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Planning To Purchase A 1 Cr. Term Insurance Plan? Here's What You Must Know Before Purchasing It

Published On Oct 06, 2021

When it comes to a term insurance plan, it also works as an income replacement for the family in case of the demise of the life assured along with the benefits of the life cover. Furthermore, if you choose to purchase a term insurance plan featuring a sum assured of Rs. 1 Crore then it can work as an asset to take care of future liabilities like repaying for a home loan, supporting a child's higher education, etc. in your absence. 

It is very important that you recognise your necessities and choose a plan that can fulfill your requirements to the best. Also keep in mind the future aspects like, rising inflation, loan repayment, etc. while purchasing a term insurance plan for Rs. 1 Crore, remember that higher coverage will help your family deal with these aspects in the case of any eventuality. 

Reasons To Buy A Rs. 1 Crore Term Insurance Plan

  • Cost-effective

Term insurance plans are one of the cheapest forms of life insurance that you can get. Because a term plan is a pure life cover and has no savings component, the premiums on a term plan are very affordable especially in comparison to permanent life insurance. 

  • Steady Premiums

Many term insurance policies offer a steady premium over the duration of the policy. Whether the term of your policy is 10, 20 or 30 years, your premium will stay the same if you avail a “level term” policy. Many term policies also give you the benefit of transitioning to a permanent life insurance policy after your term plan expires. However, after your term expires, the premium will rise exponentially.

  • Accessible

Since the premiums on term plans are so affordable, a sum assured of Rs 1 crore will be accessible for a much larger pool of people. On the other hand, a cover of Rs 1 crore for an endowment plan will not be affordable for many people. Hence, term plans are an accessible and affordable way for anyone to protect their family against the uncertainties of life. 

  • Additional Cover

If you’re able to pay higher premiums as you grow older, many insurance providers will also give you the opportunity to enhance your coverage at important stages in your life. For instance, if you have a basic Rs 1 crore term plan, you can choose to increase your sum assured when you get married or have a child, with slightly higher premiums.

  • Riders

Over and above the Rs 1 crore life cover, you can also choose to enhance your term plan with additional policies such as a critical illness plan. This means that the insured person is eligible to receive a payout if diagnosed with a critical illness, over and above the death benefit to the nominee if the insured person dies during the term of the policy.

  • Attractive Features

In order to incentivise the uptake of term plans, insurance providers offer many attractive features. For example, they offer discounts and low premiums to certain categories of people, such as non-smokers.


Because of its affordability, accessibility and large cover, a Rs 1 crore term plan is the best way to protect your family against unpredictable events in the future. The premiums for this plan are particularly low, and it can be accessed both online and offline.

Also read: 

Advantages And Limitations Of Term Insurance

Term Insurance Benefits

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


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