Buy 1 Crore Term Insurance Online

  • Long-Term Financial Protection
  • Affordable and Durable Premium
  • Critical Illness Benefit


Your life is priceless but surely is uncertain. Suppose, in the oddest case, something misfortune happens to you; the first thing you never wish is to let your family suffer with the financial burdens left behind. By buying a 1 crore term insurance plan, you take the wise step to protect your family facing the financial crisis in your absence. This article discusses every necessary detail about 1 cr term insurance plan.

What is 1 Crore Term Insurance Plan?

A 1 crore term insurance is a term plan where a sum assured of 1 crore is paid as a death benefit to the policyholder's nominee in case of an unfortunate demise during the policy term. This vast amount of life cover ensures that the family members are financially secure and live without any struggle after the demise of the sole breadwinner. A 1 cr term insurance plan's premium rates are affordable, making it preferred among policy buyers.

Why do you need a 1 crore term insurance plan?

The life coverage of 1 crore not only ensures the financial freedom of your family in your absence but also benefits you in many ways:


Affordable and Durable Premium

Even though a term plan doesn’t provide a saving component, the life covers you get are competitive. The premium rates are more affordable than permanent life cover. The premium rates will remain the same throughout tenure regardless of your policy term, whether 10 years, 20 years or 30 years.


Extensive Coverage

If your life goals change after important events like marriage, childbirth, or health conditions, you can enhance the life cover using the life-stage benefit of the term plan. The insurers allow enhancing the coverage to meet your long-term liabilities. A policyholder can also add multiple riders to get enhanced coverage. You can do this by paying an extra premium.


Long-term Protection

Different insurers offer a 1 crore term plan to cover your whole life, till 99 or 100 years. This ensures that your family will receive the benefit amount in your absence to manage their expenses peacefully.


Security Against Financial Liabilities

If you take a 1 cr term insurance, your family can bear the financial burdens like outstanding loans, health or educational expenses, child marriage, etc., in your absence.


Tax Benefits

The 1 crore term insurance helps you to save on taxes as mentioned under sections 80C and 10 D (D) of the Income Tax Act 1961.

Who can Buy a 1 Crore Term Insurance Plan?

The rising cost of living, inflation, and other added expenses can develop a need for a significant financial amount for your family. A 1 crore term plan is the most affordable option in the market to ensure your family's financial security at a low premium rate. You can opt to buy 1 cr term plan if:

  • You are in your 20s and 30s and have just started working. If you start early, you can secure a large life cover at an affordable premium.
  • You are the single breadwinner in your family with multiple financial responsibilities.
  • You have several debts that can burden your family in your absence.
  • You want added financial protection to fulfil your family’s financial needs.

How to Determine the Right Coverage Amount?

Let’s consider Jayesh heard about buying a term insurance plan from one of his colleagues. Now, he is puzzled about deciding the right coverage amount to buy term insurance. Let’s see how he needs to calculate the right coverage amount


Age 30 years
Retirement Age 60 years
Annual Salary Rs. 10 Lakhs
Family expenses of 1 year Rs. 3 Lakhs
Family expenses for the coming 25 years Rs. 2.8 Crores
Other expenses (loan, education, etc.) Rs. 35 Lakhs
Personal savings of 1 year Rs. 15 Lakhs
Saving value after 25 years Rs. 1.8 Crores
Recommended Life Cover 2.8 Crores - 1.8 Crores = 1 Crore

How Does 1 Crore Term Insurance Plan Work?

A term plan for 1 crore offers high life coverage (one-time payment of 1 crore) at a low premium (min of around ₹ 422 per month). The premium remains the same throughout the policy tenure until you do not take additional riders and are covered as long as you pay the premiums on time. In case of the death of the policyholder before the maturity period, the nominee will get 1 crore as the death benefit. To better understand how a 1 crore term plan work, let’s look into an example:

Suppose Jayesh bought a term insurance plan with a sum assured of 1 crore at 30. He chose to policy term of about 30 years and made his wife the nominee. Now, let’s see how the plan will work in different scenarios:

1. In case of his early death within the policy tenure

The plan pays the death benefits to the beneficiary (wife)-

  • The lump sum one-time amount
  • Regular income for the family, if opted for during policy inception.
  • If an accidental death benefit were chosen, the payment would include an additional sum in case of death in an accident.
  • The plan will terminate after the payment.

2. If diagnosed with a fatal illness,

The plan pays the death benefits to the beneficiary (wife)-

  • The lump sum one-time amount
  • Regular income for the family, if opted for during policy inception.
  • The plan will terminate after the payment.

The amount paid will help his wife to be financially independent after his demise. To better understand the plan, connect with one of our experts to guide you.

List of Best 1 Crore Term Insurance Plans Online:

Various insurer providers in India provide 1 crore term insurance with different features and additional benefits. To make the right decision, you must consider multiple factors, including your age, lifestyle, financial expenses, and financial goals. We advise you to go through and compare different plans to select the optimal one for you. Let us look at the list of best term insurance plans for 1 crore:

How to Choose the Best Term Insurance for 1 Crore?

There are a number of insurers available in the market offering 1 crore term insurance; you need to compare the plans, inbuilt benefits, riders, and premium rates. Choosing one optimal plan that secures the family’s financial future in case of your unfortunate demise is challenging. Here’s how you can make choosing the best term insurance for 1 crore easy-


Assess Your Requirements

The first and foremost need is to assess your financial requirements in case of your uncertain demise. Start with calculating your income, annual expenses, savings, and important upcoming events in life. If you have any debts or loans, add them to your expenses. The sum assured should be an amount you might need to back your family in your absence.


Premium Payment Term

You must choose how will you prefer to pay the premium of 1 crore term insurance. The available options include payment of monthly, annual, half-yearly, quarterly, or limited payment terms that fit your budget.


Inflation and Cost of Living

The inflation rate will highly affect the cost of living in future. So while choosing the right 1 cr term insurance plan for you, remember that it significantly covers your family’s financial needs in the coming years.


Additional Benefits

Other than providing life coverage of 1 crore, insurers provide other benefits to enhance the coverage. Like

  • Add-on riders to enhance the base coverage.
  • Option to choose the frequency of payouts at the time of policy commencement.
  • With the evolving life stages requirements, you can increase the coverage.

What Should You Check Before Buying 1 Crore Term Insurance Plan?

You must check certain factors before buying a 1 cr term insurance plan. The major points are mentioned below:


Claim Settlement Ratio (CSR)

Select an insurer with a high claim settlement ratio, as it indicates the efficiency of solving claims raised by the insured. Generally, a more than 95% CSR indicates that the company is committed to fulfilling its obligations and the nominee/ beneficiary gets the claims on time.


Solvency Ratio

The solvency ratio indicates the financial capability of an insurer to settle the claim. An insurer with high solvency ratio is preferable to buy a plan.


The Premium Rate

The premium prices of the 1 cr term insurance plan vary per the insurers. Since you are responsible for paying the premium, you should check the premium rates wisely and choose one that suits your budget.


Critical Illness Benefits

To enhance your 1 crore term plan coverage, you can add the critical illness cover if you are diagnosed with any critical health condition. To avail of critical illness benefits, you must pay an additional premium along with your base premium payment.



It is advised to read the policy’s terms and conditions carefully. It may seem tedious, but the plan mentions essential exclusions that will deny paying any payout. Double-check that you are aware of these exclusions and implications.

Why Buy 1 Crore Term Insurance Plan From RenewBuy?

RenewBuy brings the best deals on 1 crore term insurance plans across the market. The key reasons for you to consider us are as follows:

  • IRDAI Certified
  • Get Insured by a Leading Insurer
  • Discounted Premiums
  • Compare Various Term Plans in Just a Few Clicks
  • Simple & Easy Buying Process
  • 24x7 Claim Assistance

How to Buy 1 Crore Term Insurance Plan from RenewBuy?

With RenewBuy, you can quickly compare and buy the best term insurance for 1 cr in the simple steps mentioned below:

  • Visit our website and click on the “Life Insurance” tab from the header menu.
  • Then, click on the “View Plans” button.
  • Enter the required information.
  • Compare and pick the best premium plans from the list provided.
  • Once the payment is made, you will get your policy documents on your registered email ID.

To make the 1 crore term insurance buying process more convenient, connect with one of our RenewBuy POSP advisors and buy the best-suited plan as per your needs.

Final Words

No matter how life turns out, you better be prepared for all the bearings by buying 1 crore term insurance. A suitable term plan with a life cover of 1 crore ensures that your loved ones are always safe during any financial consequences. If you are puzzled, “RenewBuy” will help you make a quick and informed decision. Just visit our website.