FOR EXISTING POLICY
FOR NEW POLICY
Sole earners in a Family
If you are the only earning person in your family, a 1 crore term insurance cover is essential for protecting your family in your absence.
No relevant search results found.
Language
Success
Thank you for sharing your details. To receive a call from Tata AIA Financial Advisor.
Failure
reCAPTCHA is not working.
Call us
1 Crore Term Insurance
1 Crore Term Insurance is a pure risk term insurance policy that offers an extensive life cover of ₹1 Crore at an affordable premium. Let us explore the 1 crore term insurance plans and their features with Tata AIA Life Insurance.
What Is A 1 Crore Term Insurance Plan?
A 1 crore term insurance plan is a term life insurance policy that provides a life cover of up to ₹1 crore to secure your family’s financial future in the event of your unexpected death during the policy tenure.
How Does The 1 Crore Term Insurance Plan Work?
Having life insurance is what gives you complete peace of mind, knowing that your family will be protected when you are not around to tend to their needs. This is true, especially for term insurance, which offers protection in the form of a pure life cover. When you opt for a higher sum assured, you can ensure more coverage for your loved ones!
When you buy a 1 crore term insurance plan, you can choose a policy tenure for which you want to be covered. The 1 crore life insurance plan provides the death benefit of up to ₹ 1 crore to your nominee in the event of your unexpected death during the policy tenure. It can help them pay for their routine expenses, clear off debts, secure funds for their future financial objectives, etc.
-
Example
Mr Sriram, a 30-year-old, salaried employee, and a non-smoker, wanted life insurance to secure his permanently disabled spouse, who will remain dependent throughout her life.
He purchased a 1 crore term insurance plan till age 100^^. He chose the regular premium payment mode under the Life Option in our Tata AIA Sampoorna Raksha Supreme.
In the event of his unexpected death at any time during his life until 100 years of age, his spouse will receive the sum assured of 1 crore as a lump sum. It will help her lead a self-sufficient life in the absence of her husband.
With a 1 crore pure term insurance plan, the premiums you pay towards your policy do not change over the years, and you can also choose a policy tenure and a premium payment term frequency of your preference. In return, you and your family continue enjoying the life cover protection until the end of the policy term.
Popular Tata AIA Term Insurance Plans
Popular Tata AIA Term Insurance Plans
A Non-Linked Non-Participating Individual Life Insurance Plan
(UIN:110N160V04)
Tata AIA
SRS Vitality Protect
Solution Composition
Tata AIA SRS Vitality Protect is a term solution which includes Tata AIA Life Insurance Sampoorna Raksha Supreme, a non-linked, non-participating, individual life insurance plan (UIN: 110N160V04) and Tata AIA Vitality Protect, a non-linked, non-participating, individual health rider (UIN: 110B046V02). Tata AIA Life Insurance Sampoorna Raksha Supreme is also available individually for sale.
Non-Linked, Non-Participating, Individual Life Insurance Product
(UIN: 110N171V01)
Why Buy A 1 Crore Term Insurance Plan?
-
![Extensive Coverage at Affordable Premiums]( "Extensive Coverage at Affordable Premiums")
Extensive coverage
The term plan can offer an extensive life cover of up to ₹ 1 crore for the chosen policy tenure.
-
![Secure Your Family from Financial Liabilities]( "Secure Your Family from Financial Liabilities")
Affordable premium
Despite offering such extensive coverage, a 1 crore term plan can have quite affordable premiums if you select a reasonably long policy term. It means you can not only protect your family with better coverage but also avoid paying higher premiums to avail of this coverage.
-
![Stopwatch]( "Increase the life cover at important milestones in your life")
Policy tenure
You can decide on the 1 cr. life insurance policy tenure based on the requirements of your dependent family member and your future money goals.
-
![Purchase 1 crore term insurance at a younger age in life]( "Purchase 1 crore term insurance at a younger age in life")
Option to increase life cover
Term insurance plans are designed to protect your loved ones from life’s uncertainties at different stages in your life. With a 1 crore term insurance cover, you can increase your coverage at different life stages to ensure better protection for your family members.
-
![Purchase a 1 crore term insurance policy from the official website of Tata AIA Life Insurance]( "Purchase a 1 crore term insurance policy from the official website of Tata AIA Life Insurance")
Flexibility
The 1 crore term insurance plan provides flexible features to customise the policy based on your financial needs. For instance, you can choose the premium payment options and the payout options.
-
Premium payment options
- Single payment - Pay the premium as a single payment during policy inception.
- Limited premium payment - Pay the premium for a limited term of the policy tenure while ensuring the benefits throughout the policy tenure.
- Regular premium payment - Pay the premium regularly throughout the policy tenure.
Furthermore, you can determine a convenient premium payment frequency for the limited and regular premium payment methods, such as monthly, quarterly, semi-annually, or annually. -
Payout options
- Lump sum - The sum assured will be paid as a lump sum to your family.
- Regular income - The sum assured will be paid as a regular income for a defined income period.
- Combination of lump sum and regular income - The sum assured will be provided as a combination of the lump sum and regular income.
-
Riders
The simple life cover of a term insurance plan can be easily boosted with optional riders^ that protect you against critical illnesses, major and minor illnesses and injuries, accidental death and disability, hospitalisation, and many other risks. These riders can be added to your term plan for an extra nominal premium.
-
Long-term coverage
You can get insured in the 1 cr term insurance policy for a long term, such as 10 to 40 years. The longer the term insurance policy period, the more affordable the 1 crore term insurance premium.
-
Return of premium
You can choose to receive the premiums paid for the 1 crore insurance policy as a maturity benefit at the end of the policy tenure by availing of the return of premium option.
-
Simple and easy to understand and purchase
A 1 crore term policy offers a simple life cover with no savings or investment components. All you need to do is select a suitable policy option, pay timely premiums, and ensure life cover protection for your family. Furthermore, you can purchase the term insurance plan online in a few simple steps.
Need help in choosing the right insurance plan?
Talk to our Financial Advisor today.
Get personalized guidance to choose the best-fit insurance plan for your specific needs.
Need help in choosing the right insurance plan?
Talk to our Financial Advisor today.
Get personalized guidance to choose the best-fit insurance plan for your specific needs.
Factors To Consider Before Buying A 1 Crore Term Plan
-
01
Claim Settlement Ratio
When choosing a 1 crore insurance policy, always check the claim settlement ratio of the insurance provider. This factor is crucial as it indicates the number of claims settled by the insurer compared to the number of claims filed by customers during a financial year.
Tata AIA Life Insurance has constantly upheld its promise of protection and on-time claim settlement. Tata AIA Life Insurance reported a 99.01% individual death Claim Settlement Ratio for FY 22-232. -
02
Solvency Ratio
If your insurance provider cannot settle your claims, the problem could be their solvency ratio, which refers to their financial capacity to pay the claims. Look for a high solvency ratio, indicating the company’s financial strength and ability to settle your claim entirely. -
03
Enhanced and flexible features
1 crore term insurance plans must be flexible to customise based on your financial needs. Look for flexible features to help you pay premiums conveniently, increase coverage based on your needs, and choose between varied payout options.
In addition, 1 crore term insurance plans can also provide in-built privileges, such as the in-built critical illness cover, terminal illness cover, etc. Term plans with in-built privileges provide enhanced protection at an affordable premium for the long term. -
04
Additional protection
Add-on rider options provide additional financial protection in case of specific scenarios during the policy tenure. For instance, the rider for the waiver of premium benefits waives future premiums if you suffered a total or permanent disability in an accident. Similarly, riders^ can offer additional financial protection for critical illnesses, terminal illnesses, accidental death, and dismemberment, etc.
At Tata AIA Life Insurance, we offer the below riders with our Term Insurance plan.
Tata AIA
Vitality Health
A Non-Linked, Non- Participating Individual Health rider
(UIN:110B045V02)
Tata AIA
Vitality Protect
A Non-Linked, Non- Participating Individual Health rider
(UIN:110B046V02)
Tata AIA Life Insurance
Non-Linked Comprehensive Protection Rider
A Non-Linked, Non- Participating Individual Health Rider
(UIN:110B033V03)
Tata AIA Life Insurance
Non-Linked Comprehensive Health Rider
A Non-Linked, Non- Participating Individual Health Rider
(UIN:110B031V03)
How to Choose the Best Term Insurance Plan For 1 Crore?
-
![1 Crore Term Plan: Secure your Family's Future with Substantial Coverage]( "1 Crore Term Plan: Secure your Family's Future with Substantial Coverage")
Determine the right policy tenure
Choose the term insurance policy term for as long as you need to protect your family. Ensure that the plan can offer coverage when you most need it and until you can comfortably pay all the premiums on time.
-
![Eligibility and Features for 1 Crore Term Insurance]( "Eligibility and Features for 1 Crore Term Insurance")
Find term insurance plans and their eligibility criteria
Research and find 1 crore insurance policy options that can suffice for your financial requirements based on their features and eligibility criteria.
-
![Claim settlement ratio of your insurer is crucial - How to Choose a Good 1 Crore Term Plan for Yourself?]( "Claim settlement ratio of your insurer is crucial - How to Choose a Good 1 Crore Term Plan for Yourself? - How to Choose a Good 1 Crore Term Plan for Yourself?")
Analyse and compare the term insurance plan options
Analyse the chosen options and compare them based on their features, benefits, and premium rates to decide on the best term insurance plan for 1 crore for your financial needs.
-
![Analyse and Compare 1 Crore Term Insurance Plans for the Best Fit]( "Analyse and Compare 1 Crore Term Insurance Plans for the Best Fit")
Determine claim settlement ratio
Determining the claim settlement ratio is crucial to ensuring the life cover benefits when your family is in utmost need of it in your absence. We at Tata AIA Life Insurance have registered a death claim settlement ratio of 99.01% for the FY 2022-232.
-
![Consider all financial commitments and later decide the cover amount - How to Choose a Good 1 Crore Term Plan for Yourself?]( "Consider all financial commitments and later decide the cover amount - How to Choose a Good 1 Crore Term Plan for Yourself?")
Customise the term insurance policy
Customise the term plan for 1 crore by choosing a suitable premium payment option, premium payment mode, payout option, etc., to ensure it meets your financial conditions and requirements.
Choosing a convenient premium payment mode, monthly, half-yearly, or annual, is crucial to staying insured for the entire policy tenure.
-
![Opt for limited pay or single pay and only enjoy the coverage later - How to Choose a Good 1 Crore Term Plan for Yourself?]( "Opt for limited pay or single pay and only enjoy the coverage later - How to Choose a Good 1 Crore Term Plan for Yourself?")
Consider including riders
Riders provide additional financial benefits to enhance coverage during specific scenarios. For example, the rider^ for the accidental death benefit provides additional funds if the death is due to an unexpected accident during the policy tenure.
-
![Choose a suitable premium payment frequency - How to Choose a Good 1 Crore Term Plan for Yourself?]( "Choose a suitable premium payment frequency - How to Choose a Good 1 Crore Term Plan for Yourself?")
Calculate the 1 cr term insurance premium
Upon deciding on the term insurance policy option and customising it to your needs, you can calculate the premium. Ensure to find an affordable premium for the entire policy tenure.
You can utilise our Tata AIA Life Insurance Term Plan Calculator to determine the sum assured and the affordable premium to make a well-informed financial decision.
Know More about our Best-Selling Term Insurance Plan - Tata AIA Sampoorna Raksha Supreme
A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V04)
Tata AIA
Sampoorna Raksha Supreme
- Get a 7% digital discount on your first-year premium
- Enjoy long life cover up to the age of 100 years^^
- Get 105% premium back** with life plus option
- Increase life cover at important milestones~
- Save Income Tax up to 46,800+
Why Buy 1 Crore Term Insurance from Tata AIA Life Insurance?
-
![1 crore term plan with affordable premiums - Features of 1 Crore Term Insurance Plan]( "1 crore term plan with affordable premiums - Features of 1 Crore Term Insurance Plan")
Extensive Coverage at Affordable Premiums
With the Tata AIA Life Insurance 1 crore term insurance plan, you can ensure extensive life cover while keeping the premiums affordable for the longer policy term.
-
![Simple life cover with no savings or investment components - Features of 1 Crore Term Insurance Plan]( "Simple life cover with no savings or investment components - Features of 1 Crore Term Insurance Plan")
Fixed Premiums for the entire policy tenure
With the Tata AIA Life Insurance Sampoorna Raksha Supreme plan, you can fix the premiums for the entire policy tenure. Therefore, if you purchase it at a younger age, you can avail of lower premiums and fix it for the entire policy tenure.
-
![Choose to increase your term insurance coverage - Features of 1 Crore Term Insurance Plan]( "Choose to increase your term insurance coverage - Features of 1 Crore Term Insurance Plan")
Secure Your Family from Financial Liabilities
Our 1 crore term insurance plans are designed to cover your family against the threat of financial uncertainties and emergencies in your absence to focus on their financial independence.
-
![Customer Support for 1 Crore Term Plan]( "Customer Support for 1 Crore Term Plan")
Increase Life cover at Important Milestones
With Term Insurance plans, you can increase the life cover at important milestones~ in your life, such as after getting married, the birth of your child, the purchase of a new house, etc.
-
![Customise the 1 Crore Term Plan for Your Needs]( "Customise the 1 Crore Term Plan for Your Needs")
Low Premiums at Younger Age
If you purchase term insurance at a younger age, you can benefit from fixed premiums that remain affordable throughout the policy term.
-
![Use our Term Insurance Calculator for Affordable 1 Cr Coverage]( "Use our Term Insurance Calculator for Affordable 1 Cr Coverage")
Easily Available Online
You can easily purchase our 1 crore insurance policy swiftly and conveniently online at our Tata AIA Life Insurance official website.
-
![]()
Whole Life Cover
Although term insurance plans offer life cover protection for a specific term, you can enjoy whole life cover, i.e., cover till 100 years of age, with our 1 crore term insurance policy.
-
![]()
Get Income Tax# Benefits
You can get tax benefits under Sections 80C and 10(10D) of the Income Tax Act for the term insurance policy premiums paid and death benefits received.
-
![]()
Express Claim Settlement
With our Express Claims service, the beneficiary can initiate the claim process online and submit the necessary documents with us. We will initiate the claim process and ensure that the claim amount is received within 4 hours1.
Our 1 Crore Term Insurance Calculator
Use our Term plan calculator to find an affordable premium for the 1 crore term insurance coverage.
A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V04)
Let's Start
Planning
Tata AIA
Sampoorna Raksha Supreme
TERM
CALCULATOR
Who Should Opt for a 1 Crore Term Plan?
While having a term insurance plan is essential for everyone, a 1 crore insurance policy needs more consideration and planning and can be suitable for people under the following categories.
-
![Young individuals in a family who are earning]( "Young individuals in a family who are earning")
![Young individuals in a family who are earning]( "Young individuals in a family who are earning")
Sole earners in a Family
If you are the only earning person in your family, a 1 crore term insurance cover is essential for protecting your family in your absence. -
![Parents buy a term insurance plan for 1 crore]( "Parents buy a term insurance plan for 1 crore")
Young Parents
Young parents should consider purchasing the term plan 1 crore to secure their children's financial future.
In case of your unexpected demise, the lump sum death benefit can be utilised to pay for your child's education, plan for their marriage, or help them achieve their financial goals. Click here to learn more about why every parent needs to have a term policy.
![Parents buy a term insurance plan for 1 crore]( "Parents buy a term insurance plan for 1 crore")
Young Parents
Young parents should consider purchasing the term plan 1 crore to secure their children's financial future.
In case of your unexpected demise, the lump sum death benefit can be utilised to pay for your child's education, plan for their marriage, or help them achieve their financial goals. Click here to learn more about why every parent needs to have a term policy.
-
![Married couples]( "Married couples")
Married Couples
When you get married, you are bound to face increased financial responsibilities. A 1 crore term insurance plan can provide financial protection for your spouse in your absence to help them lead a financially independent life. Click here to learn why it is essential for both spouses to have life insurance.![Married couples]( "Married couples")
Married Couples
When you get married, you are bound to face increased financial responsibilities. A 1 crore term insurance plan can provide financial protection for your spouse in your absence to help them lead a financially independent life. Click here to learn why it is essential for both spouses to have life insurance. -
![Grandfather and grandmother - Retired Parents]( "Grandfather and grandmother - Retired Parents")
Individuals with Home Loans & Debt
Availing a home loan and repaying it is a challenging financial responsibility. It can become a major expense, increasing your family's financial burden in your absence. A term plan for 1 crore will help your family repay the outstanding loan amount and relieve them from the compelling financial commitments.![Grandfather and grandmother - Retired Parents]( "Grandfather and grandmother - Retired Parents")
Individuals with Home Loans & Debt
Availing a home loan and repaying it is a challenging financial responsibility. It can become a major expense, increasing your family's financial burden in your absence. A term plan for 1 crore will help your family repay the outstanding loan amount and relieve them from the compelling financial commitments. -
![Individuals with education loans - Working lady]( "Individuals with education loans")
Individuals with Education Loans
If you have availed of an education loan, the responsibility of repaying it can become a burden for your family in the event of your unexpected death.
The 1 crore term insurance provides extensive coverage to help them repay the outstanding education loan and reduce their financial stress.
![Individuals with education loans - Working lady]( "Individuals with education loans")
Individuals with Education Loans
If you have availed of an education loan, the responsibility of repaying it can become a burden for your family in the event of your unexpected death.
The 1 crore term insurance provides extensive coverage to help them repay the outstanding education loan and reduce their financial stress.
-
![Self Employed - Business person]( "Self Employed - Business person")
Business Individuals
Starting and running a new business can compel you to borrow money or avail of loans to manage the expenses. Repaying the loans and other debts can be financially stressful for your family in your unexpected sudden demise.
The 1 crore term insurance policy provides sufficient financial protection to help them repay their debts and lead a peaceful life.
![Self Employed - Business person]( "Self Employed - Business person")
Business Individuals
Starting and running a new business can compel you to borrow money or avail of loans to manage the expenses. Repaying the loans and other debts can be financially stressful for your family in your unexpected sudden demise.
The 1 crore term insurance policy provides sufficient financial protection to help them repay their debts and lead a peaceful life.
Is It Better to Opt For Higher Coverage?
Term insurance coverage can be as extensive and comprehensive as you want for your financial security. The life cover should be able to protect you and your family from financial uncertainties.
Opting for a 1 crore term insurance policy can be beneficial for the following reasons.
-
![Your age and income can help you choose a term insurance coverage - How to Determine the Right Coverage Amount?]( "Your age and income can help you choose a term insurance coverage - How to Determine the Right Coverage Amount?")
Cost-effective for the long term
While a 1 cr insurance policy offers extensive coverage, you can still enjoy the benefits of the same at very reasonable premiums. It can ensure you stay insured for the long term to secure your family's future. Furthermore, when you purchase it at an early age, you can benefit from even more affordable premiums for the entire policy tenure.
-
![Know the purpose of Buying Insurance - How to Determine the Right Coverage Amount?]( "Know the purpose of Buying Insurance - How to Determine the Right Coverage Amount?")
Help manage wide-ranging financial commitments
Family financial commitments keep increasing with age. You will have to secure funds to manage a routine life, repay loans, clear off debts, pay for your child's education, etc. With extensive cover, such as the 1 cr term insurance plan, you can conveniently handle such wide-ranging financial commitments at an affordable premium.
-
![Dependants’ Needs - How to Determine the Right Coverage Amount?]( "Dependants’ Needs - How to Determine the Right Coverage Amount?")
Fixed Premiums
The premiums you pay towards the policy will remain stable and locked in once you buy the 1 crore term insurance plan. By purchasing a term plan early on in life, you can lock in highly affordable premiums, even though the coverage may be as high as 1 crore.
How to Determine the Right Coverage Amount?
To determine the right coverage amount, first you need to understand the factors to consider and then the calculation process.
Factors to consider
-
![Your age and income can help you choose a term insurance coverage - How to Determine the Right Coverage Amount?]( "Your age and income can help you choose a term insurance coverage - How to Determine the Right Coverage Amount?")
Your Age & Income
Your age and income can help you choose term insurance coverage as per your needs and budget. For example, if you are young and have fewer responsibilities, you can start with a coverage amount which you can increase as your financial obligations increase. Or you can simply opt for a larger cover at a young age, for a longer tenure, thereby locking in low term insurance premium payments.
-
![Know the purpose of Buying Insurance - How to Determine the Right Coverage Amount?]( "Know the purpose of Buying Insurance - How to Determine the Right Coverage Amount?")
Purpose of Buying Insurance
A term life insurance offers the benefit of an extensive life cover that different people may utilise for various needs. While someone may want to ensure the future financial stability of their family, another may want to protect their loved ones from the financial impact of unpaid debts. Hence, identifying why you and your family need a certain amount of coverage can help you plan an appropriate term insurance amount.
-
![Dependants’ Needs - How to Determine the Right Coverage Amount?]( "Dependants’ Needs - How to Determine the Right Coverage Amount?")
Dependants’ Needs
Not all families have the same financial needs and commitments and therefore, a term plan cannot serve the same purpose for everyone. Term insurance is flexible and can be suited for those with different needs. If there are financial requirements unique to your family, the term insurance plan should be selected accordingly. Always consider the needs of all your family members before getting the term insurance policy.
-
![Liabilities - How to Determine the Right Coverage Amount?]( "Liabilities - How to Determine the Right Coverage Amount?")
Liabilities
If you have financial liabilities such as ongoing EMIs and unpaid debts, having a term insurance plan with adequate coverage can help you keep your family safe from the impact of these obligations in your absence. Also, remember to take into consideration any health conditions that can lead to hospitalisation. You can also add health riders^ to your term plan and enhance the coverage in case there is a need to meet medical expenses.
Calculating the right coverage
You can calculate the exact coverage required based on the following methods:
-
![Your age and income can help you choose a term insurance coverage - How to Determine the Right Coverage Amount?]( "Your age and income can help you choose a term insurance coverage - How to Determine the Right Coverage Amount?")
Income replacement
If income is the only source of financial requirement that will suffice for your family’s financial needs, you can consider the income replacement method.
You can calculate it by multiplying your annual income and the number of years to retirement.
-
![Know the purpose of Buying Insurance - How to Determine the Right Coverage Amount?]( "Know the purpose of Buying Insurance - How to Determine the Right Coverage Amount?")
Human Life Value
In the Human Life Value method, you will consider your income, expenses, liabilities, future financial goals, savings, and investments.
You can derive the required coverage by adding your current annual expenses, funds required to accomplish future financial goals, and funds required to pay for your liabilities and subtracting your savings and investments from this sum.
You can utilise our Tata AIA Life Insurance Human Value Calculator to make this calculation simple and easy for you.
-
![Dependants’ Needs - How to Determine the Right Coverage Amount?]( "Dependants’ Needs - How to Determine the Right Coverage Amount?")
General Thumb Rule
If determining the required coverage is challenging with these methods, you can find an approximate value based on the general thumb rule. The general thumb rule is 10 times your annual income.
However, if you are purchasing the term insurance at a younger age, you can consider it as 14-15 times your annual income, and at an older age, you can consider it as 7-8 times your annual income.
People like you also read
Term Insurance
.svg "Time taken to read blog is 10 mins"){kind=icon}
10 mins read
Term Insurance
Term Plan
Term Plan
Term Insurance
Looking to buy a new insurance plan?
Our experts are happy to help you!
TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in
Success
Frequently Asked Questions
Generic Policy Cover Premium Claim
What is the significance of a one crore term insurance plan?
A one crore term plan offers an extensive life cover, enabling the policyholder to protect their family’s future in case of an unfortunate occurrence while paying affordable premiums over the course of the policy term.
Is it possible to buy a 1 crore term insurance plan online?
Yes, 1 crore term insurance plan can be purchased online. An online purchase is simpler and saves a lot of time since you can also use a 1 crore term insurance premium calculator to calculate your premiums and compare the plans.
How much term insurance coverage is necessary?
To be prepared for all types of emergencies and ensure your family’s protection against unforeseen financial obstacles, you can choose a one crore term plan. While your family is covered under the extensive coverage of the term plan, you can benefit from paying affordable premiums.
How many term plans should you have?
If you have a one crore term plan, you can easily avail of extensive coverage without have to invest in multiple term insurance plans and protect your family with the life cover. With many term plans, you could face issues with regard to timely premium payments and renewal.
What determines the cost of the term insurance coverage?
Your term insurance policy cover can be determined by a range of factors such as your income, your family’s current and future financial needs, your financial commitments and liabilities and any other contingencies such as a medical emergency
Do term plans offer any returns?
If you purchase a pure term plan, only a death benefit will be offered to your dependents in the event of an untimely demise of the life assured within the policy term. A pure term plan has no maturity benefit.
However, with a return of premium plan, you can receive the total premiums paid for the policy at the end of the coverage period if you outlive the policy term.
What is a term plan with a return of premium**?
A term plan with a return of premium** is a type of term insurance that offers maturity benefits, unlike a pure term plan than only offers a death benefit. With a return of premium term plan, the policyholder can receive the total policy premiums paid during the tenure if they survive the policy term.
What is the eligibility criteria for buying a 1 crore term insurance?
The plan eligibility criteria for a term insurance plan will depend on the life insurance policy. Usually most of the term life insurance policies have a minimum entry age of 18 years and maximum age of 65 years but can vary as per the product eligibility criteria.
What is the ideal age to buy term insurance?
You can buy term insurance at any stage of life, as long as you meet the maximum entry age criteria. However, it is advisable to purchase a term plan when you are in your 20s so that you can benefit from lower premiums based on the lower health risk to your life due to your young age.
What are the different types of term insurance plans?
Given below are the different types of term insurance plans:
- Pure Term Plans
- Term Plans with Return of Premium
- 1 Crore Term Plans
- Convertible Term Plans
- Term Plans with Increasing Cover
- Term Plans with Decreasing Cover
Which term plan is best in India in 2023?
The best term plan is the one that meets all your requirements. To choose an ideal term plan or the best term insurance plan for 1 crore, compare term insurance policies and check which plan offers the benefits and features most suitable for you.
Look for a policy that offers a flexible choice of policy terms, premium paying terms, coverage, as well as the claim settlement ratio of your life insurance provider.
Should I purchase an endowment plan or a one crore term insurance plan?
An endowment plan and a one crore term insurance plan serve two different purposes. Where the 1 crore policy provides comprehensive life insurance coverage with a death benefit for your beneficiaries, a savings endowment plan is suitable for those who want to save their money over the long term and receive a lump sum benefit on maturity.
What happens to a term plan on maturity?
A pure term plan does not have a maturity benefit. At the end of the policy term, a pure term plan will expire. In case the policyholder passes away during the policy term, the death benefits will be paid out to their nominee, and the policy will be terminated. Once the policy expires or is terminated, no other term plan benefits can be paid out.
Which term insurance is the best for me?
If you are looking for the best term insurance plan, it is important to compare various term plans after you carefully decide on the sum assured or the coverage amount. To find the best term insurance plan for 1 crore, you can compare two or more similar plans to choose a convenient policy term and premium paying term so that you can easily pay your term policy premiums on time. You should also consider other important factors like Claim settlement ratio of the Company etc
What are the popular Term Insurance plans offered by Tata AIA Life Insurance?
You can check our bestselling plan Tata AIA Sampoorna Raksha Supreme and InstaProtect Solution. With the seamless online buying journey, you can purchase the term plan without any hassle.
What plan options can be selected under a Tata AIA Life Insurance term plan?
The Tata AIA Sampoorna Raksha Supreme offers 4 plan options, and you can choose one depending on your insurance needs. The plans options are - Life Option, Life Plus Option, Life Income Option, and Credit Protect Option.
Do Tata AIA Life Insurance term plans offer a free look period?
A free look period of 15 days is applicable on the Tata AIA Life Insurance term plans purchased offline. The duration of the free look period is 30 days if the term plan has been purchased online.
What are the tax benefits# for a 1 crore term insurance plan?
Under Section 80C of the Income Tax Act, the 1 crore term insurance premium is eligible for tax deductions while the death benefits are eligible for tax exemptions under Section 10(10D).
Can you get a return of premiums on a one crore term plan?
Yes, irrespective of the coverage. Tata AIA Sampoorna Raksha Supreme Life Plus Option offers a 105% return of premium** on the total premiums paid at the end of the policy term, if the policy has not been surrendered and stays in effect until then.
What is the minimum entry age for buying a term insurance plan?
The minimum entry age for purchasing a term insurance plan is 18 years.
What happens after 30 years of term life insurance?
If you have chosen a term plan with a policy term of 30 years, at the end of this tenure, your policy will end. During these 30 years, if you meet your untimely demise, the term plan will pay out the sum assured as a death benefit to your nominee or family, after which the policy will be terminated.
If you survive the policy term, a pure term plan that only offers death benefits will expire, and no returns or benefits will be payable.
Can a 1 crore term insurance plan offer whole life coverage?
Yes, Tata AIA Sampoorna Raksha Supreme offers a 1 crore term plan with whole life coverage~ till 100 years of age.
How much coverage should my term insurance have?
When you buy a term plan, always ensure that the coverage is enough for your family’s future requirements. In case of a future medical emergency, apart from their basic essential needs, the term insurance should be able to cover such costs.
Here, the sum assured from a one crore term insurance policy can offer sufficient financial support to your beneficiaries in case of your demise during the policy term.
What optional riders can I add to my Tata AIA Life Insurance term plan?
You can enhance your 1 crore term policy with one or more the following riders^:
- Tata AIA Vitality Health- A Non-Linked, Non- Participating Individual Health rider (UIN:110B045V01)
- Tata AIA Vitality Protect - A Non-Linked, Non- Participating Individual Health rider (UIN:110B046V02)
- Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider - A Non-Linked, Non- Participating Individual Health Rider (UIN: 110B033V03 or later)
- Tata AIA Life Insurance Non-Linked Comprehensive Health Rider - A Non-Linked, Non- Participating Individual Health Rider (UIN:110B031V03 or later)
Are the riders^ of a 1 crore term policy free of cost?
No, if you add optional riders to your one crore term plan, an additional premium will have to be paid for each of the riders added. This premium will be over and above the premiums paid for the base policy.
What riders can I avail of on my one crore term insurance?
You can choose from a range of different optional riders to your one crore term insurance. Tata AIA Life Insurance offers various riders^ that cover critical illnesses, terminal illnesses, major and minor conditions and injuries, hospitalisation, accidental death and others.
Depending on what risks you want to be protected against, you can choose one or more riders for an additional but nominal premium.
How to increase the term plan coverage?
You can increase your term plan coverage with the Life Stage Option~ and increase your cover at every important milestone in your life that calls for greater insurance protection.
At what age can your avail of maximum term insurance coverage?
You can purchase a one crore term plan at any age, as long as you meet the eligibility criteria of being between 18-60 years of age. While you can go for a higher term insurance coverage, a one crore term plan is optimal as it allows you to maintain affordable and low premiums, which is also possible if you purchase such a policy at a younger age.
How can you calculate the premium of 1 crore term insurance?
To calculate your 1 crore term insurance premium, you can simply use our 1 crore term insurance premium calculator. This online tool is free of cost and is available on our website.
How can one benefit from buying term insurance at an early age?
Buying term insurance at an early age can help you avail of lower premiums on your term plan. This is because young age is associated with lower health risks; hence, the premiums will also be low. That way, you can lock in lower premiums even if your sum assured is high.
At what age should I buy the best term insurance plan for 1 crore?
You can purchase the best term insurance plan for 1 crore whenever you need life insurance coverage. In the case of a high coverage term plan such as a one crore term insurance plan, you should purchase a term insurance plan when your annual income enables you to pay the premiums. This will ensure that you have uninterrupted life insurance coverage for your family and that your policy does not lapse due to the non-payment of premiums.
How do I compute the term insurance coverage against my salary?
Your term insurance coverage should be 10 times your annual income. That way, you will be able to pay affordable premiums and avail of sufficient coverage for your family’s needs. If you are planning for higher coverage in your term plan, ensure that your annual income enables you to pay all the premiums on time.
How do I use a 1 crore term insurance premium calculator?
To use a 1 crore term insurance premium calculator, visit the official Tata AIA Life Insurance website and provide a few essential details as indicated on the calculator. Once you submit these details, you can take a look at the 1 crore term insurance premium quotes and proceed to choose a suitable plan.
What are the premium payment frequencies available for a 1 crore term insurance plan?
The premium payment frequencies for a Tata AIA Life Insurance a 1 crore term insurance plan are annual, half-yearly, quarterly, monthly and Single Pay.
Do women policyholders pay lower premiums for a 1 crore term insurance plan?
Yes, women policyholders who purchase 1 crore term insurance plans from Tata AIA Life Insurance can avail of affordable term plan premium rates.
Can I choose the premium payment term of my 1 crore term insurance plan?
Yes, at Tata AIA Life Insurance, you can choose a term plan that offers the flexibility of paying your premiums as limited pay, regular pay, or single pay.
What happens if you stop your premium payments?
If you stop your premium payments and cross the expiry date, Tata AIA Life Insurance offers a grace period of 15 days (for monthly frequencies) 30 days (for yearly and half-yearly frequencies). If you cannot make the payment within this period, the policy will lapse, and you and your family will not be able to gain any benefit from the plan.
How much premium should I pay for 1 crore term insurance?
The premium you pay for 1 crore term insurance will depend on your policy term and your premium paying term. If you have a short policy term of about 10-15 years where the premium paying term is equal to or less than the policy term, your premiums will be higher. With a longer policy term of about 25-35 years and a corresponding premium paying term, your premiums may be lower.
Why is the claim settlement ratio of an insurer important?
The claim settlement ratio of a term insurance provider helps you understand if they will be able to settle your claims effectively and on time. A high claim settlement ratio indicates that the term plan provider has settled maximum claims in a financial year out of all the claims they have received. Tata AIA Life Insurance has a claim settlement ratio of 99.01% for FY 2022 – 232.
What documents are needed while filing a term insurance claim for a one crore term insurance policy?
If you want to know about the documents needed for the claim intimation and settlement process of a 1 crore insurance cover, please visit our claim settlement page.
What is the process for filing a claim for a one crore term plan?
If you want to file a claim with us for a one crore term plan, you can choose any of the options below –
Register a Claim online on our website
Send us an email at: customercare@tataaia.com
Call our helpline number - 1860-266-9966 (local charges apply)
Visit any of our Tata AIA Life Insurance Company branch offices
Write to us at the below address:
The Claims Department,
Tata AIA Life Insurance Company Limited
B- Wing, 9th Floor,
I-Think Techno Campus,
Behind TCS, Pokhran Road No.2,
Close to Eastern Express Highway,
Thane (West) 400 607.
IRDA Regn. No. 110
What are the different term plan claims that can be filed?
You can file the following claims with Tata AIA Life Insurance for a 1 crore term insurance -
Death claim
Hospitalisation and dismemberment claim
Natural calamity claim
Death of Payor claim
Critical illness and disability claim
Cashless and reimbursement claim
Can a nominee file a claim for the natural death of the policyholder?
If you purchase a Tata AIA Life Insurance 1 crore term insurance, all types of deaths can be covered. However, it is important to provide all the correct details when filling out the insurance form and while filing the claim, failing which the claim process could take a long time.
Popular Searches
Disclaimer
- The complete name of Tata AIA Sampoorna Raksha Supreme is Tata AIA Life Insurance Sampoorna Raksha Supreme (UIN:110N160V04) - A Non-Linked Non-Participating Individual Life Insurance Plan
- Tata AIA SRS Vitality Protect is a term solution which includes Tata AIA Life Insurance Sampoorna Raksha Supreme, a non-linked, non-participating, individual life insurance plan (UIN: 110N160V04) and Tata AIA Vitality Protect, a non-linked, non-participating, individual health rider (UIN: 110B046V02). Tata AIA Life Insurance Sampoorna Raksha Supreme is also available individually for sale.
- * Illustrated Premium is the monthly premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for 1 Cr. Sum Assured with Policy Term of 20 yrs. (Regular Pay) under Life Option. Please refer Benefit Illustration for more details. Premium is subject to applicable taxes, cesses & levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.
- ~Applicable for specific plan options. Please refer brochure for additional details.
- · ^^ Applicable for specific plan options. Please refer brochure for additional details.
- +Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess, if any will be charged extra as per prevailing rates. The Tax-Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
- ^Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch.
- #Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
- **Under Life Plus Option, an amount equal to the 105% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier.
- ~On enrolling into the Wellness Program, you get an upfront discount of 5% on 1st year premium for Accidental Death, Accidental Total & Permanent Disability, Accidental Disability Care Benefits and of 10% on 1st year premium for Term Booster, CritiCare Plus, Accelerated CritiCare, Multistage CritiCare, Cancer Care, Cardiac Care. The rewards are offered on cumulative basis and in any year, the maximum rewards in view of both the Up-front Rewards and Annual Rewards Flex together or Cover Booster (applicable post premium payment Term) shall be 15% for Accidental Death, Accidental Total & Permanent Disability, Accidental Disability Care and 30% for all other benefit options. Discount is driven by accumulated points which is achieved through wellness status. Please refer policy document for more details.
- Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V03 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider, Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V03 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider, Tata AIA Vitality Protect (A Non-Linked, Non- Participating Individual Health rider (UIN:110B046V02), Tata AIA Vitality Health (A Non-Linked, Non- Participating Individual Health rider (UIN:110B045V01) are available under this plan.
- Vitality is a trademark licensed to Tata AIA Life by Amplify Health Assets PTE. Limited, a joint venture between Vitality Group International, INC. and AIA Company Limited. The assessment under the wellness program shall not be considered as a medical advice or a substitute to a consultation/treatment by a professional medical practitioner
- 1Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of Rs. 50 lakhs. Applicable for branch walk in. Time limit to submit claim to Tata AIA Life Insurance is 2 pm on working days. Subject to submission of complete documents. Not applicable for ULIP policies and open title claims.
- 2Individual Death Claim Settlement Ratio is 99.01% for FY 2022 - 23 as per the latest annual audited figures.
- This plan offers pure risk premium option under Life Option and return of premium benefit under Life Plus Option along with other benefits. Please refer sales brochure for complete details.
- 3 Tata AIA Vitality - A Wellness Program that offers you an upfront discount at policy inception. You can also earn premium discount / cover booster (as applicable) for subsequent years on policy anniversary basis your Vitality Status (tracked on Vitality app) Please refer rider brochures for additional details on health and wellness benefits.
- 4 If Return of Balance Premium option is chosen with any of the benefit option/s, an amount equal to the Total Premiums Paid (excluding loading for modal premiums) towards the benefit option, less any claim amount already paid out under the respective benefit option, shall be payable at the end of the benefit option term, provided the benefit option is not terminated.
- Insurance cover is available under this product.
- This product is underwritten by Tata AIA Life Insurance Company Ltd. This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
- Insurance cover is available under this product. For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale.
- In case of sub-standard lives, extra premiums will be charged as per our underwriting guidelines.
- Buying a Life Insurance policy is a long-term commitment. An early termination of the policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.
- L&C/Advt/2024/Jan/0311
