prescribed under Section 10(10D)^{^} of the Income Tax Act, 1961.

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

Premium Amount

Add-on Benefits

Solvency Ratio

Claim Settlement Ratio

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.

A ₹1 crore term insurance policy offers the option to buy add-on benefits or riders, such as a critical illness ^## rider (optional) and an accidental death benefit⁹ rider (optional). These riders are additional features that can be added to the base policy to enhance coverage. Riders can be valuable in unexpected situations and help you cover your needs without having to liquidate your assets or dip into your savings. Evaluate the riders offered by multiple term plans and pick a plan that aligns with your specific needs.

The solvency ratio is a sign of the insurance company's financial stability to meet its obligations, such as claim settlements. A company with a high solvency ratio can offer quick and assured claim settlements, assuring your family's financial security in your absence. Remember to check the solvency ratio of different insurance companies and look for insurers with high solvency ratios for the past few years to eliminate the scope of claim rejection at a later stage.

The claim settlement ratio is another essential factor to consider when choosing an insurance company. The claim settlement ratio is the percentage of the claims that an insurance company settles in a year out of the total number of claims received by it. A higher claim settlement ratio improves the likelihood of hassle-free claim settlement, faster turnaround time and minimal delays. It is crucial to look up the claim settlement ratio of multiple insurers and shortlist those with a consistently high figure.

A ₹1 crore term insurance policy offers the option to buy add-on benefits or riders, such as a critical illness ^## rider (optional) and an accidental death benefit ⁹ rider (optional). These riders are additional features that can be added to the base policy to enhance coverage. Riders can be valuable in unexpected situations and help you cover your needs without having to liquidate your assets or dip into your savings. Evaluate the riders offered by multiple term plans and pick a plan that aligns with your specific needs.

The solvency ratio is a sign of the insurance company's financial stability to meet its obligations, such as claim settlements. A company with a high solvency ratio can offer quick and assured claim settlements, assuring your family's financial security in your absence.Remember to check the solvency ratio of different insurance companies and look for insurers with high solvency ratios for the past few years to eliminate the scope of claim rejection at a later stage.

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:

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 and 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 and 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 disability ⁵

Illness Benefits

100% payout on the diagnosis of a terminal illness ³

Add-ons

Useful add-ons to enhance your life cover, offering upfront lumpsum payouts in case of accidents ⁹ 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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