Best 1 Crore Term Life Insurance Plans in India to Choose in 2022-23


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An Introduction to Best ₹1 Crore Term Life Insurance Plans in India

The rising rate of inflation is a serious issue that all of us are dealing with. The inflation rate is the reason for the rise in the expenses of almost everything required to sustain the day to day needs of people, as well as the rise in the standard of living of people. Thus, for families with a single person as the source of income need to be very careful about their financial security, especially in the event of any unfortunate event.

Also, with age comes responsibilities, and as your role in the family changes, it also changes the responsibilities that you have to shoulder. Thus, having an adequate plan of term insurance with proper coverage is important.

Just imagine how the dependents in a family will survive if the sole breadwinner suddenly leaves the world owing to an unexpected mishap. How will they manage the expenses of livelihood, education, marriages, loans etc?  Here, having a 1 Crore term insurance policy helps the family to meet their needs, and can ensure that they lead a financially secure and comfortable life.

If you are planning to invest in an insurance plan to secure your dependents, the Rupees 1 Crore term plan serves best for you. This is an affordable plan of life insurance that comes with numerous benefits.

To know more about the best term insurance plan for 1 crore, just read on.

What do you Understand by a Rupees 1 Crore Term Insurance Plan?

Term insurance is a life insurance policy offering complete protection. A term plan offers coverage for a definite tenure in return for a particular amount of premium paid by the policy holder. So, in the event of an unfortunate death of the insured during the tenure of the policy, a definite payout is received by the nominee as reimbursement for the loss of income.

By investing on a 1 Crore life insurance policy, you can be assured that your nominee receives the sum assured after you are gone. With this plan, you can secure your children’s future and can fulfill their dreams and aspirations even when you are not there.

Also Read: What is Term Insurance with Maturity Benefits?

Why do you Need a Rupees 1 Crore Life Insurance Plan?

There are many benefits of purchasing a Rupees 1 Crore term insurance plan.

  • It presents excellent coverage at a reasonably priced premium. You need to pay a nominal premium price, while the life coverage you get is significant.
  • It allows you to secure your dependents in the family from debts. It helps your family members to make payment of loans in adverse situations like death of the source of income.
  • Starting your term insurance policy early on in life helps in saving more. If you start early, you need to pay lower premiums as you are healthy when you are young. So, if you buy a term insurance early, you can pay a minimal premium as a fixed amount and save money.
  • It provides you overall protection coverage. You can seek added benefits against critical illness as well as have premium waiver option in the event of any disability. Thus, you can survive through risks like income loss.
  • Some term insurance policies allow coverage for the entire lifetime. So, you can expect coverage up to the age of 100 years.
  • The term insurance policies offer tax benefits so you can save enough on premiums paid. According to the existing laws, as much as 46,800 Rupees can be saved on tax by buying term insurances.

Also Read: What is Term Insurance Renewal and Why Is It Important?

Best offers in 1 Crore Term life insurance Plans 2022-23 in India

There are a number of insurance companies in India offering a wide selection of term insurance plans. The features, benefits, as well as the premium you pay for such policies, vary and they can be modified as per your requirements.

However, you must note that to pay low premium on term insurance policies, you have to be medically fit and without any illness. Also, you shouldn’t be a smoker or alcoholic to enjoy basic to low premium amount. In case, you have any pre-existing medical conditions or any bad habits, you might have to pay more premium.

Here is a List of 10 Best Term Life Insurance Plans for 1 Crore Rupees:

Plan Name Eligibility  Maturity Tenure  Sum Assured 
Aditya Birla DigiShield Plan Min Age – 18 Yrs

Max Age – 65 Yrs

85 Yrs 5 Yrs – 55 Yrs Min – INR 30 Lakh

Max – No Limit

Bharti AXA Flexi Term Pro Min Age – 18 Yrs

Max Age – 65 Yrs

99 Yrs 5 Yrs – 99 Yrs Min – INR 25 Lakh

Max – No Limit

Bajaj Allianz Smart Protect Goal Min Age – 18 Yrs

Max Age – 65 Yrs

99 Yrs 5 Yrs – 85 Yrs (minus entry age) Min – INR 50 Lakh

Max – As per approval of board

Tata AIA Sampoorna Raksha Supreme Min Age – 18 Yrs

Max Age – 60 Yrs

100 Yrs 5 Yrs – 47 Yrs Min – INR 1 Lakh

Max – No Limit

ICICI iProtect Smart Min Age – 18 Yrs

Max Age – 65 Yrs

75 yrs 5 Yrs – 20 Yrs Min – As per min premium

Max – No Limit

HDFC Life Click2 Protect Plus Plan Min Age – 18 Yrs

Max Age – 65 Yrs

Whole Life 5 Yrs to whole life Min – INR 50,000

Max – No Limit

Max Life Smart Secure Plus Min Age – 18 Yrs

Max Age – 65 Yrs

85 Yrs 5 Yrs – 67 Yrs Min – INR 50,000

Max – No Limit

PNB Metlife Mera Term Plan Plus Min Age – 18 Yrs

Max Age – 60 Yrs

99 Yrs 10 Yrs – 40 Yrs Min – INR 25 Lakh

Max – INR 500 Crore

SBI Life eShield Next Min Age – 18 Yrs

Max Age – 65 Yrs

100 Yrs 5 Yrs – 85 Yrs (less entry age) Min – INR 50,000

Max – No Limit

Kotak e-Term Plan Min Age – 18 Yrs

Max Age – 65 Yrs

75 Yrs 5 Yrs – 75 Yrs (entry age) Min – INR 25 Lakh

Max – No Limit

Top 4 Term Plan for 1 Crore

1. Aegon Life iTerm Insurance Plan | Insurer: Aegon Life Insurance

This plan offer life cover for up to 100 years of age. Others features include:

  • Dual protect, life protect and protect plus are the three variants that you can choose from in this plan.
  • The variant of life protect covers life at all important stages along with offering cover against critical illness.
  • If  you pick plan protect plus, you get the benefit of 5% increase in life cover without paying any extra.
  • In the dual protect plan, you get cover against critical illness along with life cover. Also, here you get payout on monthly basis starting at 60 years of age till the maturity of the plan.

2. Aviva i-Life Total Plan | Insurer: Aviva Life Insurance

This plan offers sum assured of minimum Rs. 50 lakh with no maximum limit. It presents complete coverage at low premium price. Some features are:

  • Available in four different variants
  • They are Protect plan, Protect assured, Protect plus and Protect income
  • Offer death cover and cover against critical illness
  • Minimum entry is 18 years

3. Bajaj Allianz iSecure Term Assurance Plan | Insurer: Bajaj Allianz Life Insurance 

This is another good term insurance plans with features such as:

  • This plan is non- participating, and offers sum assured of 1 Crore rupees.
  • Comes in three variants
  • They are:
    # Basic life cover
    # Basic life cover with increasing monthly income
    # Basic life cover with monthly income
  • Minimum maturity age is 28 years, while the maximum age is 70

4. LIC Tech Term Plan | Insurer: LIC

This is a non-linked plan with pure protection. Some of the features are:

  • Entry age 18 years minimum, while maximum age is 65 years
  • Maximum age of maturity is 80 years
  • Minimum sum assured is INR 50 lakh with no maximum limit
  • Presents rider benefits and grace period benefit

In addition to the above, there are many other attractive plans available. However, it is recommended that you must go through and compare different plans before choosing the one that suits you.

Also Read: What is Decreasing Term Insurance?

Few other Best Rupees 1 Crore Term Insurance Plans One Can Consider:

  • ICICI Prudential iCare II Term Plan
  • HDFC Life Click2 Protect Plus Plan
  • Max Life Insurance Smart Term Plan
  • PNB Metlife Mera Term Plan
  • Reliance Nippon Life Online Term Insurance
  • SBI Life Insurance eShield Term Plan


Though Rupees 1 Crore term plan is not a standard figure for a term insurance. However, looking at the cost of expenses and life style of people, it is advisable to invest in this plan. People can purchase term insurance of any amount smaller or greater than 1 Crore rupees to ensure the security of their family after they are gone.

A novice in insurance might find it difficult to choose the best term insurance plan for their family. Thus, it is important to understand and compare various plans before making the purchase so that you can choose the most appropriate plan for your loved ones as per your budget.

Also Read: Best Term Insurance Plans for Senior Citizens

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

FAQs on Best 1 Crore Term Life Insurance Plans in India for 2022-23

Why do I need INR 1 Crore Term Insurance?

You need INR 1 Crore Term Insurance because:

# It secures the lives of your loved ones
# It is an affordable plan
# It can be bought at low premium if purchased early on in life
# It allows many benefits

What benefits can I receive by getting the INR 1 Crore term insurance plan?

Some benefits include:

# Economical coverage
# Cover all members of a family
# Offer optional critical illness cover
# Allow greater coverage through riders

Who should opt for a INR 1 Crore term insurance plan?

Those who can opt for 1 Crore term insurance plan include:

# Young people
# Sole breadwinners
# Families with more dependents
# Families with liabilities like loans, debts etc.

Which is the best 1 Crore term insurance plan?

Some of the best 1 Crore term insurance plan are:

1. Aditya Birla DigiShield Plan
2. Bharti AXA Flexi Term Pro
3. Tata AIA Sampoorna Raksha Supreme
4. Bajaj Allianz Smart Protect Goal
5. ICICI iProtect Smart etc.

What is the cost of 1 Crore term insurance plan?

The premium of a 1 Crore term insurance plan varies as per the insurance company you choose to buy the plan from along with other factors like age and health condition of the insured.

Feb 17, 2022
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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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