Term insurance forms an integral part of proper financial planning. As opposed to traditional savings or investment products, term insurance gives you a simple promise: a fixed sum assured will be paid to your family if you pass away during the policy term. Read on to learn everything you need to know about ₹10 crore term insurance, when and who should buy it, and, most importantly, what to look at before finalising a plan.
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₹10 crore term insurance is a life insurance policy that guarantees a sum assured of ₹10 crore upon the policyholder's demise during the policy term. This kind of policy creates financial security for the insured's family so that they are completely protected from financial burdens at times of crisis. Unlike permanent life policies, term insurance is a pure risk cover structured to provide protection for a specific period.
Here’s a detailed look at who should consider this level of coverage:
High-income earners typically enjoy a higher standard of living, which often leads to increased financial obligations and expenses. People in lucrative fields such as finance, technology, medicine, and law usually fall into this category. Let’s look at why they need such high coverage:
Entrepreneurs and business owners carry unique financial responsibilities. They often bear the responsibility for not only their family care but also for the survival of their employees as well. Let’s look at why they need such high coverage:
Parents have a fundamental responsibility to provide for their children’s future. As education costs and living expenses have increased, the need for proper life insurance coverage is growing. Let’s look at why they need such high coverage:
Securing a term plan is wise for homeowners and people having large loans, whether a mortgage, an automobile loan, or a personal loan. Let’s look at why they need such high coverage:
Here are some key moments when securing a ₹10 crore term insurance policy can be particularly advantageous:
Significant life events often come with increased financial responsibilities, making them ideal times to consider term insurance:
Before finalising a policy, note the following:
The advantages of securing a ₹10 crore term insurance policy include:
A ₹10 crore term insurance policy offers substantial financial support to beneficiaries. It can pay off the mortgage, children's education, and other major living expenses.
Term insurance is relatively cheaper than a whole life policy. The policy ensures that one can have more coverage without stressing their means to pay. This affordable nature allows several families to ensure their financial security.
Knowing that your family is financially protected against unforeseen hardships provides invaluable peace of mind. This allows you to live with your daily life and responsibilities as you continue knowing you have taken proactive steps to protect the future of those you love.
The premiums paid for term insurance qualify for deductions under Section 80C of the Income Tax Act. This is supplemented further by the fact that a death benefit received by any beneficiary is tax-free under Section 10(10D).
There are several types of term insurance policies. Some of the most common among them include:
Explore ACKO Life Flexi Term Plan, a modern, highly flexible, and customer-centric solution for long-term financial protection. This unique term plan option from ACKO provides an exceptional level of flexibility. With this plan, policyholders can easily make any policy adjustments, such as:
Raising claims—all via the mobile ACKO App.
Calculating the right coverage requires a thorough review of your financial obligations:
Note: You can also use a term plan calculator to estimate your premiums. A term insurance calculator is an online tool designed to help you determine the right coverage amount you need and the associated premium costs.
Knowing how claims are processed can actually make the process smoother for you:
Report the death of a policyholder to the insurer as soon as possible.
Copy of the death certificate, policy document, and other documents as may be required to be submitted.
After ensuring these, the insurance company has to verify all details relating to the claimant and determine whether the claim is valid or not.
The sum assured is provided to the nominated beneficiaries once they are approved, hence providing them with timely financial support.
A ₹10 crore term insurance policy is a vital tool for protecting your family's financial future. The key to this will be understanding the benefits of term insurance and its features and picking the right plan. You can also use a term insurance calculator to determine the approximate premium you must pay. Additionally, consulting a financial advisor before buying a ₹10 crore term plan would be wise.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet, and is subject to changes.
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Reviewed by Vaibhav Kumar Kaushik 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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