With time, financial responsibilities also increase. Thus, you must always be prepared for what the future has to offer. Not just this, as a responsible family member, it is also essential for you to ensure that your family's dreams are secured even in your absence.
To ensure a family's financial freedom, many people these days are picking Rs. 1 Crore term insurance. Having 1 Crore Term Insurance ensures that your family does not have to sacrifice fundamental needs in order to accomplish financial ambitions.
In this article, let us discuss more Rs. 1 Crore Term Insurance Plans:
What is a 1 crore term insurance plan?
A 1 crore term insurance plan is a policy that guarantees the nominee will get the sum assured of 1 crore after the death of the policyholder as a death benefit. It acts as a protector of the family in the absence of the policyholder and provides financial support to the family in fulfilling their dream.
Benefits of Having 1 Crore Term Insurance Plan
Along with securing your family's financial needs in your absence, 1 Crore Term Insurance also offers several other benefits such as:
Cost-Effective: 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 that means the policyholder is eligible to get benefit if he or she is diagnosed with a critical illness listed in your rider.
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: 1 crore term insurance offers individuals with whole life coverage till up to 99/100 years which means that individuals can avail a long term protection. Therefore, proving that the right term insurance for 1 Crore can prove beneficial to you and your family
Premium Payment Flexibility: If purchasing a term plan for 1 crore individuals can avail premium affordability at a young age, the policyholders also can benefit from the premium payment options that are available with a 1 crore term plan wherein they can pay their premiums monthly, quarterly, half yearly or yearly.
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.
This term insurance plan is ideal for
Those who have a large family with parents, siblings, wife, and children.
Those who have a limited income with big financial commitments.
Those who have several debts and can put an unbearable financial burden on the family in case of the policyholder's death.
Those who want to create enough savings for their family in case of his/her absence.
Best Term Insurance Plan For 1 Crore in India 2023
Kotak e-Term Plan is a Pure Protection Plan. It offers special premium rates to non-tobacco users and women and has multiple plan options with additional riders.
A pure term plan insurance that offers flexible premium payment options, and innovative coverage features and return of premium option.
Unique Features
Return of Premiums of maturity
Coverage till 100 years
Spouse coverage under same plan
Life Guaranteed Protection Plan (Pros)
1 Crore Cover
3 Plan Options
WoP Premium for 40 Critical Illnesses
Life Guaranteed Protection Plan (Cons)
1 Year WP For Suicide
No Rider Benefit
No Pre-Existing Conditions
Life Guaranteed Protection Plan (Other Benefits)
Whole Life Cover (Till Age 99)
WOP Option For Disability
Adjust SA With Life Stage
Life Guaranteed Protection Plan (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age- 65 Years
Minimum Sum Assured - 50L
Maximum Maturity Age - 99 yrs
Premium Payment Term - 5 To 35 Years
LIC New Tech Term Plan
A pure protection term plan that protects your family's financial needs after your demise. The plan is available online only, and comes with several benefits.
SBI Life Smart Shield is a pure term plan that offers two options – Level Term Assurance and Increasing Term Assurance and offers additional riders for enhanced protection.
Unique Features
Coverage at an affordable cost.
Lower premiums for non-smokers.
Discount on larger sum assured.
SBI Life Smart Shield (Pros)
Two Plan Options
Accidental Total and Permanent Disability Benefit Rider
The comprehensive plan offers death coverage, accidental death coverage, Cancer cover benefits, and Waiver of Premium on Critical Illness Benefits.
Unique Features
(ROP) as Maturity Benefit
Whole Life cover
Waiver of Premium Benefit
Smart Protection Goal (Pros)
Critical Illness Benefit
Accidental Death Benefit (ADB)
Accidental Total Permanent Disability Benefit
Smart Protection Goal (Cons)
No Loans Allowed
180 Days WP For Critical Illness
No Rebate for SA above 3 cr
Smart Protection Goal (Other Benefits)
Suicide Cover After 12 Months
Female Life Rebate
High Sum Assured Rebate (HSAR)
Smart Protection Goal (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age- 65 Years
Min Sum Assured - 5 L
Max Maturity Age - 75 Yrs(ROP)
Premium Payment Term - RP/SP/LP
Top 10 One Crore Term Insurance Plans in India 2023
The marketplace has multiple options for 1 crore term insurance that can act as a financial safety net for your family in case of your untimely demise which makes it difficult for you to select the best term plan for 1 crore. We have compiled below a list of the best 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 Entry
ABSLI 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 years
Premium 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 Lakh
Policy 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 Years
TATA 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 Years
Premium Payment Term
Single/ Regular/ Limited Pay
Sum Insured
Minimum - Rs. 1 Lakh Maximum - No Limit
Policy 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 Years
Premium 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 years
Sum Insured
Minimum - Rs. 25/50/75Lakh Maximum - No Limit
Policy 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 Years
Premium Payment Term
Single/ Regular/ Limited Pay
Sum Insured
Minimum - INR 50 Lakh Maximum - No Limit
Policy 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 uncertainities
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 benets 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 years
Premium 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 Limit
Policy Term
Life and CI Rebalance -30 years Life Protect- Whole of Life Income Plus - Whole of Life
SBI 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 Years
Premium Payment Term
Single/ Yearly/ Half- yearly/ Monthly
Sum Insured
Minimum - INR 50/ 75Lakh Maximum - No Limit
Policy 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 years
ICICI 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 Years
Premium Payment Term
Single/ Regular/Limited Pay
Sum Insured
Minimum - Subject to the minimum premium Maximum - No Limit
Policy 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 Years
Premium Payment Term
Single/ Regular/Limited Pay
Sum Insured
Minimum - INR 10 Lakh Maximum - INR 1 Crore
Policy Term
Min: 5 Years Max: 50 Years
Bajaj 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 Years
Premium Payment Term
Single/ Regular/Limited Pay
Sum Insured
Minimum - INR 5 Lakh Maximum - INR 1 Crore
Policy Term
Min: 5 Years Max: 99 minus age at entry
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. As a result, it is critical to invest in the best term plan for 1 crore. There are numerous reasons why you should choose a 1 crore term plan, and we have highlighted a few of them below for your convenience.
You are in your 20's and have just started your income: If you are a young individual who has just started your professional journey or are climbing the ladders of success as an entrepreneur you must invest in the term insurance plan for 1 crore as the premiums will be affordable and you can avail a long term cover
If you are the breadwinner of your family: In case you are the only earner of your family, you must indulge in a 1 cr term insurance to provide a financial safety net to your family members in the face of adversity. The plan is also helpful for the insurance holder's family as it provides income pay-outs which can allow your dependent children in their education or your dependent parents for their old age
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 loan, etc. you should consider investing in a 1 cr term plan which will help your family to pay off any loans in case of your sudden demise
In case you have dependent Parents: If you are a single girl child and have dependent retired parents then you must essentially invest in the best term insurance plan for 1 crore as it will 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 that you scout for the term insurance plan for 1 crore and safeguard your family in the face of unforeseen circumstances.
How Does 1 Crore Term Insurance Plan Work?
Very often, people do not understand the importance of a 1 Cr term plan or do not see the need to invest in a term plan with a high cover amount due to a lack of understanding. It is a simple process to understand how a 1 crore term insurance works and we have explained the process below:
Rishi is a working professional who has decided to invest in a 1 Crore term plan to secure his family's future so that in case of any unfortunate incident causing his sudden demise his family will receive a pay-out benefit of INR 1 Crore in order to carry on their life with financial security. Rishi opted for cover till the age of 65 years ensuring that his family will be looked after post his retirement.
However, Rishi passed away due to a sudden cardiac arrest and was declared dead. His family who faces emotional stress has now filed arequest for claim settlement and is provided with a lump-sum amount of 1 Crore which will provide them financial stability to cover their expenses, pay-off their liabilities like any loans or debts, support his children's education and more.
How to Choose a Good 1 Crore Term Plan for Yourself
Choosing the best term insurance plan for 1 crore for yourself is a very crucial decision as it involves the financial security of your family in case of your sudden demise. Here are a few points to ponder when 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 1 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 check the premium payment term of the 1-crore term insurance. It may be monthly, quarterly, half-yearly, or annually. You must go for a term plan with a premium payment term that fits your budget.
Policy Tenure: The tenure of the term plan for 1 crore must be long enough as it provides monetary balance to your family. The longer the policy term, the more your family will be covered for a longer period, which will give them peace of mind. It is recommended to have a policy term of 20-30 years.
Claim Settlement Ratio: Before going for 1 crore term insurance, check the claim settlement ratio of the insurance company. It is the percentage of claims settled by the insurance company in a financial year. Always opt for an insurance company with a high claim settlement ratio.
Riders: Riders are additional benefits that you opt for in your policy. 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 situations where the policy will not cover many features. So make sure, that you are aware of these and understand the implications.
Premium Calculation
In the below table, we are presenting the comparison of the top ten 1 crore term insurance plans based on the premium for a non-smoker, 30-year-old male, with cover up to 45 years.
Here is the graphical representation of the above table
Monthly Premium of different companies
Purchasing INR 1 crore term insurance plan is the best way to protect your family against the uncertain events of the future. Because its accessibility, large cover, and affordable premium rates make this insurance plan best for most people. There are various additional riders to enhance the protection for you and your family. So, choose the best INR 1 crore term insurance plan and keep your family secure by paying the premiums on time.
Invest In the Best Term Insurance Plan For 1 Crore With PolicyX
PolicyX offers its customers the best possible guidance to select a 1 cr term plan through these simple steps
Visit the official website of www.policyx.com
Click on "Buy Now" or visit "Term Insurace" tab on the homepage
Enter your details such as name, gender, age, lifestyle habits like smoker/Non-smoker and others
Click on View Plans
After fulfilling all the necessary details click on the plan that suits the best to your needs
Conclusion
Let your family be financially independent and secure with the best term insurance plan for 1 crore. Gift them a secure life by purchasing a 1 Crore term insurance plan. However, do remember before buying a 1 crore life plan, ensure that you will be able to pay the charged premium amount. Determine how much you can commit to the plan on an annual basis (without burdening your pockets) and then chose an ideal plan.
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'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'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.
Term Insurance Companies
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
I needed help with rider options after the purchase of my term insurance policy and was guided immediately by the customer care team
Piyush
Raipur
May 1, 2023
I seek help from PolicyX when it comes to purchasing any kind of insurance because they provide me with the best quotes and options for insurance
Priya Sharma
Jaipur
December 14, 2022
PolicyX has a smooth service from booking policy to verification. Employees are very patient and have good knowledge and help you throughout the process.
Had great experience dealing with them
Somesh
Agra
December 9, 2022
I had many confusions regarding the term policies . But Policyx has handled it well, m happy that they are my wayfarer in this journey.
Prerna Kumari
Mumbai
July 11, 2022
Good company. Presents nice term insurance plans and flexible plans also. My husband has brought one for the family.
Priya Sangwan
Mumbai
July 11, 2022
IndiaFirst Term Insurance company ensures that your family s needs are looked after. One of the best companies offers a term plan per your needs.
Priyanshi Deewan
Hyderabad
July 6, 2022
I recently received the claim amount of the policy that my husband had brought for us. I am glad that the company understands the needs of its customers and their families. Well done Canara HSB...
Rishabh Kumar
Delhi
July 6, 2022
I bought a term plan with Canara HSBC for the protection of my family and have been satisfied with the benefits received. It is simple and easy to buy their plans.
Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
