Best Term Insurance Plan for ₹1 Crore in India

Introduction

In today’s uncertain world, securing your family’s financial future is paramount. Term insurance stands out as a cost-effective solution, offering substantial coverage at affordable premiums. A ₹1 crore term insurance plan ensures that your loved ones are financially protected in your absence. This article delves into the best ₹1 crore term insurance plans available in India for 2025, helping you make an informed decision.

What is Term Insurance?

Term insurance is a life insurance policy that provides coverage for a specified term or period. If the policyholder passes away during this term, the nominee receives the death benefit. Unlike other life insurance policies, term plans do not offer maturity benefits, making them more affordable and straightforward.

Why Opt for a ₹1 Crore Term Insurance Plan?

Choosing a ₹1 crore term insurance plan offers several advantages:

• Comprehensive Coverage: Ensures your family’s financial needs are met, including daily expenses, children’s education, and outstanding debts.
• Affordability: High coverage at relatively low premiums.
• Peace of Mind: Knowing your family is protected provides emotional and financial reassurance.

Top ₹1 Crore Term Insurance Plans in India (2025)

Based on claim settlement ratios, customer reviews, and policy features, here are the top term insurance plans offering ₹1 crore coverage:

1. HDFC Life Click 2 Protect Super

• Claim Settlement Ratio: 99.39%
• Entry Age: 18–65 years
• Policy Term: 10–50 years
• Key Features:
  • Life stage protection: Increase sum assured at major life events.
  • Terminal illness cover.
  • Return of premium option available.
  • Smart Exit Option: Allows policyholders to exit the policy and receive all premiums paid, enhancing flexibility.

2. ICICI Pru iProtect Smart

• Claim Settlement Ratio: 97.8%
• Entry Age: 18–65 years
• Policy Term: Up to 40 years
• Key Features:
  • Covers 34 critical illnesses.
  • Accidental death benefit rider.
  • 100% payout on terminal illness diagnosis.

3. Max Life Smart Secure Plus Plan

• Claim Settlement Ratio: 99.51%
• Entry Age: 18–65 years
• Policy Term: Up to 85 years
• Key Features:
  • Offers two death benefits.
  • Terminal illness coverage at zero cost.
  • Return of premium (RoP) feature.
  • Premium break option after 10 years.

4. SBI Life eShield Next

• Claim Settlement Ratio: 98.39%
• Entry Age: 18–60 years
• Policy Term: Up to 85 years
• Key Features:
  • Increasing cover benefit to combat inflation.
  • Optional riders for enhanced protection.

5. Bajaj Allianz Life Smart Protect Goal

• Claim Settlement Ratio: 99.04%
• Entry Age: 18–65 years
• Policy Term: Up to 85 years
• Key Features:
  • Critical illness rider.
  • Maturity benefits via premium returns.

Factors to Consider When Choosing a Term Insurance Plan

When selecting a term insurance plan, consider the following:

• Claim Settlement Ratio (CSR): Indicates the insurer’s reliability in settling claims.
• Policy Term and Entry Age: Ensure the policy term aligns with your financial goals.
• Premium Amount: Choose a premium that fits your budget without compromising on coverage.
• Riders and Add-ons: Enhance your policy with riders like critical illness or accidental death benefits.
• Payout Options: Some plans offer lump-sum payouts, while others provide staggered payments.

Tax Benefits

Under Section 80C of the Income Tax Act, premiums paid towards term insurance are eligible for tax deductions up to ₹1.5 lakh per annum. Additionally, the death benefit received by the nominee is tax-free under Section 10(10D), subject to certain conditions.

Conclusion

A ₹1 crore term insurance plan is a prudent choice to safeguard your family’s financial future. By considering factors like claim settlement ratio, policy features, and premium affordability, you can select a plan that best suits your needs. It’s advisable to compare different plans and consult with a financial advisor before making a decision.

Note: The information provided is based on data available as of 2025. Policy features and benefits are subject to change. Always refer to the official policy documents and consult with insurance advisors before purchasing.