Best 10 Crore Life Insurance Policies in 2024
Updated On Jan 21, 2024
Ever thought about getting a Rs.10 crore life insurance policy? Though it sounds like a huge amount, but trust us, it's a game-changer for your family's future. Life is unpredictable, and having this kind of coverage can make a massive difference.
So, in this article, we will discuss the top five life insurance policies worth Rs.10 crores in 2024. We will also include the advantages and disadvantages to help you make the right decision for a Rs. 10 Crore life insurance policy.
Table of Contents
What is a 10 Crore Life Insurance Policy?
A 10 crore life insurance policy is a life insurance plan that provides coverage up to Rs. 10 crore. To put more simply, the insurance company pays out a lump payment of Rs. 10 crores to your beneficiaries (typically family members or dependents) if something happens to the person insured (you).
This sizeable sum provides your loved ones with financial security in the event of your unexpected death. Even if you're not there, it can assist them with budgeting, debt repayment, and maintaining their standard of living.
Who Should Select Rs. 10 Crore Term Insurance Plans?
A Rs. 10 Crore term insurance plan is particularly suitable for individuals in the age range of 25 to 35 years. These plans are well-suited for those people who have extensive family responsibilities, including parents, children, siblings, and a spouse.
Furthermore, this type of coverage is ideal for individuals who are planning to build substantial financial security for their families in the event of their absence.
Best Rs. 10 Crore Life Insurance Policies In India In 2024
The cost of life insurance becomes more affordable and convenient over a significant number of years if the policy is spread out over time. Following are five of the best Rs.10 Crore life insurance policies in India.
|
Life Insurance Plan |
Policy Issuance Time |
|
18 days |
|
|
11 days |
|
|
18 days |
|
|
18 days |
|
|
15 days |
Let’s discuss about each of these plans in detail:
1. Bharti AXA Flexi Term Plan
This plan provides flexibility with three distinct life cover payout options, along with the advantages of life insurance and critical illness benefits, ensuring that your family's requirements are consistently fulfilled. Here are a few of the most valuable features that make it a top choice for a Rs. 10 crore life insurance policy:
- This plan includes a critical illness benefit
- There are several policy terms to choose from
- The death benefit can be paid in a variety of ways
- Flexible policy terms are available with this plan
2. ICICI Prudential iProtect Smart
This insurance plan gives you different choices to make sure your family is financially secure, even if something happens to you. You pay affordable premiums for this protection and the best part is that the plan also covers critical illnesses, adding an extra layer of security for you and your loved ones. It offers many advantages, a few of which are mentioned below:
- Non-smokers receive discounts at the premium level
- Benefits of taxation
- Rider options in case of an accident
- A wide range of critical illnesses are covered
3. Aditya Birla Capital Life Shield Plan
Aditya Birla Capital Life Shield Plan stands out as a cost-effective term insurance solution that offers multiple plan options to safeguard your family's financial well-being. One of the notable features of this plan is the budget-friendly premium rates. In addition to this, the plan has eight options available, allowing you to choose the one that aligns with your specific requirements. The features of this plan include:
- Various options for riders, such as critical illnesses, total and permanent disabilities, and hospital care
- Non-smokers and women are charged lower rates of premium
- There are also options for death benefit payouts
4. SBI Life eShield Plan
This plan comes at a reasonable cost and ensures coverage even in unexpected situations, and it comes with benefits specifically customised for you. Eligibility for this term insurance plan ranges between the ages of 18 to 65, making this plan available for a broad range of individuals. Some of the features it offers are as follows:
- There are different types of protection available
- A 15-day free look period is offered
- The grace period for premium payment is 30 days
- Applicants who do not smoke or are female are charged lower premiums
5. HDFC Life Click 2 Protect Plus Life
HDFC Life Click 2 Protect plus Life insurance plan is a robust and secure life insurance plan that offers coverage of up to Rs. 10 Crore. The critical features of this plan are mentioned below:
- Age-based auto-balancing of death and critical health benefits
- Bringing back the premium option
- Whole-life coverage option
- Critical illness applicants may be able to appeal for a waiver of premiums
Advantages and Disadvantages of 10 Crore Life Insurance Policies
The advantages and disadvantages of Rs. 10 Crore life insurance policies are as follows:
Advantages
- Death Benefit: A 10 crore life insurance policy provides a death benefit to the nominee in case of the policyholder's death. This sum assured can help the family overcome financial challenges after the policyholder's death.
- Loan Availability: Life insurance policies allow policyholders to avail loans during significant life stages like marriage, child education, or home loans.
- Maturity Benefit: Term life insurance plans offer a maturity benefit, providing a lump sum amount to the policyholder at the end of the policy term. Some plans even return the premium amount paid if the policyholder survives the term.
- Income Tax Exemption: Premiums paid under the life insurance policy qualify for income tax exemption under Section 80C of the ITA, offering a maximum tax deduction of Rs.1.5 lakhs.
Disadvantages
- High Premium for Aged Individuals: Premiums for life insurance increase with age due to higher risk. This can lead to high premiums for aged people.
- Difficult to Calculate Returns: Predicting returns on life insurance policies is complex and depends on market conditions. In other words, life insurance returns are challenging to estimate.
Exclusions of Rs. 10 Crore Life Insurance Policies
The following are the exclusions of Rs. 10 Crore life insurance policies:
- Death by Suicide or Dangerous Activities: The policy does not cover deaths resulting from suicide or from engaging in risky activities.
- Pre-Existing Medical Conditions: It is required to disclose any pre-existing medical conditions, as non-disclosure may result in the denial of death benefits related to those conditions.
- Death by Participating in Unlawful Activities: Policyholders who engage in criminal activities that cause their death are not entitled to receive benefits from their term insurance policy.
- Deaths Caused by Drugs or Alcohol: Rs. 10 Crore life insurance policy does not include deaths caused by drugs or alcohol. Moreover, hiding such habits may lead to claim rejection.
Conclusion
Opting for a Rs. 10 Crore life insurance policy can be a great move for your family's future. This substantial coverage ensures financial security for your loved ones in case of your unexpected demise. As life is unpredictable, having such coverage can help your family in repaying debts, and maintaining their standard of living even when you're not around. However, remember that, while selecting any of such life insurance plans, make sure you consider the advantages and disadvantages associated with a Rs. 10 Crore life insurance policy. And, if you are satisfied with everything, then we at InsuranceDekho can help you buy one without any hassle. Get in touch with us now!
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