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Overview
Axis Max Life Smart Secure Plus is an affordable term insurance plan that extends pretty much every add-on you can currently think of – zero cost option, return of premium plan, disability benefit, accidental death benefit and a provision to increase your term cover sometime in the future. And while Axis Max Life may not be a household name, they are one of the biggest private life insurers in the country.
Who should opt for ₹1 Crore term insurance?
Consider a 30-year-old individual with monthly expenses of ₹30,000 looking to buy a term plan to cover their spouse. In this case, we will need to evaluate what the spouse will need for the foreseeable future in the absence of the primary breadwinner.
Right now, their annual expenses add up to ₹3,60,000. However, they will need roughly ₹16 lakhs annually to maintain the same lifestyle 30 years later, considering inflation. This is shown below:
Why Check?
Current annual expenditure: ₹3,60,000
Projected annual expenditure @5% inflation = 3,60,000 X 1.05^30 = ₹15.6L or ₹16L
₹1 Crore term plan with a 30-year term will pay out ₹1 Crore tax-free if the policyholder dies anytime during the next 3 decades. If the dependents (spouse) were to simply invest the proceeds in a FD (Fixed Deposit), then the principal and the interest would help them cover their expenses for the next 30 years even in the absence of the primary breadwinner.
If you’re unsure how the math works, we have a simple Term Insurance Calculator where you can fill in a few quick fields to get a nearly accurate term cover calculation:
Key Features of Term Insurance
Consider a 30-year-old individual with monthly expenses of ₹30,000 looking to buy a term plan to cover their spouse. In this case, we will need to evaluate C-sections and regular deliveries incur quite a lot. Add on to this the pre-and post-natal charges, and you will have a hefty expense on your hands.
Key Features of a ₹1 Crore term plan
Critical Illness
Maternity coverage
International Coverage
OPD coverage
Everybody grows old, and as they grow older, they become more susceptible to various health issues. This also coincides with Retirement – a phase of life that begins with a drastic reduction in active income.
So, securing a health insurance plan becomes a wise choice. While premiums can be higher for senior citizens, they are still generally lower than the potential costs of unexpected medical treatments.
In light of these challenges, choosing the right insurer and plan can provide valuable benefits, offering peace of mind and financial protection during these golden years.
Top 10 family Health Plans
Ditto's Take
Everybody visits the doctor at least once a year. But the doctor you visit — Her consultation fee is off the roof. A routine inspection could set you back thousands. So you come up with a genius plan. You decide to buy insurance and opt for a policy that reimburses all expenses incurred during these visits. You look for options that include outpatient consultation benefits and you find one after a couple of minutes of search.
Benefits of Opting for 1 Crore Term Insurance
Base Protection Layer
A ₹1 crore term insurance plan offers considerable protection for people with modest expenses (Less than ₹5 lakh). For people with higher annual expenses (₹10 lakhs and above), these plans can offer considerable protection for a decade or so. In many ways, a ₹1 Crore term plan should work as a base protection layer if you are looking to take care of your dependents in your absence.
Low Eligibility Requirements
Term insurance plans with higher covers come with significant eligibility requirements. You may need to boast an annual income of ₹10 lakh or more. You may need to undergo physical medical examinations. You may even have to provide additional financial information when buying plans with higher covers.
Everybody visits the doctor at least once a year. But the doctor you visit — Her consultation fee is off the roof. A routine inspection could set you back thousands. So you come up with a genius plan. You decide to buy insurance and opt for a policy that reimburses all expenses incurred during these visits. You look for options that include outpatient consultation benefits and you find one after a couple of minutes of search.
Everybody visits the doctor at least once a year. But the doctor you visit — Her consultation fee is off the roof. A routine inspection could set you back thousands. So you come up with a genius plan. You decide to buy insurance and opt for a policy that reimburses all expenses incurred during these visits. You look for options that include outpatient consultation benefits and you find one after a couple of minutes of search.
Plans that make Ditto's cut
Conclusion
A ₹1 Crore term plan offers meaningful protection for most people and can be an excellent starting point if you are looking to buy a term insurance policy. These plans come at low premiums, have low eligibility requirements, and often come with a bunch of add-ons that extend substantial protection for your family. All you have to do is speak to a qualified advisor before picking the plan that suits you best.
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