What is a ₹1 Crore Term Insurance Plan?
A ₹1 crore term plan ensures that your nominee receives a financial benefit of ₹1 crore in case you pass away during the policy period. This is a cost-effective way to offer your family financial stability in your absence.
Advantages of Buying a ₹1 Crore Term Plan
Here are the main benefits of opting for a ₹1 crore term insurance plan:
- High Coverage at Low Premiums: It provides significant coverage for a relatively low premium, especially when bought at a younger age.
- Tax Savings: Premiums qualify for deductions under Section 80C, and the death benefit is exempt from tax under Section 10(10D).
- Financial Stability for Family: It ensures your dependents can continue their lifestyle and meet essential expenses if you’re no longer around.
- Customizable with Riders: You can enhance your coverage by adding riders like critical illness cover, accidental death benefit, or waiver of premium.
Top ₹1 Crore Term Insurance Plans in India (2025)
| Insurance Provider | Plan Name | Monthly Premium (From) | Claim Settlement Ratio (2023) |
|---|---|---|---|
| LIC | Tech Term Plan | ₹750 | 98.52% |
| HDFC Life | Click 2 Protect Super | ₹420 | 99.39% |
| ICICI Prudential | iProtect Smart | ₹490 | 98.6% |
| Max Life | Smart Secure Plus Plan | ₹440 | 99.34% |
| Tata AIA | Sampoorna Raksha Supreme | ₹530 | 99.01% |
| Bajaj Allianz | Smart Protect Goal | ₹470 | 98.48% |
Note: These premiums are illustrative for a 30-year-old male non-smoker with a 30-year policy term.
Things to Keep in Mind Before Buying
Here are five essential factors to evaluate:
- Claim Settlement Ratio (CSR): Choose insurers with a high CSR for a better chance of claim approval.
- Affordability: Ensure the premium remains manageable over time.
- Policy Duration: Select a term that extends at least until your retirement.
- Riders: Choose plans with useful add-on covers like critical illness or accident protection.
- Company Reputation: Opt for insurers that are recognized and approved by IRDAI.
FAQs About ₹1 Crore Term Insurance
Q1: Is ₹1 crore enough as life cover? It depends on your financial responsibilities, but for many, it serves as a strong safety net.
Q2: Can the coverage be increased in the future? Some plans allow you to boost your cover at significant life milestones like marriage or having a child.
Q3: Is a medical exam mandatory? Generally, insurers ask for medical tests when applying for large coverage amounts such as ₹1 crore.
Q4: How can I purchase the policy online? You can buy directly from the insurer’s official website or through platforms like Policybazaar or Coverfox.
Conclusion
Choosing a ₹1 crore term insurance plan is an effective way to provide long-term financial security for your family. Select a plan that matches your financial needs, offers strong claim settlement records, and includes beneficial rider options.
Securing the policy at a younger age often allows you to benefit from significantly lower premium rates. Make sure to evaluate and compare multiple options before choosing the right one.
