Best Term Insurance Plan for ₹1 Crore in India

A ₹1 crore term insurance plan is often seen as the “gold standard” for India’s middle class, and for good reason. It’s typically enough to cover major financial responsibilities like a home loan, outstanding debts, and even provide a steady income for your family for the next 10-15 years.

But with dozens of insurers offering competitive features and premiums, choosing the right plan isn’t straightforward. Can you simply pick the cheapest option and call it a day? Not quite, since it’s a bit more nuanced than that.

So, how do you separate the truly reliable plans from the rest? Let’s take a closer look at the best options available today. In this guide, we’ll cover the top ₹1 crore term insurance plans in India, compare their features, and help you choose the one that fits your needs. 

01

Axis Max Life

Smart Term Plan Plus

The Smart Term Plan Plus from Axis Max Life is the most well-rounded ₹1 crore term plan you can buy in India right now. It pairs an industry-leading Claim Settlement Ratio (CSR) of 99.62% (FY 22-25) with genuinely useful features.

Axis Max Life

Smart Term Plan Plus

4.7

Overall Rating

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Insurer Rating

5.0/5

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Customer Service

5.0/5

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Coverage

4.1/5

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Claim Settlement

5.0/5

Key Features:

• Smart Cover Option (Inbuilt): Your cover is 1.5x the base Sum Assured (SA) for the first 15 years. So if you buy ₹1 crore, you're actually covered for ₹1.5 crore when your dependents and liabilities are likely at their peak.
• Zero-Cost Exit Option (Inbuilt): If you want to exit the policy during a specific window before maturity, you get base premiums paid back. However, you can exit the policy from the 30th year onward, but not during the last 4 policy years. The minimum policy term needs to be 40 years. 
• Terminal Illness Benefit (Inbuilt): A portion or the entire SA, up to ₹1 crore, is paid out upon diagnosis of a terminal illness.
• Critical Illness Cover: Provides coverage for up to 64 illnesses, with payout 14 days after diagnosis is confirmed. There is a 90-day waiting period for major illnesses and a 180-day waiting period for minor illnesses. The rider is valid for 20 years. 
• Waiver of Premium: Premiums are waived if you're totally or permanently disabled or diagnosed with a listed critical illness. Your cover stays intact without you having to pay a rupee.

02

HDFC Life

Click2Protect Supreme Plus

HDFC Life is one of the most trusted names in Indian insurance, and the Click2Protect Supreme Plus is their most feature-rich term plan yet. It's a bit pricier than some competitors, but you're paying for a very smooth, well-run insurer with one of the lowest complaint ratios in the industry (1.33 complaints per 10,000 claims, FY 22-25).

HDFC Life

Click2Protect Supreme Plus

4.4

Overall Rating

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Insurer Rating

4.5/5

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Customer Service

5.0/5

---

Coverage

4.4/5

---

Claim Settlement

5.0/5

Key Features:

• Life Stage Benefit (Inbuilt): You can increase your cover when you hit major life milestones, such as on marriage (50% of the SA), on having the first two children (25% of SA each), or taking a home loan (50% of SA), without undergoing any additional medical tests.
• Zero-Cost Exit Option (Inbuilt): The policyholder can choose this option after 25 policy years, but not in the last 5 years of the policy. The minimum policy term needs to be 31 years. The premiums for the WoP rider are also returned.
• Renewability at Maturity (Inbuilt): The policyholder may extend their policy term at maturity, up to a maximum of 5 times (subject to underwriting and specific conditions). They will have to pay additional premiums for exercising this benefit, depending on their age at maturity and the length of the extended policy term. 
• Critical Illness Cover: Covers 60 illnesses with a 15-day survival period after a 90-day waiting period. The rider's duration is 15 years.
• Waiver of Premium (WoP): Waives future premiums if you become permanently disabled, are diagnosed with a listed critical illness, or the accidental death of your husband.

03

ICICI Prudential

iProtect Smart Plus

ICICI Prudential is a joint venture between ICICI Bank and Prudential Corporation Holdings, and iProtect Smart Plus is their upgraded flagship term plan. It's flexible, competitively priced, and particularly good for buyers who want a clean, modern term plan with strong terminal illness coverage.

ICICI Prudential

iProtect Smart Plus

4.3

Overall Rating

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Insurer Rating

4.4/5

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Customer Service

5.0/5

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Coverage

3.8/5

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Claim Settlement

5.0/5

Key Features:

• Terminal Illness Benefit (Inbuilt): Unlike many plans that pay only a partial amount, iProtect Smart Plus pays out the full SA upon a terminal illness diagnosis. That's a significant difference.
• Life Stage Benefit (Inbuilt): Coverage can be increased at major life events, such as marriage (50% of SA), childbirth/adoption of first two children (25% of SA each), and disbursement of home loan (100% of SA).
• Zero-Cost Exit/Smart Exit (Inbuilt): Get all premiums back if you exit within the specified window. The policyholder can exit the policy after 25 policy years, but they must be at least 60 years old at the time of exercising this benefit. It cannot be availed in the last 5 policy years. 
• Whole Life Coverage: You can choose a policy term up to age 85 or even 99 (for whole life insurance).
• Critical Illness Cover: Covers up to 60 illnesses, 90-day waiting period, 15-day survival period. The rider duration is 20 years. 

04

Bajaj Life

eTouch II

Bajaj Life eTouch II is the most affordable plan on this list. It’s perfect for young, healthy buyers who want solid coverage. Bajaj Life is also a decent insurer with a solvency ratio of 4.37x, the highest in the industry.

Bajaj Life

eTouch II

4.2

Overall Rating

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Insurer Rating

4.4/5

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Customer Service

5.0/5

---

Coverage

3.4/5

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Claim Settlement

5.0/5

Key Features:

• Life Stage Benefit (Inbuilt): Can increase cover post marriage (50% of SA), childbirth/adoption of first two children (25% of SA each), home loan (25% of SA), education loan for children (25% of SA) without medical tests.
• Zero-Cost Exit Option (Inbuilt): The policyholder can exit their policy after 25 policy years if they’re at least 60 years old at the time of exercising this benefit. It cannot be availed in the last 5 years of the policy or if the Life Stage Benefit has been used.
• Terminal Illness Cover (Inbuilt): The payout up to ₹2 crore.
• Waiver of Premium (Inbuilt): On Accidental Total & Permanent Disability and terminal illness.
• Care Plus Rider: A comprehensive health, wellness, and fitness rider offering multiple value-added benefits. It includes tele-consultations, Outpatient Department (OPD) consultations, access to gym sessions, a lump-sum payout, and a premium waiver in the event of an accidental total or permanent disability.
• Critical Illness Cover: Covers up to 60 illnesses, a 14-day survival period, 90-day waiting period. The rider duration is 20 years. 
• Accidental Death Benefit: Additional payout if death is due to an accident.

05

Aditya Birla Sun Life

Super Term Plan

The ABSLI Super Term Plan is the newest entrant on this list, launched in June 2025. It brings a genuinely fresh feature set. Aditya Birla is also a dependable insurer with a CSR of 98.45% and a low complaint volume of 2.33 per 10,000 claims (FY 22-25).

Aditya Birla Sun Life

Super Term Plan

4.0

Overall Rating

---

Insurer Rating

3.7/5

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Customer Service

5.0/5

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Coverage

4.3/5

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Claim Settlement

5.0/5

Key Features:

• Accelerated Critical Illness (ACI) Benefit (Inbuilt): Covers 42 illnesses. The payout is deducted from the base life cover (accelerated). Waiting Period: 90 days.
• Terminal Illness Benefit (Inbuilt): 50% of the SA paid on diagnosis (capped at ₹1 crore), with all future premiums waived.
• Life Stage Flexibility: Increase cover on marriage (₹50 lakh), 2 childbirths (₹25 lakh per child), or home loan (₹50 lakh).
• Early Exit Value: Exit between ages 60-75 after 30 policy years, excluding the last 5 years, and receive the total premiums paid.

What Is a ₹1 Crore Term Insurance Plan?

A term insurance plan is the simplest form of life insurance. You pay a fixed premium every year. If you pass away during the policy term, your nominee receives the SA, in this case, ₹1 crore. If you survive the full term, nothing is paid out (unless you have a Return of Premium variant, which costs 80%-100% more). 

For this example, we’ve considered profiles of healthy, salaried, non-smoking individuals living in a tier-1 city like Delhi (pin code: 110010) with an SA of ₹1 crore and coverage until age 65. The premiums are indicative and can vary depending on your age, SA, health conditions, lifestyle choices, and underwriting decisions. 

Key Takeaways:

• Don't Pick Term Insurance Purely on Price: The difference between the cheapest and most expensive plan (from the list) at age 30 (male) is roughly ₹1,100-₹1,200 per year. That's about ₹100 per month. If a plan from an insurer with strong performance across key operational metrics provides more comprehensive features, that's often worth it. 
• Premiums Don’t Rise Proportionately with SA: Moving from ₹1 crore to ₹2 crore cover typically raises the annual premium by only 60-80%, not 100%. If you can stretch your budget even slightly, a ₹2 crore cover is significantly better value for money. 
• Buy As Soon As Possible: Buying term insurance early helps you lock in significantly lower premiums for the entire policy term. Since insurers price risk based on your current age and health, a policy purchased at 25 can cost 30-50% less than the same cover bought at 35, and those savings continue every year for decades. 

How to Choose the Best Term Insurance Plan for ₹1 Crore?

Choosing the right ₹1 crore term insurance plan is about ensuring your family gets reliable financial protection when it matters most. Here are the key factors to evaluate before making a decision: 

1) Check the Insurer’s Credibility

Don’t rely on the brand name alone. Instead, evaluate key operational metrics such as the Claim Settlement Ratio (CSR), the Amount Settlement Ratio (ASR), the solvency ratio, and complaint volume. Also, it’s important to look at the 3-year average rather than focusing on data from a particular quarter or year. If you need help in picking the right insurance company, you can also refer to our guide on the top term insurance companies in India.  

2) Evaluate Policy Features Carefully

Look for a plan that offers flexibility and long-term value, such as an adequate policy term and the ability to increase coverage during major life events. These features ensure the policy adapts to your evolving financial responsibilities. 

3) Add Useful Riders for Enhanced Protection

Riders help strengthen your base policy by covering additional risks. Options such as a waiver of premium and critical illness cover can provide financial relief in difficult situations, making your overall coverage more comprehensive. For more details, you can refer to our guide on term insurance riders. 

4) Avoid Unnecessary Features

Features like Return of Premium (ROP) or bundled spouse cover often increase premiums without offering proportional benefits. So it’s better to focus on core coverage that truly safeguards your family’s financial future. 

How to Buy Term Insurance for ₹1 Crore?

Step 1: Calculate how much cover you actually need. Use Ditto's cover calculator or speak with an advisor. Don't just go with ₹1 crore because it's a round number. Make sure it's actually enough for your situation. 

Step 2: Compare plans on features. You can also use the comparison tool on our website. Factor in the insurer’s claim settlement record, rider quality, and premiums. 

Step 3: Fill in the proposal form honestly. Disclose everything from your smoking habits, alcohol consumption, past illnesses, existing medical conditions, and other active policies. Non-disclosure is the single biggest reason claims get rejected. 

Step 4: Pay the premiums and complete medical requirements as needed. Younger, healthier applicants may often only need a tele-medical check. However, older buyers or those with health conditions may need a physical exam. 

Step 5: Keep your policy documents safe. Make sure your nominee knows where the policy is stored, the insurer's claims contact, and what documents they'll need to file a claim. 

Things to Keep in Mind Before Buying ₹1 Crore Term Insurance

1) ₹1 Crore May Not Be Enough Forever

It’s a strong starting point, but as your income, responsibilities, inflation, and family size grow, your life cover should increase accordingly.

2) Don’t Mix Insurance and Investment

Term insurance is meant purely for protection. Plans that promise both insurance and investment returns usually underperform on both fronts.

3) Understand the Exclusions

Term plans don’t cover suicide within the first 12 months. Always read the policy terms carefully. You can also refer to our detailed guide on term insurance exclusions. 

4) Know the Tax Benefits

Premiums paid are eligible for deduction under Section 80C of the old regime (up to ₹1.5 lakh per year). Additionally, the death benefit paid to your nominee is completely tax-free under Section 10(10D).

Why Choose Ditto for Term Insurance?

At Ditto, we’ve assisted over 8,00,000 customers with choosing the right insurance policy. Why customers like Aaron below love us:

• No-Spam & No Salesmen
• Rated 4.9/5 on Google Reviews by 15,000+ happy customers
• Backed by Zerodha
• Dedicated Claim Support Team
• 100% Free Consultation

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Conclusion

The best ₹1 crore term insurance plan in India is the one that reliably pays out when it matters, protects what your family truly needs, and comes from an insurer you trust. Based on our analysis, Axis Max Life Smart Term Plan Plus stands out as a leading option. That said, the right plan for you ultimately depends on your specific needs, budget, and stage of life.