Term insurance is a must have product in one's financial instrument basket, which provides for a financial cover that takes on financial responsibility of the life insured in the event of death. The bread-winner of the family can't ignore term insurance at any cost i.e. it a must have product for them. More so, Rs 1 crore term insurance plans are also suitable for individuals aged between 30 and 35 years who have comparably more number of earning years. Interestingly, people with average salary can also make an investment in these plans with a sum assured value upto Rs. 1 crore.
SBI Life e-Shield
At an affordable premium rate of as low as Rs. 3500, individuals can secure the best financial cover for their family. The e-Shield cover rewards the insured for maintaining a healthy lifestyle. Plan comes with options of level and increasing cover. Accidental death benefit equals to basic sum assured value or Rs. 50, 00,000 whichever is lower. Taxation benefits under section 80 C as well as Section 10 (10) D are applicable.
ICICI Pru iProtect Smart Life Cover
This term plan by ICICIpru is among its top selling plans and features an inbuilt terminal and disability rider. At an affordable rate of just Rs. 490 per month, individuals can secure their family with a sum assured value of Rs. 1 crore. For any given 34 critical illnesses, a guaranteed benefit upto 1 crore is payable.
In case death of the insured occurs due to an accident, double the sum assured value is payable to the nominee. Also, if the accident results in permanent disability of the insured, the policy remains in force while premium payments towards it are waived off.
In a case when the insured is diagnosed with some featured terminal illness, the entire sum assured value of Rs. 1 crore shall be paid.
A non-smoker male aged 18 yrs can get a cover of Rs. 1 crore with the Aviva i-life term plan of 10 years without taxation @ Rs 16 per day. This means for this age group, the annual premium amount comes out to be Rs. 5840. The term plan covering all forms of death provides 5% rebate to females. Additionally, in case the sum assured value is over Rs. 1 crore, rebate on the premium amount is granted then also.
HDFC Life Click 2 protect
At a nominal rate of Rs. 683 for a month, an individual aged 18 years who is a non-smoker can avail the policy with a cover of Rs. 1crore. Benefits on the policy can be enhanced by subscribing for the accidental death benefit rider, wherein the nominee gets double the sum assured value in the event of death due to accident. Also, in case the accident results in some disability, the insured is entitled to receive a sum of Rs. 60,000 on a monthly basis. If some specified criticall illness is diagnosed, the insured would get a lump sum amount of Rs. 20 lakhs.
Max Life Online Term Plan Plus
For as low an amount as Rs. 576 per month individuals can get Rs. 1 crore cover. Other finer details concerning the policy are additional riders with a nominal increase in premium amount. The minimum and maximum entry age for this policy is 18 and 60 years. The policy can also be availed by NRIs.