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A ₹1 crore term insurance plan ensures financial security for your family by providing a ₹1 crore payout as a death benefit in case of your untimely passing. In today’s world, having robust life coverage is crucial, and opting for the best term insurance plan for 1 crore is a smart way to safeguard your family’s future.
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A 1 crore term insurance is a pure type of life insurance plan that provides Rs 1 Crore life cover at low premiums. This 1 crore term policy ensures the nominee or beneficiary receives term insurance 1 crore cover in case something happens to you during the policy term. This payout helps your family manage finances by clearing debts, replacing lost income and getting financial freedom for life. Choosing the best term insurance plan for 1 crore secures you against the rising costs of India, offering peace of mind and managing unpaid loans/debts if the breadwinner is no longer around.
Opting for the best term plan for 1 Crore is a simple and affordable way to provide long-term security for your loved ones.
Financial Protection for Your Family: A ₹1 crore term insurance plan ensures your family is financially secure if something happens to you.
Income Replacement: The payout of 1cr term insurance can help replace your lost income, ensuring your family can maintain their lifestyle without financial stress.
Debt and Loan Repayment: The term insurance 1 crore cover amount can be used to pay off any outstanding loans or debts, protecting your loved ones from financial burden.
Rising Costs and Uncertainties: With the cost of living, healthcare, and general expenses increasing, having a high cover like ₹1 crore term insurance plan helps your family stay financially stable.
Tax Benefits: Along with financial security, you can also save on taxes with best term insurance plan for 1 Crore.
Easy Premium Calculation: You can use a term insurance premium calculator to see how much premium you need to pay for your term insurance 1 crore cover.
Right Life Cover: Use the Human Life Value (HLV) Calculator to determine the ideal life cover for your needs, ensuring your family’s future is well-protected.
Now, let’s understand how a 1 crore term insurance plan works:
A good financial portfolio includes a term insurance policy, which provides life coverage for a designed duration. Specifically, a Rs 1 crore term insurance policy offers a sum assured of Rs. 1 crore for a pre-determined period known as the ‘Policy Term’.
Let’s understand how the best term insurance plan for 1 crore works with the help of an example:
Below is the list of the best term insurance plan for 1 crore 2024. You can take a look at these 1 crore term insurance plans and select the one that works best for you:
| Name of the Insurer | Best Term Plan for 1 Crore | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Click 2 Protect Super | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Axis Max Life Insurance Company Limited | Max Life Smart Total Elite Protection | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Promise | 776 | 18-65 years | 100 years |
Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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.
Term Plans
Here is a list of people who should consider buying the best term insurance plan for 1 crore in India online. Know what is term insurance first and then buy a term plan for your loved ones.
| Who Should Buy | Benefit of Buying the Best 1 Crore Term Insurance |
| Newly Married | If you're newly married, a term insurance 1 crore cover can provide financial security to your spouse, helping them maintain their lifestyle in your absence. |
| Parents with Children | For parents, the best term insurance plan for 1 crore coverage can help ensure your children's education and other future needs are taken care of, even if you're not around. |
| People with Debts | If you have loans or debts, a 1 cr term insurance policy can relieve your family of the burden of repaying outstanding loans, providing them peace of mind during tough times. |
| Main Breadwinners of the Family | If you're the main income earner, the best term plan for 1 crore ensures your family can meet their financial needs even in your absence. |
| Business Owners | For business owners, a 1 crore term insurance plan helps protect loved ones from any business loans or liabilities in their absence. |
| Self-employed | Self-employed individuals with irregular income can rely on a 1 cr term insurance to keep their family financially stable when they are no longer around. |
| Investors | For those investing in market-linked products, the payout from a 1cr term insurance plan ensures your family can continue making payments if you're not around. |
| Senior Citizens | Senior citizens can safeguard their spouse and kids with affordable 1 crore term insurance, offering coverage up to 99/100 years of age. |
| Housewives | Until recently, housewives couldn’t buy term insurance because of a lack of income proof. Now, insurers offer 1 crore term insurance for housewife to help secure the future of the housewife’s family in her absence. |
| Women | For women, a 1 crore term plan is essential to ensure financial protection for their families at affordable premiums. |
| Taxpayers | Taxpayers can save on their yearly taxes with 1 crore term insurance under sections 80C or 80D on the premiums paid. |
Let us look at the various benefits of buying the best term insurance plan for 1 crore:
You can get life coverage of 1 crore term insurance for as low as Rs. 485/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.
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.
By purchasing the best term insurance plan for 1 Crore, 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.
*To get more information, you can read 1 crore term insurance in Hindi as well.
Here is a list of ways you can make the premium payments for your best term plan for 1 Crore:
Single payment: You can pay the premium in a single payment at the inception of the 1 crore term insurance.
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.
Here is a list of death benefit payout options that most insurers offer for the best term insurance for 1 Crore:
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.
The life cover amount for the best term insurance plan for 1 Crore 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 1 crore term insurance plan for an additional premium.
The best term insurance plan for 1 crore offers flexibility by allowing increasing sum assured benefits at different life stages like marriage, childbirth, and opting for home loans.
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.
Secure Your Family Future Today
₹1 CRORE
Term Plan Starting @
Get an online discount of upto 10%#
Compare 40+ plans from 15 Insurers
Get High Coverage at a Low Premium
Comprehensive Protection for the Family
Family can pay off Loans, Debts, and Liabilities
Whole Life Cover till 99/100 years
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 in tax laws. Standard T&C apply.
Apart from the best term insurance plan for 1 Crore, some of the sum assured options are listed below, and you can select the one that best suits your requirements. Further information on selecting the appropriate sum assured is also available.
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 insurance 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.
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 of over 95% indicates that the insurer settled most of the claims received in the year and is a reliable company to buy term plans from. 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 1 crore term insurance plans may require a medical check-up based on age and life cover amount. Be informed about any important health tests.
Extra protection
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.
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 crore 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 rates of 1 crore life insurance: Unless the premium amount fits into your budget, you will not be able to buy 1 crore term insurance 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.
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. NRIs can also buy term insurance for NRI plans from Policybazaar and choose the best term insurance plan for 1 crore to financially protect their loved ones in India.
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 of 1 crore life insurance
Option to increase the coverage with changing life stages
Accelerated payouts in case of terminal illnesses
Choosing the best term insurance plan for 1 Crore is essential in ensuring that you are not only covered under the right cover amount but also able to pay the premiums without denting your budget. The premiums depend on various factors, one of which is the age. Let us take a look at the premium table and how it changes for a 1 crore term insurance for different individuals in different age groups:
| Premiums for Different Age Groups | Policy Term | Premiums (Female) | Premiums (Male) |
| 20s | Cover till 60 years | Rs. 768 | Rs. 887 |
| 30s | Cover till 70 years | Rs. 1132 | Rs. 1392 |
| 40s | Cover till 70 years | Rs. 1926 | Rs. 2522 |
| 50s | Cover till 70 years | Rs. 3496 | Rs. 4362 |
| 60s | Cover till 70 years | Rs. 6671 | Rs. 8662 |
Choosing the right term insurance coverage can be overwhelming for many policyholders. It is essential to choose a plan that ensures your family’s financial security if something happens to you during the policy term. Here is how you can determine the right life cover amount for your family:
Your Age and Annual Income: You need to take your age at the time of buying 1 crore term insurance into account and your existing annual income. This is because age affects your premium rates and eligibility for certain life cover amounts. Not only that, your annual income may also restrict the sum assured you are eligible to buy for 1 crore term insurance.
Reason for Purchase: You need to consider the reason why you are buying the insurance. If you are looking for a plan that provides financial benefits as well as wealth creation, a life insurance plan like an endowment or ULIP plan might be a better fit. However, if you are looking for pure risk protection at affordable premiums, the best term insurance plan for 1 crore might be a suitable option for you.
Needs of the Dependants: Your family may need a certain amount in your absence, but you also need to consider inflation. A 1 Crore term insurance may be enough to cover your family’s financial needs today, but it may not suffice 20 years later. Therefore, you should consider inflation as a factor while determining the right sum assured.
Financial Liabilities: The loans and liabilities you currently have may fall on your family’s shoulders. Thus, you should consider a life cover big enough to cover all the existing loans so that your family is able to live a comfortable life. You can also use a term insurance calculator to see the premium amount you would need to pay for the desired life cover.
Inflation: Inflation is a gradual yet impactful force that reduces the buying power of money over time. When determining your coverage amount, factor in the potential effects of inflation on future expenses. The best term insurance plan for 1 crore today should also consider the increased cost of living in the years ahead.
Long-Term Goals: Consider future goals such as your children’s higher education, marriage, or purchasing a home. Your insurance coverage should be sufficient to protect your family now and adapt to their evolving needs over time.
Comparing 1 crore term insurance plans ensures you get the best value for your money. Different insurance providers offer varying premium rates, features, and benefits for similar coverage. By comparing, you can find a 1cr term insurance plan with affordable premiums, flexible payout options, and additional benefits like critical illness riders or premium waivers. It also helps you choose a trusted insurer with a high claim settlement ratio, ensuring your family’s financial security in case of any unforeseen events.
Choosing a plan with more extensive coverage can be beneficial, but it is important to understand your life goals, financial situation, and budget before making a decision. Let’s understand how choosing a higher life cover of Rs. 1 crore impacts you:
Cost-Effective Premiums: Term insurance policies offer comprehensive coverage at affordable rates, making higher coverage like Rs. 1 crore accessible without financial strain. You can easily choose compare and choose the best term insurance plan for 1 crore from Policybazaar.
Steady Premiums: Lock your premiums throughout the policy term, especially beneficial if bought in your 20s or early 30s, ensuring long-term affordability.
Adequate Cover: The best term insurance plan for 1 Crore provides comprehensive coverage, helping your loved ones meet future financial goals and maintain their standard of living.
Riders: Enhance your coverage with riders such as critical illness benefit, accidental death benefit, terminal illness benefit, etc. tailoring the policy to your specific needs and circumstances.
Financial Predictability: Fixed premiums provide financial predictability, allowing you to plan your budget effectively in the coming years.
Below mentioned is the step-to-step guide to buy the best term insurance plan for 1 crore insurance policy from PolicyBazaar:
Step 1: Visit PolicyBazaar and Go to the 1 Crore 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
Ans. You can buy the 1 cr term insurance plan online by following the below steps:
| Life covers | Premium rates |
| 1 crore INR to USD | ~5.7 USD |
| 1.5 crore INR to USD | ~7 USD |
| 2 crore INR to USD | ~8.1 USD |
| 3 crore INR to USD | ~10.8 USD |
| 5 crore INR to USD | ~16.1 USD |
| 10 crore INR to USD | ~32.2 USD |
| 20 crore INR to USD | ~64.4 USD |
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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