Pay in just hundreds and get benefits worth crores! Yes, it is very much possible, but don't expect anyone to put cash in your hands! But yes, when times turn tragic, your family will get that cash in hands. It is very important for every head of family to have a guaranteed security so that they are well provided for in any eventuality - even death. And insurance is the safest and most recommended way to protect your family or dependent ones in times of financial stress, which may arise any time.

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 Many citizens take a life insurance policy only to make sure that, if anything happens to them, at least they have secured the future of their loved ones. However, even greater benefits can be taken, if only the hidden world in insurance world is explored.

Interestingly, apart from demise, the life insurance also gives you maturity benefit. A lump sum amount is given only when the entire insurance has fulfilled the term tenure. If there is pre-mature claim, then not all benefits are given to the policyholder.

Another key benefit of having a life insurance policy is also that, it offers tax benefits under section 80C of Income Tax act. This means, a policyholder can avail tax exemption up to Rs 1,50,000 in year.

But did you know that there are various insurers who also offer you a term insurance plans that help you cover your life between Rs 1 crore to Rs 2 crore. Best part is that these massive amounts are within the reach of the common man as, after insurance regulator IRDA’s new guidelines, many companies lowered the premium amount you pay for a life cover of Rs 1 crore. Let’s have a look at best insurance plan.

1. SBI Life eShield

SBI Life – eShield now gives you the advantage of an easy and seamless online process of obtaining a life insurance.

The plan offers two benefit structures - Level Cover Benefit and Increasing Cover Benefit. Accelerated Terminal Illness benefits is available as an inbuilt benefit for both the options.

Level Cover Benefit:

  • Under this structure, the sum assured remains same throughout the policy term.
  • You get protection against Terminal Illness
  • During the policy term, on unfortunate death or diagnosis of terminal illness, whichever is earlier, “Sum assured on Death” is paid and the policy terminates.

Where the “Sum assured on Death” is higher of the following:

  • 10 times the Annualised premium, or
  • 105% of all the premiums paid as on date of death, or
  • Absolute amount assured to be paid on death, which is equal to the Effective Sum Assured,as on the date of death

Increasing Cover Benefit :

  • Under this structure, the sum assured automatically increases by simple rate of 10% at the end of every 5th policy year
  • You get protection against Terminal Illness
  • During the policy term, on unfortunate death or diagnosis of Terminal Illness#, whichever is earlier, the ‘Sum Assured on Death’ for that policy year is paid and the policy terminates.

The death plan is similar under increasing cover benefit like the ones in lower cover.

A total Rs 1 crore sum is assured, whereas minimum could be Rs 35 lakh assurance or maximum Rs 10 crore assurance.

For Rs 1 crore insurance, you should pay premium of Rs 493.85 for five years in level cover benefit

2. ICICI Prudential's iCare

This plan allows you to choose the number of years for which you wish to pay premiums. You have to pay the premium once under One Pay option and throughout the policy term under Regular Pay option.

Under Regular Pay, you can choose to be covered for 5 to 67 years. Under One Pay, you can choose to be covered for either 5 or 10 years. In case of Regular Pay with Accidental Death Benefit (option II), you can choose to be covered for 5 years to 62 years.

You have to pay a minimum premium of Rs 2,400 (excluding taxes).The minimum age to start this plan is 18 years and the maximum age is 65 years.

You can choose Accidental Death Benefit equal to the sum assured chosen by you up to a maximum of Rs 2 crore.

3. Max Life's Online Term Option I

Online Term Plan Plus offers a life insurance cover of 1 crore at just Rs. 563 per month only. (Standard Premium For 28-Year-Old Male, Non-Smoker, Base Plan Policy Term Of 30 Years, Premium Payment Term Of 30 Years).

0.4% of the Sum Assured (S.A.) is paid each month for 10 years as fixed monthly income. Monthly income benefit is payable over and above the base Sum Assured.

The effective cost of this option is just Rs. 85/Lakh of S.A. (( Standard Premium For 28-Year-Old Male, Non-Smoker, Base Plan Policy Term Of 30 Years, Premium Payment Term Of 30 Years for Basic life cover+monthly income option for a sum assured of 1 crore).

4. HDFC Life's Click 2 Protect

HDFC Life Click 2 Protect 3D Plus is an online term insurance plan that offers comprehensive security at an affordable price. 3D stands for the three uncertainties that we face at some point in time, i.e. Death, Disability and Disease. With this online term policy, ensure that your family is safeguarded financially if an unexpected eventuality occurs. HDFC Life Click 2 Protect 3D Plus offers a wide range of 9 plan options to help one choose as per their need.

Sum assured on death is defined as:

For Single Pay Policies Highest of

  • 125% of Single Premium
  • Guaranteed Sum Assured on Maturity
  • Absolute amount assured to be paid on death

For regular pay & limited pay policies Highest of

  • 10 times of the $Annualised Premium
  • 105% of ^Total Premiums Paid
  • Guaranteed Sum Assured on Maturity
  • Absolute amount assured to be paid on death

It needs to be noted that sum assured on maturity also makes life insurance a better and cheap form of investment compared to other schemes like PPF, NPS and many more.  
 

Considering how, in this very hectic world, stress and frustrations abound, you should definitely not wait, instead you should act fast and get yourself covered by insurance. Thereafter, make most of your life without needless worries.