What is a ₹1 Crore Term Insurance Plan?

A ₹1 Crore term insurance policy provides a death benefit of ₹1 crore rupees to the nominee upon the demise of the life insured during the policy term. With the rising rates of inflation, a ₹1 Crore term insurance plan is an ideal amount your family needs to sustain their lives in your absence.

We have listed some term plans with a sum assured of ₹1 crore, highlighting their unique features and their respective claim settlement ratios.

How Does a ₹1 Crore Term Insurance Plan Work?

Often, people do not understand the importance of having a term insurance plan or the need to invest in a term plan with a high cover amount.

Let’s understand how a term plan with ₹1 Crore coverage works with an example:

Rahul is a 30-year-old working professional who earns ₹10 lakhs annually. He spends ₹2.5 lakhs yearly to fulfill his family’s requirements. Suppose Rahul has purchased a term plan of ₹1 crore with a policy term of 30 years. He also has a home loan of ₹50 lakhs in his name. He met with a sudden accident and lost his life.

Now, his family members face the burden of paying the loan and managing other family expenses. In such a crisis, the sum assured from his ₹1 Crore term insurance policy will provide financial relief.

As the nominee under this policy, Rahul's family will receive the death benefit. This will help them cover their day-to-day expenses and repay outstanding loans.

Best Term Insurance Plan for ₹1 Crore in 2025

Here is a list of the best ₹1 Crore term plans for 2025 that you can consider.

Overview of Top ₹1 Crore Term Plans in India

Here is an overview of the best ₹1 Crore term insurance plans:

1. Bajaj Life Smart Protection Goal

   Smart Protection Goal by Bajaj Life Insurance is an affordable term plan with numerous plan options to secure your life goals and help you live worry-free. You have the flexibility to opt for single, limited, or regular premium payment options.

   Key Features

   • This plan covers 55 critical illnesses.
   • Return of Premium (ROP) option is available.
   • Whole life coverage up to 99 years is available with limited premium payment.
   • For minor critical illnesses (excluding angioplasty), 25% of the critical illness sum assured is payable.
   • A maturity benefit equal to the total premiums paid is received as a one-time lump sum, upon which the policy terminates.

2. Max Life Smart Term Plan

   Smart Term Plan by Max Life Insurance provides coverage up to 85 years of age. You can choose from 7 death benefit options as per your requirements. You have the option to get all your premiums back (Return of Premium option), and customize your policy term and premium payment term. It is one of the best term plans in India for ₹1 crore.

   Key Features

   • Flexible premium payment options: Choose from single, limited, or regular pay, and modes like yearly, half-yearly, quarterly, or monthly.
   • Longer coverage duration: Policy term options with coverage up to 85 years of age.
   • Additional protection for liabilities: Enhance coverage at important life milestones with optional life stage event benefits.
   • Return of Premium (ROP) option available by paying an additional premium.

3. SBI eShield Next

   eShield Next, launched by SBI Life Insurance, is a modern protection plan designed to meet your current and evolving financial responsibilities. This plan can be customized to your financial requirements. It is one of the best ₹1 Crore term insurance plans.

   Key Features

   • Three plan variants available: Level Cover, Increasing Cover, and Level Cover with Future Proofing Benefit.
   • Customizable with death benefit payment modes or a 'Better Half Benefit' option.
   • Terminal Illness Benefit included in all plan variants.
   • Flexible premium payment options.
   • Two rider options for enhanced protection.

4. ICICI Pru iProtect Smart

   iProtect Smart by ICICI Prudential Life Insurance offers flexibility to customize the plan to best suit your needs. This plan offers the flexibility to choose premium payment modes (limited or regular pay). You can also avail need-based payout options. It is the best term insurance plan for ₹1 crore.

   Key Features

   • Enhanced protection against death, terminal illness, and disability.
   • Option to add Accidental Death Benefit and Accelerated Critical Illness Benefit.
   • Special premium rates for non-smokers.
   • Need-based benefit payout options: lump sum, monthly income for 10 years, or a combination.

5. ABSLI Digishield Plan

   Digishield Plan by Aditya Birla Sun Life Insurance is a customizable plan that offers you the choice of policy tenure, premium payment tenure, sum assured flexibility, and return benefit options. This plan allows you to choose from 10 plan options to suit your needs.

   Key Features

   • It is a comprehensive ₹1 Crore term plan covering policyholders up to 100 years of age.
   • Flexible death benefit payouts: monthly, lump sum, or both.
   • Survival benefits available for financial security after age 60.
   • Terminal Illness benefits included.

6. Bandhan i-Term Prime

   iTerm Prime Plan by Bandhan Life is a pure protection term insurance plan that comes with affordable premiums. The plan has a minimum sum assured of ₹25 lakhs with no upper limit on the maximum sum assured. You can also choose additional rider benefits with this plan. It is the best term insurance plan for ₹1 crore in India.

   Key Features

   • Affordable premiums, offering high sum assured at a budget-friendly cost.
   • Option to withdraw the policy and receive paid premiums back (after GST deduction) within one year of reaching age 55.
   • 5% discount on the first-year premium.
   • Lump sum death payout upon the policyholder's demise.

7. HDFC Life Click 2 Protect Super

   Click 2 Protect Super by HDFC Life Insurance is a smart term plan that provides benefits tailored to your evolving lifestyle and life stage needs, helping you and your family stay truly protected. This plan offers three plan options: Life, Life Plus, and Life Goal.

   Key Features

   • Comprehensive term plan covering various uncertainties.
   • Policyholders can opt for a whole life cover under this ₹1 Crore term plan.
   • Income payouts for individuals above age 60.
   • Automatically balances death and critical illness benefits as age increases.

8. Kotak E-term Plan

   e-Term Plan by Kotak Life Insurance is an economical pure risk cover term plan offering high protection. This plan allows you to choose the sum assured that best fits your needs. Policyholders have the option to choose from three plan variants: Life, Life Plus, and Life Secure.

   Key Features

   • It is among the best term insurance plans for ₹1 crore, with affordable premiums.
   • Multiple plan options: Life, Life Plus, or Life Secure.
   • The Life Plus option offers an accidental death benefit.
   • Three payout options: immediate, level recurring, or increasing recurring.
   • Flexibility to increase or decrease life cover options based on requirements.

9. IndiaFirst Life Guaranteed Protection Plus Plan

   Guaranteed Protection Plus Plan by IndiaFirst Life is a unique term life insurance plan designed to meet diverse requirements. IndiaFirst Life Guaranteed Protection Plan covers needs like children’s education, marriage, home purchase, retirement corpus, or other major investments.

   Key Features

   • The plan offers three different variants to choose from.
   • It is a ₹1 Crore term insurance plan with affordable premiums.
   • Flexible premium payment options: monthly, quarterly, half-yearly, or yearly, under limited or single premium payment methods.
   • Payout options include lump sum or level income.
   • Life option, Return of Premium (ROP) option, and Smart Life option are available.

10. LIC New Tech Term Plan

    The New Tech Term Plan by Life Insurance Corporation of India is an online plan that provides financial protection to the insured’s family in case of their untimely demise during the policy term.

    Key Features

    • Two benefit options: Level Sum Assured and Increasing Sum Assured.
    • Single, regular, or limited premium payment options.
    • Special premium rates for women.
    • Premium rebates for non-smokers.
    • Option to enhance coverage with the Accident Benefit rider (upon additional premium payment).

Factors That Affect Premium for ₹1 Crore Term Insurance

Several factors affect the premiums for a ₹1 Crore term insurance plan. Let's understand them in detail:

• Policyholder’s Age

  The age of the policyholder directly impacts their ₹1 Crore term insurance premiums. The higher the age of the policyholder, the greater the premiums.

• Medical Conditions

  If the policyholder is suffering from any disease or illness, the premiums would be higher. A healthy individual pays comparatively less.

• Lifestyle Choices

  Lifestyle habits such as smoking, alcohol consumption, and involvement in other high-risk activities may lead to higher premiums.

• Sum Assured

  The higher the sum assured, the higher the premiums for a ₹1 Crore term insurance policy.

• Additional Riders

  Choosing additional riders with your ₹1 Crore term insurance policy increases your premiums. Choose riders that align with your needs.

Who Should Buy a ₹1 Crore Term Insurance Plan?

A ₹1 Crore Term Insurance plan is one of the most affordable term insurance options available today. You can secure your family with lower premiums by purchasing this product at an early age. As we know, the financial needs of families are increasing day by day due to inflation and the rising cost of living. It is advisable to buy a term insurance plan based on your future requirements. You can calculate premiums using the ₹1 Crore term insurance premium calculator.

Here's who should consider buying a ₹1 Crore term life insurance plan:

• You are in your 20s and have just started your income

  Young individuals who have just started their professional journey should invest in a term plan with affordable premiums and adequate policy benefits.

• If you are the breadwinner of your family

  Sole earning members of a family should consider a policy that provides a financial safety net to loved ones. Choose a plan with income payouts to help your family fulfill future needs in your absence.

• In case you have liabilities

  Individuals with liabilities like home loans, car loans, or education loans should invest in a term plan to help their family repay outstanding loans in case of untimely demise.

• In case you have dependent parents

  Single children with dependent retired parents should buy a term insurance plan to support them financially in their absence.

• Single parents with a dependent child

  Single parents needing to safeguard their child's future should ensure peace of mind by providing for their children's education or marriage funds.

Benefits of Having a ₹1 Crore Term Insurance Plan

Along with securing your family’s financial needs in your absence, a ₹1 Crore term life insurance plan also offers several other benefits:

• Cost-Effective

  Term insurance is the most cost-effective form of life insurance. It is a pure life cover with no savings component. Premiums for term life insurance are generally more affordable than permanent life insurance.

• Enhanced Coverage with Riders

  Various additional riders, such as critical illness plans, can enhance your term insurance coverage. Policyholders are eligible for benefits if diagnosed with a critical illness listed in the rider conditions.

• Additional Features

  Term insurance companies offer features like discounted premiums for non-smokers and specific categories, along with large sum assured options.

• Long-Term Protection

  Term policies offer whole-life coverage up to 99 or 100 years, providing long-term protection.

• Flexible Premium Payments

  Purchasing a ₹1 Crore term plan at a young age offers premium affordability. Policyholders can pay premiums monthly, quarterly, half-yearly, or yearly.

Tips to Choose the Best ₹1 Crore Term Insurance Plan

Here are a few tips to consider when selecting a ₹1 Crore term insurance policy:

• Premium Payment Term

  Choose to pay premiums monthly, quarterly, half-yearly, or annually, based on your affordability.

• Policy Tenure

  Ensure the policy tenure is long enough to provide monetary benefits to your family. A longer policy term provides extended coverage and peace of mind. A policy term of 20-30 years is generally recommended.

• Claim Settlement Ratio

  Choose an insurer with a high Claim Settlement Ratio (CSR) for better assurance of claim settlement. A higher CSR indicates a greater likelihood of claims being settled.

• Riders

  Riders are additional benefits that extend your policy coverage. These may include accidental death benefit, critical illness rider, and waiver of premium rider. Choose riders that best suit your needs.

• Exclusions

  Read the policy document carefully to make an informed decision. Understand policy exclusions, which specify what is not covered, and their implications.

How to Buy ₹1 Crore Term Insurance From PolicyX?

Buying a ₹1 Crore term insurance policy from PolicyX.com is an easy and hassle-free process. Follow these steps to buy a ₹1 Crore term plan from PolicyX.com:

1. Step 1

   Visit the official PolicyX.com website.

2. Step 2

   Click on 'Term Insurance' at the top of the page.

3. Step 3

   Select your income and city, then click 'Proceed'.

4. Step 4

   Update your education and occupation details.

5. Step 5

   Choose your preferred plan and click 'Buy this plan'.

6. Step 6

   Select the policy term, premium payment period, and riders (if required), then proceed to pay.

Why Should You Buy ₹1 Crore Term Life Insurance From PolicyX.com?

Here are the reasons to buy a ₹1 Crore term insurance plan from PolicyX.com:

• Compare and Choose the Best Plan

  PolicyX helps you compare a wide range of plans based on features, enabling you to choose the one that best fits your requirements.

• Hassle-Free Purchase Process

  Buying term plans from PolicyX.com is a hassle-free process, allowing you to compare various plans in minutes.

• Customer Trust

  PolicyX is a trusted insurance aggregator, known for excellent services and support.

• Expert Customer Service

  Contact PolicyX via email or IVR number; our insurance experts will address all your concerns promptly.

• Dedicated Claim Settlement Support

  PolicyX provides dedicated claim settlement support, even during challenging times.

Conclusion

A ₹1 Crore term insurance plan is an excellent life insurance product if you want to secure your family's future. Amid life's uncertainties, a term plan ensures your family receives unconditional financial support. It's crucial to assess your financial commitments. Comparing multiple plans helps you understand your needs better. PolicyX helps you find a plan that aligns with your requirements.

Still wondering or confused about which ₹1 Crore term insurance plan to choose? Visit PolicyX.com, or call us at 1800-420-0269. Our insurance experts will understand your unique needs and suggest the best possible plan. We offer expert, unbiased insurance advice.