In summary

A Rs. 1 crore term insurance plan provides Rs. 1 crore of life cover during the policy term. 

• The nominee can receive the applicable Rs. 1 crore sum assured if the insured person dies during the policy term, subject to the policy terms and conditions.
• Premiums can vary based on age, health, smoking status, income, occupation, policy term, sum assured and other underwriting factors.
• Term insurance plans start at Rs. 14/day* for 1 crore cover; offered by trusted insurers through Bajaj Finance Insurance Mall.
• Medical examinations may be required depending on the insurer's underwriting requirements and the information provided in the application.
• Optional riders, where available, can provide additional protection for specified events such as critical illness, accidental death or disability.
• A Rs. 1 crore cover should be assessed against your income, liabilities, dependants, existing assets and future financial requirements rather than treated as a fixed amount suitable for everyone.

Term insurance is a type of life insurance designed primarily to provide financial protection for a specified period. You can compare available plans based on cover, premium, policy term and applicable features – get quote!

A Rs. 1 crore term insurance plan is a life insurance policy that provides a sum assured of Rs. 1 crore during the selected policy term. If the insured person dies during this period, the insurer pays the applicable policy payout to the nominee, subject to the policy terms and conditions.

For example, if you select a Rs. 1 crore sum assured for a 30-year policy term and the policy remains active throughout that period, the nominee can receive the applicable Rs. 1 crore payout if the insured person dies during the term.

A standard term insurance plan generally does not provide a maturity payout if the policyholder survives the policy term. However, specific plans may offer a return-of-premium feature, subject to their terms.

1. Selecting the plan and life coverage

• Sum assured: The sum assured is the amount of life cover selected under the policy. For a 1 crore term insurance plan, the sum assured is Rs. 1 crore, payable to the nominee if the insured person passes away during the policy term, subject to the policy terms.
• Policy term: The policy term is the period for which the life cover remains active. Depending on the plan, you may be able to select a term based on your financial responsibilities and protection needs.
• Premium paying term: This is the period during which you need to pay premiums. Depending on the policy, you may have options such as regular premium payment or limited premium payment for a shorter period.
• Premium calculation: The premium for a 1 crore term insurance plan depends on factors such as age, health, lifestyle, occupation, sum assured and policy term. The insurer assesses these factors during underwriting before determining the applicable premium.
• Adding riders: You may be able to add optional riders to your term insurance policy for additional protection, depending on the insurer and product. Common options may include critical illness, accidental death cover and waiver of premium riders.
• Nominee: The nominee is the person designated by the policyholder to receive the policy proceeds payable on the insured person's death, subject to the applicable policy terms and nomination rules.

2. Application form and underwriting process

• Application form: You need to provide information such as your age, income, health history, occupation and lifestyle details when applying for a 1 crore term insurance plan. The insurer uses this information to assess the proposal.
• Medical tests: The insurer may ask for medical examinations or additional medical information based on factors such as age, health disclosures and the amount of cover requested.
• Underwriting: Underwriting involves the insurer assessing the information provided in the application, along with medical reports and other relevant details. Based on this assessment, the insurer decides whether to accept the proposal and determines the applicable premium and policy terms.

3. Policy issuance and premium payment

• Policy issuance: If the insurer accepts the proposal and the required premium is paid, the policy is issued with details such as the sum assured, policy term, premium and applicable terms and conditions.
• Free-look period: Life insurance policies provide a 30-day free-look period from receipt of the policy document, allowing you to review the policy terms and conditions. If you do not agree with the terms, you can request cancellation subject to the applicable conditions.
• Premium payment: You must pay premiums according to the payment frequency and premium payment term selected when purchasing the policy. Timely payment helps keep the policy in force as per its terms.

4. Payout of the sum assured

• Death cover: If the insured person passes away during the policy term, the insurer pays the applicable death cover to the nominee, subject to the policy terms and conditions. For a 1 crore term insurance plan, this may be Rs. 1 crore if the policy provides the full sum assured as the death cover.
• Survival benefit: A standard term insurance plan generally does not provide a maturity payout if the policyholder survives the policy term. However, some plans may offer a return of premium option under which premiums may be returned subject to the policy terms.

• Rider payout: If eligible riders are added to the policy, a rider payout may be available when the specified insured event occurs, subject to the terms and conditions of the respective rider.

  
  

Term insurance can provide substantial life cover at a premium determined by your profile and the policy selected. Get a quote to compare available options based on your coverage and protection needs.

A Rs. 1 crore cover can help provide financial support for:

• Outstanding home, personal or other loans
• Regular household expenses
• Children's education and other planned expenses
• Financial support for dependants
• Long-term financial commitments

However, Rs. 1 crore should not automatically be treated as sufficient for every individual. Someone with high income, substantial liabilities or several dependants may require a higher sum assured, while another person may need less.

Key features and benefits include:

• Rs. 1 crore life cover at an affordable premium: A 1 crore term insurance plan provides substantial life cover. For example, a 30-year-old non-smoker may get Rs. 1 crore cover for around Rs. 420/month*, depending on the insurer, policy term and applicant’s profile.
• Financial support for your family: The Rs. 1 crore payout can help your nominee manage regular expenses, EMIs, outstanding loans and long-term financial goals.
• Flexible payout options: Depending on the policy, the sum assured may be paid as a lump sum, regular income or a combination of both. The available payout options vary by plan.
• Long-term coverage: Term insurance plans can provide coverage for several decades, depending on the insurer’s entry age, maximum maturity age and policy terms. Buying a policy earlier may also help you access lower premiums.
• Optional riders: You may add riders such as critical illness cover, accidental death cover or waiver of premium, subject to the insurer and policy terms. These can provide additional protection for specific risks.
• Applicable tax benefits: Eligible term insurance premiums may qualify for tax deductions, subject to the applicable tax regime and conditions. Eligible life insurance payouts may also receive tax benefits under applicable provisions.

A Rs. 1 crore term insurance plan may be sufficient for some families, but it is not a fixed amount that works for everyone. The right cover depends on your annual income, outstanding loans, number of dependants, regular expenses and future financial goals.
 

Provides financial protection for your family

A Rs. 1 crore sum assured can help your family manage financial responsibilities if you pass away during the policy term. The payout may be used towards household expenses, outstanding loans, children's education and other financial commitments.
 

Check whether Rs. 1 crore matches your income

A common starting point is to consider life cover of around 10 to 15 times your annual income. For example, if you earn Rs. 10 lakh a year, a Rs. 1 crore cover falls within this range. However, your actual requirement may be higher if you have substantial liabilities or dependants.
 

Consider loans and future expenses

Add your outstanding home, education, vehicle or other loans when assessing your required cover. You should also account for major future expenses, such as your children's education or marriage and your family's regular living costs.
 

Account for inflation and your family's needs

Rs. 1 crore received many years from now will not have the same purchasing power as it does today. Consider your family's expected expenses, future goals and the number of years your dependants may need financial support before deciding whether Rs. 1 crore is enough.

A Rs. 1 crore term insurance plan can be a useful level of cover, but the appropriate sum assured should be based on your financial responsibilities rather than a standard amount.

A Rs. 1 crore term insurance plan can be considered when your financial responsibilities increase and your family depends on your income. The right time to buy a policy depends on factors such as your age, income, dependants, loans and future financial goals.

The appropriate coverage amount should be based on your family's financial needs, existing liabilities and future expenses rather than a fixed amount for everyone.

The entry age for a Rs. 1 crore term insurance plan depends on the insurer and product. Many term plans accept applicants from 18 years, while the maximum entry age can vary by insurer and may be higher for some products. The policy's maximum maturity age also depends on the product terms.
 

Minimum entry age

Most term insurance plans allow individuals to apply from 18 years of age. However, the exact minimum age can vary by product.
 

Maximum entry age

There is no single maximum entry age that applies to every term insurance plan. Insurers set product-specific limits, so some plans may accept applications at 60, 65 or older, subject to their eligibility and underwriting criteria.
 

How age affects the premium

Age is one of the factors considered when calculating term insurance premiums. Applying for a Rs. 1 crore term plan at a younger age may result in a lower premium than applying for the same cover at an older age, subject to the insurer's underwriting and other factors.

A Rs. 1 crore term insurance plan provides substantial life cover, but it also has some limitations. Consider these before choosing a policy:

Before buying, compare the coverage, premium, policy term and applicable conditions to ensure the plan matches your financial needs.

Eligibility for a Rs. 1 crore term insurance plan varies by insurer and product. The insurer assesses your application based on factors such as:

Medical examinations may be required depending on the insurer's underwriting process, your profile and the amount of cover requested.

There is no single age or income criterion that guarantees eligibility for a Rs. 1 crore term insurance plan. Check the specific insurer's product terms and underwriting requirements before applying.

A Rs. 1 crore term insurance plan may be suitable for individuals who have financial dependants, ongoing liabilities or long-term financial responsibilities. The coverage amount should be selected based on factors such as income, expenses, loans and future goals.

Before choosing a Rs. 1 crore term insurance plan, assess your family’s financial requirements, existing savings, liabilities and future goals to decide whether this coverage amount is suitable for you.

When selecting a Rs. 1 crore term insurance plan, consider the following factors:
 

• Premium affordability: Choose a plan with a premium that fits your budget and allows you to maintain coverage throughout the policy term.
• Policy term: Select a policy term based on your financial responsibilities, future goals and the period for which your family may need financial support.
• Coverage needs: Ensure that the Rs. 1 crore sum assured is suitable for your income, liabilities, dependants and long-term financial goals.
• Claim settlement record: Review the insurer’s claim settlement record and service standards before choosing a plan.
• Riders and add-ons: Consider additional covers such as critical illness, accidental death cover or waiver of premium rider based on your protection needs.
• Insurer reliability: Check the insurer’s reputation, financial stability and policy terms before making a decision.

The premium for a Rs. 1 crore term insurance plan is not fixed. Insurers assess your profile and underwriting details before deciding the applicable premium. Key factors include:
 

• Age: Younger applicants may generally get lower premiums as insurers assess them for a longer coverage period.
• Health condition: Medical history, current health status and medical test results (if required) can influence the premium.
• Smoking and lifestyle habits: Smoking, alcohol consumption and other lifestyle factors can affect the risk assessment and premium amount.
• Policy term: A longer policy duration may affect the premium as the insurer provides coverage for an extended period.
• Sum assured: A higher coverage amount generally results in a higher premium.
• Occupation: The nature and risk level of your occupation may influence the premium calculation.
• Riders: Adding optional riders such as critical illness or accidental death cover can increase the overall premium due to additional benefits.

The ideal sum assured depends on your financial circumstances rather than a fixed figure. A Rs. 1 crore term insurance plan may be suitable for some individuals, but the right coverage should be based on your family’s financial needs.

When deciding whether Rs. 1 crore is appropriate, consider:
 

• Current annual income
• Outstanding loans and liabilities
• Household expenses
• Children’s education costs
• Number of financial dependants
• Future financial goals
• Existing savings and assets
   

Assessing these factors can help you choose a life cover amount that provides adequate financial support for your family.

The premium for a Rs. 1 crore term insurance plan is calculated based on your age, health profile, lifestyle habits, coverage amount and policy duration. A term insurance premium calculator uses these details to provide an estimated premium amount. The final premium may vary after the insurer’s underwriting assessment.
 

For example, a 30-year-old non-smoking individual looking for Rs. 1 crore cover for 30 years may receive a different premium estimate compared to a 45-year-old applicant choosing the same cover and policy term. Age, health and lifestyle factors can significantly affect the premium amount.
 

To estimate your 1 crore term insurance premium, enter details such as:
 

• Age: Younger applicants may generally get lower premiums as they are covered for a longer period.
• Sum assured: A Rs. 1 crore cover amount determines the level of financial protection selected.
• Policy term: A longer policy duration can affect the premium as the insurer provides coverage for more years.
• Smoking status: Smokers may have higher premiums due to increased risk assessment.
• Health details: Medical history and test results (if required) can influence the final premium.
• Riders selected: Additional covers such as critical illness or accidental death cover may increase the premium.
   

A term insurance premium calculator helps you compare estimated premiums and choose a cover amount that matches your financial requirements. However, the actual premium is confirmed only after the insurer reviews your application and underwriting details.

Term insurance plans offer different sum assured options based on the insurer and product features. Common coverage options include Rs. 25 lakh, Rs. 50 lakh, Rs. 1 crore, Rs. 2 crore and higher amounts, depending on eligibility and underwriting criteria.

The right sum assured depends on your income, financial responsibilities, existing liabilities, number of dependants and future goals. Choose a cover amount that can provide adequate financial support to your nominee instead of selecting a fixed amount without assessing your needs.

Riders are optional add-on benefits that can enhance your 1 crore term insurance coverage by providing additional protection for specific situations. Common riders include:

Choose riders based on your financial responsibilities, health profile and protection requirements. Always check the rider benefits, exclusions and conditions before adding them to your term insurance plan.

To apply for a Rs. 1 crore term insurance plan, you need to submit documents that help the insurer verify your identity, age, income and health details. The commonly required documents include:
 

• Identity proof: Aadhaar card, PAN card, passport or voter ID.
• Age proof: Birth certificate, PAN card, passport or other valid age proof documents.
• Address proof: Aadhaar card, passport, voter ID or utility bills.
• Income proof: Salary slips, Form 16, ITR, bank statements or other income-related documents, especially for higher coverage amounts.
• Medical documents: Medical reports or test reports may be required based on your age, health details and coverage amount.
• Photograph and signature: Recent photograph and signature details may be required for application processing.
   

Keeping these documents ready can help make the application process smoother. The exact requirements may vary depending on the insurer, policy terms and your profile.

If the policyholder passes away during the policy term, the nominee can file a claim with the insurer by following these steps:
 

• Inform the insurer: Notify the insurance company about the claim and submit the required claim form.
• Submit documents: Provide documents such as the death certificate, policy documents, nominee’s identity proof and other documents requested by the insurer. 
• Claim review: The insurer verifies the submitted documents and assesses the claim as per the policy terms.
• Claim settlement: Once approved, the insurer pays the applicable sum assured to the nominee. 
   

Keeping policy details and nominee information updated can help make the claim process smoother.

To buy a life insurance plan through Bajaj Finance Insurance Mall, you simply need to provide a few details and follow these steps:
 

Step 1: Click on ‘Get Quote’ to open the online application form.

Step 2: Enter the required details, including your name, mobile number, email ID, date of birth and gender. Click on the ‘Proceed’ button.

Step 3: Share additional details related to your lifestyle, occupation, education, income and PIN code. Click on the ‘View Plans’ button to check available options.

Step 4: Review the available plans and click on ‘Buy Now’ for the selected plan. A representative will connect with you to explain the product details and help you make an informed decision.

This keeps the original intent, steps and interlink placement while making it publication-ready.

Bajaj Finance Insurance Mall allows you to compare life insurance options from insurers available on the platform.

You can use the platform to:
 

• Compare available insurance policies
• Review coverage and premium options
• Explore plans from different insurers
• Complete the initial purchase process online
• Assess options according to your protection requirements
   

For a Rs. 1 crore term insurance requirement, comparing the policy term, premium, coverage and available features can help you identify options that match your financial needs.

A Rs. 1 crore term insurance plan provides a defined level of life cover for a selected policy term. It can help your family manage liabilities, household expenses and other financial commitments if the insured person passes away during the policy term.

However, Rs. 1 crore is not automatically the right cover for everyone. Your income, dependants, loans, future expenses, age, health and other financial responsibilities should guide your coverage decision.

Your premium also depends on your individual profile and the insurer's underwriting criteria. Compare policy terms, coverage, premium and applicable riders before selecting a plan. Assess your protection needs first, then compare available life insurance plans and get a quote based on your profile.