1 Crore Term Insurance Plans

1 Crore Term Insurance Plans

A 1 Crore term insurance plan serves as the ultimate financial safety net for Indian households. With the cost of living and education rising, this sum ensures that your family can maintain their lifestyle and pay off major liabilities like home loans, even in your absence.

What is a 1 Crore Term Insurance Plan?

A 1 Crore term insurance plan is a pure protection policy that provides a fixed death benefit of ₹1 Crore to the nominee if the insured passes away during the policy tenure. It is designed to offer a high sum assured at a very affordable premium, as it typically does not include a savings or maturity component (unless you choose the Return of Premium variant).

How Does a 1 Crore Term Insurance Plan Work?

• Policy Selection: You choose the coverage amount (₹1 Crore) and the duration (e.g., until age 65 or 85).
• Premium Payment: You pay a fixed premium (monthly or annually). In 2026, healthy non-smokers can secure this for as low as ₹13–₹17 per day.
• Risk Cover: The insurer provides a life cover of ₹1 Crore. If the insured survives the term, the policy ends.
• The Payout: In the event of an unfortunate occurrence, the ₹1 Crore is paid out to the nominee as a lump sum or monthly income to cover debts and daily expenses.

Who Should Buy a 1 Crore Term Insurance Plan?

• Primary Breadwinners: To replace their income and sustain the family’s kitchen expenses.
• Homeowners with Loans: To ensure the burden of a home loan doesn't fall on the family.
• Young Parents: To secure the future cost of a child's higher education and marriage.
• Self-Employed Individuals: To cover business liabilities and personal debts.

Why Do You Need a 1 Crore Term Insurance Cover?

• Countering Inflation: A sum that seems large today may be just enough in 15 years. ₹1 Crore provides a buffer against future price hikes.
• Asset Protection: It prevents your family from having to sell properties or gold to meet financial emergencies.
• Low Cost, High Value: It is the most economical way to get massive financial protection compared to endowment or ULIP plans.

Benefits of Buying a 1 Crore Term Insurance Plan

• Tax Savings: Premiums are deductible under Section 80C, and the payout is tax-free under Section 10(10D).
• Terminal Illness Benefit: Many 2026 plans pay out the full amount early if the insured is diagnosed with a terminal disease.
• Flexible Payouts: Nominees can choose a lump sum to pay off debts or a monthly income for 10–20 years.

How to Determine the Ideal Life Cover Amount?

The standard thumb rule is to have a cover that is 10 to 15 times your annual income.

• Example: If you earn ₹10 Lakh per year, a ₹1 Crore to ₹1.5 Crore cover is ideal.
• HLV Method: Use a Human Life Value (HLV) calculator to factor in your age, future earnings, and current liabilities for a precise figure.

Sum Assured Options Available in Term Insurance Plans

• Level Cover: The ₹1 Crore sum assured remains constant throughout the policy.
• Increasing Cover: The cover increases by 5–10% every year to fight inflation.
• Smart Exit Option: Allows you to cancel the policy and receive all premiums back at a specified age (e.g., 60) if you no longer need the cover.

Minimum and Maximum Age to Buy a 1 Crore Term Insurance Plan

• Minimum Age: 18 years.
• Maximum Age: Usually 65 years at entry.
• Coverage Tenure: You can opt for coverage until age 75, 85, or even a Whole Life cover until age 99 or 100.

When is the Right Time to Buy a 1 Crore Term Insurance Plan?

The right time is immediately upon starting your first job. Premiums are locked at the age of entry. A 25-year-old will pay significantly less for the same ₹1 Crore cover than a 35-year-old, saving lakhs of rupees over the policy's lifetime.

Factors to Consider Before Buying a 1 Crore Term Insurance Plan

• Claim Settlement Ratio (CSR): Choose an insurer with a CSR above 98%.
• Solvency Ratio: Indicates the company’s ability to pay out large claims; look for a ratio above 1.5.
• Rider Options: Consider adding Accidental Death or Critical Illness riders for 360-degree protection.
• Premium Payment Term: Decide whether to pay throughout the term or complete all payments in 5–10 years (Limited Pay).

How to Choose the Best Term Insurance Plan for 1 Crore?

• Compare CSR and Spurred Claims: Don't just look at the premium; look at the insurer's reliability.
• Evaluate Riders: Ensure the plan offers Waiver of Premium (WoP) on disability.
• Check Medical Requirements: Many 2026 plans offer "Video Medicals" for faster processing.

How to Buy a 1 Crore Term Insurance Plan Online

1. Visit Jio Insurance Broking: Select the 'Term Insurance' section.
2. Enter Details: Provide your age, smoking status, and income.
3. Compare Quotes: View 1 crore insurance premium rates from the insurers listed above.
4. Upload Documents: Submit your PAN, Aadhaar, and income proof (Form 16/Salary slips).
5. Medical Test: Schedule a physical or video medical examination as required.

Why Buy a 1 Crore Term Insurance Plan from Jio Insurance Broking?

• Unified Platform: Compare the best one crore life insurance policy options side-by-side.
• Expert Assistance: Get end-to-end guidance from choice to claim.
• Trust & Transparency: Access 100% digital processes with no hidden agent commissions.
• Post-Sales Support: Assistance during the claim process for your nominee.