When we consider securing our family’s future, one of the first things that we think of is a term insurance policy. It is one of the easiest and cheapest means of ensuring your loved ones’ financial security if something untoward occurs to you. In plain language, a term insurance plan pays your family a huge sum of money (referred to as the “sum assured”) when you sadly pass away within the policy term. You pay a low premium periodically, say monthly or yearly, to maintain the policy.
Most Indians opt for a coverage of ₹1 crore as it provides a firm security umbrella for their loved ones without costing an arm and a leg. But how do you select a suitable plan? Let’s follow step by step and identify what to consider and what companies provide some of the most effective options in 2025.
Why ₹1 Crore Term Insurance Is a Popular Choice
In the present era, the cost of living is increasing year by year. Everything, ranging from school fees to medical expenses and even day-to-day needs, is getting costly. This is the reason a ₹1 crore term plan is becoming the new norm for the majority of working individuals. It makes sure that your family has the financial resources to meet day-to-day expenses, loans, and future financial objectives like education or marriage, even if you are not there.
A ₹1 crore cover is a huge number, but when you consider your financial goals for the long term, it is reasonable. It gives you peace of mind that your family will not go through any financial difficulties.
What Is the Best Term Insurance Plan for 1 Crore
Before we explore the best term insurance plan for 1 crore, let’s quickly understand what makes a plan “the best.” It’s not just about low premiums. A good term plan gives you:
- High coverage at a low cost – You pay small premiums for big cover.
- Flexible options – You can choose how your family receives the payout: lump sum, monthly income, or both.
- Long policy term – Certain policies cover you up to the age of 85 or even for your entire life.
- Add-on riders – You have the option to include benefits such as critical illness cover, accidental death benefit, or waiver of premium on disability.
- High claim settlement ratio – This indicates how many claims were settled successfully by the company. The higher the number, the more trustworthy.
Keeping these points in mind, let us examine some of the best term insurance policies in India that provide ₹1 crore coverage.
1. LIC Tech Term Plan
LIC or Life Insurance Corporation of India, is one of the most reliable names associated with insurance. The LIC Tech Term Plan is a straight online policy, i.e., you can purchase it online without any agents.
- Coverage: Begins at ₹50 lakh and extends to any figure, including ₹1 crore or higher.
- Claim settlement ratio: Has one of the highest in India, over 98%.
- Special features: Get to select from level sum assured (the same figure each year) or increasing sum assured (which increases over time).
- Why it’s good: LIC’s brand credibility, simple claim process, and online discounts make it an excellent option.
2. HDFC Life Click 2 Protect Super
HDFC Life’s Click 2 Protect Super is a versatile policy where you can select various choices based on how your life unfolds.
- Coverage: ₹1 crore and more.
- Premiums: Reasonable for both salaried individuals and self-employed individuals.
- Benefits: You can raise your cover after significant life events such as marriage or having a child.
- Add-ons: Critical illness rider and waiver of premium.
Why it’s good: It adapts to your changing needs and gives options for income benefits to your family.
3. ICICI Pru iProtect Smart
ICICI Prudential is known for its simple and smart insurance products. The iProtect Smart plan is one of their best-selling term plans.
- Coverage: Minimum ₹50 lakh, maximum as per your need (₹1 crore is common).
- Claim settlement ratio: Around 98.5%.
- Features: Comes with coverage of 34 critical illnesses as well as the option for whole-life coverage (up to age 99).
- Why it’s good: Provides wonderful flexibility, protection against critical illnesses, and excellent customer support.
4. Max Life Smart Secure Plus Plan
Max Life’s Smart Secure Plus is popular for its low premium and high coverage.
- Coverage: Up to ₹1 crore or more.
- Claim settlement ratio: 99.6% (one of the best in the industry).
- Advantages: Return of premium option, joint life cover, and accidental death benefit.
- Why it’s good: Great claim record and useful features for families and couples.
5. Tata AIA Sampoorna Raksha Supreme
Tata AIA’s Sampoorna Raksha Supreme is a solid policy that covers you for many years and has flexible payout options.
- Coverage: ₹1 crore and above.
- Claim settlement ratio: Approximately 99%.
- Add-ons: Income benefit, critical illness rider, and option to receive return of premium.
- Why it’s good: Good reliability and long-term family security by a well-established brand.
6. SBI Life eShield Next
SBI Life’s eShield Next is another decent option for ₹1 crore coverage, particularly if you prefer a secure, government-backed insurer.
- Coverage: ₹1 crore minimum.
- Claim settlement ratio: More than 97%.
- Benefits: Growing cover choices, accidental benefits, and online buying discounts.
- Why it’s good: Suitable for individuals who desire a well-established and secure insurer with a good financial base.
7. Aditya Birla Sun Life DigiShield Plan
This plan is famous for providing various protection choices under one roof.
- Coverage: ₹1 crore and above.
- Claim settlement ratio: Approximately 98%.
- Benefits: 10 various plan choices, such as level cover, increasing cover, and whole-life cover.
- Why it’s good: Can be customised for various life stages and family needs.
How to Choose the Right ₹1 Crore Term Plan
Choosing a plan can seem confusing, but it becomes simpler if you keep in mind a few points:
- Compare premiums: Compare insurance rates online using comparison websites to see which company will give the most affordable rate depending on your age and income.
- Check claim record: Always choose a company that has a claim settlement ratio of over 97%.
- Choose the right term: Make every effort to remain covered up to retirement or up to your significant financial objectives being met.
- Search for riders: Include add-ons such as critical illness cover or accidental death cover for added protection.
- Read policy conditions carefully: Be aware of exclusions and claim conditions to prevent surprises down the line.
Why Buying Early Saves Money
If you are healthy and young, your premium will be substantially lower. A 25-year-old can be insured for ₹1 crore for as little as ₹500-700 a month, whereas a 40-year-old might pay double that amount. The sooner you purchase, the better off you are. Also, after you lock in your premium, it remains constant for the entire term irrespective of your future health status. Hence, beginning early not only saves us money but also locks in your future at a low price.
Conclusion
A ₹1 crore term insurance policy is more than just a number. It’s a promise, a promise that your family’s dreams will stay alive even if you’re not around. The peace of mind it brings is priceless.
When selecting your plan, keep this in mind: opt for a reputable insurer, review their claim experience, and ensure the plan suits you. You may choose LIC, HDFC, ICICI, Max Life, or SBI; the most important thing is that you act to secure your family today.
