Best term insurance plan for 1 crore 2017? Are you looking for a 1 crore term insurance policy? I have received many questions where people are mostly eager to buy a term plan with 1 crore life cover or how much premium they need to pay for a 1 crore term insurance plan in India. Why people want to buy a 1 crore term insurance plan?

In this article, I will share about the psychology behind this figure 1 crore and also share the available online term plans who are offering 1 crore term life cover with a cheapest premium amount under Rs 15,000 only. Yes, you just have to pay a lesser amount of 10 thousand and get your life cover with a 1 crore insurance policy.

Why Everyone Want to Buy a 1 Crore Term Insurance Plan

So, here is the million dollar question why you are buying a term plan with 1 crore life cover only? I believe this is simply a psychological figure which people are discovering due to many reasons. Let me share my thoughts here, which you may agree or not.

  • 1 crore is a bench mark amount and that’s why every company is marketing their online term plans with this magical term to attract people.
  • As a buyer, you also feel good to have a 1 crore insurance policy as the amount is really huge. Although you might have not aware about how much insurance you actually need in real time, it may be more than 1 crore or even less.
  • Another point I think is about the limitation of our thinking. Rs 1 crore seem very huge today. Even if people do planning, many people will find 1 crore is an amount more than they are actually need. So this term will provide you an ultimate assurance of financial safety.
  • Another point I want to say is about the peer pressure. As my friend or my colleague is buying a term plan of worth 1 crore, I have to buy the similar product only.
  • Another reason could be the premium rates are very low for many insurance companies for the 1 crore term plan. So many people might think that 1 crore term itself is a kind of product with a cheap annual premium.

Is 1 Crore term insurance really enough to cover life?

Now here is the actual question one have to ask every time before buying any kind of insurance product. You have to know your financial liabilities and then only buy insurance accordingly. You may need more than 1 crore or less than 1 crore and in such cases either you will get less cover or pay more premium.

Now start calculating your insurance need by adding all your current monthly expenses + loans + future liabilities (kids education, kids marriage, world travel, health insurance) etc and accordingly find out how money you need to fulfill all of them in case of your absence. I will share a complete article on this topic in coming days.

Also add the retirement savings you have to build for your retirement in case you survive. So the interesting think is, you can’t miss out a single thing here at the same calculate such a way that things can go smoothly even if you are absent. In such a case your term insurance need might be 1.30 crore or 80 lakhs. Accordingly you should buy a term plan.

Cheapest term insurance plans available in market under Rs 15,000 premium per year.

Company Policy name Premium for Sum Assured of 1 crore policy
Aviva i-Life Rs. 7965
Aegon Religare iTerm Plan Rs. 7978
Bharti AXA eProtect Rs. 7978
Max Life Online Term Option I Rs. 7978
HDFC Life Click 2 Protect Plus Rs. 11461
Edelweiss Tokio Protection Rs. 12225
SBI Life eShield Rs. 12237
ICICI Prudential iProtect Smart Rs. 14607

The data showing here may not be correct at the time you use their premium calculator and determine the exact premium amount for 1 crore sum assured value. Consider this as an example only. To read the detailed review of each term plan you can click on the links mentioned above. I will write all the online term plans detailed review in my up coming posts. So subscribe to my newsletter to stay updated.

So, do you think 1 crore term insurance is enough to cover your life? What is your reason to buy a term plan with 1 crore sum assured? I would love to know the reason and also make this discussion interesting for my blog readers as well. Do write a simple comment below and share your thoughts.


    • Its like the same product is priced differently for different brand only. E.g. LIC is the biggest brand in Insurance sector that’s why you will find LIC term plan is the costliest plan.

  1. Very helpful articles. I am 26, an working person, planning out for the Insurance. Is the “1 Crore Term Insurance Plan” best for me.

    • I think it depend up on your insurance need. 1 Crore term plan is able to create some trend and people are also attracted to this term 1 crore. But may be you need more than that or less than 1 crore also.

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