- High sum assured for your loved ones
- Best 1 Crore Term Insurance Plans
- Enhanced coverage through riders
List of Top Term Insurance Plans for 1 Crore in India 2024
Following is the list of best 1 crore term insurance plans in 2024
| S.no | Top 1 crore Term Plans | Claim Settlement Ratio (22-23) | Entry Age | Maturity age | Check Plans |
| 1. | Bajaj Allianz Life Smart Protection Goal | 99.04% | 18 to 65 years | 85 years | |
| 2. | Max Life Smart Term Plan | 99.51% | 18 to 60 years | 85 years | |
| 3. | SBI eShield Next | 98.39% | 18 to 45 years | 85 years | |
| 4. | ICICI Pru iProtect Smart | 97.8% | 18 to 65 years | 85 years | |
| 5. | TATA AIA Sampoorna Raksha Supreme | 99.01% | 18 to 60 years | 85 years | |
| 6. | Aditya Birla ABSLI DigiShield Plan | 98.12% | 18 to 45 years | 85 years | |
| 7. | Bandhan i-term prime | 99.03% | 18 to 65 years | 70 years | |
| 8. | HDFC Life Click 2 Protect Super | 99.39% | 18 to 65 years | 85 years | |
| 9. | Edelweiss Tokio Zindagi Protect | 99.02% | 18 to 65 years | 100 years | |
| 10. | India First Life Guaranteed Plus Plan | 97.04% | 18 to 60 years | 85 years | |
| 11. | LIC New Tech Term Plan | 95.1% | 18 to 65 years | 85 years | |
| 12. | PNB Metlife Mera Term Plan Plus | 99.06% | 18 to 50 years | 80 years | |
| 13. | Canara HSBC Young Term Plan | 99.01% | 18 to 65 years | 99 years | |
| 14. | Kotak e-Term Plan | 98.82% | 18 to 65 years | 99 years | |
| 15. | Aditya Birla Salaried Term Plan | 98.12% | 18 to 60 years | 70 years | |
| 16. | TATA AIA Sampoorna Raksha Supreme Vitality protect | 99.01% | 18 to 60 years | 85 years | |
| 17. | Future general Care Plus | 95.04% | 18 to 65 years | 85 years | |
| 18. | Shriram LifeOnline Term | 97.04% | 18 to 55 years | 75 years | |
| 19. | Pramerica Life RockSolid Term Insurance | 98.8% | 18 to 65 years | 85 years | |
| 20. | Aviva Signature 3D Term Plan | 98.39% | 18 to 65 years | 70 years |
1 Crore Term Insurance Plan in India
A one-crore term insurance refers to a term insurance policy, that 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 one crore term insurance is the perfect amount that your family needs to sustain their lives in your absence.
So we are suggesting some term plans for you with a sum assured of 1 crore, along with the features that make them unique from each other with the claim settlement ratios of their companies.
How Does 1 Crore Term Insurance Plan Work?
Very often, people do not understand the importance of having a term insurance plan or do not see the need to invest in a term plan with a high cover amount due to a lack of understanding.
Let’s understand how a term plan with 1 crore works with an example:
Rahul is a 30 years old working professional who earns 10 lakhs INR annually. He supposedly spends Rupees 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. Given that, he already has a home loan of Rupees 50 lakhs in his name. He was met with a sudden accident in which Rahul lost his life. Now his family members have the burden of paying the loan and taking care of others in the family. In such condition of crisis, the amount sum assured against his 1 crore term insurance policy will show up and solve this problem. As the nominee under this policy, will get the death benefit. Therefore, it will be a little easier for them to continue their day-to-day life expenses and said loans.
Who Should opt for a 1 Crore Term Insurance Plan?
1 Crore Term Insurance is one of the most affordable term insurance plans available in the market today. You can secure your family at lower premiums by buying this product at an early age. As we know, the financial need of a family is increasing day by day due to the inflation rate and the cost of living. So, it is better to buy a term insurance plan according to your future requirements.
You will get to know who should buy a 1 crore term plan in the details given below:
- You are in your 20s and have just started your income: If you are a young individual who has just started your professional journey then you must invest in a good-term plan with affordable premiums and adequate policy benefits.
- If you are the breadwinner of your family: In case you are the only earning member of your family, you must consider buying a policy that’ll provide a financial safety net to your loved ones in the face of adversity. Choose a plan that provides income pay-outs to your family members in fulfilling their future needs, in case you’re not around.
- In case you have liabilities: If you are an individual with liabilities on your shoulders such as a debt or loan like home loans, car loans, education loans, etc. You should consider investing in a term plan which will help your family pay off any loans in case of your sudden demise.
- In case you have dependent Parents: If you are a single child and have dependent retired parents, then you must buy a term insurance plan to support your parents financially in case you are not around.
- Single Parents with a dependent child: If you are a single parent and need to safeguard your child’s future you must ensure your peace of mind by providing your child/children with education or marriage funds.
Why Should You Choose 1 Crore Term Insurance?
It is critical to protect your family from unforeseen events. In the event of your unfortunate demise, your loved ones must be able to accomplish their objectives and goals without financial restraints. So we have listed here, numerous reasons why you should choose a term plan with one crore:
- Number of Nominees Those who have a large family with parents, siblings, spouse, and children. In some cases, there might be other dependents as well.
- Constrained Income Those who have a limited income with big financial commitments. And those who cannot bear the expenses of all their family members, individually.
- Burdened with Debts/Mortgages Those who have several debts can put an unbearable financial burden on the family in case of the policyholder’s death. In this condition, a term insurance plan could do wonders for the nominee(s).
- Financial Protection Those who want to create enough savings for their family in case of their absence. And if they have children who need to be taken care of their education/marriage, or elder parents/senior citizens in the family to be taken care of their well-being.
Understand the Top 10 One Croore Term Insurance Plans Briefly
We have compiled below a list of the best term insurance plan for 1 Crore:
Kotak E-term Plan
Key Features
- It is among the best term insurance plan for 1 crore with affordable premiums
- Kotak e-term plan has multiple plan options that individuals can select from namely, Life, Life, Life Plus, or Life Secure Option
- The Life Plus option offers an accidental death benefit
- The plan offers 3 pay-out options wherein you will receive the sum assured as immediate pay-out, level recurring pay-out, or increasing recurring pay-out.
- Individuals can increase or decrease their life cover option based on their requirements
Eligibility Criteria
Entry Age Minimum: 18 Months
Maximum: 65 years (Except for Limited Pay- "Pay till 60 Years")
50 Years (For Limited Pay - "Pay till 60 Years")Premium Payment Term Same as Policy Term Sum Insured INR 25 Lakh to 1 Crore Policy Term Regular Pay:
Min: 5 Years | Max: 40 Years or 75 Minus Age at Entry
Limited Pay:
Min: 10 Years | Max: 40 Years or 75 Minus Age at Entry
Single Pay:
Min: 5 Years | Max: 40 Years or 75 Minus Age at EntryABSLI Digishield Plan
Key Features
- The ABSLI Digishield plan offers 10 different plan options to the insurance holders suited as per their requirements
- It is a comprehensive 1 Cr term plan covering insurance holders till 100 years of age
- Death benefit pay-outs are flexible for individuals and can be opted according to the needs of the insurance holder which are monthly, lump-sum or both
- ABSLI digishield plan offers survival benefits for policyholders to ensure financial security after the age of 60 years
- Terminal Illness benefit available
Eligibility Criteria
Entry Age For Plan Options 1|2|3|6|7|8|10: 18 to 65 years
For Plan Option: 4|5: 45 to 65 years
For Plan Option: 9: 18 to 50 yearsPremium Payment Term Single/ Regular/ Limited and 5 Pay Sum Insured For Plan Option: 1|2|6|7|3|4|5|9|10
Minimum - Rs. 30 Lakh
Maximum - No Limit
For Plan Option 8
Minimum - 1 Lakh
Maximum - 20 LakhPolicy Term For plan option 1/2/6 and 7
Min: 5 Years | Max: 55 Years
For plan option 3
Min: 11 years | Max : 55 Years
Plan Options 4 and 5 : 100 minus entry
Plan Option 8 : Min: 1 Years | Max: 4 Years
Plan Option 9 :
Min: 70 minus entry age| Max: 55 Years
Plan Option 10:
Min: 10 years | Max: 55 YearsTATA Life Insurance Sampoorna Raksha Supreme
Key Features
- With this plan insurance holders can avail of a whole life cover up to 100 years of your age to guarantee long term
- Tata Sampoorna Raksha supreme offers rider benefit options to cover you against critical illness, terminal illness, accidental death, etc.
- You can avail of free medical consultation online with a network doctor available
- Tax exemption benefits available under Tata AIA Life Insurance Sampoorna Raksha Supreme
- You can increase or decrease life cover at important life stages
Eligibility Criteria
Entry Age Min: 18 Years
Max: 65 YearsPremium Payment Term Single/ Regular/ Limited Pay Sum Insured Minimum - Rs. 1 Lakh
Maximum - No LimitPolicy Term N/A India First Life Guaranteed Plus Plan
Key Features
- The plan offers 3 different variants to select from to the insurance holders
- It is a 1 crore term insurance at affordable premiums and does not require you to break your bank to pay premiums
- You can opt to pay premiums at your convenience, such as monthly, quarterly, half-yearly, or yearly premiums under a Limited premium or a Single premium.
- Insurance holders can opt between pay-out options like lump sum pay-out or lumpsum, and level income pay-out
- Life option, return of the premium option and smart life option are available under this plan
Eligibility Criteria
Entry Age Min: 18 Years
Max: 65 YearsPremium Payment Term Life Option -
Min: 5 years | Max: 47 years such that the maximum age at the end of PPT is 70 years
Return Of Premium and Smart Life Option -
5/7/10/12/15/20/25/30/35 years such that the maximum age at the end of PPT is 70 yearsSum Insured Minimum - Rs. 25/50/75Lakh
Maximum - No LimitPolicy Term Min: 10 Years | Max: 20 Years LIC New Tech Term Plan
Key Features
- Flexibility to choose from two benefit options: Level Sum Assured and Increasing Sum Assured.
- Policyholders can opt for Single Premium, Regular Premium, and Limited Premium Payment
- Special premium rates available for women
- Premium rebates available for non-smokers
- Option to enhance coverage by opting for Accident Benefit Rider on payment of additional premium for the rider benefits
Eligibility Criteria
Entry Age Min: 18 Years
Max: 65 YearsPremium Payment Term Single/ Regular/ Limited Pay Sum Insured Minimum - INR 50 Lakh
Maximum - No LimitPolicy Term Min: 10 Years | Max: 40 Years HDFC Life Click 2 Protect Life
Key Features
- It is a unique term plan that is capable of covering you against all uncertainties
- Insurance holders can opt for a whole life cover under this term plan for 1 crore
- Individuals above the age of 60 will receive income payouts
- 3 different plan options are available under HDFC Click 2 protect life plan
- Auto balances Death and Critical Illness benefits with increasing age
Eligibility Criteria
Entry Age Life & CI Rebalance
Min: 18 Years
Max: 65 Years
Life Protect
Min: 18/45 Years
Max: 65 years for non-PoS | 60 years for PoS
Income Plus
Min: 30/45 Years
Max: 50 Years | 10 Pay: 50 years Single Pay, 5 Pay: 55 yearsPremium Payment Term Life and CI Rebalance -
Single Pay, Regular Pay, Limited Pay (5 to any PPT less than PT)
Life Protect-
Limited Pay (5, 10, 15 pay)
Income Plus-
Single Pay, Limited Pay (5, 10 pay)Sum Insured Minimum - INR 50 Lakh
Maximum - No LimitPolicy Term Life and CI Rebalance -30 years
Life Protect- Whole of Life
Income Plus - Whole of LifeSBI Life eShield Next
Key Features
- Policyholders can select from 3 plan variants namely, Level Cover, Increasing Cover and Level Cover with Future Proofing Benefit suitable for your family
- You can customize your plan with death benefit payment mode or better half benefit option
- Terminal Illness Benefit is available to insurance holders under all the plan variants
- Flexible premium payment available
- Two rider options available for enhanced protection
Eligibility Criteria
Entry Age Min:
For Whole Life: 45 years | For other than Whole life: 18 years
Max: 65 YearsPremium Payment Term Single/ Yearly/ Half- yearly/ Monthly Sum Insured Minimum - INR 50/ 75Lakh
Maximum - No LimitPolicy Term Min: 5 years
Max: Single and regular premium (85 less age at entry) in years
LPPT:
Whole Life: (100 less age at entry) in years
Other than Whole Life: (85 less age at entry) in yearsICICI Pru iProtect Smart Term Plan
Key Features
- The plan provides insurance holders with enhanced protection: Coverage against death, terminal illness and disability
- This particular 1 cr term plan offers the option to choose Accidental Death Benefit and Accelerated Critical Illness Benefit
- Icici iProtect smart plan offers special premium rates for non-smokers to promote a healthy and active lifestyle
- It has a need based benefit payout option for insurance holders wherein you can choose to receive the benefit amount as a lump sum or as monthly income for 10 years or a combination of both
- Flexibility to pay premiums once, for a limited period or throughout the policy term
Eligibility Criteria
Entry Age Min: 18 years
Max: 65 YearsPremium Payment Term Single/ Regular/Limited Pay Sum Insured Minimum - Subject to the minimum premium
Maximum - No LimitPolicy Term Min: 5 years
Max: Whole Life (99 years less age at entry)Max Life Smart Term Plan
Features
- Comprehensive death benefit variants: Max Life Smart Term Plan helps you customize the protection required at affordable prices by offering 7 death benefit variants to choose from at the time of purchase.
- Option to pay your premiums as per your budget - Choose from a range of premium payment terms - Once, for a limited period or throughout the policy term. Moreover, you have the option to pay premiums in yearly, half-yearly, quarterly or monthly mode.
- Longer coverage duration: Choose your own desired policy term with coverage available upto age 85 years
- Additional Protection with Additional Liabilities. Enhance your cover at important mile-stones of your life by choosing Life Stage Event Benefit by paying additional premium.
- Get all your money back with the Premium Back option available under the plan by paying additional premium
Eligibility Criteria
Entry Age Min: 18 years
Max: 60 YearsPremium Payment Term Single/ Regular/Limited Pay Sum Insured Minimum - INR 10 Lakh
Maximum - INR 1 CrorePolicy Term Min: 5 Years
Max: 50 YearsBajaj Allianz Life Smart Protection Goal
Key Features
- The plan offers covers 55 critical illnesses
- Returns of Premiums is available under the plan
- Whole life cover up to 99 years by paying for a limited term only
- In case of Minor CI other than Angioplasty, 25% of the CI Sum Assured will be payable
- You will receive a Maturity Benefit equal to total premiums paid as a one-time lump sum on the date of maturity, and the policy will terminate
Eligibility Criteria
Entry Age Min: 18 years
Max: 60 YearsPremium Payment Term Single/ Regular/Limited Pay Sum Insured Minimum - INR 5 Lakh
Maximum - INR 1 CrorePolicy Term Min: 5 Years
Max: 99 minus age at entry
Benefits of Having 1 Crore Term Insurance Plan
Along with securing your family’s financial needs in your absence, it also offers several other benefits such as:
- Cost-Effectiveness: The cheapest form of life insurance is term insurance. It is a pure life cover that has no saving component. The premiums of term life insurance are quite affordable than permanent life insurance.
- Enhanced Coverage Through Riders: It offers various additional riders like critical illness plans to enhance your term insurance which means the policyholder is eligible to get benefits if they’re diagnosed with a critical illness listed in the rider conditions.
- Attractive Features: Term Insurance companies offer various other attractive features in term insurance plans like discounted premiums to non-smokers and certain categories of people, large sum assured, etc.
- Long term security: A term policy offers individuals whole life coverage till up to 99/100 years which means that individuals can avail themselves of long-term protection.
- Premium Payment Flexibility: If purchasing a term plan for 1 crore, individuals can avail of premium affordability at a young age. The policyholder can pay their premiums monthly, quarterly, half-yearly or yearly.
Tips to Choose the Best 1 Crore Term Insurance Plan?
Here are a few tips to consider while selecting a 1 crore term plan:
- Sum Assured: The sum assured of the policy should be sufficient to cover your family’s financial needs after your death. A coverage amount of one crore is satisfactory for a good start, but your needs may vary more or less depending on your family’s finances.
- Premium Payment Term: You must opt for a term insurance policy that fits your budget accurately. You can go with paying your policy premiums monthly, quarterly, half-yearly, or annually depending on your affordability.
- Policy Tenure: The policy tenure must be long enough to provide monetary balance to your family. The longer the policy term, the more your family will be covered for an extended period, which will give them peace of mind. It is recommended to have a policy term of 20-30 years.
- Claim Settlement Ratio: Buy a term policy from a trusted insurer that has a higher percentage of settling claims. The higher the claim settlement ratio, the higher will be the chances of your claims not being rejected.
- Riders: Term Insurance Riders are additional benefits that you opt for in policy to provide you with an extended coverage. These may include accidental death benefits, critical illness rider, and waiver of premium rider, among others. Choose riders that are best suited to your needs.
- Exclusions: Read the policy document carefully to make an informed decision. Exclusions are terms of your policy that state your policy does not cover some particular conditions. So make sure, that you are aware of these and understand the implications.
The marketplace has multiple options for 1 Crore term insurance plan that can act as a financial safety net for your family in case of your untimely demise.
What are the documents required to purchase One crore term insurance?
Following are the documents required to purchase one crore term insurance plan
- ID proof (PAN card, Aadhaar card, Voter’s ID, Driver’s License, Passport, form 60, and other supporting documents)
- Residential proof (like, municipal tax receipts, electricity and water bills, rental agreement files, and other tax files on the residential property)
- Medical Documents (such as Diagnosis/test reports of the past 2-3 months, or the medical examination reports of tests conducted by an insurance company)
- Income proofs (past 3 months salary slips, 2-3 years income tax return, form 16 [for salaried professionals] and form 16A [for self-employed])
- In a case where the policyholder is retired, they must submit the pension payment orders.
- Other documents, as suggested or asked to submit by the insurer.
Why should you buy a 1 crore term insurance plan from Policy X?
PolicyX.com is among India’s top 10 IRDA-approved insurance aggregators. Since our establishment, we’ve strived to help policy consumers compare, choose, and buy policies online hassle-free.
It would be best when you buy a 1 crore term insurance plan from us because our team of insurance experts is always pleased to provide the best deal for our existing or prospective consumers.
Apart from round-the-clock customer service, with our online portal, you can compare and lock yourself the best plans while sipping a cup of coffee on your couch.
Conclusion
A one crore term insurance is the best product for you if you want to secure the future of your family. Because, amid all the odds, our family stands by and provides us unconditional support. So, why not gift them a promise of lifetime support, even if you are not around? However, it’s always a great idea to determine the financial commitments in your pocket. So, compare and contrast multiple plans at one time to get a better understanding of what you want and what you exactly need. PolicyX gives you the chance to not deviate from your actual requirements. Reach out to us and get a quote for 1 crore term insurance and furthermore.
1 Crore Term Insurance : FAQ
1. Do I need 1 crore term insurance?
1 Crore Term Insurance is one of the most affordable term insurance plans available in the market today. You can secure your family at lower premiums by buying this product at an early age.
2. What are the benefits of having the best term insurance plan for 1 crore?
Along with securing your family& 039;s financial needs in your absence, 1 Crore Term Insurance also offers several other benefits such as Coverage through riders Optional critical illness cover Cost-effective coverage Collective coverage for various members of the family
3. What is the eligibility for 1 crore term insurance?
For individuals between the age group of 30-35 years who have more earning years, or if you an individual is the only earning member of the family, a 1crore term insurance plan will be beneficial for your family after your death.
4. Who should opt for a 1 Crore term insurance plan?
People should opt for the best term plan for 1 crore if they are Young individuals only breadwinner of the family Have multiple dependants If you have liabilities like loans
5. Are rider benefits available On 1 Crore term insurance?
Yes, you can add critical illness and disability rider, accident cover, and waiver of premium rider to your 1 crore term insurance plan, just check for the policy documents before buying the plan.
6. Can I buy a 1 Crore Term Insurance Plan Online?
Yes, you can buy a 1 crore term insurance plan online, by visiting the company& 039;s official website and submitting the necessary information and documents.
7. What is the minimum age for a 1 Crore Term Insurance Plan?
The minimum entry age for a 1 crore term insurance plan is 18 years.
8. Does a 1 Crore term insurance plan cover critical illness?
Yes, a 1 Crore term insurance plan covers critical illness.
9. What is the policy tenure of a 1 Crore term insurance plan?
The policy tenure of a 1 Crore term insurance plan is 20-30 years.
10. What are the top 5 term insurance plans for 1 crore in India in 2024?
Here, we& 039;ve listed the top 5 term insurance plans for 1 crore in India in 2024- Bajaj Allianz Life eTouch - Rs. 878/month (CSR - 98.02 %) TATA AIA SRS Vitality Protect - Rs. 901/month (CSR - 99.01%) Aditya Birla Salaried Term Plan - Rs. 910/month (CSR - 99.01%) Max Life Smart Secure Plus - Rs. 972/month (CSR - 93.7%) Canara HSBC Young Term Plan - Life Secure - Rs. 991/month (CSR - 99.01%)
11. How to calculate the premium amount of the 1 Crore term plan?
The average premium for a 1-crore term plan ranges between Rs. 800 and Rs. 1200, payable monthly. Generally, the higher the life cover, the higher the policy premiums will be.
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Written By: Sahil Singh Kathait
Sahil is a passionate content writer with over two years of expertise in the insurance domain. He uses his knowledge in the field to create engaging content that the customer can relate to and understand. His passion lies in simplifying insurance terminology, ensuring a hassle-free understanding for potential policyholders. With his outstanding collaborative efforts with people, he understands different perspectives and keeps readers' viewpoints at the forefront of his content writing approach.
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