Premium of Term Plan

Premiums for Rs 1 cr term plans starting at Rs 7,080 – Check the latest offers

If you’re looking to purchase a term insurance plan & here are the approximate annual premium of term plan costs for policies with a sum assured of Rs 1 crore currently being offered by 21 insurers in our country.

Premium of Term Plan

 

The starting of a new year is a perfect occasion to take stock of our finances & lay down the financial plans for the year.

Review the progress made in the previous year, identify problematic areas and take effective corrective measures, if required.

The world is yet to recover from the Covid-19 pandemic which expose our vulnerabilities like nothing before.

The previous year made many among us realize the true importance of having in place a life insurance. Plan to protect the financial interests of our dependents if something untoward were to happen to us.

If you still don’t have a life insurance policy & you must priorities getting one with an adequate sum assured at the earliest.

Premium of Term Plan

BankBazaar

 

If you are not sure how much sum assured would be adequate &  you may consider the popular rule of thumb which states.

Life insurance plan should be worth at least 10 times your current annual income. You may want to go for a higher sum assured based on your requirements.

It may be noted that there are different types of life insurance policies available in the market with varying features & benefits & you should choose the one that best meets your requirements after carefully comparing all your options.

These include term insurance plans, unit-linked plans, endowment policies, retirement plans, money-back plans, whole life policies, child insurance plans, etc.

Many people choose term insurance plans for a high sum assured at relatively cheaper premiums & any life insurance policy would increase as you grow older.

The cost of the premiums shouldn’t be the only consideration while choosing a particular insurance policy.

You also need to factor in other important things like the chosen insurer’s claim settlement ratio, policy features, add-on benefits & to make a pragmatic choice that best meets your requirements, informs BankBazaar.

Your applicable premium could be different based on your age, income, place of residence, occupation, policy’s features, sum assured, premium payment term &  your insurer’s terms & conditions, among others.

Premium of Term Plan

 

How Much Does A Rs 1 Crore Term Insurance Policy Cost?

Premium of Term Plan

 

What are the benefits of 1 Crore or 2 Crore Term Insurance Plans?

1) You are considering a simple thumb rule amount taking the insurance plan in some lakhs of rupees.

2) This is easy to remember from your family side too.

3) Many insurance companies offer low premiums for term insurance for 1 Crore or Rs 2 Crore plans.

4) There are special rebates & discounts if we take 1 Crore term insurance plan vs term plan which is less than 1 Crore.

one should do simple math & arrive at whether their need would suffice with Rs 1 Crore & Rs 2 Crore term plan.

 

How we filtered Best 1 Crore Term Insurance Plans to consider in 2019-2020?

Considered while picking up best 1 Crore term insurance plan in India & considered below key parameters while picking these plans.

 

1) Insurance Claim Settlement Ratio (CSR):

CSR is one of the good insurance company &  there are 68 insurance companies which are registered in India, out of which only 24 are in life insurance business.

Out of them 10 companies have declared claim settlement ratio of >= 95%. CSR is an insurance claims settled over the total insurance claims received by the insurance company during the year.

The company is honoring lower claims than what it received & rejecting some claims. Insurance companies that have a high claim settlement ratio of 95% to 100%.

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