Best Term Insurance Plans for 1 Crore Coverage in 2024

Do you need Rs. 1 Crore Term Insurance coverage?

If your family members depend on you for their financial needs, you require a term insurance coverage which can fulfil their financial needs when you’re not there. But how much cover do you exactly need?

Well, it is not you who needs that money from your term insurance plan. It is your loved ones who would need it in case of your sudden and unfortunate demise.

A good approach to calculate your term cover requirement would be to assess your family’s current and future financial needs and then arrive at an amount. If this seems very complicated, don’t worry! We have tried to do this for you. All you have to do is go to our term insurance calculator page and provide a few details to us.

And there you have it! Your recommended term insurance cover amount.

How to Choose the Best Term Insurance Plan?

Now, if you want a term insurance cover of Rs. 1 Crore, you would be wondering which term insurance cover you should buy. There are a host of life insurance companies in India and each offer their own term insurance plan. Choosing a good term insurance plan is important as this is a financial cushion your family can rely on in the most testing times. So here are the important factors you must consider when you buy a term insurance plan.

• Brand Equity
• Insurer’s Operational Metrics
• Product Features
• Premiums

Top 3 Term Insurance Plans in India

We always recommend you to buy term insurance from the top life insurance companies in India and here are our top 3 picks for 2024.

1. Max Life Smart Secure Plus
2. ICICI Pru iProtect Smart
3. HDFC Life Click 2 Protect Super

Max Life Smart Secure Plus

Smart Secure Plus Plan is offered by Max Life Insurance Co. Ltd. and is one of the most comprehensive term insurance plans available in the market. Max Life Insurance is one of the best brand names in the market. The company boasts of settling 99.51% of all the individual death claims which were raised in the last financial year. This is quite an unbeatable number in the industry.

Max Life Smart Secure Plus Plan comes with a host of features which offer great customisation. You can choose from these features and benefits depending on your needs and convenience.

Comprehensive Death Benefit – Smart Secure Plus Plan comes with a death benefit starting from just Rs. 20 Lakh which in itself is a good option for those looking for lower coverage.

Increasing Life Cover – This acts as an inflation shield as your term insurance cover grows automatically year on year if you choose this option.

Flexible Claim Payouts – Your family has several payout options to choose from at the claim depending on the need; lump sum, monthly income or part lump sum and part monthly income.

Critical Illness and Disability Rider – This is by far the most comprehensive critical illness rider offered by any life insurance company in India. It covers up to 64 listed critical illnesses and total permanent disability as well.

Accidental Death Benefit – This rider provides additional protection against the risk of accidental death.

Waiver of Premiums – In case of death, disability or critical illness, you do not need to pay the future premiums to keep the policy active.

Terminal Illness Benefit – If you are diagnosed with a terminal illness, you get a part of the base sum insured paid to you while you are still alive. The remaining portion, if any, is paid to the family upon death.

Joint Life Option – You and your spouse get term insurance cover under the same policy at a very competitive price using this joint life option.

Special Exit Option – At a specified term in the policy, you can get all your premium paid back if you do not wish to continue your term cover. This option comes at no extra cost making this policy a zero cost term insurance.

Premium Break Option – If you choose this option, you can skip to pay your premium for a year in case of any financial trouble and still enjoy the cover. You can do this twice in the entire policy term.

Voluntary Top-up Sum Assured – You can double your cover under the same policy in future in case your term insurance cover requirement grows. The increase is though subject to fresh underwriting.

Premiums – The premiums charged by Max Life Insurance are very competitive, in fact one of the lowest in the market.

Drawbacks – There are no drawbacks at the moment. But Max Life Insurance is charging low premiums in the market while aggressively underwriting term plans. This could cause problems in the future if adverse claim experience emerges.

Still unsure if Max Life Smart Secure Plus is right for you?

Check out our detailed review of Max Life Smart Secure Plus Plan to help you decide.

ICICI Pru iProtect Smart

ICICI Pru iProtect Smart is a good term insurance plan offered by ICICI Prudential Life Insurance Co. Ltd. It comes from the house of ICICI which is a very trusted and respected brand name in the Indian financial services sector. The company boasts a claim settlement ratio of 98.7% in the FY ending March 2023 for both individual and group death claims. It also claims that its average claim settlement time for retail death claims is just 1.2 days from the receipt of the last requirement. These are pretty impressive numbers to look at from the claim settlement perspective.

ICICI Pru iProtect Smart comes with a lot of features making it a great term insurance option. Also the plan does not mandatorily require medical tests to be conducted for cover less than or equal to Rs. 1 Crore.

Comprehensive Coverage – ICICI Pru iProtect Smart is a good offering from the stable of ICICI. It comes with some add-ons which, when added, can make the cover quite comprehensive.

Critical Illness Rider – This rider provides you cover against 34 listed critical illnesses. It is an accelerated benefit which means that once you avail critical illness benefit, your base cover reduces by your critical illness claim amount.

Accidental Death Benefit – You can add accidental death benefit to get added protection against risk of accidental death. This is an additional benefit and is paid over and above your base sum insured.

Waiver of Premium – This plan offers an in-built waiver of premium benefit. If you are diagnosed with a permanent disability due to an accident, you don’t have to pay your future premiums to keep the cover active.

Terminal Illness Benefit – ICICI Pru iProtect Smart term plan comes with an in-built terminal illness benefit. The entire base cover is paid to you by the insurance company while you are still alive in case you are diagnosed with a terminal illness. The base policy comes to an end once this benefit is paid to you.

Flexible Claim Payouts – This is a good feature where you have the option to choose from 4 different death benefit payout options; lumpsum, monthly income, combination of lumpsum and monthly income, increasing monthly income. But you have to choose one option at the time of buying the policy. You family cannot change this option at the time of claim.

Top Up Sum Assured – Your financial responsibilities change with time. ICICI Pru iProtect Smart gives you the option to increase your cover under your existing policy on the occurrence of key life events such as marriage or child birth.

Smart Exit Option – You have the option to cancel your policy at a specified time in your policy and you will get all the premiums paid till date back. This option comes with no extra cost which makes it a zero or no cost term insurance plan.

Premiums – Premiums charged under ICICI Pru iProtect Smart are on the higher side vis-a-vis other such plans available in the market.

Drawbacks – This plan is expensive if you opt for base sum assured of Rs. 2 Crore or less. ICICI Prudential Life Insurance Company’s underwriting process is also lengthy and cumbersome which can leave you frustrated.

Still unsure if ICICI Pru iProtect Smart is right for you?

Check out our detailed review of ICICI Pru iProtect Smart to help you decide.

HDFC Life Click2Protect Super

HDFC Life Click2Protect Super comes from the stable of HDFC which is arguably the most trusted brand in the market. HDFC Life is one of the largest private life insurers in India and the insurer follows good management practices. The company claimed to settle 99.39% of all the individual claims in the last financial year which is an impressive number. 

HDFC Life Click2Protect Super term insurance plan offers extensive features and add-ons.

Death Benefit – The term insurance plan offers death benefit starting from Rs. 50 Lakh and there is no upper limit.

Critical Illness Rider – This critical illness rider covers only 19 listed illnesses which is a low number when compared to other critical illness riders in the market. But the critical illness cover under this plan is an additional benefit and payment of critical illness benefit does not reduce the base term cover.

Accidental Disability Rider – If you opt for this rider, you can get a monthly income equal to 1% of your base cover in case of an accidental total permanent disability.

Protect Plus Rider with Cancer Cover – This is a great rider which offers 3 benefits. A portion of rider benefit is paid in case of accidental death, partial or total disability due to an accident or on the diagnosis of cancer. The good part is that this is also an additional benefit and your base term cover does not reduce on the payment of this benefit.

Waiver of Premium – There are 2 waiver of premium options. You will not have to pay your future premiums to keep your cover running in case of diagnosis of a critical illness or in case of occurrence of total and permanent disability. You can choose any one or both of these options at the start of your policy by paying an small extra premium.

Terminal Illness Benefit – Your policy will pay you your base cover amount up to a maximum of Rs. 2 Crore while you are still alive and diagnosed with a terminal illness. This is an accelerated benefit. Your base term cover will reduce to the extent of terminal illness benefit paid to you. If your entire base cover amount is as terminal illness benefit, your policy will end.

Flexible Claim Payouts – The policy offers flexible claim payout options; lumpsum, part lumpsum and part income or regular income. You can choose any of these options at the time of buying your policy. Even your family can choose any one of these options at the time of claim depending on need.

Spouse Cover – You have the option to provide term insurance cover to your spouse under the same policy by paying an extra premium.

Top Up Sum Assured – HDFC Life Click2Protect Super term insurance plan gives you the option to increase your cover under your existing policy on the occurrence of key life events such as marriage or birth of a child. But you have to choose this option of activating the top up sum assured at a given event at the start of the policy.

Smart Exit Option – You have the option to cancel your policy at a specified time in your policy and you will get all the premiums paid till date back. This option comes with no extra cost which makes it a zero or no cost term insurance plan.

Premiums – Premiums charged under HDFC Life Click2Protect Super are on the higher side vis-a-vis other term insurance plans available in the market.

Drawbacks – HDFC Life Click2Protect Super plan is one of the most expensive term insurance plans in the market. The riders or add-ons available with this plan are not as good as other term insurance plans in the market offer.

Still unsure if HDFC Life Click2Protect is right for you?

Check out our detailed review of HDFC Life Click2Protect Super to help you decide.

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