What is a 1 Crore Term Insurance Plan?

A one-crore term insurance policy provides a death benefit of 1 crore rupees to the nominee, upon the demise of the life insured during the policy term. With the rising rates of inflation, a one crore term insurance is the perfect amount that your family needs to sustain their lives in your absence.

So we are suggesting some term plans for you with a sum assured of 1 crore, along with the features that make them unique from each other with the claim settlement ratios of their companies.

How Does 1 Crore Term Insurance Plan Work?

Very often, people do not understand the importance of having a term insurance plan or do not see the need to invest in a term plan with a high cover amount due to a lack of understanding.

Let’s understand how a term plan with 1 crore coverage works with an example:

Rahul is a 30-year-old working professional who earns Rs 10 lakhs annually. He supposedly spends Rs 2.5 lakhs yearly to fulfill his family’s requirements. Suppose Rahul has purchased a term plan of 1 crore with a policy term of 30 years. Given that, he already has a home loan of Rs 50 lakhs in his name. He met with a sudden accident and lost his life.

Now, his family members have the burden of paying the loan and taking care of others in the family. In such a crisis, the amount sum assured against his 1 crore term insurance policy will show up and solve this problem.

As the nominee under this policy, will get the death benefit. Therefore, it will be a little easier for them to continue their day-to-day life expenses and said loans.

Best Term Insurance Plan for 1 Crore

Following is the list of the best term plan for 1 crore in 2024 that you can consider for buying.

Overview of Top 1 Crore Term Plans in India

We have compiled below a list of the best term insurance plans with a 1 crore life insurance sum assured:

1. Bajaj Allianz Life Smart Protection Goal

   Bajaj Allianz Life Smart Protection Goal is an affordable term plan with numerous plan options, to secure your life goals and help you live worry-free. You have the flexibility to opt for single, limited, or regular premium.

   Key Features

   • This plan covers 55 critical illnesses.
   • Returns of premiums are available under the plan.
   • The whole life coverage is up to 99 years by paying for a limited term only.
   • In case of minor critical illness other than angioplasty, 25% of the critical illness sum assured will be payable.
   • You will receive a maturity benefit equal to the total premiums paid as a one-time lump sum on the date of maturity, and the policy will terminate.

2. Max Life Smart Term Plan

   Max Life Smart Term Plan provides you coverage as long as 85 years of age. You can choose from 7 death benefits as per your requirements. You have the option to get all your premiums back, choose your policy term, choose your premium payment term, etc. It is one of the best term plans in India for 1 crore.

   Key Features

   • 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 modes.
   • Longer coverage duration: Choose your own desired policy term with coverage available up to age 85 years
   • Additional protection with additional liabilities. Enhance your cover at important milestones of your life by choosing life stage event benefits by paying an additional premium.
   • Get all your money back with the premium option available under the plan by paying an additional premium.

3. SBI e-Shield Next

   SBI Life eShield Next, launched by SBI Life is a new age protection plan that enables you to take care of your current requirements and your changing responsibilities. This plan can be customized as per your financial requirements. It is one of the best 1 crore term insurance plans.

   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 a death benefit payment mode or a better half benefit option.
   • Terminal Illness Benefit is available to insurance holders under all the plan variants.
   • Flexible premium payment is available.
   • Two rider options are available for enhanced protection.

4. ICICI Pru iProtect Smart

   ICICI Prudential iProtect Smart offers flexibility to alter a plan that best suits your needs. This plan offers the flexibility to choose a premium payment mode- limited or regular pay. You can also avail of need-based payout.

   Key Features

   • The plan provides insurance holders with enhanced protection: coverage against death, terminal illness, and disability.
   • This particular 1 crore term insurance 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.

5. ABSLI Digishield Plan

   Aditya Birla ABSLI Digishield Plan is a pure-customizable plan that offers you the choice of policy tenure, premium payment tenure, sum assured flexibility, return benefit options, etc. This plan allows you to choose the plan option from 10 options depending on your needs.

   Key Features

   • It is a comprehensive 1 crore 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 benefits are also available with this plan.

6. Bandhan i-Term Prime

   Bandhan iTerm Prime Plan is a pure protection term insurance plan that comes with affordable premiums. The plan has a minimum sum assured of 25 lakhs with no upper limit on the maximum sum assured. You can also choose additional rider benefits with this plan.

   Key Features

   • The premiums of the Bandhan iTerm Prime plan are easy on your pockets making it a high sum assured but budget-friendly plan.
   • Once you reach the age of 55 years the policy gives you 1 year to avail of this feature wherein you can withdraw your policy and get your paid premiums back after the deduction of GST.
   • You get a 5% discount on your first-year premium with the Bandhan iTerm Prime Plan.
   • The plan offers a lump sum death payout on the demise of the policyholder.

7. HDFC Life Click 2 Protect Super

   HDFC Life Click 2 Protect Super, is a smart term plan that provides benefits as per your altering lifestyle and life stage needs and helps you and your family stay truly protected. This plan offers three plan options- Life, Life Plus, and Life Goal for the policyholders to choose from.

   Key Features

   • It is a unique term plan that is capable of covering you against all uncertainties.
   • Policyholders can opt for a whole life cover under this term plan for 1 crore.
   • Individuals above the age of 60 will receive income payouts.
   • Auto balances death and critical illness benefits with increasing age.

8. Kotak E-term Plan

   Kotak e-Term Plan is a pure risk cover term plan that is truly economical and provides high protection. This plan allows you to choose the sum assured that best fits your requirements. The policyholders have the option to choose from 3 plan variants- Life, Life Plus, and Life Secure.

   Key Features

   • It is among the best term insurance plans 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 options based on their requirements.

9. India First Life Guaranteed Protection Plus Plan

   IndiaFirst Life Guaranteed Protection Plus Plan is a unique term life insurance plan that meets every requirement. India First Life Guaranteed Protection Plan covers children’s education, marriage, buying a home, building a retirement corpus, or any other major investment.

   Key Features

   • The plan offers 3 different variants to select from for the insurance holders.
   • It is a 1 crore term insurance plan 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 under a limited premium or a single premium payment method.
   • Insurance holders can opt between pay-out options like lump sum pay-out, or level income pay-out.
   • Life option, return of the premium option, and smart life option are available under this plan.

10. LIC New Tech Term Plan

    LIC’s New Tech Term Plan is an online plan that provides financial protection to the insured’s family in case of his/her unfortunate death during the policy term

    Key Features

    • Flexibility to choose from two benefit options: Level Sum Assured and Increasing Sum Assured.
    • Policyholders can opt for a single premium, regular premium, and limited premium payment.
    • Special premium rates are available for women.
    • Premium rebates are available for non-smokers.
    • Option to enhance coverage by opting for Accident Benefit rider on payment of additional premium for the rider benefits.

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.

You will get to know who should buy a 1 crore term plan in the details given below:

Benefits of Having 1 Crore Term Insurance Plan

Along with securing your family’s financial needs in your absence, 1 cr life insurance also offers several other benefits such as:

Tips to Choose the Best 1 Crore Term Insurance Plan

Here are a few tips to consider while selecting the 1 cr insurance policy:

How to Buy 1 Crore Term Insurance From PolicyX?

Buying a 1 cr term insurance policy from PolicyX.com is an easy and hassle-free process. You have to follow the below-mentioned steps to buy a 1 crore term plan from PolicyX.com.

• Step 1

  Visit the official website of PolicyX.com.

• Step 2

  Click on ‘Term Insurance’ at the top of the page.

• Step 3

  Select your income and city. Click on ’Proceed’.

• Step 4

  Update your education and occupation details.

• Step 5

  Choose your preferred plan and click on ’Buy this plan’.

• Step 6

  Select the policy term, premium period, and riders (if required), and then proceed to pay.

Why Should You Buy 1 Crore Term Life Insurance From PolicyX.com?

Here are the reasons for buying a 1 crore term insurance plan from PolicyX.com:

Conclusion

A one crore term insurance is the best life insurance product for you if you want to secure the future of your family. Because, amid all the odds, our family stands by and provides us unconditional support. So, why not gift them a promise of lifetime support, even if you are not around with them? However, it’s always a great idea to determine the financial commitments in your pocket. So, compare and contrast multiple plans at one time to get a better understanding of what you want and what you exactly need. PolicyX gives you the chance to not deviate from your actual requirements.

Still wondering or confused about which best term insurance plan for 1 crore you should choose? Visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts will understand your unique needs and suggest the best possible plan for you.