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Is Rs 1 Crore Term Insurance Enough For You?

Published On Mar 30, 2022 10:30 AM By InsuranceDekho

When it involves an insurance plan, it also works as an income replacement for the family just in case of the demise of te life assured alongside the benefits of the life cover. Furthermore, if you select to get an insurance plan featuring a sum assured of Rs. 1 Crore then it can work as an asset to require care of future liabilities like repaying for a home equity credit, supporting a child's education, etc. in your absence.

It is vital that you simply recognise your necessities and choose an idea which will fulfill your requirements to the simplest. Also keep in mind the longer term aspects like rising inflation, loan repayment, etc. while purchasing an insurance plan for Rs. 1 Crore, remember that higher coverage will help your family affect these aspects within the case of any eventuality.

Is Rs 1 Crore Term Insurance Enough For You?

Reasons To Buy A Rs. 1 Crore Term Insurance Plan

Following are some key reasons why you should considering buying a Rs. 1 Crore term plan - 

1. Cost-effective

Term insurance plans are one among the most cost effective sorts of life assurance that you simply can get. Because a term plan may be a pure life cover and has no savings component, the premiums on a term plan are very affordable especially as compared to permanent life insurance .

2. Steady Premiums

Many insurance policies offer a gentle premium over the duration of the policy. Whether the term of your policy is 10, 20 or 30 years, your premium will stay an equivalent if you avail a “level term” policy. Many term policies also offer you the advantage of transitioning to a permanent life assurance policy after your term plan expires. However, after the expiry of your term, the premium will rise.

3. Accessible

Since the premiums that have to be paid on term plans are so affordable, a sum assured of Rs 1 Crore is becoming accessible for a larger pool of people . On the opposite hand, a canopy of Rs 1 Crore for an endowment plan won't be affordable for several people. Hence, term plans are an accessible and affordable way for anyone to guard their family against the uncertainties of life.

4. Additional Cover

If you’re ready to pay higher premiums as you get older , many insurance providers also will offer you the chance to reinforce your coverage at important stages in your life. For example, if you've a basic Rs 1 Crore plan, you'd better increase your sum assured once you marry, with slightly higher premiums.

5. Riders

Over and above the Rs 1 Crore life cover, you'll also prefer to enhance your term plan with additional policies like a critical illness plan. This means that the insured is eligible to receive a payout if diagnosed with a critical illness, over and above the benefit to the nominee if the insured person dies during the term of the policy.


Because of its affordability, accessibility and massive cover, a Rs 1 Crore term plan is the simplest because it protects your family against unpredictable events within the longer term . The premiums for this plan are particularly low, and it are often accessed both online and offline.

Do read - Long-Term Investment Plans in India

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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