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1 Crore Term Insurance

1 Crore term insurance plan offers a sum assured to the beneficiaries of the plan as a death benefit. The policyholder has to pay premiums against the coverage they will receive. With such a high sum assured, you can be assured of your family's financial future.

What is a 1 Crore Term Insurance Plan?

1 Crore term insurance means a sum assured of ₹1 Crore. The policyholder buys a term plan with a sum assured of ₹1 Crore. The insurer promises to pay this amount as a death benefit to the beneficiaries of the policy.

A 1 Crore Term Insurance Plan is one of the best ways to build a sizeable financial corpus for your loved ones. Having such a large financial backup can put your mind at ease. The premiums for these term plans are affordable. These plans are available online as well as offline.

iSelect Smart360

How does it Work?

You will pay a fixed sum as a monthly/quarterly/annual premium for the cover. The premium will continue for the chosen premium payment term. The insurer will pay the covered benefit amount upon the occurrence of the contingent event.

Let us look at different situations and how the plan will work in those situations:

  • In the case of your (insured) early death

    The plan pays the death benefit as:

    Lump sum

    Regular income for the family, if chosen during policy inception.

    If accidental death benefit was chosen, the lump sum payment will include the additional sum when death occurs in an accident.

    The plan will terminate after paying the benefits

  • If you are diagnosed with a terminal illness within the policy term

    The plan pays out the death benefit as:

    Lump sum

    Regular income for the family, if chosen during policy inception.

    The plan will terminate after paying the benefits.

  • You are diagnosed with a covered critical illness condition (based on the benefits selected)

    The policy will pay a lump sum amount upon the diagnosis.

    The future premiums will be waived off (if selected during policy inception).

    Death/terminal illness benefit will be payable if your death occurs within the policy term.

  • Accidental total and permanent disability occurs during the policy term

    You will receive the cash benefit, if selected

    Future premiums for the life cover will be waived off.

    Life cover continues until the end of the policy term.

    Death/terminal illness benefit will be payable if death occurs within the policy term.

Features of 1 Crore Term Insurance Plan

  • Affordable

    The feature that sets term insurance apart from other life insurance policies is its affordability. It offers to cover your life for a specific period. A term plan only offer a death benefit. There is no maturity benefit with such a plan.

  • Simple to Understand

    It is easy to buy and manage. All you have to do before buying a term plan is to assess your expenses and choose a sum assured accordingly.

  • Flexible

    You have the flexibility to choose the frequency of paying the premiums or the modes of paying. Depending on your financial capability, you may choose a premium term that will be easy on your pockets.

    Canara HSBC Life Insurance iSelect Smart360 Term Plan offer different options to choose the payment frequency:

    Regular Pay: Pay your premiums at specified regular intervals




    Limited Pay: Pay the premiums for a limited time and enjoy benefits till later

    Single Pay: Pay the whole premium at once in a lump sum

  • Option to Increase Coverage

    Another feature of a ₹1 Crore term plan is that it allows you to increase your coverage amount. As you grow in life, your responsibilities will increase. You may need the feel to enhance the current coverage during life events such as marriage, childbirth, etc. With an increasing term plan, you can increase your sum assured as and when you reach these milestones.

  • Optional In-built Covers or Riders

    You can choose riders or optional in-built covers to enhance your ₹1 Crore term insurance policy. The riders offer additional benefits that can enhance the scope of your existing policy. The premium of the policy will increase when you add riders to it.

    There are different types of rider, and the availability may vary from policy to policy.

    Listed below are a few types of riders in a term insurance plan:

    Accidental Death Benefit

    Accidental Total and Permanent Disability Cover

    Critical Illness Coverage

    Child Support Benefit

    Premium of Waiver

    Income Rider

Why do you Need 1 Crore Term Insurance?

  • To Beat Inflation

    ₹1 Crore might seem like a huge amount now. However, after factoring in the rising inflation, it will start to seem like a necessity in the future. You can buy a term insurance plan with increasing cover option so that you can increase the sum assured as per your financial needs.

  • To Manage your Liabilities

    While analysing amount of term insurance cover you need, we generally consider utility and household expenses. However, financial liabilities like loans and mortgages too. If something happens to you, your loved ones can easily pay off loans and mortgages using the policy.

  • Comprehensive Coverage

    You can add benefits such as critical illness and accidental disability coverage to your base term plan. These benefits enhance your coverage and protection against a wider range of contingencies.

Who should Opt for a 1 Crore Term Insurance Plan?

1 Crore term plan is best suited for you if your annual income is about ₹10 lakhs. It will be an essential investment, especially when you have dependent family members. Canara HSBC Life Insurance iSelect Smart360 Term Plan allows you to increase the sum assured without buying a new term plan.


Raj is 30 years old and the sole earner for a family of four including his spouse and two children. His current annual income and expenses are as follows:

Annual Salary 10 Lakhs
Annual Household Expenses (kitchen, maintenance, utilities, children’s school fee) 5 Lakhs
Other Miscellaneous Expenses 1 Lakh
Retirement Savings 1.2 lakhs
Home Loan 25 lakhs
Money to Cover Regular Expenses for the next 30 years (ret. age for Raj is 60) 50 lakh
Term Insurance Cover 1 Crore

₹ 1 Crore term insurance cover will help Raj’s family to look after their regular expenses, pay off the home loan balance and save for children’s future if Raj, unfortunately, dies before meeting these goals.

How to Choose the Best 1 Crore Term Plan?

Term plans of any sum assured are not a one-size-fits-all affair. There are certain things that need to be taken into consideration keeping your financial situation and family in mind.

  • Premium

    Your premium paying capacity is the primary deciding factor. You can use online premium calculators and list down premium rates to compare ₹1 Crore term insurance policies.

  • Compare to Find the Best Term Plan

    Different insurers offer different riders and benefits like flexible premium payment and death pay-out modes for ₹1 Crore term insurance policies. You should opt for benefits, which secure your family and financially and take care of their future.

  • Claim Settlement Ratio

    The claim settlement ratio of your insurer plays an important role. This ratio tells you the number of policies that have been settled i.e. death benefit has been paid to the beneficiaries, in case of a claim. It is best to select an insurer with a claim settlement ratio higher than 90%.

Estimate the financial needs of your family and your existing life cover before deciding if ₹1 Crore term insurance will be enough.

Why Should you Buy 1 Crore Term Insurance from Canara HSBC Life Insurance?

Canara HSBC Life Insurance iSelect Smart360 Term Plan is one of the best term insurance plans that offer comprehensive coverage. Here are some reasons that you should purchase 1 crore term insurance from the insurance company:

  • Financial Protection

    A term plan helps you to protect your family financially if something happens to you. If due to any unfortunate event, you lose your life, your family may have to face financial issues. With a ₹1 Crore term plan, your family will be able to manage the financial shock. It will ensure that they don’t live life with any compromises.

  • High Coverage at Affordable Premiums

    ₹1 Crore term plan is a high coverage amount. It may be sufficient for your family to manage the financial blow when you pass away. The plan offers high coverage at an affordable price.

  • Helps Pay for Liabilities

    You may take loans from banks or other institutions to build your home, business, etc. These loans are spread over a period so that you can repay it.

    But what if you pass away in between the term? Death benefit of ₹1 Crore term insurance plan can be used to pay off all your loans and debts.

  • Variety of Riders

    Canara HSBC Life Insurance iSelect Smart360 Term Plan has a variety of riders. You may add any of these to your base term plan to enhance the benefits:

    Accidental Death Benefit

    Critical Illness Coverage

    Terminal Illness Benefit

    Child Care Benefit

    Block your Premium

  • Tax Benefits

    ₹1 Crore term insurance plan offers tax benefits as well. You can avail of tax deductions of up to ₹1.5 lakhs on the premium under Section 80C. Also, the death benefit is exempt from tax.

₹1 Crore term plan can help bring peace of mind to policyholders by financially securing their family. If you are looking for a term insurance plan with a high sum assured at nominal rate offering multiple benefits, you should buy iSelect Smart360 Term Plan. It is a comprehensive plan that allows you to increase the sum assured during the policy term on certain special occasions like weddings, childbirth, and purchase of a house. The benefit payout can be received as a lump sum, monthly income, or even lump sum + monthly income. It comes with different riders to help you enhance your coverage.

FAQs on 1 Crore Term Insurance Plan

The eligibility criteria for buying a ₹1 Crore term insurance will vary from life insurer to insurer. Your age and income are the basic factors to be taken into account.

The premium for ₹1 Crore term insurance depends on a variety of factors including your age and lifestyle habits. However, there are a lot of different factors that are considered while deciding the premium of the plan, such as:



Type of Coverage

Policy Term

Lifestyle Habits such as Smoking and Drinking

Pre-existing Illnesses

You should buy term insurance coverage as soon as you start earning. The ideal time to buy a ₹1 Crore term insurance would be when you are eligible for it. You must have an annual income of about ₹10 lakhs to have this high sum assured term plan.

You need a life cover of at least 10 times your annual income to provide an adequate financial umbrella for your family. ₹1 Crore term plan is a pure protection plan to help you secure the future of your family. Whereas, an endowment plan is more appropriate for fulfilling long-term life goals such as a child’s higher education, getting them married, saving for your retirement days, etc.

Whether you should buy a term plan or endowment plan depends on the coverage you need.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised to exercise their caution and not to rely on the contents of the article as conclusive in nature. Readers should research further or consult an expert in this regard.

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