Term insurance will financially take care of your family in the case of the unfortunate eventuality of death of the insured. Term plan is a must for individuals who are the sole bread winners of the family.
One should choose an insurance amount considering factors such as number of dependents, lifestyle you want to provide for your family, children's education etc.
There are various insurance companies which provide term insurance cover of Rs 1 crore. Individuals should not only compare the premium rates but other things like claims policy.
1) Aviva i life
This is a term plan with a nominal cost. There is a 5 per cent rebate for female lives and a rebate for higher sum assured. The premium can be paid yearly or half-yearly.
The premium amount for sum assured of Rs 1 crore is Rs 7,965 for those under 30 years of age.
2) Bharti AXA e protect
The premium amount for sum assured of Rs 1 crore is Rs 7,978 for those under 30 years of age. Individuals will also be eligible for special rates in case they are non-smoker.
The procedure to buy is hassle free and can be bought under click of a button.
3) Aegon Life i Term Insurance Plan
The insurance will pay 25% of the base sum assured on diagnosis of any terminal illness & the base sum assured will be reduced by an amount equal to the benefit paid under this clause.
The premium amount for sum assured of Rs 1 crore is Rs 7978 for those under 30 years of age.
4) SBI Life eShield
In this term plan, there is rewards for maintaining a healthy lifestyle. There is an additional benefit of accidental death benefit. The premium amount for sum assured of Rs 1 crore is Rs 12,237 for those under 30 years of age.
5) HDFC Life Click2Protect Plus Plan
Flexibility to choose your policy term of 10 to 40 years as per the cover required. Individuals are eligible to rewards for healthy lifestyle with lower premium rates for non-tobacco users. The premium amount for sum assured of Rs 1 crore is Rs 11,461 for those under 30 years of age.
6) ICICI Pru i Protect Smart
ICICI Pru iProtect Smart is a term insurance plan that offers multiple options. There is a guaranteed cash payout up to Rs 1 Crore to you for 34 life threatening illnesses.
Special premium rates for women and non-tobacco users. The premium amount for sum assured of Rs 1 crore is Rs 14,607 for those under 30 years of age.
While we have tried to get the most precise and best possible term insurance rates, we wish to emphasize that the above rates are only indicative. Please contact the insurance company for exact.