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1 Crore Term Insurance
1 Crore Term Insurance is a pure life insurance plan providing ₹1 Crore life cover at an affordable cost. It provides strong financial protection for your family, ensuring stability in uncertain times. ...Read More
To delay is to regret
You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.
Life Cover of 1 Crore @ Rs 21/day***
:1800-266-9777
Best Term Insurance Plan for 1 crore
Table of Content
1.What Is 1 Crore Term Insurance?
2.Why Do You Need a 1 Crore Term Insurance Plan?
3.Understand How a 1 Crore Term Insurance Plan Works?
4.Why Buy a Rs. 1 Crore Term Insurance Plan?
5.How to Determine the Right Coverage Amount?
6.Is It Advisable to Choose a Plan with More Extensive Coverage?
7.Factors to Check Before Buying a 1 Crore Term Insurance Plan
8.Who Should Opt for Rs. 1 Crore Term Plan?
Term insurance come as a huge financial safety net for a family in times of need, such as financial hiccups or the demise of the breadwinner. However, how big an amount should you take to secure your family? In one of our previous articles, we told you how having a second insurance policy or a critical illness policy can help. However, considering the rising cost of livelihood in the cities, buying an insurance policy with a coverage of Rs 1 crore becomes as important.
What Is 1 Crore Term Insurance?
A 1 crore term policy ensures the beneficiary or nominee receives Rs. 1 crore if something happens to you during the policy term. This amount helps them manage financially by replacing lost income, clearing debts, and maintaining financial independence for life.
Why Do You Need a 1 Crore Term Insurance Plan?
A Rs. 1 crore term insurance policy is designed to provide critical financial protection for your loved ones in case of unexpected events. It offers life insurance coverage for a specified period, and if the policyholder passes away during this time, their beneficiary receives Rs. 1 crore. This sum is intended to cover lost income and settle financial liabilities.
To determine the right coverage amount, you can use a term insurance calculator. This tool considers your current income and outstanding debts to calculate the appropriate sum assured. It also recommends the most suitable policy duration based on your age.
Using the term insurance calculator helps you understand the premium required for a 1 crore term insurance policy. It allows you to plan effectively to safeguard your family's financial stability.
Understand How a 1 Crore Term Insurance Plan Works?
Every good financial portfolio has a term insurance policy. These insurance plans offer life coverage for a specific tenure. The beneficiary receives the sum assured payout if anything happens to the policyholder while the plan is active. We can understand this better with an example.
Arvind, a 25-year-old IT engineer, purchased a Rs. 1 crore term policy for 35 years. As per the policy terms, he would receive life coverage of Rs. 1 crore for the next 35 years as long as he fulfilled his annual premium payment obligation. As a young and healthy policyholder, Arvind benefitted from incredibly affordable annual premiums despite his high coverage amount. After his 40th birthday, Arvind met with a fatal accident. His beneficiary, his mother, filed a claim with his insurance company. Since Arvind paid his premiums on time for the previous 15 years, his mother received the sum assured payout of Rs. 1 crore. She utilised part of the money to pay off Arvind’s pending car loan debts. She kept the rest away safely to help her with future medical and financial emergencies.
Looking to buy a new Term Plan?
- Get ₹ 1 Crore Term Plan Today starting @ ₹ 692/month@@@
- Claim Settlement Ratio of 99.50%##
- Save more with 5% Discount@@
Why Buy a Rs. 1 Crore Term Insurance Plan?
Here’s how an Rs. 1 crore term insurance plan can benefit you:
High Coverage at Affordable Premiums
Term insurance plans offer incredibly pocket-friendly premiums. You can gain life coverage of Rs. 1 crore for less than Rs. 630 per month. The premiums will remain the same throughout the policy tenure, ensuring you don’t have to worry about sudden financial stress. Being affordable is one of the most important benefits of term insurance, but it’s also crucial to determine how much term insurance do I need to ensure adequate coverage for my loved ones.
Debt-Free Legacy
When you purchase a term insurance plan, you help secure your family’s finances. In case something happens to you, your loved ones are left behind to deal with any debt you might leave behind. The payout from your Rs. 1 crore term policy allows them to clear any pending debt. You can ensure that you leave your family a debt-free legacy.
Enhanced Coverage
You can enhance your Rs. 1 crore term policy with riders like critical illness cover and accidental death benefit. These add-ons provide more financial security for you and your loved ones.
- Fulfil Future Financial Goals
Term policies provide a financial safety net that your loved ones can utilise to fulfil future financial goals. The amount can pay for your child’s higher education or help your spouse secure their retirement.
- Maximise Tax Savings
Taxpayers can claim deductions against the premiums paid towards their term policy under Section 80C of the Income Tax Act. Always check prevailing tax laws and consult a financial advisor to maximise tax savings.
How to Determine the Right Coverage Amount?
Selecting the ideal coverage amount can seem overwhelming for many policyholders. The insurance coverage should help keep your family financially secure if something happens to you during the policy term. Let’s evaluate the top factors to consider while selecting the best term insurance plan for 1 crore for your loved ones.
- Your Age
Your age impacts your coverage and the tenure of your policy. Individuals in their 20s can opt for 40-year plans, while those in their 30s or 40s can consider 25-year plans. Young and healthy individuals may not have many financial liabilities or responsibilities. However, these individuals can get a higher sum assured at more affordable rates. Evaluating your age empowers you to select the best coverage for your needs. - Your Income
You should assess your income and monthly expenses. Use the information to evaluate your Human Life Value (HLV). It helps you understand how much your family needs in your absence. Select a sum assured that is at least your HLV, if not more. Finally, consider the premium of each option. Identify policies that offer adequate coverage without breaking the bank. Your premiums should fit into your budget comfortably. - Financial Liabilities
Take stock of your current financial commitments. Consider your outstanding loans, children’s education expenses, and monthly household expenses. The comprehensive assessment will give you a clear picture of the financial umbrella your family may need in your absence. - Account for Inflation
Inflation is a silent but powerful force that erodes the purchasing power of money over time. When determining your coverage, factor in the potential impact of inflation on future expenses. A 1 crore term insurance plan today should account for the increased cost of living in the years to come. - Consider Long-Term Goals
Anticipate future milestones such as your children’s higher education, marriage, or buying a home. Your coverage should protect your family today while adapting to their evolving needs over time. - Consult a Professional
Navigating the complexities of insurance can be challenging. You can utilise our online calculators to understand how much your family could need in your absence. You can also consult with a professional financial planner. They can provide personalised guidance based on your unique circumstances.
Is It Advisable to Choose a Plan with More Extensive Coverage?
Now that you know how to evaluate your life coverage, you may wonder whether you should opt for more extensive coverage. Let’s see whether choosing a higher sum assured of Rs. 1 crore impacts you.
- Cost-Effective Premiums
Term insurance policies, including the 1 crore term plan, offer substantial coverage at remarkably affordable premiums. The cost remains affordable whether you opt for a 50 lakh or 1 crore term insurance plan. You can enjoy higher coverage of Rs. 1 crore without impacting your bank balance. - Steady Premiums
Term plans let you enjoy consistent premiums throughout the policy term. You can choose a Rs. 1 crore policy for up to 30 years and pay the same premium annually. Purchasing term insurance coverage in your 20s and early 30s empowers you to enjoy long-term affordability and financial predictability. - Adequate Cover
The Rs. 1 crore term insurance plan provides robust coverage. You can opt for this higher amount to help your loved ones meet future financial goals and maintain their standard of living despite high inflation rates. - Riders
Boosting your sum assured isn’t the only way to enjoy extensive coverage. You can customise your policy with riders that offer additional benefits. Critical illness riders and other options provide flexibility, tailoring your insurance policy to meet specific needs and circumstances.
Factors to Check Before Buying a 1 Crore Term Insurance Plan
Investing in a Rs. 1 crore term insurance plan requires careful consideration of various factors. Here’s a comprehensive guide to help you make your decision.
- Coverage Amount
Assess your family’s financial needs, including outstanding loans, future expenses, and lifestyle aspirations. Ensure that the Rs. 1 crore coverage adequately meets these requirements and provides a financial cushion for your dependents. - Policy Tenure
Choose a policy tenure that aligns with your financial goals and responsibilities. Consider factors such as the duration of your outstanding loans, the education tenure of your children, and your retirement age. Ideally, the policy should continue until you retire. - Premium Affordability
Evaluate your budget and select a plan with premiums you can comfortably afford throughout the policy tenure. Opt for a premium payment frequency (monthly, annually, etc.) that suits your financial planning. - Claim Settlement Ratio
Research and review the claim settlement ratio of the insurance company. A high ratio indicates the insurer’s efficiency in settling claims. It lets you rest assured that your beneficiary will receive a swift settlement after filing a valid claim request. - Riders
Explore additional riders that complement your coverage. Critical illness, accidental death, and waiver of premium riders can enhance your protection based on your specific needs. - Purchase Requirements
Understand the insurer’s policies regarding medical examinations. Some plans may require medical tests for term insurance based on age and coverage amount. Be prepared for any necessary health assessments. - Policy Exclusions
Thoroughly read and understand the policy exclusions. Different insurance plans may have specific conditions or situations that are not covered. Being aware of these exclusions ensures clarity about the scope of your coverage. - Claims Process
Understand the claim settlement process of the insurance company. A straightforward and transparent claims process is crucial during times of need. Quick and hassle-free claim settlements ensure that your family receives the intended financial support.
By thoroughly considering these factors, you can make an informed decision when purchasing a Rs. 1 crore term insurance plan.
Who Should Opt for Rs. 1 Crore Term Plan?
There’s no restriction on who should and should not purchase a term policy offering Rs. 1 crore coverage. You can consider buying a policy if you belong to one of the following categories.
- You’re Young and Healthy
Policyholders under 35 can benefit the most from plans worth Rs. 1 crore. Buying a policy when you’re young lets you enjoy high coverage at low premiums. You can secure adequate resources for your family’s future financial goals without breaking the bank. - You’re the Sole Breadwinner
Individuals who are the sole breadwinners in their families can invest in a Rs. 1 crore term plan. It ensures their loved ones remain adequately protected in the event of their death. As the sole breadwinner, the sum assured can help look after all your dependents, regardless of what happens to you.
To avail life cover till the age of 100 years you can opt for whole life insurance. These are similar to term insurance plans but they provide life cover till the age of 100 years. Housewives can also opt for term insurance for themselves with a term insurance for housewife and secure the financial future of your family. - You Earn Between Rs. 5 to 7 Lakhs Per Year
As a general rule of thumb, you should purchase term coverage worth at least 15 times your annual income. Those who earn up to Rs. 7 lakhs per year should choose term coverage worth at least Rs. 1 crore to safeguard their family’s future. - You Have Outstanding Debt
Individuals with outstanding debt can consider purchasing life coverage worth Rs. 1 crore. The payout should help with all outstanding debts and help your loved ones maintain financial independence during difficult times.
How to Choose the Best Term Insurance Plan for 1 Crore?
Finding the right and best term insurance plan for 1 crore is essential for ensuring financial security for your loved ones. The premium cost is a key factor when choosing a policy. Apart from your age, the policy tenure can impact your premium. The table below can help you determine the best time to buy a policy based on the premium amount.
Age |
Policy Tenure |
Monthly Premium (Rs.) |
Monthly Premium with Critical Illness Rider (Rs.) |
Monthly Premium for Return of Premium Plan (Rs.) |
20 |
40 years |
692 |
711 |
1581 |
30 |
40 years |
1176 |
1286 |
2592 |
40 |
40 years |
2343 |
2885 |
4775 |
Note – The above premium rates are for a non-smoker healthy male inclusive of 5% online discount (applicable only for 1st year premium) and exclusive of taxes & levies as applicable. HDFC Life Click 2 Protect Super (UIN: 101N145V03) is a Non-Linked, Non-Participating, Individual, Pure Risk Premium/ Savings Life Insurance Plan. Life Insurance Coverage is available in this product.
There is few types of term insurance that you can select from:
Return of Premium Plans
These policies provide a maturity payout equal to all paid premiums. On survival, the policyholder will receive the premiums paid, excluding taxes, as a benefit.
Increasing Sum Assured Plan
You can choose a plan that increases your sum assured by a certain percentage each year. These policies help take care of your family’s evolving financial goals.
Riders
Choose from our three riders to enhance your coverage and boost your family’s financial protection.
FAQ's on 1 Crore Term Insurance
Q: What is the minimum income requirement to purchase term insurance of Rs. 1 crore?
A: The minimum income requirement to purchase a Rs. 1 crore term plan varies from one insurance company to the next. Ideally, individuals who earn around Rs. 5 lakhs or more per year can purchase the required policy. You can check with your preferred insurance provider to get the plan you want.
Q; What are the eligibility criteria to buy the best term insurance plan for Rs. 1 crore?
A: Individuals between the ages of 18 and 65 are eligible to purchase a Rs. 1 crore term policy in India, as part of the term insurance eligibility criteria. The insurance company may also verify your residency status and income before issuing the policy.
Q: At what age should I buy the best term insurance plan for 1 crore?
A: When it comes to purchasing insurance, the earlier you start, the better. Purchasing a plan in your early 20s and 30s can help you achieve financial stability later in life.
Q: Should I buy a 1 crore term insurance plan or an endowment plan?
A: The decision between a 1 crore term insurance plan and an endowment plan depends on your financial goals, protection needs, and preferences.
Q: How to calculate term insurance premiums?
A: You can use our online premium insurance calculator to better understand the cost of getting adequate coverage.
Q: How do I buy a 1 crore term insurance plan online?
A: Once you select your policy, you can visit the insurance company’s website to pay the premium and purchase your policy.
Q: What is the minimum age to purchase a term insurance plan?
A: Individuals must be at least 18 to purchase a term plan.
Q: What are the benefits of buying term insurance at an early age?
A: When you purchase term insurance at an early age, you can benefit from high coverage at a low premium. Additionally, you can remain covered for longer without worrying about higher premiums later.
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
Reviewed By:
Here are a few more articles about Term Insurance.
We help you to make informed insurance decisions for a lifetime.
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
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@As per integrated annual report FY23-24, available on www.hdfclife.com. As of May 2024
@@@Premium applicable for a 20 year old non-smoker healthy male with a policy term of 40 years inclusive of 5% online discount (applicable only for 1st year premium) and exclusive of taxes & levies as applicable. HDFC Life Click 2 Protect Super (UIN: 101N145V04) is a Non-Linked, Non-Participating, Individual, Pure Risk Premium/ Savings Life Insurance Plan. Life Insurance Coverage is available in this product. Monthly premium of Rs. 692 and daily premium of Rs. 23.
##Individual death claim settlement ratio by number of policies as per audited annual statistics for FY 2022-23.
#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved
^ Available under Life & Life Plus plan options
@@5% discount is available on online purchase for the 1s year premium for HDFC Life Click 2 Protect Super (UIN: 101N145V04) is a Non-Linked, Non-Participating, Individual, Pure Risk Premium/ Savings Life Insurance Plan.
***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V04), Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Monthly Premium of 622/30=20.7).
**7% online discount available on 1st year premium only
~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information.
ARN - ED/11/23/6354