1 Crore Term Insurance Plans

Let’s understand what is the best term insurance plan for 1 crore term insurance policy, its benefits, its purpose and how to buy.

What is 1 Crore Term Insurance Plan?

A 1 cr term insurance plan is a type of life insurance that offers a death benefit of Rs. 1 crore. Just like any other term insurance plan, it is a purest and basic form of life insurance wherein you pay premiums on a regular basis for a fixed time period called as policy term. Since this plan is a term insurance plan for 1 crore, the nominee or the chosen beneficiary will get Rs. 1 crore in case of an unforeseen demise during the policy term.

The main benefit of a 1 crore term insurance plan is that it offers a high sum assured at an affordable premium, making it an attractive option for those looking for comprehensive life insurance coverage. Term life insurance is an affordable form of life insurance.

For example: A healthy 25 year old male non-smoker would have to pay Rs.532 per month for 40 years for 1 crore term insurance plan. This means you get 1 crore term insurance @17/day.

So, Choosing the best term insurance plan for 1 crore helps you secure your family’s financial future against the rising living cost in case of your demise. Read on to know more about why you should buy 1 crore life insurance.

List of Best Term Insurance Plan For 1 Crore in India 2025

Buy Rs 1 cr. term plan at just ₹13/day. Below is the list of the best term insurance plan for 1 crore 2025. You can take a look at these 1 crore term insurance plans and select the one that you like:

Note: You can calculate the 1 crore term insurance premium amount from Term Insurance 1 Crore Calculator as per your requirements and life goals and LIC term insurance plan 1 crore premium calculator can also be used to calculate the premiums of LIC Term insurance 1 crore plans. In the same way, SBI term insurance 1 crore calculator can be used to compute premiums of SBI term insurance 1 crore plans.

Disclaimer: *The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

How Does 1 Crore Term Insurance Work?

1 crore term insurance works on the basis of a simple principle of offering a sufficient financial security to your family members for affordable and regular premiums.

Let’s understand how a 1 cr term insurance plan work, with the help of an example:

If Ram purchased a term insurance plan with a life cover of Rs. 1 crore at 30 years of age. He chose a policy term of 25 years and made his spouse the nominee. After around 5 years, Ram dies in an unforeseen accident. His spouse received the full sum assured amount of 1 Crore from the insurer. This payment can help her wife to be financially independent in future.

Why Do You Need a Term Insurance Plan for 1 Crore?

The need for a 1 cr term insurance is that it offers financial coverage to the family of the policyholder in the event of their unfortunate demise during the policy term. During the pandemic, while many families were suffering due to high medical bills and financial instability due to job losses, people understood the importance of buying term insurance. With the best term insurance plan for 1 crore, you can secure your loved ones for a long term by opting for high coverages and also save on your yearly taxes.

Why Should You Buy the Best Term Insurance Plan for 1 Crore?

Let us look at the various benefits of buying the best term insurance plan in India for 1 crore:

High Cover at Affordable Premiums

You can get life coverage of 1 crore term insurance for as low as Rs. 400/month. The premium of 1 Cr term insurance plans remains the same throughout the policy term, ensuring you do not have to worry about sudden financial stress.

Steady Premiums: 1 Cr term insurance plans have consistent premium rates throughout the policy tenure. Once you purchase the term plan, the premium rates remain unchanged for the entire policy term.

Family’s Financial Security

This high amount of life cover helps you protect your family members in case of your absence. The high life cover received from your 1 crore term insurance plan helps your family fulfil any financial goals they may have or any financial emergencies that may arise.

Replaces Income: This 1 crore term insurance plan works as an income replacement. It is a smart choice to replace your income in case of your absence. It provides the option to receive the payout as regular income, lump sum, or a combination of both. It also helps manage household expenditures.

Plan Finances for Investments

With the best term insurance plan for 1 crore, you can get long term coverage at affordable premiums that remain constant throughout the policy term. Thus, if you have purchased a 1 cr term insurance at Rs. 700 payable monthly to cover you till 60 years of age. You can easily pay the small amount as a premium for the entire policy term and invest the rest of your savings into investment products for wealth creation.

Pay off Existing Loans/Debts

By obtaining a Rs. 1 Crore term plan, you provide a financial net for your family in the unfortunate event of your death. In such cases, the payout from the policy can be used to settle any outstanding debts, ensuring that your family members inherit a legacy without financial difficulties. You can also use a home loan insurance calculator to check the premiums you would need to pay for your home loan insurance.

Premium Payment Options

• Single payment - You can pay the premium in a single payment during the inception of the policy.

• Limited premium payment - You can pay the premium for a limited policy term while ensuring to get the benefits throughout the policy term.

• Regular premium payment - You can pay the premium amount on a regular basis throughout the policy term.

You can easily determine a preferred frequency of premium payment for the limited and regular payment methods, like monthly, quarterly, semi-yearly, or yearly.

Benefit Payout Options

• Lump sum payout: The life cover amount will be paid as a lump sum to your family members.

• Regular income: The life cover amount will be paid as a regular income for a fixed income time.

• Combination of regular and lump sum payout: The life cover amount will be provided as a mix of lump sum payout and regular income.

Comprehensive Cover with Riders

The life cover amount of a term plan can be increased by adding optional riders that protect you against critical illnesses, accidental death and disability, major and minor illnesses, injuries and hospitalisation. These riders can be added to your one crore term plan for an additional premium.

Save on Yearly Taxes

The 1 crore term insurance can help you save on your taxes as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act of 1961. It is suggested that you check with your financial advisor to see the applicable tax benefits for your profile.

A 1 crore term insurance plan offers a simple and affordable way to ensure your family can face the future with confidence, no matter what challenges may arise. You can use the term insurance calculator to check the premiums for a 1 crore term insurance plan.

How to Determine the Ideal Life Cover?

Determining how much life coverage is needed is the first step when buying a term plan. This amount depends on the current living costs of your family, future dreams, and pending loans. However, before coming to a certain amount, it is important to consider inflation. The amount you pay today for daily necessities is likely to increase in the coming years.

You can check how much life cover you need using our Human Value calculator. It can give you an estimate about the amount required to secure your family’s finances in case of your absence.

Sum Assured Options for Term Insurance Plans

Apart from the 1 crore term plans, some of the sum assured options are listed below, and you can select the one that suits your requirements. Further information on selecting the appropriate sum assured is also available as per the term insurance conditions in the policy documents.

What is the Maximum and Minimum Age to Buy Rs 1 crore Term Insurance Plan?

Minimum Entry Age:

The minimum entry age to buy Rs. 1 Crore term insurance plan is 18 years as this age is the legal age to get into most of the insurance plans.

Maximum Entry Age:

The insurers offer term life insurance plans up to the age of 60-65 years for a Rs. 1 crore term insurance cover. But insurance companies also offer special plans to individuals of age 70 years or more.

How to Choose the Best Term Insurance Plan for 1 Crore?

Choosing the best term insurance plan for 1 crore is important to secure your family’s financial future. Here is how you can choose the most suitable 1 cr term insurance online:

• Assess your financial needs and requirements: Make sure to assess your family’s requirements and your annual income, as the payout from this plan will act as an income replacement in case of your unfortunate demise. You should also note any financial obligations, like loans or debts, that might fall on your family’s shoulders in your absence.

• Premium: Unless the premium amount fits into your budget, you will not be able to buy 1 cr term plan or pay the price on a regular basis. Thus, it is recommended to buy term insurance policy with an affordable premium according to your income.

• Keep inflation rates and cost of living in mind: A term plan, once bought, will cover you for decades. During this period, the inflation rates and cost of living are bound to increase. Thus, you should always keep these in mind and look for a 1 crore term insurance plan that will sufficiently cover your family’s needs even after a few years.

• Other Benefits: Apart from providing life coverage, insurance companies offer various features with their term plans like

  • Add-ons or riders to increase the base coverage

  • Option to increase the coverage with changing life stages

  • Accelerated payouts in case of terminal illnesses

• Compare 1 crore term insurance plans online: You should always compare the available term plans from different insurers online on the basis of their premium rates, CSR values, benefits offered, riders, and policy terms to find the most suitable term plan.

What are the Factors to Consider Before Buying the Best Term Insurance Plan for 1 Crore?

Finding the best term insurance plan for 1 crore is an important task, as various insurers offer plans at a competitive rate. However, if you have already decided to buy a 1 Cr term plan to protect your family in your absence financially, here are some of the important parameters you should consider when buying a suitable 1 Cr term insurance plan.

• Premium Rate of Term Plan
  After going through the benefits, inclusions and exclusions of the policy, the premium rate is an essential aspect of any term insurance plan. The prices of the plan may vary from one insurance company to another. You can use an online term insurance premium calculator to determine different insurers' 1 Crore term insurance premiums. You can compare these plans to find an affordable plan that suits your requirements and fits your term insurance conditions.

• Coverage amount
  Your Human Life Value (HLV) is an estimate of the income you are expected to earn in the future. You can easily calculate it using an HLV calculator, which can guide you in choosing the right sum assured. As a general rule, it’s recommended to opt for coverage that is 10–15 times your annual income.

• Claim Settlement Ratio (CSR) of Insurer
  CSR represents the total number of claims the insurer settled in a year to the total number of claims received within the same year. A CSR above 95% indicates that the insurance company has settled most of the claims received annually and is a reliable insurer from where you can buy term plans. Therefore, you should choose an insurer with a high CSR to ensure that your nominees/beneficiaries receive the claim amount on time.

• Solvency Ratio
  Always check for insurers with a high solvency ratio. A high solvency ratio means the insurer's financial ability to pay out claims. Policy buyers should do thorough research about the insurer’s financial status to confirm whether they have the capability to settle the claims.

• Medical test requirements
  Read and go through the insurance company’s policy about medical examinations. Some term plans may require a medical check-up based on age and life cover amount. Be informed about any important health tests.

• Riders
  Riders are the add-on benefits that can be added to the base plan to enhance the coverage of the existing term plan. There are different types of riders, such as waiver of premium, critical illness, accidental total and permanent disability, accidental death, hospicare rider, etc. Go through the list of available riders and their benefits to make the most of your 1 crore term insurance plan.

• Exclusions
  Read plan documents carefully to understand all the exclusions. These are the situations where the plan will not provide any payout. Make sure that you are aware of these implications.

When Should I Buy the 1 Crore Term Insurance Plan?

Let us take a look at the monthly premium table and how it changes for a 1 crore term plan for different non-smoking individuals in different age groups:

Why Buy Policybazaar Term Insurance 1 Crore Plan?

1. Get High Coverage at a Low Premium

2. Family’s Security From Loans and Debts

3. Get up to 15% online discount

4. Whole Life Cover till 99/100 years

5. Get Tax Benefits Up To Rs. 46,800

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

*Tax benefit is subject to changes as per the prevailing tax laws. Standard T&C apply.

Who Should Buy 1 Crore Term Insurance?

Here is a list of people who should purchase the 1 cr term insurance in India online:

• If you are Young: People who have just started working and are in their 20s and early 30s. This is because they will be able to secure a large life cover for a long policy term at affordable premium rates.

• If you are the sole earner of the family: Sole income earners of the family should buy a 1 crore term insurance because the payout from these plans can help their family members and dependants pay their bills and fund their child’s education.

• If you have multiple dependents: If you have multiple dependents like parents or in-laws, a 1 crore term insurance can help you secure their future in your absence by providing them with a benefit amount to take care of their financial needs.

• If you have Debts: People with loans and debts should consider buying a 1 cr term insurance as the payout from this plan can help the family relieve the burden of having to pay off the outstanding loans in their absence.

How To Buy 1 Crore Term Insurance Plan from Policybazaar?

Below mentioned is the step-by-step guide to buy the best term insurance plan for 1 crore term plan from Policybazaar:

• Step 1: Visit Policybazaar and Go to the Term Insurance page

• Step 2: Fill in the basic details such as name, Date of Birth, and contact number and click on ‘View Plans’

• Step 3: Answer the questions about smoking habits, annual income, occupation type, and educational qualification

• Step 4: After submitting all the details, a list of all available 1 Crore term insurance plans will be displayed

• Step 5: Choose the best term insurance plan for 1 Crore that suits your financial needs and proceed to pay the first premium

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