What is the Best ₹1 Crore Term Insurance Plan in India?

2025-06-03

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In these times of increasing prices, a person needs to make sure that their family has enough to live comfortably. With rising living standards of people, inflation is also seen as a consequence. What should one do to make sure that their family won’t suffer in their absence? Buying insurance is not a new thing; it makes people feel secure about both their present and future. Term insurance of at least 1 crore can make a person and their family sure about their future. Various financial responsibilities may cause obstacles to happiness, such as children’s education, buying a new house, children’s marriage, etc. In such cases, there is a specific need to buy a term insurance plan.

Key Takeaways

Term insurance is cost-effective, offering high coverage at low premiums, making it suitable for a wide range of income groups.
₹1 crore term insurance plan ensures your family can meet major financial goals like education, housing, and daily expenses, even in your absence.
Optional add-ons like Accidental Death Benefit and Total and Permanent Disability Riders provide extended protection tailored to life’s uncertainties.
Premiums paid and benefits received under term insurance plans are eligible for tax deductions and exemptions as per current tax laws, making term plans financially beneficial.
iSelect Smart360 Term Plan by Canara HSBC Life Insurance provides life cover up to 99 years, giving policyholders peace of mind with lifelong financial protection.

What is a Term Insurance Plan?

It is an insurance policy that provides the nominee opted by the insured with a specific amount of money and benefits, after the insured’s demise within a required term chosen by the insured.

If the plan completes the specified term, no benefits are provided to the policyholder. Term insurance plans are available at lower premium rates which is why they are most opted for. These plans ensure the policyholder coverage for the death or mortality risk.

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Why Choose a Term Insurance?

Isn’t it great to opt for a plan that asks a person to pay little, but its returns are great. Yes, a term life insurance plan provides benefits when there is darkness everywhere, and unfortunate times such as the death of the only breadwinner of the family, etc.

Benefits of Term Insurance:

If you're looking for pure life cover at an affordable cost, term insurance offers unmatched value. Let’s explore the key benefits that make it a must-have in your financial portfolio.

The affordable premium: The thing about term insurance is that the premiums are affordable to everyone. This ensures that any person, even a common worker, can easily pay this insurance premium. Isn’t it better to pay less for something as normal and basic as life insurance? According to the policyholder’s convenience; he can pay a premium either monthly, yearly etc.

An assured sum that considers inflation: Another great thing about term insurance is that while other plans provide an assured sum that can make a person enjoy their current lifestyle, term insurance considers the market’s ups and downs. These plans calculate their assured sum according to the situation of the market. Other plans demand a high premium for high assurance, but term insurance offers high sum assured at minimal premiums. A person can also choose whether he wants to provide his family monthly or yearly pay-outs.

A plan for younger people: With its low premiums, high returns, flexible payment options, it is best suited for young people, especially those who have just started working. This ensures that a person can start early for an investment that is most important for one’s future.

Easy renewal: It is important for insurance that comes with such amazing benefits to last long. This term insurance plan can be easily renewed, and a person can keep availing the benefits provided.

Riders provided: There are specific riders available in term insurance plans such as accidental death benefit rider or accidental total and permanent disability riders. These riders exempted the option of buying a new policy for accident benefits.

Term Plan’s Tax Benefit:

Apart from offering life protection, term insurance also provides tax benefits that make it a smart addition to your financial plan. Here are the tax benefits to explore:

Tax benefits are available on the premiums paid for the term plan. Reduction in the premium under Section 80C of the Income Tax Act. These deductions are up to ₹1.5 lakhs. The reduction is available on policies before 31st March, 2012, if the premium is 20% of the sum assured. And for policies after 31st March 2012, if the premium is 10% of the sum assured.
The death benefit received under a term insurance policy is fully exempt from tax under Section 10(10D) of the Income Tax Act, with no upper limit—provided the annual premium does not exceed 10% of the sum assured. Any additional benefit received by the nominee is also tax-free.

What is the 1 Crore Term Insurance Plan?

It is a term insurance that provides the insurance coverage of ₹1 crore. Other life insurance plans may demand a high premium on a 1 crore assured term, but the term plan offers a minimal premium and a coverage of 1 crore. These plans are regulated by the IRDAI (Indian Regulatory and Development Authority of India). These plans are available in online as well as offline mode.

Is a 1 Crore Term Plan Suitable?

These term plans are best suited for individuals aged between 25 to 35 because such a large sum assured plan can increase up to 30 years.
People who are sole workers of the family can opt for this plan.
These plans are well-suited for those who have an income range of ₹5 to ₹7 lakhs.

How to Choose the Best 1 Crore Term Plan?

While choosing the best 1 crore term plan a person needs to go through following questions as it is not something that fits everyone:

How much can a person pay? It is the very first question. The paying capability of the policyholder is the deciding factor so calculate using online calculators. Compare various one crore term plans and see what fits perfectly.
Note the benefits that every insurer offers and then compare. What kind of riders, policy, the flexibility of payment etc., that they offer? Holders should select the benefits that make the family comfortable and ensure a better future.

The settlement ratio of the insurer is another factor one should look after. It tells the number of policies settled by the insurer. Choose the one with at least 95% settlement ratio.

Term Insurance Plan by Canara HSBC Life Insurance

Canara HSBC Life Insurance provides numerous term insurance plan. The iSelect Smart360 Term Plan by Canara HSBC Life Insurance is designed to provide financial protection to your family in the event of your untimely demise or diagnosis of a terminal illness. In such cases, the nominee chosen by the policyholder receives the sum assured as a death benefit.

It offers namely, two plans:-

Life term assurance- The sum is fixed for the entire tenure of the policy.
Increasing term insurance- A person can increase the assured sum according to their increasing financial responsibilities. The assured sum will keep on increasing every 5th year of the policy term by 25%. It will increase up to 100% then it will remain constant.

Eligibility for this Plan

Parameters	Minimum	Maximum
Age limit at entry	18 years	65 years For PPT Up to Age 60 years (Under Plan Option Life)# – 55 years For PPT Up to Age 60 years (Under other Plan Options)# – 50 years For Single Premium Option – 45 years For Non-Working Spouse – 50 years
Age at maturity	28 years	80 years For Whole Life Coverage# under Plan Option Life – 99 years For ADB / ATPD – 75 years

Parameters

Minimum

Maximum

Age limit at entry

18 years

65 years

For PPT Up to Age 60 years (Under Plan Option Life)# – 55 years

For PPT Up to Age 60 years (Under other Plan Options)# – 50 years

For Single Premium Option – 45 years

For Non-Working Spouse – 50 years

Age at maturity

28 years

80 years

For Whole Life Coverage# under Plan Option Life – 99 years

For ADB / ATPD – 75 years

Policy Term/ Premium Payment Term

Parameters	Minimum	Maximum
Policy Term (subject to Maximum Maturity Age)	Plan Option Life – 5 years* Other Plan Options – 10 years	Plan Option Life – 62 years, except for Whole Life Coverage#, where it will be fixed at 99 minus Age at Entry Other Plan Options – 30 years
Premium Payment Term (PPT)
	Life	Single Premium (not available for Whole Life Coverage) Limited Pay – 5* / 10 / 15 / 20 / 25 / Up to Age 60 years@# Regular Pay – Equal to the Policy Term
	Life with returns of premium	Limited Pay – 10 / 15 / 20 / 25 / Up to Age 60 years@ Regular Pay – Equal to the Policy Term
	Life plus	Limited Pay – 10 / 15 / 20 / 25 / to Age 60 years@ Regular Pay – Equal to the Policy Term

Sum Assured

Parameters	Minimum	Maximum
Sum assured	Plan Option Life – ₹25,00,000* Optional In-Built Covers – ₹25,00,000 Other Plan Options – ₹15,00,000	As per Board Approved Underwriting Policy (BAUP) For Accidental Death Benefit (ADB) – ₹3,00,00,000 For Accidental Total and Permanent Disability (ATPD) PPP – ₹1,00,00,000 For non-Working Spouse – ₹25,00,000

Parameters

Minimum

Maximum

Sum assured

Plan Option Life – ₹25,00,000*

Optional In-Built Covers – ₹25,00,000

Other Plan Options – ₹15,00,000

As per Board Approved Underwriting Policy (BAUP)

For Accidental Death Benefit (ADB) – ₹3,00,00,000

For Accidental Total and Permanent Disability (ATPD) PPP – ₹1,00,00,000

For non-Working Spouse – ₹25,00,000

Benefits of This Plan

The iSelect Smart360 Term Plan by Canara HSBC Life Insurance comes packed with a range of benefits tailored to offer comprehensive financial protection for you and your loved ones. Here's what makes this plan a strong addition to your financial strategy:

Long Term Financial Security: iSelect Smart360 Term Plan by Canara HSBC Life Insurance offers life insurance coverage till the age of 99 years, ensuring the longest financial security.
Advantage of Spouse Cover: This plan ensures coverage that extends to the policyholder's spouse, providing the financial security to both the policyholder and their spouse.
Accidental Death Cover: It is specially designed to provide cover for the death of the policyholder. Therefore, it helps the family of the assured to overcome the loss of death.
Increased Coverage with Increasing Age: A person's responsibilities increase with their age. iSelect Smart360 Term Plan by Canara HSBC Life Insurance offers coverage of the critical illnesses and accidents that come with increasing age. The coverage increases every 5th year of the policy as the policyholder ages. A person can opt for an increase of up to 100%.
Tax Benefits: The plan offers tax benefits on premiums paid and benefits received, as per applicable laws under the Income Tax Act, subject to amendments from time to time.

Why Should You Choose Canara HSBC Life Insurance?

Canara HSBC Life Insurance stands out for its customer-centric features, affordability, and flexible protection options. Here are some of the reasons specifying why buy the term insurance plan from Canara HSBC Life Insurance:

Low-cost financial settlement: We provide the policyholder with the low-cost settlement.
Premiums: You can opt for monthly or annual payment options according to your requirements and budget.
Riders: With our policy, you get an added advantage to add riders to existing policy like accidental death benefit rider and a permanent and final injury benefit rider. This add-on provides additional protection beyond the base policy.

Thus, choosing the best 1 crore term plan can bring peace to the policyholder's mind. Opting for the right options is the correct decision. Before buying a policy, it is suggested to go through various details like tenure of payment, as well as its flexibility and benefits. Choose right and make the future of your family bright.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.