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A 1 crore term insurance plan, as the name suggests, is a term insurance plan that offers a life cover of 1 crore. One of the salient features of a 1 crore term insurance policy is that the coverage amount of such a term plan is high, the premiums are quite affordable. Also, if you buy the policy at a younger age, the premium amount is much more affordable.
With a Tata AIA Life Insurance 1 crore term insurance cover, you not only enjoy extensive life cover protection but also pay affordable premiums for the same.
Our 1 crore term insurance plans are designed to cover your family against the threat of financial uncertainties and emergencies in your absence.
With Tata AIA Term Insurance plans, you get an option to increase the life cover at important milestones~ in your life such as after getting married, birth of your child and other important milestones in your life.
If you purchase term insurance at a younger age in life, you can benefit from fixed premiums that remain affordable all through the policy term.
You can easily purchase a 1 crore term insurance policy from the official website of Tata AIA Life Insurance through a swift and convenient online process.
Though term insurance plans generally offer life cover protection for a specific term, you can enjoy whole life cover@ i.e., Cover till 100 years of your age with our 1 crore term insurance policy.
You can get tax benefits under Sections 80C and 10(10D) of the Income Tax Act, and you can enjoy tax benefits on your term insurance policy's premiums and death benefits.
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.
1T&C apply.
Use our Term plan calculator to find the coverage you need to secure your family’s financial future
A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V04)
TERM
CALCULATOR
How Does 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!
Here is a brief glance at how a 1 crore term insurance plan works:
When you buy a 1 crore term insurance plan, you can choose a term or tenure for which you want to be covered. During this term, if the life assured meets their untimely demise, the nominee mentioned in the policy will be eligible for a death benefit in the form of the sum assured from the insurance provider, as per the terms and conditions of the policy.
Let’s take a look at the example of how Mr. Rahul.
Rahul, the only earning member in his family of 4 persons, purchased a 1 crore insurance cover at the age of 30 for a period of 20 years. His mother was named as the nominee in the term insurance policy. Rahul, the policyholder, and the life assured, paid the premiums timely on a monthly basis for 10 years until he met with a fatal accident and, sadly, succumbed to injuries.
While his parents were most certainly upset and traumatised at having losing their son, the 1 crore term plan that Rahul had purchased saved them from a lot of financial troubles. The term insurance coverage not only took care of the family when they wanted to move to their hometown but also the expenses of Rahul’s younger sibling’s education.
With a 1 crore term insurance plan, the premiums you pay towards your policy do not change over the years, and you can also choose a policy tenure, premium payment term and frequency of your preference and the plan eligibility. In return, you and your family continue enjoying the life cover protection until the end of the policy term.
While having a term insurance plan is essential for everyone, a 1 crore term insurance plan needs more consideration and planning and can be suitable for people under these categories:
Sole earners in a family
Sole earners in a family
Young Parents
Young Parents
Married Couples
Married Couples
Individuals with home loans
Individuals with home loans
Individuals with education loans
Individuals with education loans
Business individuals
Business individuals
A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V04)
Tata AIA
Despite offering such extensive coverage, a 1 crore term plan can have quite affordable premiums if you select a reasonably long policy term. This means you can not only protect your family with better coverage but also avoid paying costly premiums to avail of this coverage.
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 pay timely premiums to ensure life cover protection for your family, who will be supported by the term insurance sum assured in the event of your death durin g the policy term.
Term insurance plans are meant to protect your loved ones from life’s uncertainties and this risk changes with every life stage. With a 1 crore term insurance cover, you can choose to increase your term insurance coverage at different life stages to ensure better protection for your family members.
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.
When choosing a 1 crore insurance policy, always check the claim settlement ratio of the insurance provider. This factor is extremely important 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 our protection and on time claim settlement. Tata AIA Life Insurance reported 99.01% Individual Death Claim Settlement Ratio for FY 22-232.
If your insurance provider is unable to settle your claims, the problem could be their solvency ratio, which refers to their financial capacity to pay out the claims. Look for a high solvency ratio as that will indicate the company’s financial strength and its ability to settle your claim entirely. It is also advisable to research the company’s financial status to check if they are able to settle claims.
An ideal term insurance plan should offer an inbuilt critical illness cover or a critical illness benefit option. That way you can enhance the coverage of your 1 crore term insurance without affecting the sum assured of the base plan in case of a critical illness. The critical illness cover should pay out a lump sum amount or percentage of the cover on the diagnosis of the critical illness.
The choice of riders^ offered with a term insurance plan can help you choose and customise your term insurance the way it suits your insurance needs and budget. Waiver of premium benefit, accidental death and dismemberment and health riders are among some of the important rider benefits that you can add to your term insurance plan to enhance coverage and protection.
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.
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.
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.
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.
For a 1 crore term plan, you should be able to keep the plan valid by paying the premiums regularly. Using a term insurance premium calculator, you can find out if you can pay all the premiums for a 1 crore term insurance plan.
You should be able to enhance the cover of a 1 crore term insurance plan with appropriate rider^ benefits such as a critical illness cover or an accidental death benefit cover so as to avail of additional coverage while protecting your policy.
The claim settlement ratio of your is crucial if they provide you with a 1 crore term plan cover. Tata AIA Life Insurance’s Individual Death Claim Settlement Ratio is 99.01% during FY 2022-232.
Choose the term insurance policy term for as long as you need to protect your family. Ensure that the plan is able to offer coverage when you most need it and till the time you can comfortably pay all the premiums on time.
Consider all financial commitments and expenses your family will have to take care of in your absence when you decide the coverage amount. This amount should offer adequate financial support to them during emergencies as well.
When you choose a one crore term plan, you can choose a flexible premium payment term so that if you do not want to pay premiums later in life, you can simply opt for limited pay or single pay or only enjoy the coverage later.
For most people, paying monthly premiums are convenient as they can micromanage their finances. But you can also pay quarterly, half-yearly and annual premiums as per your convenience and financial planning.
Term insurance coverage can be as extensive and comprehensive as you want it to be. The life cover should be able to protect you and your family from financial uncertainties. Hence, when you select a term insurance plan, be sure to take a variety of factors into consideration, including your current and future income, your family’s current expenses, any future obligations, liabilities, and also medical emergencies which can consume a considerable chunk of your savings funds.
However, when you choose a higher term insurance sum assured of 1 crore, you can ensure better coverage for your family’s needs. These are some of the benefits that come along with a 1 crore term insurance cover:
Even though a one crore term policy offers quite a lot of coverage, you can still enjoy the benefits of the same at very reasonable premiums. As such term insurance plans are known to be quite cost-effective, irrespective of the sum assured you choose.
The premiums you pay towards the policy will remain stable and locked in once you buy the 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.
Your family’s financial needs will keep changing and to ensure that they do not have to compromise on their dreams and goals, a one crore term plan is essential. A high coverage such as this can keep them comfortable and free from financial worries when you cannot look after them.
Savings
Calculator
A savings plan calculator enables you to calculate the premiums you need to pay to avail of life insurance coverage for yourself and your family and build a long-term savings corpus during the policy tenure.
Retirement
Calculator
A retirement plan calculator lets you understand how much regular income or benefit you can get during your retirement years based on the policy you choose and the amount you save in the policy.
ULIP
Calculator
A Unit-Linked Insurance Plan calculator enables you to know the returns you can receive on your policy and the premium amount you need to pay for the life insurance cover as well as investment.
Our experts are happy to help you!
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:
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^:
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.
Disclaimer
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