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1 Crore Term Insurance

1 Crore Term Insurance is a pure life insurance plan providing ₹1 Crore life cover at an affordable cost. It provides strong financial protection for your family, ensuring stability in uncertain times. ...Read More

To delay is to regret

You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.

Life Cover of 1 Crore @ Rs 26/day***

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Best Term Insurance Plan for 1 crore

Best Term Insurance Plan for 1 crore
May 10, 2024


Term insurance come as a huge financial safety net for a family in times of need, such as financial hiccups or the demise of the breadwinner. However, how big an amount should you take to secure your family? In one of our previous articles, we told you how having a second insurance policy or a critical illness policy can help. However, considering the rising cost of livelihood in the cities, buying an insurance policy with a coverage of Rs 1 crore becomes as important.

What Is 1 Crore Term Insurance?

A 1 crore term policy provides a sum assured of Rs. 1 crore to the beneficiary or nominee if anything happens to the policyholder during the policy term. The payout helps family members deal with the financial repercussions of loss. The sum could help them replace your lost income to maintain their standard of living. Additionally, it might allow them to pay off debts and maintain financial independence for the rest of their lives.

Why Do You Need a 1 Crore Term Insurance Plan?

A Rs. 1 crore term insurance policy provides financial support to your loved ones in case of an eventuality. It offers life insurance coverage for a stipulated period or term. If something happens to the policyholder of the term insurance while the policy is active, their beneficiary or nominee receives the payout of Rs. 1 crore. The sum should be adequate to replace lost income and pay off financial debts.

You can utilise a term insurance calculator to estimate the coverage you require. The calculator considers your current income and financial liabilities before calculating the sum assured you need. Additionally, term insurance calculator will provide the ideal policy tenure based on your age. Suppose you decide to get a 1 crore term insurance then by using the calculator you can get to know the premium you need to pay. 

Understand How a 1 Crore Term Insurance Plan Works?

Every good financial portfolio has a term insurance policy. These insurance plans offer life coverage for a specific tenure. The beneficiary receives the sum assured payout if anything happens to the policyholder while the plan is active. We can understand this better with an example.

Arvind, a 25-year-old IT engineer, purchased a Rs. 1 crore term policy for 35 years. As per the policy terms, he would receive life coverage of Rs. 1 crore for the next 35 years as long as he fulfilled his annual premium payment obligation. As a young and healthy policyholder, Arvind benefitted from incredibly affordable annual premiums despite his high coverage amount. After his 40th birthday, Arvind met with a fatal accident. His beneficiary, his mother, filed a claim with his insurance company. Since Arvind paid his premiums on time for the previous 15 years, his mother received the sum assured payout of Rs. 1 crore. She utilised part of the money to pay off Arvind’s pending car loan debts. She kept the rest away safely to help her with future medical and financial emergencies.

Why Buy a Rs. 1 Crore Term Insurance Plan?

Here’s how an Rs. 1 crore term insurance plan can benefit you:

  1. High Coverage at Affordable Premiums

    Term policies offer incredibly pocket-friendly premiums. You can gain life coverage of Rs. 1 crore for less than Rs. 900 per month#. The premiums will remain the same through the policy tenure, ensuring you don’t have to worry about sudden financial stress. Being affordable is one of the most important benefits of term insurance.

  2. Debt-Free Legacy

    When you purchase a term insurance plan, you help secure your family’s finances. In case something happens to you, your loved ones are left behind to deal with any debt you might leave behind. The payout from your Rs. 1 crore term policy allows them to clear any pending debt. You can ensure that you leave your family a debt-free legacy.

  3. Enhanced Coverage

    You can enhance your Rs. 1 crore term policy with riders like critical illness cover and accidental death benefit. These add-ons provide more financial security for you and your loved ones.

  4. Fulfil Future Financial Goals

    Term policies provide a financial safety net that your loved ones can utilise to fulfil future financial goals. The amount can pay for your child’s higher education or help your spouse secure their retirement.

  5. Maximise Tax Savings
  6. Taxpayers can claim deductions against the premiums paid towards their term policy under Section 80C of the Income Tax Act. Always check prevailing tax laws and consult a financial advisor to maximise tax savings.

Why to buy a 1 crore term insurance?

Why to buy a 1 crore term insurance?

How to Determine the Right Coverage Amount?

Selecting the ideal coverage amount can seem overwhelming for many policyholders. The insurance coverage should help keep your family financially secure if something happens to you during the policy term. Let’s evaluate the top factors to consider while selecting the best term insurance plan for 1 crore for your loved ones.

  • Your Age
    Your age impacts your coverage and the tenure of your policy. Individuals in their 20s can opt for 40-year plans, while those in their 30s or 40s can consider 25-year plans. Young and healthy individuals may not have many financial liabilities or responsibilities. However, these individuals can get a higher sum assured at more affordable rates. Evaluating your age empowers you to select the best coverage for your needs.
  • Your Income
    You should assess your income and monthly expenses. Use the information to evaluate your Human Life Value (HLV). It helps you understand how much your family needs in your absence. Select a sum assured that is at least your HLV, if not more. Finally, consider the premium of each option. Identify policies that offer adequate coverage without breaking the bank. Your premiums should fit into your budget comfortably.
  • Financial Liabilities
    Take stock of your current financial commitments. Consider your outstanding loans, children’s education expenses, and monthly household expenses. The comprehensive assessment will give you a clear picture of the financial umbrella your family may need in your absence.
  • Account for Inflation
    Inflation is a silent but powerful force that erodes the purchasing power of money over time. When determining your coverage, factor in the potential impact of inflation on future expenses. A 1 crore term insurance plan today should account for the increased cost of living in the years to come.
  • Consider Long-Term Goals
    Anticipate future milestones such as your children’s higher education, marriage, or buying a home. Your coverage should protect your family today while adapting to their evolving needs over time.
  • Consult a Professional
    Navigating the complexities of insurance can be challenging. You can utilise our online calculators to understand how much your family could need in your absence. You can also consult with a professional financial planner. They can provide personalised guidance based on your unique circumstances.

Is It Advisable to Choose a Plan with More Extensive Coverage?

Now that you know how to evaluate your life coverage, you may wonder whether you should opt for more extensive coverage. Let’s see whether choosing a higher sum assured of Rs. 1 crore impacts you.

  • Cost-Effective Premiums
    Term insurance policies, including the 1 crore term plan, offer substantial coverage at remarkably affordable premiums. The cost remains affordable whether you opt for a 50 lakh or 1 crore term insurance plan. You can enjoy higher coverage of Rs. 1 crore without impacting your bank balance.
  • Steady Premiums
    Term plans let you enjoy consistent premiums throughout the policy term. You can choose a Rs. 1 crore policy for up to 30 years and pay the same premium annually. Purchasing term insurance coverage in your 20s and early 30s empowers you to enjoy long-term affordability and financial predictability.
  • Adequate Cover
    The Rs. 1 crore term insurance plan provides robust coverage. You can opt for this higher amount to help your loved ones meet future financial goals and maintain their standard of living despite high inflation rates.
  • Riders
    Boosting your sum assured isn’t the only way to enjoy extensive coverage. You can customise your policy with riders that offer additional benefits. Critical illness riders and other options provide flexibility, tailoring your insurance policy to meet specific needs and circumstances.

Factors to Check Before Buying a 1 Crore Term Insurance Plan

Investing in a Rs. 1 crore term insurance plan requires careful consideration of various factors. Here’s a comprehensive guide to help you make your decision.

  • Coverage Amount
    Assess your family’s financial needs, including outstanding loans, future expenses, and lifestyle aspirations. Ensure that the Rs. 1 crore coverage adequately meets these requirements and provides a financial cushion for your dependents.
  • Policy Tenure
    Choose a policy tenure that aligns with your financial goals and responsibilities. Consider factors such as the duration of your outstanding loans, the education tenure of your children, and your retirement age. Ideally, the policy should continue until you retire.
  • Premium Affordability
    Evaluate your budget and select a plan with premiums you can comfortably afford throughout the policy tenure. Opt for a premium payment frequency (monthly, annually, etc.) that suits your financial planning.
  •  Claim Settlement Ratio
    Research and review the claim settlement ratio of the insurance company. A high ratio indicates the insurer’s efficiency in settling claims. It lets you rest assured that your beneficiary will receive a swift settlement after filing a valid claim request.
  •  Riders
    Explore additional riders that complement your coverage. Critical illness, accidental death, and waiver of premium riders can enhance your protection based on your specific needs.
  • Purchase Requirements
    Understand the insurer’s policies regarding medical examinations. Some plans may require a medical check-up based on age and coverage amount. Be prepared for any necessary health assessments.
  •  Policy Exclusions
    Thoroughly read and understand the policy exclusions. Different insurance plans may have specific conditions or situations that are not covered. Being aware of these exclusions ensures clarity about the scope of your coverage.
  • Claims Process
    Understand the claim settlement process of the insurance company. A straightforward and transparent claims process is crucial during times of need. Quick and hassle-free claim settlements ensure that your family receives the intended financial support.

By thoroughly considering these factors, you can make an informed decision when purchasing a Rs. 1 crore term insurance plan.

Who Should Opt for Rs. 1 Crore Term Plan?

There’s no restriction on who should and should not purchase a term policy offering Rs. 1 crore coverage. You can consider buying a policy if you belong to one of the following categories.

  1. You’re Young and Healthy
    Policyholders under 35 can benefit the most from plans worth Rs. 1 crore. Buying a policy when you’re young lets you enjoy high coverage at low premiums. You can secure adequate resources for your family’s future financial goals without breaking the bank.
  2. You’re the Sole Breadwinner
    Individuals who are the sole breadwinners in their families can invest in a Rs. 1 crore term plan. It ensures their loved ones remain adequately protected in the event of their death. As the sole breadwinner, the sum assured can help look after all your dependents, regardless of what happens to you.
    To avail life cover till the age of 100 years you can opt for whole life insurance. These are similar to term insurance plans but they provide life cover till the age of 100 years. Housewives can also opt for term insurance for themselves with a term insurance for housewife and secure the financial future of your family.
  3. You Earn Between Rs. 5 to 7 Lakhs Per Year
    As a general rule of thumb, you should purchase term coverage worth at least 15 times your annual income. Those who earn up to Rs. 7 lakhs per year should choose term coverage worth at least Rs. 1 crore to safeguard their family’s future.
  4. You Have Outstanding Debt
    Individuals with outstanding debt can consider purchasing life coverage worth Rs. 1 crore. The payout should help with all outstanding debts and help your loved ones maintain financial independence during difficult times.

How to Select the Right Term Insurance Plan?

Identifying the ideal Rs. 1 crore term policy helps you provide financial security to your loved ones. Everybody considers the premium before deciding which policy to purchase. Apart from your age, the policy tenure can impact your premium. The table can help you find the ideal time to buy a policy based on the premium amount.


Policy Tenure

Monthly Premium (Rs.)

Monthly Premium with Critical Illness Rider (Rs.)

Monthly Premium for Return of Premium Plan (Rs.)


40 years





40 years





40 years





Note – The above premium rates are for a non-smoker healthy male inclusive of 5% online discount (applicable only for 1st year premium) and exclusive of taxes & levies as applicable. HDFC Life Click 2 Protect Super (UIN: 101N145V03) is a Non-Linked, Non-Participating, Individual, Pure Risk Premium/ Savings Life Insurance Plan. Life Insurance Coverage is available in this product.

There is few types of term insurance that you can select from:

  • Return of Premium Plans

    These policies provide a maturity payout equal to all paid premiums. On survival, the policyholder will receive the premiums paid, excluding taxes, as a benefit.
  • Increasing Sum Assured Plan

    You can choose a plan that increases your sum assured by a certain percentage each year. These policies help take care of your family’s evolving financial goals.
  • Riders

    Choose from our three riders to enhance your coverage and boost your family’s financial protection.

FAQ's on 1 Crore Term Insurance

Q: What is the minimum income requirement to purchase term insurance of Rs. 1 crore?

A: The minimum income requirement to purchase a Rs. 1 crore term plan varies from one insurance company to the next. Ideally, individuals who earn around Rs. 5 lakhs or more per year can purchase the required policy. You can check with your preferred insurance provider to get the plan you want.

Q; What are the eligibility criteria to buy the best term insurance plan for Rs. 1 crore?

A: Individuals between the ages of 18 and 65 are eligible to purchase a Rs. 1 crore term policy in India. The insurance company may also verify your residency status and your income before issuing the policy.

Q: At what age should I buy the best term insurance plan for 1 crore?

A: When it comes to purchasing insurance, the earlier you start, the better. Purchasing a plan in your early 20s and 30s can help you achieve financial stability later in life.

Q: Should I buy a 1 crore term insurance plan or an endowment plan?

A: The decision between a 1 crore term insurance plan and an endowment plan depends on your financial goals, protection needs, and preferences.

Q: How to calculate term insurance premiums?

A: You can use our online premium insurance calculator to better understand the cost of getting adequate coverage.

Q: How do I buy a 1 crore term insurance plan online?

A: Once you select your policy, you can visit the insurance company’s website to pay the premium and purchase your policy. 

Q: What is the minimum age to purchase a term insurance plan?

A: Individuals must be at least 18 to purchase a term plan.

Q: What are the benefits of buying term insurance at an early age?

A: When you purchase term insurance at an early age, you can benefit from high coverage at a low premium. Additionally, you can remain covered for longer without worrying about higher premiums later.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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Reviewed By Reviewed By:
HDFC life
HDFC life


Reviewed by Life Insurance Experts


We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved

^ Available under Life & Life Plus plan options

**5% discount is available on online purchase for the 1s year premium for HDFC Life Click 2 Protect Super (UIN: 101N145V03) is a Non-Linked, Non-Participating, Individual, Pure Risk Premium/ Savings Life Insurance Plan.

***Online Premium for Life Option, Male Life Assured, Non-Smoker, 25 years of age, Policy term of 30 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Annualized Premium of 9214/365=25.7)

##As per the number declared in the investor presentation. View here.

ARN - ED/11/23/6354