A safety net to secure the future
of your loved ones with a life cover
What is ₹1 Crore Term Plan?
A 1Cr Term Insurance is a term policy with a sum assured of ₹ 1 Crore which is paid to the nominee of the plan in the unfortunate event of the death of the policyholder during the policy term. Such a high life cover< ensures that the life insured’s family members are financially secure and are able to live their life comfortably without any compromises.

How does 1 crore term insurance plan work?


If you are wondering how does a 1 crore term insurance plan work, here’s an example that can help:
Let’s say Prashant bought a term insurance plan with a sum assured of ₹ 1 crore at the age of 30. He selected a policy term of 30 years and made his wife the plan’s nominee. An unexpected incident five years later led to Prashant’s untimely demise. However, his wife received the entire sum assured of ₹ 1 crore from the insurance company. This payout can help her to be financially independent and continue her life in Prashant’s absence with dignity and fiscal security.
Prashant’s Age | 30 |
Retirement age | 60 |
Annual Income | ₹ 11 Lakhs |
Current Family Expense (Per year) | ₹ 3 Lakhs |
Family’s overall expenses for the next 30 years (inflation rate 6%) | ₹ 2.4 Crores |
Other expenses (loan, education expenses etc.) | ₹ 35 Lakhs |
Personal Savings | ₹ 10 Lakhs |
Value of personal savings after 30 years (@10% growth rate) | ₹ 1.5 Crores |
Recommended Life cover | ₹ 2.75 Crores – ₹ 1.5 Crores = ₹ 1.25 Crores |
Why do you need ₹1 crore term insurance plan?
Determining how much life cover you need is the first step to take when buying a term insurance plan.
This value depends on your family's current living costs, pending loans, and future aspirations. However, before zeroing in on a certain amount,
you need to factor in inflation. The prices that you pay for items of daily necessities today are likely to increase in a few years.
Find out the current value of future costs using our Calculator. It can give you an idea about the amount needed to secure your loved ones'
finances in your absence.


Considering the historical inflation rates, ₹1 crore is a large enough sum to protect your family's future. Also, if ₹1 crore term life insurance plans typically provide this high cover at very competitive premium rate. This is possible because term plans are pure protection plans. Having no investment component,
your entire premium goes into securing your life cover. Hence,
these plans enable you to safeguard your dependents from financial shortfalls in case of an eventuality.
Find out the current value of future costs using our Calculator.
Why do you need ₹1 crore term insurance plan?
Who should opt for ₹1 crore term insurance?
If you are the sole or primary breadwinner of your family, you need to shield your loved ones against financial uncertainties
in case something unwanted happens.
The ₹1 crore payout will support your loved ones’ livelihood. It can help settle any outstanding dues and pay for your children’s
higher education or wedding. Thus, even if they lose the support from your income, they will not have to compromise on their lifestyle or future goals.
ICICI Pru
Term Life InsuranceRegular Income for your family
Children's education
Home loan
Daughter's wedding
How to choose the right ₹1 crore term insurance?
You need to research the different term plans available to ensure the product you buy satisfies all your requirements. Here are some parameters you should look into before purchasing a term insurance plan:
- Additional add-ons to increase the base cover
- Accelerated payouts in particular circumstances
- Provision to increase the cover with changing needs
Why choose ₹1 Crore Term Insurance?
This term plan offers the following benefits:
Furthermore, over the years, ICICI Prudential life has maintained a Claim Settlement Ratio of over 95%; the FY2021-22 figure being 97.8%~. It assures you of a speedy settlement* of your nominee's claim>. Hence, you can rely on this insurer to ensure that your family members live the life you want for them even in your absence.
Furthermore, over the years, ICICI Prudential life has maintained a Claim Settlement Ratio of over 95%; the FY2021-22 figure being 97.8%~. It assures you of a speedy settlement* of your nominee's claim>. Hence, you can rely on this insurer to ensure that your family members live the life you want for them even in your absence.