What is the Premium for a 1 Crore LIC Policy?


6 min read

When it comes to insurance companies, LIC of India is regarded as the most trustworthy and reliable insurer in the country. It is the largest multinational insurance company in India’s public sector domain. LIC offers several term insurance policies with INR 1 Crore sum insured.    

The LIC policies with INR 1 Crore as the sum insured offer financial protection to the family members of the insured. In exchange for protection, the policyholder pays a premium to the insurance company. Let us discuss in this post how to determine the premium for a LIC 1 crore policy. But before that, understand what a premium is.

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What is a Premium?

A premium is the money that a policyholder pays to an insurance company in return for the life insurance coverage offered. The premium of the life insurance policy is fixed by considering several variables such as the sum insured, the age of the insured, habits and lifestyle of the individual, etc.

A LIC 1 Crore plan would mean that the insured has to pay a higher amount of money as a premium. However, a higher sum assured would guarantee that your family can handle their financial obligations even if you are not around to care for them. There are several INR 1 Crore term plans offered by LIC of India that you can choose as per your needs.

What is an INR 1 Crore LIC Policy? 

INR 1 Crore term insurance plan by LIC means that the sum assured of your plan is 1 crore Indian rupees, which the beneficiary of the plan receives if the policyholder dies within the policy duration. Hence, these policies allow high coverage amounts at affordable premium prices. The insured’s family can use the coverage amount if the life assured dies during the policy term to fulfil their monetary needs. Along with the sum assured, the beneficiary of the plan might also receive earned bonuses (if any).

Benefits of an INR 1 Crore LIC Policy 

Below are some benefits of investing in an INR 1 crore LIC policy: 

1. Monetary security:

With an INR 1 Crore life insurance policy, the family of the insured can survive with dignity in the event of the sudden demise of the sole source of income of the family. This way, they can deal with the financial burden smoothly.

2.Widespread Coverage:

A sum assured of INR 1 crore offered under your LIC term insurance plan allows exclusive protection to the policyholder’s family. This amount will not just help them to meet their day-to-day expenses but can also help them to meet financial obligations like paying for the education of children, loans, etc.

3. Affordable Rate of Premiums:

As compared to several other insurance companies offering INR 1 Crore insurance coverage, the plans offered by LIC are reasonably priced. For example, if you buy the LIC New Tech Term Plan early on in life, around your 30s, you can secure your family by paying just INR 1500 per month as a premium.

4. Avail optional Riders:

The LIC life insurance policies also allow policyholders to purchase riders such as the rider of accidental death benefit and more by paying an extra amount.

INR 1 Crore Term Insurance Plans By LIC

Here are some of the best term insurance plans for 1 crore offered by LIC:


LIC New Tech Term

LIC New Jeevan Amar

Age of entry

18 – 65 years

18- 65 years

Age of maturity (Max.)

80 years

80 years

Sum assured 

50 lakhs to No Limit

25 lakhs to No Limit

Policy tenure

10-40 years

10-40 years

Mode of purchase

Available Online only

Available Offline only

Let’s discuss the plans in detail:

1. LIC New Tech Term 

LIC’s New Tech Term Plan is an individual, non-linked, and non-participating plan. This is a pure-risk policy of life insurance that offers financial protection to the family of the policyholder in the event of his/her sudden demise during the tenure of the plan. This plan can be purchased online without any mediator directly from LIC’s official website.

Below are the key features of the plan: 

  • The plan allows the insured to pay the premium in installments
  • The insured is allowed two options to choose from;
  • level sum assured
  • increasing sum assured
  • The plan also allows the policyholder to choose from different premium payment options such as single pay, regular pay, or limited pay
  • Women buying this policy are offered a special premium rate
  • Further, by choosing a high sum assured, you can get attractive rebates under the plan

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2. LIC New Jeevan Amar 

The New Jeevan Amar plan by LIC is another INR 1 crore LIC term policy. This is a pure-risk life plan in the non-linked and non-participating category. This plan is available offline to help people who find it challenging to buy policies online. Like other term plans, this policy allows a death benefit to the beneficiary of the insured if any unfortunate event results in the demise of the policyholder. The policy can be bought from LIC agents, POSP advisors, and insurance brokers.

Here are the key features of the plan: 

  • You have the option to choose from the level sum assured or increasing sum assured
  • You also have the option to select from varied premium payment options, like single pay, limited pay, and regular pay
  • You can make premium payments in installments for your policy
  • If you buy a policy with a higher sum assured, you can get rebates and discounts as well
  • Female applicants can avail of other special discounts on premiums

How Premium for INR 1 Crore LIC Policy Calculated?

We need to consider several contributing factors to compute the premium to be paid for INR 1 Crore LIC term insurance plan. Some of them are:

  • Age of the insured
  • Lifestyle habits of the person
  • Policy tenure
  • Sum assured
  • Any Riders (if selected)

Here is an example to let you understand how the age factor impacts a premium for an INR 1 crore LIC policy.

Age of insured (in years)

Tenure of policy (in years)

Premium (LIC New Tech Term)

Premium (LIC New Jeevan Amar)


20 7047



20 9135



20 17,889


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To Sum Up

To conclude, an INR 1 crore term insurance plan by LIC is an important investment plan to protect your family in the event of any unfortunate incident leading to the demise of the policyholder, who might be the family’s key breadwinner. As mentioned in the example above, investing early on in life in a term insurance policy is better. Depending on your requirement and budget, choose a plan and secure your family’s future. You can also use the LIC term insurance plan 1 crore premium calculator to estimate the premium you would be paying and the benefits you would receive in return.
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FAQs: What is the Premium for a 1 Crore LIC Policy?

Which LIC policy offers a sum assured of INR 1 crore?

There are many LIC term insurance 1 Crore policies that you can choose from. These are pure risk protection plans that offer a death benefit of INR 1 Crore to the family of the insured in the event of the sudden demise of the policyholder during the policy term.

What is a LIC term insurance 1 crore premium calculator?

LIC's term insurance premium calculator is an online tool that helps its customers calculate the premium that is payable for the term policy they plan to buy.

Is LIC 100% safe?

Yes, being a government organization, the investments/plans offered by LIC are considered safe and reliable.

Can I get a 1 crore LIC term plan?

If you buy a LIC term plan within the age group of 30 - 35 years, you can stay insured longer. And you can easily afford a life insurance policy with a sum assured of INR 1 crore.

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Jul 18, 2023
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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