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Best 10 Crore Term Life Insurance Plans In India 2024

Life insurance is a contract between the Life insurance Company and the Customer in which the life insurance company agrees to pay the claim amount in case of death of the policyholder or maturity of the policy in return for a considerable amount paid by the customer known as “premium”. There are different types of life insurance of such as Term insurance, Endowment Insurance, Annuity or Retirement Plans, Child Plans, Return of premium plans, etc.

Term life insurance is one of the best life insurance policies available in the Indian market. The term life insurance policies cover the death of the policyholder due to any unexpected circumstances and provide compensation to the family of an insured as per the coverage available in the policy terms and conditions.

The term insurance policy can be taken for a particular period or the entire life depending on the requirement of the customer. The premium can be paid lifelong or for a particular period in the term insurance policies depending on the premium paying capacity of the customer.

What is a 10 Crore Term Insurance Plan?

A 10 Crore term insurance plan is a life insurance policy that offers the nominee who is mentioned under the policy will get the sum assured of 10 Crore as a death benefit after the death of an insured. It provides financial protection to the family of an insured and gives financial support to fulfill their future goals.
Term life insurance policy provides life cover to the policyholder in the form of sum assured. The sum assured can be decided by the customer or with mutual understanding between the customer and the insurance company. The sum assured in the life insurance policy is decided based on many factors such as age, annual income, health conditions, and many other factors. The sum assured can be selected up to 12 times the annual income of the applicant.

Today all the life insurance companies in India offer Rs. 10 Crore term life insurance plans online. 10 Crore term life insurance can be purchased online at Policybachat.com by comparing the best term insurance plan from the list of insurance companies available. The sum assured would be automatically calculated based on the annual income and other factors of the applicant. 10 Crore term life insurance sum assured would be paid to the policyholder in the event of maturity of the policy or to the nominee in the event of death of the policyholder.

Who should select a 10 Crore Term Insurance Plans:

  • A 10 Crore term insurance plan is best suited for the people whose age is between 25 to 35 years
  • These plans are well suited for those who have a large family with parents, children, siblings, wife, etc.
  • These plans are suited for those who want to create enough savings for their family in case of absence and those who have the biggest financial commitments.

Advantages and Disadvantages of 10 Crore Life Insurance Policy

Advantages of 10 Crore Life Insurance:

  • Death Benefit: 10 crore life insurance plans provide the death benefit to the nominee of the policyholders in the case of death of the policyholder. The sum assured amount as a death benefit paid to the family members is mentioned under policy terms and conditions. The death benefit paid to the nominee of the policyholder can be used to prevent the financial circumstances of the family after the death of the policyholder.
  • Maturity Benefit: Term life insurance plans offer maturity benefit in which the policyholder would get a lump sum amount at the time of maturity of the term insurance policy. There are certain term insurance plans in which the premium amount paid by the policyholder would be returned to the policyholder after the expiry of the term insurance policy. Maturity benefit would be paid to the policyholder in this case as the policyholder would be alive at the time of maturity of the policy.
  • Loan Availability: The term life insurance policies provide loans to the policyholders during certain stages of life such as Marriage, Child education, home loan, etc. Availing of a loan against the life insurance policy these days is the best option to meet all your emergency expenses.
  • Financial Security: The sudden demise of the insured can put the family in jeopardy. With no regular income, the family may soon face a financial crisis. Having a life insurance policy helps your family come out from any financial crisis after your sudden demise.
  • Income tax exemption: The premiums paid under the life insurance policy are eligible for income tax exemption under section 80C. At present under this section of income tax, you can avail of a maximum tax deduction of Rs.1.5Lakh.

Disadvantages of 10 Crore Life Insurance Policy

  • High premium for aged people: The higher the age the higher would the premium to be paid in the life insurance. This is due to the simple fact that the risk increases with the age so is the premium. So, it is advisable to take life insurance at a very early age to prevent yourself from paying high premium rates. There is a chance where the insurance company has rejected or denied providing policy to old age people having ailments.
  • Difficult to calculate the returns: The returns on the life insurance policies are quite complicated and it is highly difficult to predict the returns. The returns from life insurance are purely based on market conditions and performance. So a particular figure is difficult to arrive at in the case of life insurance unlike PPF and other fixed deposit schemes.
  • Awareness of Exclusions, Hidden clauses: Any financial product available in the market certainly has some exclusions and hidden clauses incorporated into it. It is your responsibility to find out those clauses and choose the right life insurance policy. For example, most of the policies don’t pay for suicide in the first year and almost all the policies exclude loss of life due to drugs overdose or involvement in criminal activities.
  • No guarantee of wealth: Another major disadvantage of the 10 Crore life insurance policy is that the policy would not guarantee the creation of wealth. When compared to traditional investments the wealth-building in life insurance policy comes with a limited guarantee.

10 Crore Term Life Insurance Exclusions:

  • Death due to Suicide or Dangerous activity participation: Suicidal death and participation in dangerous activities that may lead to death are also included in the exclusions. The dangerous activities include adventurous sports that may commonly result in death.
  • Death due to Participation in Criminal Activities: Death due to participation in criminal activities, their beneficiaries will not be able to claim term insurance benefits, i.e. the sum assured. This is quite a common exclusion and there are no add-ons that can offer protection to policyholders against this exclusion.
  • Death under the influence of alcohol or drugs: Life insurance companies in India mostly refuse to provide term insurance cover to habitual drinkers and drug abusers. One cannot hide this claim from the insurer. Even if you hide your drinking problem and drug addiction, buy a term insurance plan, and die due to an accident or some other incident under the influence of drugs or alcohol, the insurance company may reject your life insurance claim as per the terms and conditions specified therein.
  • re-Existing Medical Conditions: It is mandatory to reveal pre-existing medical conditions before availing of the policy if you have not revealed that you will not receive coverage for it. This means that if you die of a pre-existing medical condition that the insurer did not know about, your beneficiaries will not be able to receive the death benefits.

How to purchase a 10 Crore term insurance policy online?

The process of buying a term insurance plan online has become simple with PolicyBachat. For buying a term insurance plan online please visit our website Policybachat.com Following steps to purchase the life insurance policy online in our portal

  • Step 1: Firstly, Enter the details such as Gender, Annual income from all the sources, Alcohol consumption and tobacco consumption, type of occupation, and salary, and Date of Birth. After this, you need to enter your contact details to facilitate a call from our agent.
  • Step 2: Now the premium from different insurance companies will be displayed on the screen. You can edit the details such as Coverage, Term, Premium payment method, Mode of claim settlement, etc. Submit the details to get the desired premium. The premium can be changed by changing other factors such as Coverage required, mode of payment, etc.
  • Step 3: The next step is to select the best life insurance plan and pay the premium to the insurance company before proceeding to fill the proposal form details.

Documents Required to purchase a 10 Crore Life Insurance Plan

  • Age proof such as Voter Card, Pan Card, Driving license, Aadhar card, pan card, etc. should be submitted to the insurance company.
  • Address proofs such as Power bill, Passport, Voter ID, Aadhar Card, etc would be required by the Insurance Company.
  • Photo identity proof such as PAN Card, Aadhar Card, Driving license, and any other proof which contains the photo and Passport size photo of the applicant should be submitted at the time of taking the life insurance policy from the Insurance Company.
  • The income proof could be the salary slip, income tax return, employer’s certificate or Form 16 required at the time of taking term life insurance policy is the income proof of the applicant.
  • Medical certificate depending on the declarations made by the applicant in the proposal form. Higher sum assured options may require compulsory medical tests before issuing the policy.

10 Crore Term Life Insurance Premium Calculator

The premium calculator is used to calculate the premium of the life insurance policy. You can check your life insurance premium using the life insurance premium calculator online. The premium calculator for 10 crore term insurance can be done by using the online portal in 3 simple steps and the premium can be paid online before the issuance of the policy. The below steps are to be followed to arrive at the premium of 10 crore sum assured term insurance policy.

Step 1: The life insurance premium calculator is to enter the below details clearly and correctly.

  • Gender of the applicant
  • Tobacco consumption; Yes or No
  • Annual income from the options given in the calculator
  • Occupation type; Salaried or Self Employed
  • Age of the applicant; to be entered as Date of Birth
  • Name of the applicant and email id of the applicant.

Step 2: In the 2nd step you can enter your requirements such as:-

  • Sum assured required under the life insurance policy
  • Tenure – maximum age the coverage is required
  • Premium payment type -  Regular or Lump sum or Limited pay
  • Premium payment frequency -  Monthly or Quarterly or Half-yearly or Yearly
  • Payout type -  Lump sum or Income or Combination of both
  • Add-ons such as Critical illness cover, Waiver of premium, tax benefits, and Accidental death cover can be selected and the premium would change accordingly.

Step 3: This is the last and final step where you need to make payment to the insurance company and it only takes a few minutes to finish this process. The premium figure displayed may be changed subject to the medical underwriting. The next step would be the tele medicals or physical medical verification where the customer needs to undergo medical tests or declare a health condition on the telephone to the insurance company before policy issuance.


PolicyBachat is an insurance web aggregator and approved by IRDAI. For life insurance policy login to our portal and compares quotes to get different types of life insurance like Rs. 1 Lakh and Rs. 1 Crore, Rs. 10 Crore policies, etc. If need help? Contact customer care number: 1800-123-4003.


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