1 Crore Term Insurance Plan

Amid the rising inflation, the expenses have also increased and so is the standard of living. If you are the only breadwinner in your family and do not want your loved ones to suffer due to the uncertainties that life may throw, then it is important to invest for their secured future. And one of the best ways to offer a secured financial future to your dependents in your absence is to buy atleast a Rs. 1 Crore term insurance policy. Term Insurance is one of the most affordable type of life insurance policy  that one can have

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With time your financial responsibilities will also grow, therefore it is important to choose an adequate term insurance coverage amount. For example, there can be a home loan, children’s education, marriage and so on. Buying a Rs. 1 Crore term insurance plan would ensure that your children, spouse or parents lead a comfortable life even when you are not there to support them financially.

And for this reason, we have selected a term insurance coverage amount of Rs. 1 Crore. Though this is not a benchmark figure; you can select a plan with a higher sum assured that would cover up the future financial liabilities of your loved ones.

Initially, selecting an appropriate term insurance coverage amount can have been a little confusing for people majorly because of the value of the premium. However, if you compare different term plans, you would be able to find the one that would work just right for you.  In this article get you can check-out the various benefits that a Rs. 1 Crore term plan has to offer. Once you know the basics, comparing various term insurance plans will be a lot easier. You will be in a better position to select the most suitable term insurance plan as per your family’s financial requirements and your pocket.

Why Buy 1 Crore Term Insurance From Policybazaar?

  1. Get high coverage at inexpensive premium 

    You can get life coverage worth Crores by paying nominal premium prices. 

  2. Secure your family from loans, debts, and liabilities 

    Term insurance helps you and your family to pay off all your loans, debts, and liabilities, in case of your unfortunate demise.  

  3. Early Investment helps you save more 

    When you are young, premium prices are lower. The premiums are lesser at early ages as compared to an older person with pre-existing illnesses. Buy early and pay the fixed amount. Save your money in the long run. 

  4. Overall Protection 

    Get the additional benefits such as critical illness, waiver of premium & income in case of disability which safeguards you from income loss related risks. 

  5. Whole Life Cover 

    Few Term Plans  plan offers lifetime coverage of up to 100 years 

  6. Get Tax benefits up to Rs. 46,800

    Tax benefits on paid premiums as per the prevailing laws can help you save up to Rs. 46,800

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

What is a 1 Crore Term Insurance Plan?

term insurance plan serves the dual intent of providing a death benefit to the insured and ensuring financial stability to his/her family in case of his/her death during the term of the policy. A Rs. 1 Crore term insurance plan is one policy that guarantees to pay the sum assured of the mentioned amount to the nominee on the death of the insured. This plan works as a guardian for the family of the policyholder and helps them to fulfill their financial needs and aspirations.

Best 1 Crore Term Insurance Plans

All the leading term life insurance providers of India offer a vast range of term insurance policies that can easily be customized as per the different requirements of the applicant. The cost of premium, policy features, and benefits vary from one term insurance plan\ to another. . The basic amount of premium applies only to those applicants who are non-smokers, do not have alcohol addiction, and don’t have any track record of some pre-existing illness. The amount of premium increases when the applicant has some medical/ health issues, history of lifestyle diseases, smoking or drinking habit, and opts for some add-ons or rider benefits.

Here we are discussing some of the best term insurance plans  that offer a sum assured of Rs. 1 Crore and even more. Take a look at these plans and select the one that works the best for you:

Protect Your Family Protect Your Family

This Table Highlights the Some of the Best Rs. 1 Crore Online Term Plans-

Rs. 1 Crore Term Insurance Plan Policy Term Minimum and Maximum Entry Age Rider Benefits Maturity Age  
Aegon Life i-Term Insurance Plan 5- 40 years 18-65 years Accidental death benefit, and waiver of premium Max. 70 years Apply Now
Aviva  i-Life Total
  • Protect: 10-57 years

  • Protect Plus: 10-57 years

  • Protect Assured: 15-30 years

  • Protect Income: 10-57 years

  • Min: 18 years

  • Max: 65 years for Protect Plus and Protect Income

Critical illness, permanent total disability, and inbuilt terminal illness cover
  • 70 years with rider benefits

  • 75 years without rider benefits

Apply Now
Bajaj Allianz iSecure Term Assurance Plan 10,15,20, 25, 30 years 18 -60 years Accidental death benefit, waiver of premium, and accidental permanent total/partial disability benefit
  • Min:28 years
    Max: 70 years

Apply Now
Canara HSBC iSelect + Term plan
  • Plan option life: 5-62 years

  • Other plan option: 10-30 years

  • Decreasing Coverage Option: 10 years- Policy Term availability is subject to the period during which cover decreases being at least 5 years

18-65 years N/A 80 years, 75 years Apply Now
Edelweiss Tokio Life Total Secure +
  • Life Cover:10-62 years

  • Life Cover with Basic Health Cover  & Life Cover with Comprehensive Health cover- 10-40 years

18-65 years Accidental death benefit, waiver of premium, accidental permanent total/partial disability benefit and hospital cash benefit 80 years, 75 years Apply Now
Future Generali Flexi Online Term Plan
  • Basic Life Cover- 10 years-75 years

  • Income Protection 10 years-65 years

  • Basic Life Cover-18-55 years

  • Income Protection- 25-55 years

Accidental death benefit rider
  • Basic Life Cover-75  years

  • Income Protection- 65 years

Apply Now
HDFC Life Click2 Protect Plus Plan 10-40 years 18 - 65 years Accidental disability or critical illness rider 75 years Apply Now
ICICI Prudential I Care II Term Plan
  • One Pay Option: 5-10 years

  • Regular Pay: 5- 67 years

18-60 years One Pay Available
  • One Pay Option: 65 years

  • Regular Pay Option I: 85 years

  • Regular Pay Option II: 80 years

Apply Now
India First Anytime term plan 5-40 years 18-60 years N/A 70 years Apply Now
LIC Tech Term Plan 10-40 years 18 - 65 years Available Max. 80 years Apply Now
Max Life Smart Term Plan Online 40 years - Accidental cover Max. 85 years Apply Now
PNB MetLife Mere Term Plan 10-81 years 18 - 65 years Accidental death/disability cover, serious illness cover, joint life benefit, critical illness rider Up to 99 years Apply Now
Reliance Nippon Life Online Term Insurance 10-35 years 18-55 years Available
  • Min:28 years
    Max: 75 years

Apply Now
SBI Life Insurance eShield Term Plan
  • Level Cover: 5 to 80 years less entry age
    Increasing Cover: 10- 75 years less entry age

18 years and 65 years ( level cover)60 years ( increasing cover) Accidental death/disability cover 80 years ( level cover)75 years ( increasing cover) Apply Now
Start Union Da-ichi Premier Protection Plan 10-30 years 18-60 years Accidental death and accidental permanent total/partial disability benefit rider 70 years Apply Now
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Disclaimer: “Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.”
Affordable Term Life Insurance Affordable Term Life Insurance

AEGON Life iTerm Insurance Plan

If you buy this Rs. 1 Crore term insurance plan then you can enjoy life cover till the age of 100 years:

  • There are three term life insurance plan variants to select from Life Protect, Protect Plus, and Dual Protect

  • If you choose the Life Protect variant it offers life cover with increasing life cover at important stages of life and terminal illness cover

  • In the protect Plus variant the life cover increases every year by 5% without any extra premium along with terminal illness cover

  • Dual Protect variant life cover with terminal illness cover and monthly payouts from the age of 60 years till maturity

  • One of the unique features of this term life policy is that it rewards for switching to a healthy lifestyle and quitting smoking during the policy term Also, survival benefit is provided in Life Protect and Protect Plus plan

Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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Age 25
Age 50
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Aviva i-Life Total Plan

The minimum sum assured offered by Aviva i-Life Total term plan is Rs. 50 lakhs and there is no limit on the maximum sum assured. This 1 Crore term insurance plan offers comprehensive coverage at an affordable premium. Check-out some of the plan features:

  • Aviva i-Life Total Plan comes in four variants:

  • Protect plan with death cover and inbuilt terminal illness cover

  • Protect Assured: Sum insured amount on death/ 120 percent of the premiums paid till maturity on survival

  • Protect Plus: Accidental death compensation with double the amount of the Sum Assured

  • Protect Income:Monthly Income for the dependents in the event of death

  • The minimum entry age is 18 years

  • The maximum entry age is 65 years for Protect Plus and Protect Income Options

  • The maximum entry age is 60 years for Protect Assured plan variant

  • The maximum maturity age is 75 years without critical illness and disability rider-non-linked rider. With the rider benefit, the maximum maturity age is 70 years

Kal Kisi Ne Nahi Dekha Kal Kisi Ne Nahi Dekha

Bajaj Allianz iSecure Term Assurance Plan

  • This is a non-participating term assurance plan that offers sum insured of Rs. 1 Core and more. Listed below are some of the unique features of this term plan: There are three term plan variants- basic life cover, basic life cover with monthly income, and basic life cover with increasing monthly income.

  • This term plan has a different set of premium rates for the lifestyle categories; Preferred Non-Smoker, Non-Smoker & Smoker for a minimum sum assured of Rs. 20 lakhs

  • To buy this plan the minimum entry age is 18 years and the maximum entry age is 60 years

  • The minimum maturity age is 28 years and the maximum maturity age is 70 years

  • Moreover, there are rider benefits such as accidental death benefit rider, waiver of premium benefit rider, and accidental permanent total/partial disability benefit rider

  • However, the plan doesn’t offer maturity /surrender benefits

HDFC Life Click2 Protect Plus Plan

  • This is an online term plan that would offer financial independence to your loved ones. Check out some of the useful features of this Rs. 1 Crore term life insurance plan: The policy term ranges from 10 years to 40 years

  • It offers 4 plan options – Life, Extra Life, Income and Income Plus Option

  • The minimum and maximum entry age is 18 years and 65 years respectively

  • The maximum maturity age offered in this Rs.1 Crore term plan is 75 years

  • You can also add rider benefits such as critical illness or accidental disability to your term plan

  • You can also select between single premium and regular premium payment option

Taalon Nahi Taalon Nahi

ICICI Prudential iCare II Term Plan

ICICI Prudential iCare II Term Plan provides Term insurance of Rs. 1 Crore and the benefits/features/eligibility criteria are listed below:

  • The minimum and maximum entry age for one pay premium option is 18 and 60 years respectively

  • The maximum age at maturity is: 65 years for One Pay Option, 85 years for Regular Pay Option I, and 80 years for Regular Pay Option II

  • You can select from two premium payment options: Regular Pay and One Pay

  • The policy term for One Pay premium option is 5/10 years and for Regular Pay is 5-67 years

  • The accidental death benefit is provided in iCare II Option II i.e. equal to the sum assured

  • The plan does not provide a maturity benefit. However, if you opt for One Pay premium payment option you get the surrender value. For details, you can refer to the policy wordings

LIC TechTerm Plan

This is a non-linked pure protection online that offers Rs. 1 Crore term assurance policy coverage with the following features:

  • The minimum entry age is 18 years, the maximum entry age is 65 years, maximum age of maturity is 80 years

  • The minimum sum assured is Rs. 50 lakh and there is no limit on the maximum sum assured. Therefore, you can select Rs. 1 Crore term insurance amount.

  • The plan comes with different rider benefits, and the option to take death benefit in installment as well

  • The plan also offers a grace period of 30 days for regular and limited premium payment

  • Please note that the policy term is 10 to 40 years and it does not offer maturity benefits on survival

Taalon Nahi 2 Taalon Nahi 2

Max Life Insurance Smart Term Plan

Max's life smart term plan offers Rs. 1 Crore term insurance coverage amount for a monthly premium of Rs. 493 only. Below are some of the important policy features of this Rs. 1 Crore term insurance plan that you would like to know:

  • The plan offers coverage till the age of 85 years

  • The plan is easily customizable and offers coverage against death, critical illness, and disability

  • The best part is that you get the return of premium on surviving the policy term

  • It also offers flexible premium payment options as per your convenience

  • Accidental rider benefit is also available

  • Moreover, you can select from multiple death benefit payout options in a lump sum or as increasing monthly income

PNB MetLife Mera Term Plan

  • This is a pure protection Rs. 1 Crore term plan with a range of coverage benefits: One of the most exclusive features of this term plan is the maximum maturity age of 99 years

  • The minimum entry age in this term insurance plan is 18 years and the maximum entry age is 65 years

  • The term policy tenure ranges between 10 and 81 years

  • Some of the rider benefits that you can select from this Rs. 1 Crore term plan are: accidental death benefit, accidental disability benefit, serious illness cover, life stage protection, critical illness benefit, and joint life benefit  

Taalon Nahi 3 Taalon Nahi 3

Reliance Nippon Life Online Term Insurance

This Rs.1 Crore term plan includes advantages such as special discounts for the non-smokers. This insurance provider offers the benefit of conducting the medical tests at the applicant’s home. Some of the key features are listed below:

  • The policy tenure ranges from 10 to 35 years

  • The minimum entry age under this term plan is 18 years and the maximum entry age is 55 years

  • The minimum maturity age under this plan is 28 years and the maximum entry age is 75 years

The premium payment term is equal to the term insurance policy term and the premium payment mode is annual

SBI Life Insurance eShield Term Plan

This is a traditional protection plan that provides Rs.1 Crore term insurance cover along with the following benefits:

  • It comes in two plan structures: Level cover benefit in which the sum assured remains the same throughout the policy term. And Increasing Cover benefit in which the sum assured increases by 10% by the end of every 5th policy term

  • You get protection against terminal illness along with death benefit

  • There are two rider options under this plan- accidental death benefit rider and Accidental total and permanent disability death benefit rider

  • The minimum and maximum entry age in this 1 Crore term insurance policy is 18 years and 65 years ( level cover)/60 years ( increasing cover)

  • The maximum maturity age is 80 years ( level cover) and 75 years ( increasing cover)

Who Should Opt for 1 Crore Term Plan?

As the policy premium rises with the age of the applicant, it makes sense to buy it early. If you have any dependent member in your family then it makes sense for you to buy at least a Rs. 1 Crore term insurance cover. In order to determine the premium amount of Rs.1 crore term plan, you can make use of the term insurance premium calculator

Also, here is a simple formula that will make it simple for you to find if Rs. 1 Crore term insurance coverage amount is sufficient for you or not.

Term Insurance Sum Assured = [Family’s Lifelong Expenses (annual expenses considering inflation till your retirement age) + Expenses on Future Goals + Debts/Loans] – Saving

Comparison of Plans Offering 1 Crore Term Insurance

There are various term life insurers who offer term insurance plans with a sum assured  of Rs. 1 Crore and even more. Earlier the premium charged for a Rs. 1 Crore term plan was on a higher side. But after the new regulations passed by IRDAI, insurance companies have radically reduced the premium rates for a cover of Rs.1 Crore or more. Even the private insurers like ICICI Prudential life, HDFC Standard Life, Birla Sun Life are offering quite lower premium rates. When comparing different term insurers it is necessary to check the underwriting norms as lower premiums might come with stringent rules.

There are offline term plans as well. The term insurance premium rates may differ depending on the addition of riders etc.

Which is the Right Term Insurance Policy?

So, if you are the only earning hand in the family, it is important to have an appropriate financial cover to avoid any financial distress on your family in case of your untimely demise.  Selection of Rs.1 Crore term insurance policy might sound tricky but with the formula given above you can easily derive the right coverage amount. You need to pay attention to the term insurance policy benefits, inclusions, and exclusions. Premium rate is important to be taken care of, but, it should not the only factor to consider. Try opting for a term plan that is good for you and your family’s future. Check on the term insurance riders and most importantly the claim settlement ratio of the insurance providers. This is going to smoothen up your work.

1 Crore Term Insurance Plan – FAQs

  • What is the cost of 1 crore term insurance?

    Ans:Term insurance policies are common and popular because these are pure protection plans which offer a high cover at low premium rates. For a 1 crore term insurance plan, the premium for an individual can be as low as Rs. 422/month and the premium charges may vary and go beyond Rs. 1000/month.
    It is also very important to compare the CSR and premium rates offered by various insurers online before investing in a 1 crore term plan.
  • How can I get 1 crore insurance?

    Ans: If an individual falls between the age range of 30 - 35 years, and also can earn for an extensive-time period while being the breadwinner of the family, then he/she will be entitled to get a 1 crore term insurance.
  • What is the eligibility for a 1 crore term plan?

    Ans: Term insurance plans can be purchased by anyone over 18 years of age and the upper limit for purchasing term plan falls between 65 to 69 years, depending on the insurer.
  • Who should buy a 1 Crore term insurance plan?

    Ans: 1 crore term plan is suitable for:
    • Large families having spouse children, siblings, parents
    • Limited income groups but large financial commitments
    • People having liabilities and debts
    • Those who want to ensure the future of their children financially in their absence
  • Which is the best 1 crore term plans that you should purchase in 2022?

    Ans: The best 1 crore term insurance plans that you can purchase in 2022 are:
    • ICICI Prudential iCare Term Plan 
    • Aegon Life –Term insurance plan 
    • Bajaj Allianz iSecure Term Plan 
    • LIC Tech Term plan 
    • HDFC Life Click2 Protect Plus Plan
  • What are the benefits of a 1 crore term insurance plan?

    Ans: The benefits 1 crore term plan are:
    • High cover at low premium rates 
    • Complete protection for your family 
    • Tax benefits 
    • Helps save more, if opted early 
    • Secures loans, debts, and liabilities of the family
  • How to compare the best 1 crore term plans?

    Ans: In order to compare the best 1 crore term plans, you can visit policybazaar.com and compare different plans available in the market. Policybazaar will provide you premium rates from various insurance companies based on your eligibility.
  • Which insurer provides the best 1 crore term plan in India?

    Ans: With the availability of number of insurers that offer 1 crore term insurance plans in India includes HDFC, LIC, ICICI, Max, Aegon, SBI amongst others. However, it is based on the policyholder’s requirements that which plan suits him/her the best.

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