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Top 4 Rs 1 Crore Term Life insurance Policies in India 2021

Published On Jun 29, 2021 10:00 AM By InsuranceDekho

Term life insurance also provides income replacement for the family in the event of the demise of the breadwinner of the family, in addition to providing the benefits of the life insurance. 
Additionally, a term insurance plan that offers a sum assured of Rs. 5 Crore can be used for the repayment of a home loan, supporting a child's university education, etc. even though you are not around. 

You should be aware of your needs and choose a plan that meets them to the fullest extent possible. In addition, when choosing a term insurance policy for Rs. 5 Crore, make sure to consider future aspects such as inflation, loan repayment, etc. A higher coverage will help your family deal with these factors in case of a loss. 

Top 4 Rs. 1 Crore Term Life insurance Policies in India 2021

There are a lot of options available in the market out of which the best ones are listed here for you:

Insurance Company Rs. 1 Crore Plan Name Claim Settlement Ratio (CSR) FY20
LIC of India LIC Tech Term Insurance Plan 96.69%
SBI Life Insurance SBI Life eShield 94.52%
Kotak Life Insurance Kotak Mahindra E-term Insurance Plan 96.38%
Tata AIA Life Insurance Tata AIA Maha Raksha Supreme Term Insurance Plan 99.06%

1. LIC Tech Term Insurance Plan

In case of an unfortunate event, the LIC Tech Term Insurance Plan offers the required financial protection of the insured's family. There will not be any intermediaries involved in the application process and you can apply online. The company allows prospective customers to look at their policy for 30 days after receipt. In case the policyholder is dissatisfied with the policy's terms, they can return it. The policy will cover NRIs even if they are not in the country, but medical tests must be conducted in the country. 

2. SBI Life eShield 

The plan offers high coverage at minimal premiums due to its non-linked and non-participating status. You can choose between Increasing Coverage and Level Coverage. In both structures, there is an enhanced terminal illness benefit. You will receive an increase in the sum assured every 5 years if you choose to increase the sum assured. Tax exemptions are available on premiums that you pay regularly under the Income Tax Act 1961.

3. Kotak Mahindra E-term Insurance Plan

Providing financial security for your family after your unfortunate passing is an individual, non-linked, pure protection life insurance plan. You can choose between three payout options- intermediate payout, level recurring payout, and increasing recurring payout. There are 3 variants of the plan - Life, Life Plus, and Life Secure. For non-tobacco users and females, special premium rates are offered. 

4. Tata AIA Maha Raksha Supreme Term Insurance Plans

There are several ways to choose from when it comes to this non-linked individual life insurance plan. When a policyholder is diagnosed with a terminal illness, a payout accelerator is inbuilt into the plan, which gives 50% of the Basic Sum Assured (in advance). Female participants receive a reduced rate while non-smokers receive a standard rate. The amount of the sum assured can be increased for several discounts. 


Term insurance is recommended when you are young since the premiums rise with age. Additionally, if the insured is a single earning member of the family and has dependents, they should choose a term insurance plan with a lower premium rate and greater coverage. 

Also Read: Key Points To Consider Before Purchasing A Term Insurance Policy

When To Opt For A Staggered Payout Option In Term Insurance Plan?

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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