₹1 Crore Term Insurance Plan Guide – Premium, Benefits & Tax Savings Best Options 2026
₹1 Crore Term Insurance Plan Guide – Premium, Benefits, Tax Savings Compare ₹1 Crore term insurance plans with premium cost, tax benefits, riders and claim process. Complete buying guide before you choose a policy. Term insurance is one of the most affordable and high-coverage life insurance products available today. Many people in India are now choosing a ₹1 Crore Term Insurance Plan Guide to protect their family financially at a very low yearly premium. If you are earning or planning your financial security, this guide will help you understand everything clearly.
What is a ₹1 Crore Term Insurance Plan Guide:
A ₹1 Crore Term Insurance Plan is a pure life cover policy where the insurance company pays ₹1,00,00,000 to your nominee if the insured person passes away during the policy term.
Simple words मध्ये सांगायचं तर — कमी premium भरून मोठा protection cover मिळतो.
It does not include investment returns like traditional policies. It is designed only for risk protection.
Term Insurance म्हणजे काय? (Basic Marathi Explanation)
Term insurance म्हणजे pure protection plan.
जर policy holder चा मृत्यू policy period मध्ये झाला — तर nominee ला full sum assured मिळते.
जर काही झाले नाही — तर maturity benefit नसतो (unless return of premium option).
Why ₹1 Crore Cover is Recommended Today:
Financial experts suggest coverage of at least 15–20 times your annual income.
Example:
| Annual Income | Suggested Cover |
|---|---|
| ₹6 lakh | ₹1 Crore+ |
| ₹8 lakh | ₹1.2–1.5 Crore |
| ₹10 lakh | ₹2 Crore |
Because of inflation, loans, children education cost, and medical expenses — higher cover is safer.
Key Benefits of ₹1 Crore Term Plan :₹1 Crore Term Insurance Plan Guide
✅ Very low premium
✅ High life cover
✅ Tax benefits
✅ Family financial security
✅ Optional riders available
✅ Online purchase discounts
✅ Flexible policy term
₹1 Crore Term Insurance Premium (Approx):
Premium depends on age, health, smoking status, and policy term.
Example estimate:
| Age | Yearly Premium (Non Smoker) |
|---|---|
| 25 yrs | ₹9,000 – ₹12,000 |
| 30 yrs | ₹11,000 – ₹15,000 |
| 35 yrs | ₹14,000 – ₹20,000 |
| 40 yrs | ₹18,000 – ₹28,000 |
Smokers साठी premium जास्त असतो.
Riders You Should Consider:
Riders add extra protection.
Popular Riders:
- Critical Illness Rider
- Accidental Death Benefit
- Disability Rider
- Waiver of Premium
- Income Benefit Rider
हे riders घेतल्याने protection strong होते.
Who Should Buy ₹1 Crore Term Insurance?
✔ Salaried employees
✔ Self-employed professionals
✔ Business owners
✔ Parents with dependents
✔ Loan holders (home/education)
✔ Young earners
जर तुमच्यावर family depend असेल — term insurance आवश्यक आहे.
Claim Process (Step by Step): ₹1 Crore Term Insurance Plan Guide
1️⃣ Nominee informs insurance company
2️⃣ Submit claim form
3️⃣ Provide death certificate
4️⃣ KYC + policy documents
5️⃣ Verification by insurer
6️⃣ Claim settlement
Online insurers usually faster claim settlement देतात.
Tax Benefits :
Term insurance gives tax benefits under:
Section 80C
Premium paid is tax deductible up to ₹1.5 lakh.
Section 10(10D)
Death claim amount is fully tax free.
Riders under 80D
Health riders may qualify for extra deduction.
Online vs Offline Term Insurance:
| Factor | Online | Offline |
|---|---|---|
| Premium | Lower | Higher |
| Process | Fast | Agent based |
| Comparison | Easy | Limited |
| Discount | Available | Rare |
Online purchase usually cheaper असते.
Common Mistakes to Avoid:
❌ Wrong nominee details
❌ Hiding medical history
❌ Taking low coverage
❌ Not adding riders
❌ Buying late age
❌ Not comparing plans
Government vs Private Term Plans:
Government schemes provide small coverage (₹2–5 lakh).
₹1 Crore cover only private insurers offer.
म्हणून major protection साठी private term plan आवश्यक.
FAQ – ₹1 Crore Term Insurance Plan Guide:
Q1. ₹1 Crore term plan premium किती असतो?
Age आणि health वर depend — साधारण ₹10k–₹20k yearly.
Q2. Medical test आवश्यक आहे का?
High cover साठी mostly yes.
Q3. Claim settlement ratio important आहे का?
हो — higher ratio = better trust.
Q4. Return of premium plan घ्यावा का?
Premium जास्त असतो — pure term cheaper.
Q5. Best age to buy?
As early as possible — premium low राहतो.
