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Do I Need Term Insurance for 1 Crore?

For most people in India, one crore is a big amount. It is often considered enough to ensure financial safety for a family living in an urban area. This is probably the reason why Indians find a one-crore term insurance policy the most attractive option. Therefore, they look out for the best term insurance plan for 1 crore.

But do you really need a one-crore coverage? Let us find out.

What is a 1 Crore Term Insurance Plan?

One-crore term insurance is a term plan that offers ₹1 crore as the death benefit. Besides this, a 1-crore term insurance plan is just another one with similar features.

  • In the event of the unfortunate demise of the insured person during the policy term, the one-crore term insurance policy provides a payout of one crore to the beneficiary.
  • It helps in taking care of the family’s financial obligations if the insured individual was the family’s breadwinner.
  • As a financial safety net, one-crore term insurance protects the family from long-term liabilities and fulfils long-term financial goals.

To choose the best 1-crore term insurance plan, calculate the term plan premium before making a buying decision.

Why Do You Need a One Crore Term Insurance Plan?

A one-crore term insurance policy is worth considering for the following reasons:

  1. Affordability

Despite its extensive coverage, one crore term insurance is remarkably affordable, contrary to popular belief. Several factors are considered when calculating insurance premiums, including age, health, lifestyle habits, and the policy term.

Individuals seeking financial stability for their families without straining their budget can secure their financial stability with a one-crore term plan due to its competitive premiums.

  1. Provides You Comprehensive Coverage

High coverage is one of the main reasons to choose a one-crore term insurance policy. A sum assured of one crore would provide a substantial financial cushion for your family and dependents in the event of your death. These funds can also be used to maintain their lifestyles, pay off debts, and cover their education expenses.

  1. Protects Against Inflation

With inflation rates rising, it is essential to account for the devaluation of money in planning for the future. Term insurance policies of 1 crore can be used as a hedge against inflation. Choosing such a policy ensures your dependents will be able to meet their financial needs regardless of inflation.

  1. Flexibility and Customisation

With term insurance, most providers offer a variety of customisation options. By adding riders such as critical illness, accidental death, and disability cover, you can tailor your one-crore term plan to meet your specific needs.

  1. Makes It Easier to Invest Earnings

The one crore term insurance plan gives you long-term coverage at minimal premium rates when you buy it at a young age. By planning your investments and savings more effectively and investing in relevant financial instruments, you can create wealth more efficiently.

  1. Peace of Mind

An essential benefit of a one crore term insurance policy is the peace of mind it provides. Knowing that your family is financially secure in your absence can alleviate anxiety and stress. Without worrying about the financial implications of an untoward event, you can concentrate on other areas of your life, like career advancement, personal development, and legacy building.


Consider your financial goals, responsibilities, and aspirations when choosing life insurance coverage to determine the best policy. Investing in a one-crore term insurance plan is prudent since it offers comprehensive coverage and peace of mind.

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