Best Term Insurance Plan For 1 Crore Coverage

A term insurance plan with ₹1 crore coverage is a pretty comprehensive plan. However, the total cover you need depends on the kind of tenure you are looking at and the number of dependents you want to protect. You also have to factor in inflation and the diverse life-stage requirements of your dependents. (Hence, we recommend that you opt for our free term insurance cover calculator to determine your coverage amount.)

Now, if you are confident that ₹1 crore coverage will be the ideal amount to financially replace you, here is a quick look at the best term plans offering ₹1 crore coverage.

Best Term Insurance Plan For 1 Crore Coverage

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(To get a plain field of comparison, we have considered that the policyholder is Amit, a 25-year-old, non-smoker seeking ₹1 crore coverage till he is 65 years old. He is a graduate with an annual income of ₹10 lakhs).

What are the best term insurance plans for 1 crore coverage?

1. MaxLife Smart Secure Plus

Smart Secure Plus from the stable of MaxLife is quite possibly the best term insurance policy there is. The plan offers a huge range of riders that ensure maximum customisation. Add to this the reputation of the insurer in the term industry and you’ll know why this plan is so popular.

• Voluntary Top-Up Sum Assured Option - Unlike many term plan insurance plans, this policy offers you the chance to boost your coverage up to a maximum of 100%, when you need it.
• Inflation Shield - With this rider, your cover amount grows alongside and with respect to the year-on-year inflation.
• Critical Illness Benefit -  The insurer has a list of 40 critical ailments. If diagnosed with either of these, the insurer will offer you an additional cover amount to be used at your discretion.
• Terminal Illness - If diagnosed with a terminal condition with a poor diagnosis, the policyholder will receive an additional amount that is over and above the sum assured.
• Return of Premium - If you survive the tenure of the policy, as a Special Exit Value, your insurer will disburse the accrued premium amount.
• Accident Cover - If a policyholder dies due to an accident, his/her family receives an extra cover amount as a death benefit.
• Waiver of Premium Plus Rider - In the case of disability and critical illnesses, the policyholder need not pay the premium to keep their policy active.

Drawbacks: We couldn’t find any drawbacks to this plan as such. And hence, it is our top recommended plan for ₹1 crore coverage.

2. HDFC Click2Protect Super

Click2Protect Super is a term insurance policy that is specifically popular for its customisation perks. The plan is comprehensive and HDFC’s reputation adds to the reason why it's on the list of our recommended plans for ₹1 crore coverage and beyond.

The plan offers a host of riders to boost its customisation feature -

• Critical Illness Benefit: If diagnosed with any of the 19 listed critical ailments, then his/her family will have access to an additional sum. You can use this amount to treat ailments, arrange for savings, etc.
• Zero Cost Option: Say you opt for a term insurance plan and you forego your policy at a certain specific date, then with this rider, your premiums are returned to you in whole (minus the GST).
• Accidental Death Benefit: If the death of the policyholder is the result of an accident, an additional sum is released to the family.
• Inflation Protection: Your cover amount will get a boost as per the inflation rate.
• Waiver of Premium: You won’t need to pay the premiums towards your plan in case you are permanently incapacitated or have a critical ailment.
• Total Permanent Disability Benefit: In case you are left completely disabled for life, your insurer disburses a lump sum or monthly instalments of the set amount to ensure the smooth running of your daily household expenses.

Drawbacks: Like any other plan from the HDFC stable, this plan is expensive.

3. ICICI iProtect Smart

ICICI iProtect Smart is one of the best plans in the market. The plan has solid riders and comes in 4 variants - Life, Life Plus, Life & Health, and All-in-One. Most plans are affordable and ICICI has a very good brand equity. So let us look at some of the most highlighted features -

• Accelerated Critical Illness Benefit - ICICI iProtect Smart extends up to ₹1 crore coverage in case you are diagnosed with any of the listed 34 critical ailments.
• Life stage Benefit (In-Built) - The insurer offers to boost your cover by a certain amount during any major life-stage events. This is a significant perk considering that term insurers don’t usually allow you to introduce changes into an existing plan.
• Accidental Death Benefit - If the policyholder expires due to an accident, his/her family receives an additional amount that is up and above the base coverage.
• Terminal Illness - Say, if you have a term cover and have been diagnosed with an ailment that will likely be terminal, your insurer will disburse the cover amount that can be used at your discretion.
• Waiver of Premium - In case you are left completely and permanently disabled, the insurer offers you an amount (lump sum or monthly - as you prefer).
• Smart Exit Benefit - In case you want to cancel the ICICI iProtect Smart term insurance plan, you receive a full refund of your accumulated premiums. You don’t need to pay any additional premiums to avail of this perk.

Drawbacks: While the plan is quite a catch, the issue is with the insurer - ICICI Prudential’s application process can sometimes leave you frustrated.

4. TATA AIA Sampoorna Raksha Supreme

TATA AIA Sampoorna Raksha Supreme is one of the most affordable plans in the market. The policy offers some great riders that help in the customisation of the product Add to this TATA AIA’s credible reputation in the industry and you have on your hands a great policy.

Here is a look into the best features of the plan -

• Life Stage Benefit - The insurer allows you to increase your coverage by a specific amount when you experience significant life-stage events. This proves to be a notable benefit, particularly since term insurers generally do not permit alterations to an existing plan.
• Criticare Plus Benefit - If you are diagnosed with any of the 40 critical ailments on the insurer's list, they will offer you an additional coverage amount to use at your discretion.
• Whole Life Cover - The policy offers an option where you can be covered till you are 100 years old. (We don’t recommend opting for this, considering the chances of your dependents still staying financially reliant on you diminishes by then.)
• Top-Up Sum Assured - The base amount grows by 5% during every Policy Anniversary. (In this case, the Premium Payment Term is at least 5 years).
• Terminal Illness Benefit - If the policyholder receives a diagnosis of a terminal condition, they will be entitled to lump sum disbursal (which is up to 50% of the base sum assured). This is an in-built feature in this plan and is called the Payor Accelerator Benefit.
• Lower Premium for Women - As a women policyholder, this plan offers you a discounted premium.
• Wellness Program - Expect a discount on your first-year rider premiums and complimentary annual health check-ups.
• Return of Premium - Upon surviving the policy's duration, the insurer will distribute the accumulated premium as a Special Exit Value.

Drawbacks: The policy has no Zero Cost option or Inflation Shield where your cover grows exponentially at the same rate as the inflation.

5. Bajaj Allianz Smart Protect Goal

Bajaj Allianz Smart Protect Goal is an affordable option for those seeking comprehensive coverage. However, while the plan offers quite a few riders and unique perks like comparatively lower premiums for smokers (as compared to the industry standard), it seems like they missed out on including a few important ones like the Zero Cost Option.

Nevertheless, the plan has a few highlights -

• Critical Illness Benefit - Bajaj Allianz has a list of 55 critical ailments. If diagnosed with any of these, you will receive an additional amount to be used at your discretion. However, there is an extended waiting period associated with this perk - 180 days.
• Return of Premiums - Provided you survive the tenure of the Bajaj Allianz Smart Protect Goal term insurance plan, you get a complete return of your accrued premiums.
• Whole Life Cover - This policy offers you an option to be financially protected till you are 99 years old.

Drawbacks: The policy offers no Zero Cost option, Waiver of Premium, Inflation Shield, Accidental Death Benefit, Terminal Illness Benefit, or options to boost your coverage when and if required. Moreover, Bajaj Allianz isn’t our recommended choice in term insurers due to its average Claim Settlement number.

Should you opt for term insurance plans offering 1 crore coverage?

Term insurance plans offering ₹1 crore coverage are comprehensive - period.

But here’s an issue - there’s no 1 fixed sum assured that works for everyone. If you take a look at our free term insurance cover calculator -

-you can see that we recommend your cover factoring in your tenure, your monthly expenses and any outstanding loans. In fact, your ideal sum assured should reflect the number of dependents you have, how long they will stay financially dependent, the inflation rate, and the various life stage events for the future.

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Conclusion

When choosing a ₹1 crore coverage, remember to look for reputed term insurers with high Claim Settlement and Amount Settlement numbers, a low complaint number, and a decent insurance history. In terms of the plan, we recommend that you seek plans that are affordable and have riders like - excellent Critical Illness benefits (with a nominal waiting period), Terminal Illness riders, Waiver of Premiums in the case of critical illnesses and total permanent disability, and Inflation Shield.