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Written By
Fathima Tabasum
Fathima Tabasum
Senior Associate - Direct Marketing
Fathima defines Digit's voice in life insurance with her strong command of language. Her creative, clear writing and research skills simplify complex concepts and build trust and engagement.
Reviewed By
Ashok Manwani
Ashok Manwani
Vice President - Products
Ashok is an insurance professional with extensive experience in product development and management. In his role at Digit, he focuses on creating innovative life insurance solutions tailored to meet diverse customer needs.
Term Insurance Plan for 10 Crore Online in India
The 10 Crore Term Insurance Plan is designed to offer substantial financial security to your family in case of an unforeseen event. With a high coverage amount, this term insurance plan ensures that your loved ones are protected from financial burdens, enabling them to maintain their lifestyle and meet future financial goals.
This plan is particularly beneficial for individuals with significant financial responsibilities, such as business owners or high-income earners, as it provides peace of mind and a robust safety net.
Table of Contents
Key Insights of 10 Crore Term Insurance Plan
Here’s a table summarising the key aspects of a ₹10 Crore term insurance policy:
What is a 10 Crore Term Insurance?
What is a 10 Crore Term Insurance?
A 10 Crore term insurance provides a sum assured of 10 crores to the beneficiary in case of unfortunate demise of the policyholder during the policy term. Thus, 10 Crore here refers to the sum assured amount.
This insurance offers significant financial protection to the insured's beneficiaries, ensuring a sizeable payout to help cover expenses and maintain their financial well-being. Term insurance is the most basic and cost-effective way to secure a high coverage amount; hence, it doesn't provide any maturity value.
How Does a 10 Crore Term Insurance Plan Work?
Anyone in the financial space will always emphasise the importance of a term plan for a healthy financial portfolio. However, the amount of sum assured required depends on individual needs. Here is how a 10 crore term plan works:
Sum Assured
A 10 crore term insurance policy provides a sum assured, i.e., a coverage of 10 crore rupees.
Policy Term
The policy has a specified term, chosen when buying the policy, during which the coverage is active.
Premium Payments
The policyholder can choose the premium amount, frequency, and tenure according to their preferences.
Death Benefit
In case of the policyholder's unfortunate demise during the policy term, the beneficiaries receive the entire sum assured that is 10 crores, as a death benefit.
No Maturity Benefit
If the policyholder survives the policy term, there is no maturity benefit since this is a term plan.
Financial Coverage
Being a high coverage term plan, it serves as a well-built financial safety net, ensuring significant support for the family's financial needs in case of the insured's death.
Rider Benefits
By paying an extra premium, you can select different riders to receive coverage for particular risks and occurrences. However, the rider's validity is as long as the policy is valid.
Illustration of 10 Crore Term Insurance
Let's take an example to see how the 10 Crore term plan works.
Aditi, a young professional who is 35 years old, earns 80 lakhs annually. She is recently married and wants a house and her dream car. Considering the forthcoming expenses, she used a 10-crore term plan for 30 years and paid an annual premium of ₹1,00,000.
Understand the Scenarios of 10 Crore Term Insurance
Death During the Policy Term
Outliving the Policy Term
Why You Shouldn’t Wait to Buy Term Insurance
Here’s a concise 4‑point breakdown of the video:
1. Lock in Low Premiums Early: Buying term life insurance in your 20s or early in your career secures much lower premium rates, which remain fixed over the policy term.
2. Guarantee Term Conversion Options: Many term policies offer conversion to permanent insurance later, providing flexibility as your financial needs evolve.
3. Fixed Coverage Meets Essential Needs: A term policy locks in coverage for 20–30 years, ensuring protection for dependents during critical income-earning years.
4. Buying Now Beats Waiting: Delaying can mean higher costs or health changes that increase premiums or disqualify you, so early purchase is a smart financial decision.
Benefits of a 10 Crore Term Insurance Plan
A 10 crore term insurance plan provides substantial financial coverage to the policyholder's beneficiaries during their untimely demise. Here are the benefits:
Financial Security for Family
Ensures that the policyholder's family is financially secure and can maintain their standard of living in case of the policyholder’s untimely demise.
Debt Repayment
Helps in repaying outstanding debts and loans, preventing the family from facing financial burdens.
Funds for Future Expenses
Provides funds for future expenses such as children's education, marriage, or other significant life events.
Customisation with Riders
Adding riders such as accidental death benefit, critical illness cover, and premium waiver allows plan customisation to suit specific needs and enhance coverage.
Countering Inflation
A high coverage amount helps counter the effects of inflation, ensuring that the benefits remain substantial over time.
Flexibility in Premium Payment
Options for annual, semi-annual, quarterly, or monthly premium payments.
Tax Savings
Premiums paid are eligible for tax deductions under Section 80C of the Income Tax Act but death benefits received by the nominee are tax-free under Section 10(10D).
Peace of Mind
Knowing that the family’s financial needs are covered offers peace of mind to the policyholder.
Why Do You Need a 10 Crore Term Insurance?
While a figure of 10 crore might seem extremely high and overwhelming, in today's world, high salaries and extravagant lifestyles have become quite common, and inflation only increases. To have sufficient coverage that protects your dependents in an unfortunate case, a 10 Crore term insurance is the perfect solution.
Here are other major benefits that a 10 crore term insurance can provide:
High Coverage at Affordable Premium:
A 10 Crore term insurance policy provides a considerably high coverage amount at a relatively lower premium than the traditional plans with a savings component.
Tax Benefits
Premium paid towards the term insurance and the death benefit received is eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act as per the prevailing income tax laws.
Peace of Mind with Financial Security
A high coverage ensures complete financial security for the insured's family in case of their untimely death during the policy term. It takes care of debts and liabilities so that the family doesn't have to deal with this financial crisis after losing a loved one.
Some Relatable Real-Life Examples
Aditya Patel, Tech Entrepreneur
Rashi Kapoor, Medical Professional
Rohan, High-Net-Worth Individual
Who Should Buy a 10 Crore Term Insurance?
Anyone with earnings and liabilities must have insurance in their portfolio. While a basic life cover is a necessity for anyone, a 10 crore term insurance is better suited for the high-income people that fall into the following groups:
People with High Income and High Expenses
High income, in turn, elevates people's lifestyles, like big homes and expensive cars, which also bring liabilities. Thus, high-earning individuals, specifically those with more than 80 lacs to 1 crore per annum income, must have a coverage of at least 10 crores. This will provide a sizeable financial cover to their family.
People with Dependents
Individuals with dependent parents, spouses, or children must consider buying much insurance coverage. We know the skyrocketing costs of medical care, education, and other lifestyle expenses. In case of the unfortunate demise of the breadwinner, the family goes through financial turmoil that can be saved with a good amount of insurance coverage.
Business Owners
Business owners, especially small and medium-scale businesses, spend most of their expenses on credit and always carry the pressure of debt. Hence, in case of their unfortunate demise, their family might also have to deal with professional liabilities while dealing with their loss. Thus, as per their liabilities and premium budget, business owners should have considerable coverage for their dependents, taking care of their financial requirements and professional liabilities.
Young Parents
Young parents, or the ones planning to have kids shortly, must plan a substantial amount of insurance coverage. This will ensure their kid's future, education and upbringing stay caught up if anything happens to their life.
Complimentary Wellness Benefits for Digit Life Customers
Unlimited 24×7 Teleconsultations with General Physicians
Mental Health Consultation & Services
Speak to top specialists in Mental Health, Women’s Health, Diet & Nutrition, and more, at flat 50%!
Diagnostic Tests & Health Check-Ups
Specialist Teleconsultations
Speak to top specialists in Mental Health, Women’s Health, Diet & Nutrition, and more, at flat 50%!
Women's Health Care Programs
Pregnancy Care Programs, access to Mum Support Group, PCOS/PCOD Care Programs, Maternity Support and much more!
Physiotherapy Sessions
Stress and Pain relief covered with exclusive discounts on Physiotherapy consultation and session bookings.
Dental Consultation Offers
Avail unlimited, free dental consultations and exclusive discounts on dental treatments.
Sexual Wellness
Chronic Care Support Programs
Personalized assistance for long-term health conditions.
99.53% Claim Settlement Ratio For Digit’s Life Insurance - FY'25
99.53% Claim Settlement Ratio For Digit’s Life Insurance - FY'25
When life takes an unexpected turn, every second matters. With a 99.53% Claim Settlement Ratio (CSR), Digit Life Insurance stands as a pillar of trust and reliability. This isn’t just a statistic; it’s a promise to our policyholders.
Every claim tells a story. Whether it was a salaried parent overcoming loss, a child’s future hanging in the balance, or a spouse seeking stability, we acted fast to bring peace of mind to grieving families.
That’s why we are committed to settling genuine claims swiftly, transparently, and with compassion, ensuring that your loved ones receive the support they need when it matters most.
₹2.88 Billion Worth Claims Paid in FY'25
₹2.88 Billion Worth Claims Paid in FY'25
At Digit, we don’t just talk about protecting families; we actually do it. In the last financial year, we paid ₹2.88 billion to families who lost a loved one. That’s a big jump from ₹351.52 million a few years ago, showing how much we have grown and how seriously we take our promise.
Every payout represents a family supported, a future safeguarded, and a promise fulfilled. We make sure claims are settled quickly and clearly, with zero confusion, so families don’t have to worry during tough times.
15,000+ Claims Settled in FY'25
15,000+ Claims Settled in FY'25
Solvency Ratio for Digit's Life Insurance in FY'25 is 3.85
Solvency Ratio for Digit's Life Insurance in FY'25 is 3.85
At Digit, being financially strong isn’t just a goal; it’s how we earn your trust. Our solvency ratio has grown from 2.07 to 3.85, which means we are more than ready to keep every promise we make.
This number shows we have more than enough funds to pay claims and support families, even in tough times. In fact, our ratio is nearly double the required limit, giving you extra peace of mind.
Because when you choose life insurance, you are not just buying protection; you are trusting us with your family’s future. And we take that seriously.
Disclaimer: This report offers an overview of Digit Life Insurance’s performance, highlighting the growth in premiums, solvency ratio, and claims settlement metrics (CSR, claims paid, and claims settled), based on the company’s FY’25 internal data. The information is intended for general awareness only and should not be considered financial advice. Past performance may not reflect future outcomes.
Eligibility Criteria for a 10 Crore Term Insurance
The exact eligibility criteria may vary slightly between different insurance providers. The following table provides a general overview.
Documents Required to Buy a 10 Crore Term Insurance Plan
To purchase a term insurance plan, applicants are required to submit the documents listed below:
Identity & Address Proof
- Aadhaar Card
- Passport
- Voter ID
- Driving License
- PAN Card
Income Proof
- Salary slips (last 3 months)
- IT returns (last 3 years)
- Form 16
- Bank statements (last 6 months)
- Profit & Loss account (for self-employed)
- Balance sheet
- Salary certificate
- CA certificate (for self-employed)
- Agricultural income certificate
Age Proof
- Birth Certificate
- School/College Leaving Certificate
- Passport
- Aadhar Card
Medical
Other Documents
- Policy Proposal Form
- Nominee Details
- Photograph
- Bank Account Details
How to Buy Term Insurance Policy Online?
The five easy steps to buy term life insurance plans are as follows:
Visit Digit Website/App
Visit the official Digit Life Insurance website or app and compare the types of life insurance policy options and fill in your personal information.
Coverage & Payment
Now it’s time to choose your ideal coverage, premium payment methods, and any additional benefits you want!
Payment & KYC
Complete your payment, and then finish the KYC process and fill in your nominee details.
Access Documents
Congratulations! Your policy documents will be sent to your email and WhatsApp. You can also access it 24/7 on the Digit App.
How to Download Term Insurance Policy Document With Digit App?
Need a copy of your term insurance policy document? You can download it easily through the Digit App by following these simple steps:
Login Your Account
Visit the Digit website or app and click on ‘Login’ at the top-right corner. Enter your registered mobile number and verify with OTP.
Visit ‘Active Policies’
Once logged in, navigate to the Active/My Policies section. Here, you can check the policy number, end date & start date.
Download the Policy
Done! You can save, share, print or email the policy for future reference anytime, anywhere.
How to Calculate the Premium for a 10 Crore Term Plan?
How to Calculate the Premium for a 10 Crore Term Plan?
To calculate the premium for a ₹10 crore term insurance plan, you need to consider several factors such as the policyholder’s age, health, lifestyle, occupation, and the policy term. Using a term insurance calculator can help you estimate the premium more accurately. Additionally, you might want to explore extra coverage options like critical illness riders or accidental death benefits.
Let’s assume a one crore term insurance plan details for Ravi as an example:
- Age: 30 years
- Lifestyle Indicator: Non-smoker
- Policy Term: 20 years
- Sum Assured: 10 Crore
- Riders: No additional riders
Read more..
How to Choose the Right 10 Crore Term Insurance Plan?
If you are clear about the coverage amount, you have made major decisions while buying term insurance. The other factors that you need to consider while choosing the right 10-crore term plan are:
Check for Flexibility
Check for flexibility in your policy in multiple ways, like premium payment, rider additions, etc. Some insurers also provide the option of conversion, wherein you can convert your term plan to an endowment policy in the last few years of the policy, thus building a maturity benefit. Check for all the options that maximise your returns as per your requirements.
Check for Inclusions and Exclusions
One of the most critical factors to check while buying an insurance plan is its inclusions and exclusions. Be aware of all these conditions so that you don't end up being surprised during the claim settlement process.
Check the Claim Settlement Ratio of the Insurance Provider
The claim settlement ratio indicates the percentage of claims settled against the total number of claims filed. The higher the claim, the more credible the company is. In simple terms, it indicates how easily and quickly your beneficiaries would receive the claim in case of your unfortunate demise, thus making this one of the most crucial factors to consider.
Compare the Premium Rates
Compare the premium rates for 10 crore coverage across different insurers.
Common Reasons for 10 Crore Term Insurance Plan Rejection
Common Reasons for 10 Crore Term Insurance Plan Rejection
Certain factors can lead to rejection when applying for a 10 crore term insurance plan. Understanding these reasons can help applicants better prepare and address potential issues beforehand.
- Suicide: Most insurance policies have a suicide clause, typically stating that if the insured commits suicide within a specified period (usually one or two years) from the policy start date, the claim will not be honoured. Also, If the insurance company suspects the application is an attempt to benefit from such circumstances, they may reject the policy.
- Participation in Hazardous Activities: Individuals engaging in hazardous activities like skydiving, scuba diving, motor racing, and other high-risk sports are considered high-risk. Insurers may reject applications or charge higher premiums to cover the increased risk of death.
- Self-Inflicted Injuries: Policies often exclude coverage for death due to self-inflicted injuries. If there's evidence that the applicant has a history of self-harm or attempted suicide, the insurer may deny coverage.
Read more
Tax Benefits for 10 Crore Term Insurance Policies
For individuals holding term insurance policies worth 10 crore INR (100 million INR), several tax benefits can be availed under the Indian Income Tax Act, 1961. Here is an overview of the key tax benefits related to such high-value term insurance policies:
Section 80C: Premium Payments
Deduction Limit: Under Section 80C, the premium paid for a term insurance policy is eligible for a tax deduction, subject to a maximum limit of 1.5 lakh INR per financial year.
Eligibility: To qualify, the premium must not exceed 10% of the sum assured if the policy is issued on or after April 1, 2012. The premium should not exceed 20% of the sum assured for policies issued before this date.
Applicability: This deduction is applicable to individuals and Hindu Undivided Families (HUFs).
Section 10(10D): Maturity Benefits
Tax Exemption: Any sum received under a term insurance policy, including the death benefit, is fully exempt from tax under Section 10(10D).
Conditions: This exemption is applicable only if the premium paid does not exceed 10% of the sum assured for policies issued on or after April 1, 2012. The premium should not exceed 20% of the sum assured for policies issued before this date.
TDS: If the policy does not meet the criteria mentioned above, a 5% tax deduction at source (TDS) will be applicable on the payout if it exceeds 1 lakh INR in a financial year.
Section 80D: Health Riders
Deduction for Health Riders: If the term insurance policy includes health insurance related riders such as critical illness or accidental death benefit riders, the premium paid towards these riders is eligible for a tax deduction under Section 80D.
Deduction Limit: The deduction limit under Section 80D is up to 25,000 INR for individuals under 60 and 50,000 INR for senior citizens. This limit is in addition to the limit under Section 80C.
Read More About Term Life Insurance Tips
Interesting Digit Life Stories and Milestones from FY’25
1. Record-Breaking Days
Talk about a busy day! We issued over 1.7 lakh policies on September 28, 2024. Our systems were operational even at late hours, issuing over 1,100 policies at 1:08 AM on December 7, 2024.
2. Our Growing Family
The average age for people joining the Digit Life insurance family in FY24-25 was 34 years old, a slight nudge up from 33 years previously.
3. Premium Extremes
Talk about range! We saw an annual premium as high as ₹35 lakh for our Digit Icon product, while we also issued policies for as little as ₹143 for a 2-year Digit Life Group Micro Term Insurance
4. More Women Protected
We saw a 1.2% increase in female lives covered this FY, with women now making up 49.89% of our total covered lives, up from 48.77% last year
5. Flexible Premiums
We've got options! Some folks opted for monthly premiums as low as ₹50 per month, while others chose the monthly premium category for a policy with an annual premium of ₹2.3 lakh (roughly ₹19,000/month).
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FAQs about 10 Crore Term Insurance Plan
Can you decrease the sum assured of a ₹10 crore term plan?
Does a ₹10 crore term insurance have a surrender value?
What should be the tenure of my ₹10 crore term insurance policy?
What are the eligibility criteria for purchasing a ₹10 crore term plan?
What is the premium amount for a ₹10 crore insurance plan?
What happens if I survive the ₹10 crore insurance policy tenure?
What are the factors to consider when buying term insurance for ₹10 crore plan?
Does ₹10 crore term insurance have higher premiums compared to other plans?
What is the minimum and maximum age limit to apply for ₹10 Crore Term Insurance?
Can I customise the policy term for ₹10 crore term insurance?
Is there an option for joint coverage in ₹10 crore term insurance?
What happens if I miss paying the premium for ₹10 crore term insurance?
Can I increase the coverage of my ₹10 crore term insurance?
What happens if I want to cancel my ₹10 crore term insurance policy?
What is the claim settlement process for a ₹10 crore term plan?
Claim settlement for a ₹10 crore term insurance plan involves the nominee notifying the insurer in a timely manner and submitting required documents such as the death certificate, policy documents, and medical records.
The insurer then investigates the claim and, if valid, payouts the sum assured to the nominee within 30 days of receiving all necessary documents, as per IRDAI regulations. Larger claims might necessitate additional verification.
What health conditions could increase premiums or rejection for a ₹10 crore term insurance plan?
How do high-risk occupations impact eligibility and premium for a ₹10 crore term insurance?
What are the specific circumstances under which a ₹10 crore term insurance policy can be terminated or lapsed?
How does the concept of suicide clause apply to a ₹10 crore term insurance plan?
How much tax do I pay on ₹10 crore term insurance?
What happens if I survive the policy tenure?
Other Important Articles Related to Term Insurance
Disclaimer
- This is an informative article provided on 'as is' basis for awareness purpose only and not intended as a professional advice. The content of the article is derived from various open sources across the Internet. Digit Life Insurance is not promoting or recommending any aspect in the article or its correctness. Please verify the information and your requirement before taking any decisions.
- All the figures reflected in the article are for illustrative purposes. The premium for Coverage that one buys depends on various factors including customer requirements, eligibility, age, demography, insurance provider, product, coverage amount, term and other factors
- Tax Benefits, if applicable depend on the Tax Regime opted by the individual and the applicable tax provision. Please consult your Tax consultant before making any decision.
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