Axis Max Life Term Insurance Plans

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Reviewed byVaibhav Kumarverification-badge
Last Modified 9th October 2026
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What is 1 Crore Term Insurance Plan?

A 1 crore term insurance plan is a type of life insurance that provides a sum assured of ₹1 crore. This policy offers pure protection like any other term insurance plan. You must pay regular premiums during the policy term.

If the policyholder dies during the policy term, the nominee receives ₹1 crore. That ₹1 crore provides strong financial support to the family. The family can manage daily expenses with this amount.

They can fund long-term goals like children’s education. They can repay outstanding debts. The family stays financially secure after the policyholder’s death.

How Does 1 Crore Term Insurance Work?

Before investing in a ₹1 crore term insurance plan, you must understand how it works. This knowledge clarifies coverage benefits and key policy features:

1. Choose the Cover Amount and Policy Term

Your start by selecting the sum assured (in this case 1 crore), based on your family’s financial needs, liabilities, and future goals. Next, you choose the policy term, which is ideally covering your working years or until major financial responsibilities (like loans) are paid off.

2. Pay Regular Premiums

To keep the policy active, you must pay premiums regularly. Depending on the insurer, you can opt for monthly, quarterly, half-yearly, or annual payment modes. The premium amount depends on factors such as your age, health condition, lifestyle habits, chosen term, and add-on riders.

3. Coverage Remains Active as Long as Premiums Are Paid

Your life cover stays active throughout the policy term, provided premiums are paid on time. Missing payments beyond the grace period may lead to policy lapse, which can interrupt financial protection for your family.

4. The Payout Supports Your Family’s Financial Needs

If the policyholder passes away during the policy term, the insurer pays the ₹1 crore sum assured to the nominee. This payout can help the family manage daily expenses, repay outstanding loans, fund children’s education etc.

5. No Maturity Benefit if the Policyholder Survives the Term

A pure term insurance plan does not offer any maturity benefit. If the policyholder survives the entire term, no amount is paid out. This structure keeps premiums lower compared to other life insurance products.

6. Optional Riders Enhance Protection (Including TROP)

You can increase your coverage by adding optional riders, such as critical illness cover, accidental death benefit, or waiver of premium rider.
If you want a maturity payout option, you can opt for a Term Insurance with Return of premium (TROP) variant.

A 1 crore term insurance with return of premium refunds the total premiums paid (excluding taxes and rider premiums) if you survive the policy term. In TROP, premiums are higher than a regular term plan, but you receive benefit on survival.

7. Avail Tax Benefits

Premiums paid towards a ₹1 crore term insurance plan are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Also, the death benefit received by the nominee is generally tax-free under Section 10(10D), as per applicable conditions.

Example:

Rohan, a 30-year-old software engineer, bought a ₹1 crore term plan to secure his family’s future. He chose a 30-year policy term to stay covered until retirement and named his wife as the nominee. He paid a fixed annual premium that suited his income and long-term budget.

Rohan also assessed his home loan, monthly household expenses, and his children’s future education costs. He ensured the policy could replace his income and clear outstanding debts if something happened to him.

After five years, Rohan died in an accident. His wife immediately informed the insurer and submitted the required documents. The insurer verified the claim and paid ₹1 crore to her.

She used part of the amount to repay the home loan. She invested a portion to generate regular income. She also set aside funds for her children’s education and managed daily household expenses without financial stress.


Rohan’s Age 30
Retirement Age 60
Annual Income ₹11 Lakhs
Current Family Expenses Per Year ₹3 Lakhs
Family’s Total Expenses for the Next 30 Years (Inflation Rate 6%) ₹2.4 Crores
Other Expenses (Loans, Education, 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?

Rising living costs, financial responsibilities, and inflation make a ₹1 crore term plan essential. This is especially crucial for single-income households or individuals with multiple dependants.

Check out the major reasons why you should consider purchasing a ₹1 crore term plan:

1. Secure Your Family’s Financial Future

The main breadwinner’s sudden demise can severely impact dependants. A ₹1 crore life insurance policy secures nominees financially. It helps them maintain their lifestyle and meet essential expenses.

2. Cover the Financial Liabilities / Debt

Family members may struggle to repay loans after the borrower’s sudden demise. A ₹1 crore term plan helps them clear debts and liabilities. It prevents financial dependence on others.

3. Secure your Child’s Future

Managing long-term goals for children becomes difficult without the policyholder. A ₹1 crore term plan provides financial stability for future goals.

  • Education: It ensures higher education continues without financial strain.
  • Marriage: It supports marriage-related expenses when needed.

4. Tax Benefits

A person with a 1 crore term insurance policy can avail tax deductions under Section 80C (old regime). Only applicable if the annual premium of the term plan does not exceed 10% of the sum assured. Otherwise, the tax benefit is applicable proportionately.

For example, you pay ₹12,000 annually for a ₹1 crore term plan. You can claim the full ₹12,000 under Section 80C. The total deduction remains subject to the ₹1.5 lakh overall limit.

If the premium exceeds 10% of the sum assured, restrictions apply. In that case, you can claim a deduction only up to 10% of the sum assured.

5. Riders

Riders add extra benefits to the base plan for broader coverage. A ₹1 crore term plan offers waiver of premium, critical illness, and accidental death riders.

6. High Protection at Affordable Cost

Term plans are the most affordable of all life insurance plans available in the market; so, a term plan with life cover of ₹1 Crore features an affordable premium. A healthy male/female non-smoker can buy a ₹1 crore term insurance policy with a monthly premium of around ₹1200 -₹1300 only. The premium payable remains the same throughout the policy term. You can also use online premium calculator to calculate the premium for a ₹1 crore term insurance plan and then make an informed decision

7. Savings & Investments Might Not Be Enough

Rising medical costs and living expenses can reduce savings quickly. Savings may not support your family after your untimely demise. Investments may also lack liquidity for immediate financial needs.

8. Frees Up Earnings for Investments

When you get a 1 crore term insurance plan at an early stage of life, say at 28 or 30 years of age, it gives you a long-lasting cover at minimal premium rates. This way, you can lock the premium at an affordable price and then move to other investments and expenses that may knock. You can plan your investments and savings more efficiently for wealth-creation purposes and park your money in relevant financial instruments.

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Why Buy 1 Crore Term Plan from Axis Max Life Insurance?

Choosing Axis Max Life 1 crore term plan provides your loved one’s robust financial protection at a relatively low cost. With substantial coverage, this plan secures your family's financial future in your absence. Axis Max Life Insurance's reputation for reliability makes it an ideal choice.

This plan offers a customizable option, such as critical illness coverage and accidental death. Having this additional security can significantly help you manage your life. Additionally, Axis Max life offers 24/7 customer support and digital servicing, making the policy easy to buy.

Moreover, the claim settlement ratio of Axis Max Life Insurance was 99.8%^. This exceptional ratio shows how Axis Max Life is committed to fulfilling its obligations to its customers.

When should you Buy 1 Crore Term Insurance?

The best time to purchase a term plan is as early as possible, ideally in your 20s. At a younger age, premiums are generally lower, and these low premiums stay locked in for the entire premium payment term.

If you delay buying the term plan, the premiums rise as age increases. Take a look at the monthly premium table for an Axis Max Life 1 crore term plan in different age groups:

Age of Applicant Cover Up to Age Monthly Premiums (non-smoker male) for ₹1 Cr Term Plan Monthly Premiums (non-smoker female) for ₹1 Cr Term Plan
18 years 85 years ₹930 ₹790
25 years 85 years ₹1,273 ₹1,082
35 years 85 years ₹2,226 ₹1,892
45 years 85 years ₹4,108 ₹3,492
55 years 85 years ₹8,502 ₹7,226
60 years 85 years ₹12,373 ₹10,517

Note: The monthly premiums shown above are for ₹1 crore sum assured and calculations are based on Axis Max Life Smart Term Plan Plus (A Non Linked Non Participating Individual Pure Risk Life Insurance Plan, UIN: 104N132V01) for non-smoking male/female applicants. Monthly premium amounts are before any applicable discounts assuming Regular Pay and monthly payment mode.

Features And Benefit of 1 Crore Term Insurance

The following are some of the top features and benefits of buying the 1 crore term insurance plan:

Pure risk coverage of 1 crore

A high sum assured of Rs. 1 crore provides a financial safety net for your family in case of your death. Also, they come as very affordable premiums. Once you buy a term plan of 1 crore, your premium also remains the same for the entire term.

Income replacement

In the event of your sudden demise, the Rs. 1 core term plan acts as a replacement for your income. This ensures that your family can maintain their lifestyle without any financial distress.

Tax savings as per the Income Tax Act

When you buy a 1 crore term plan, you get the tax benefit under section 80C for an amount up to Rs 1.5 lakhs annually. However, this tax benefit is available if you have opted for the old tax regime.

Moreover, the sum assured payout is tax-free under section 10(10D). Also, premiums paid towards health-related riders are eligible for tax deduction under section 80D.

Flexibility

You can select the desired policy tenure as per your needs. You have the option to select a tenure ranging from 5 years to 99 years. This plan also offers the flexibility to choose the payout option. This includes a lump sum, regular income, or a combination of both. With a 1 crore term plan, you have the flexibility to select your premium payment frequency – monthly, quarterly, or annually.

Riders for enhanced protection

Riders in an Rs. 1 crore term insurance plan offer additional security. Options like critical illness, waiver of premium, and accidental death provide additional financial support.

How to Determine the Right Coverage Amount for a ₹1 Crore Term Insurance Plan?

Buying one of the best term insurance for 1 crore is a common choice among policy buyers as it gives you substantial coverage to their families. It fulfils the primary objective of ensuring that your family is financially secure in the event of your untimely death. However, what constitutes adequate coverage is a valid topic to pose here.

Let’s look at how you can determine if 1 crore term insurance plan is suitable for you:


1. Your Age & Income

Your age and income source will affect not only how much insurance you must get but also how long you should keep it. Although age is a factor to consider when determining the amount of coverage you need, it is not an excuse to put off acquiring a policy. Since older people are more difficult to insure, life insurance premium rates may be higher. On the other hand, you can get a lower premium for the term insurance plan for 1 crore if you buy a policy when you're young and healthy.

2. Purpose of Buying Insurance

If you have a policy that accumulates cash value, you can also think of life insurance as an investment. Cash value policies are frequently used as a different way to save or invest for retirement. This can help policy buyers find the cheapest term insurance as well as contribute to wealth accumulation. You can also choose term insurance or an endowment plan to expand your investment portfolio further.

3. Dependants’ Needs

The costs of raising a child or caring for an elderly parent are rising every year. If you have any dependents, you may want to consider purchasing one of the best term insurance plan for 1 crore, which can be adequate to meet their needs in your absence.

4. Liabilities

Student loans, car loans, credit cards, and personal loans are all examples of debts that can be paid off using life insurance. If you have any of these debts, your policy must provide you with enough coverage to pay them off completely. Hence, you may want to consider the best term insurance plans for 1 crore to get extensive coverage.

5. Inflation

When determining the right life cover amount for your term insurance policy, taking inflation into account is important. Inflation is a measure of the reduction in purchasing power of money and over time, this can make a significant difference. It can impact your lifestyle, financial goals, expenses and liabilities. In addition to all this, inflation affects the life cover amount as well. In order to combat inflation, you can opt for an increasing life cover amount at the time of policy purchase, if your 1 crore life plan allows it.

Otherwise, you must initially, at the time of buying the policy, go for a term insurance policy that offers a higher life cover after computing the amount by factoring in the impact of inflation. HLV estimates the economic value of a human life based on inflation, current income, and potential future earnings. Financial advisors use Human Life Value (HLV) calculator to calculate a more accurate coverage that reflects the insured's economic value.

6. Long-Term Goals

Long-term goals, like achieving retirement planning, owning a home or sponsoring your children's education/marriage must be considered at the time of deciding the adequate life cover amount. The life cover you chose must be sufficient to help your loved ones reach at least some of these life goals even if you’re not around or are unable to help out financially. However, do keep in mind that you must balance these needs against the higher premium cost of plans that have a higher sum assured amount. Otherwise you run the risk of paying a higher premium that impact your household budget.

7. DIME Rule (Debt + income + mortgage + education)

First Add the total amount needed for:

  • Debt repayment
  • Income replacement
  • Mortgage i.e. outstanding home loan
  • Children’s education

Then adjust this for future inflation to arrive at a suitable term insurance life cover amount.

While there is no one-size-fits-all solution, financial experts rely on a basic thumb rule. It helps individuals to estimate how much coverage they actually need:

Is it Better to Opt for ₹ 1 crore Term Insurance Coverage?

The amount of life insurance you require is determined by your personal and financial circumstances and it should cover your dependents as well as your regular living expenses.

According to most insurance firms, an acceptable amount of life insurance is six to ten times the annual earnings.

Multiplying your annual pay by the number of years before retirement is another way to figure out how much life insurance you will need. Apart from this, you can figure out how much life insurance you require by adding up your debts and subtracting your liquid assets.

A Rs 1 crore term plan is the finest approach to protect your family against unforeseeable future calamities due to its cost, accessibility, and high coverage. It can be one of the cheapest term insurance plans available, which is accessible both online and offline.

Here are some of the benefits of choosing one of the best term insurance plan for 1 crore:

1. Cost-effective Option

Term insurance policies are one of the most affordable types of life insurance available. Since it is purely a life insurance policy, the premiums are quite low. Whether you buy a term insurance plan of 50 lakhs or a 1 crore term insurance plan, you can get significant coverage at affordable rates.

2. Steady Premiums

Term insurance policies have a consistent premium throughout the policy's term. Regardless of whether your coverage is for 10, 20, or 30 years, the premium remains the same during the policy term. So, if you choose one of the best term insurance plan for 1 crore early in life, you can enjoy long-term, steady and affordable premium rates.

3. Comprehensive Cover

If you are willing to pay higher premiums as you become older, many insurance companies will allow you to upgrade your coverage at key milestones in your life. For example, if you have a basic Rs 1 crore term insurance plan, you can choose to enhance your sum insured by paying slightly higher premiums when you get married or have a child.

4. Riders

You can choose to supplement your term plan with add-ons such as a critical illness benefit*, in addition to the Rs 1 crore term insurance plan. Depending on the policy, you can get a variety of other riders to attach to the term insurance plan of 1 crore.

Factors to Consider Before Buying the Best Term Insurance Plan for 1 Crore

Buying a ₹1 crore term plan safeguards your loved ones financially. You should plan it carefully and consider the following factors.

1. How Much Cover do you Need?

A ₹1 crore term insurance policy covers future expenses, liabilities, and long-term goals. In this regard, you must consider the following:

  • Calculate how many years your family will depend on your income. Estimate income replacement for that entire period. Consider retirement timelines and children’s independence.
  • Assess current and future household expenses carefully. You should also include education, healthcare, rent, and daily living costs. Factor inflation into long-term projections.
  • Review all existing loans and liabilities. It's essential to include home loans, car loans, and personal debts as well. Ensure the cover amount can clear them fully.

Total Coverage Amount = 10 to 15 times your annual income + outstanding loans + future goals

2. What Should be the Policy Term?

Considering the policy term is essential when finalising a 1 crore term insurance plan. Analyse the given factors for an informed decision:

  • Your Dependants’ Age: Assess your dependants’ current ages. Estimate when they will become financially independent. Choose a term that covers this period fully.
  • Your Retirement Age: Select a term that lasts at least until retirement. Consider extending coverage beyond 60 for added security.
  • Long-Term Liabilities: Account for children’s education and marriage expenses. Include major future financial responsibilities. Ensure the policy term covers these obligations.

Ideally, you should choose coverage until 60-65 years of age. Avoid selecting a shorter term only to save premiums. Late purchases can become expensive or unavailable. Buying early secures longer coverage at lower premiums.

3. Which is the Most Reliable Life Insurance Company?

Compare different insurers before choosing the best ₹1 crore term plan. Assess each insurer’s reliability using the following factors.

  • Claim Settlement Ratio

    The claim settlement ratio shows the percentage of claims an insurer settles yearly. Check the latest ratio and review consistency over several years. Choose insurers with a strong record of smooth claim settlements. For example, Axis Max Life Insurance has a death claim settlement ratio of 99.8%^, which is quite good.

  • Solvency Ratio

    Always look for insurance provider that has high solvency ratio. The solvency ratio reflects the insurer’s financial strength to pay claims. Select insurers with a high solvency ratio. Research the company’s financial stability before buying the policy to check whether they have ability to settle the claims or not. A financially stable insurer signals confidence that it can meet eligible claims when they arise. According to IRDAI, the ideal solvency ratio in India should be 1.5 or 150%.

  • Insurance Company’s Reputation

    It can be assessed based on the number of years a company has been in business and the number of lives it has insured. Moreover, the customer base helps gauge the insurance company's reliability.

  • Customer Service and Claim Support

    The quality of service can become particularly important when a nominee needs to file a claim. It’s necessary to consider the insurer's claim process, accessibility of customer support and available digital services. You should be able to reach out to them in case of any issues

  • Policy Terms and Conditions

    Before you finalise a policy, you should read the policy wording carefully. Check the exclusions, claim conditions, premium payment terms, policy duration and circumstances under which the death benefit may or may not be payable..

4. Premium Affordability & Long-Term Commitment

You should compare premiums across insurers for the same sum assured, policy terms and similar features. A lower premium should not be the criterion if a policy has lower insurance cover or unsuitable policy terms. The premium you pay should align with the benefits the policy provides. Ensure you can pay it consistently for 20-30 years. Consider possible income fluctuations in the future. Make sure you can maintain payments without financial stress.

5. Does my Age and Health Impact 1 Crore Term Insurance Premium?

Your age directly affects your ₹1 crore term insurance premium. Insurers charge higher premiums as you grow older. Buying the plan early in life may provide you with more affordable premiums.

For example, if you delay the purchase by 10 years, the same 1 crore term plan might cost two to three times more.

Healthy individuals can obtain term insurance more easily. They often experience faster underwriting with fewer complications.

6. Type of Payout Options

A 1 crore term insurance plan generally offers the following various payout options:

  • Regular Payment: The insurer pays death benefits as a monthly income. This option helps dependants manage regular expenses.
  • Lump-Sum Payment: The insurer pays the entire amount at once. This option supports major financial obligations.
  • Combination Option: The beneficiary receives part of it as a lump sum. They receive the remaining amount as monthly payments.

7. Which Riders Should You Opt For?

If you need additional protection, compare the riders such as critical illness or accidental death benefits that different insurers offer. However, you should choose riders based on your realistic needs rather than adding them just because they are available. Basically, you should not consider just low premiums but other important factors as well when choosing an insurer. These include financial strength, claim-handling track record, claim settlement ratio, policy terms, service quality and the premium they offer.

Here are some of the riders that can be added to the 1 crore term insurance plan for better coverage:

  • Waiver of Premium: The insurer waives premiums if you suffer from a critical illness or permanent disability.
  • Critical Illness Rider: The insurer provides a lump sum when you receive a diagnosis of a covered critical illness.
  • Accidental Death Benefit Rider: The insurer pays extra amount at the time of your untimely demise.

8. What are the Additional Features or Benefits that You Need?

Here are the additional features that you must consider while choosing a 1 crore term plan:

  • Flexibility to Change Sum Assured: Choose a plan that lets you increase or decrease coverage. Adjust it as your financial needs evolve.
  • Tax Benefits: Check available tax deductions under Sections 80C and section 10(10D). Maximise your eligible tax savings.
  • Claims Process: Select an insurer with a simple and transparent process. It ensures they settle claims quickly.
  • Medical Examination: Expect medical tests based on age, health, and coverage. Complete underwriting honestly and accurately.
  • Policy Exclusions: Review exclusions carefully before buying the policy. Avoid unexpected claim rejections later.
  • Waiver of Premium: Confirm the plan includes this benefit. It waives future premiums after critical illness or disability.

Why Sum Assured is an Important Factor When it Comes to Term Insurance?

The sum assured is the amount the insurer pays to the nominee if the policyholder dies during the policy term. Choosing the right sum assured is one of the most important decisions while buying term insurance.

A ₹1 crore term insurance cover may not be sufficient for everyone. The appropriate sum assured depends on factors such as a person’s income, their outstanding loans, household expenses, etc. Further, it also depends on the number of dependents, their future financial goals, and existing savings and investments.

For example, a person has a ₹1 crore home loan. Additionally, they have dependent parents, spouse and children whose future education expenses they need to fund. They may require a higher sum assured than someone with fewer financial responsibilities.

When deciding the sum assured, here are some aspects you should consider:

  • Current income: Your current income determines your daily expenses. Therefore, while choosing a coverage amount, ensure that it can help cover all these expenses in case of your untimely demise during the policy term.
  • Outstanding liabilities: You should consider your existing home loans, personal loans and other liabilities that the family may need to repay. Your term insurance cover should be sufficient enough to help your dependents repay these loans in your absence.
  • Future financial goals: It’s important to review expenses such as children’s higher education, marriage and other long-term commitments. Your insurance cover should be sufficient to support these commitments in your absence.
  • Existing assets and investments: You should analyse your overall assets, like existing savings, investments, etc. They can help your family meet all necessary financial obligations in your absence. These assets can lower your required sum assured.
  • Inflation: Future household expenses are likely to be higher than they are today, So, your overall expense amount might rise in the future. Hence, you should consider the inflation rate when selecting the required coverage.

How to Calculate the Right Coverage for a ₹1 Crore Term Insurance Plan?

It is important to identify the right insurance coverage to ensure your family's financial future. The point is not simply to choose a huge amount, but to accumulate a figure that can substitute for your income. It should also be able to cover existing lifestyle cost, liabilities, and achieve future goals. A carefully computed cover is a guarantee of stability, even without your presence.

1. Income Replacement Method

The principle behind this method is very simple. Your insurance should be able to replace the income that your family would lose. You determine the number of years you would like to work and multiply it by your current yearly income.

For example, if you earn ₹12 lakh per year and expect to work another 20 years, you should be insured for approximately ₹2.4 crore. This method is easy and it is effective when the financial obligations you have are predictable.

2. Human Life Value (HLV) Method

The Human Life Value approach is a more comprehensive approach to your finances. It considers your income and expenses, future obligations and liabilities and your current assets.

The first step is to estimate all financial requirements of your family, including daily living expenses, children's schooling, and life goals. Out of this, you will deduct your current savings and investments. The rest of the figure will provide a better understanding of the coverage that will be necessary to sustain your family's lifestyle.

3. General Thumb Rule

To make a quick calculation, lots of people use this simple rule of thumb. A life insurance cover should be no less than 10-15 times your annual income.

Younger people with long-term obligations can choose a higher multiple and those who are near retirement can choose a lower coverage. As an example, a coverage of ₹1 crore to ₹1.5 crore can be taken as a baseline for an annual income of 10 lakh.

4. Assured Death Benefits

An assured death benefit means that your family will receive a payout in your absence to be financially stable. It assists in compensating the lost earnings, meeting everyday needs, and achieving future goals including education and marriage. The benefit can also be utilised to pay off existing loans to ease the financial load and enable your family to continue with their standard of living.

Best 1 Crore Term Insurance Plans as per Policy Term

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Who Should Buy Term Insurance Cover of 1 crore?

There is currently no rule that eliminates anyone for buying a term insurance plan of 1 crore cover as long as the policyholder fulfills the criteria eligibility specified by the insurer. Even then, a term plan of 1 crore is perhaps ideally suited to the needs of the following categories of individuals:

If you are young and healthy

Opting for a Rs 1 crore term plan early in life, ideally before the age of 30 years is often recommended. At that point of your life, you are typically in good health and there is high chance that your financial liabilities are relatively limited. As a result of your young age the premiums for a 1 crore term plan at this stage in life are typically low and affordable. Since the premium at policy inception remains the same over the entire policy tenure, the benefit of low premiums extends over a lifetime.

If you’re the sole breadwinner of the family

Rs 1 crore as sum assured is a significant life cover amount, especially if you’re the sole earning member of the family. An unpleasant incident can occur anytime and impact the finances of your family adversely, if you do not take steps to protect their interests. So, if you are the sole earning member of the family, you should definitely opt for adequate life cover along with add-ons and riders to enhance the protection available to your family members.

If you have an outstanding loans or other financial liabilities

If you have sizeable outstanding debts in the form of a home loan, or business loan, it is only wise to secure your own and your loved ones’ finances with a Rs 1 crore term plan. The premiums for such term plans is quite affordable, but the benefit of financial assistance and security such term plans offer cannot be overstressed. Even if you're not around to help out, your dependents can stay on top of the payments using the payout received from such a plan.

A ₹1 crore term insurance plan is best for individuals who have dependents and financial liabilities.
Here is an overview to help you estimate who should buy a term insurance cover of 1 crore:

Who Should Buy Why ₹1 Crore Cover Can Be Suitable
Young Professionals & New Earners Buying early can help secure coverage at a lower premium because younger applicants generally have lower mortality risk and fewer health-related underwriting concerns.
A ₹1 crore payout can also provide financial support to dependent parents and help replace lost income.
Newly Married Couples & Young Parents Marriage and parenthood bring additional financial responsibilities. A ₹1 crore death benefit can help support a spouse and children and protect long-term goals such as children’s education.
As the cost of private urban education increases faster than general retail inflation, the sum assured can be helpful in meeting the expenses.
Young Individuals With Active Debts Personal, education, vehicle, and other loans can create a financial burden for the family if the borrower dies during the repayment period.
A ₹1 crore term plan can provide funds to help settle outstanding liabilities and reduce the financial burden on dependents.
Individuals With Home Loans Home loans can involve substantial outstanding liabilities. For example, a pending loan of ₹40–70 lakh can leave a family with significant repayment obligations.
A ₹1 crore sum assured can provide sufficient funds to clear the outstanding home loan while leaving financial support for household needs.
Individuals with dependent parents Individuals with financially dependent parents should also consider purchasing a ₹1 crore term insurance policy. This will give them peace of mind that their parents will be financially secure in case of their untimely demise.
NRIs Term insurance plan for NRIs provides a sum assured to the NRI's family in case of their untimely death. NRI term plans offer the same benefits as a term plan for resident Indians. However, the plan can become more affordable as the payment is to be made in Indian rupees.
Sole earners of the family If you are the only earning member in your family, then you should definitely buy a ₹1 crore term plan. This plan ensures that your family can maintain their standard of living even in your absence due to your untimely demise.

What is the Maximum & Minimum Age to Buy 1 Crore Term Insurance Plan?

Knowing the age requirement for a 1 crore term insurance plan can help you make a timely decision and achieve maximum coverage and affordability.

  • Minimum Entry Age: The minimum age at which an individual can get a 1 crore term insurance cover is usually 18 years. Starting early helps you build financial stability sooner and keeps your premium costs lower.
  • Maximum Entry Age: The maximum age at which an individual can purchase a 1 crore term plan is 60-65 years old. This limit can be increased to 70 years based on the policies and terms and conditions of the insurer.
  • Policy Term Availability: The younger you are, the better coverage period you can choose, usually up to 75-85 years of age. The policy term options can be constrained by late entry.
  • Impact on Premiums: Age is an important factor in setting premiums. Young people pay lower premiums because of the reduced health risk, whereas premiums are higher with age because there are more risk factors.
  • Medical Requirements: With age, medical tests might be more detailed before the policy is issued. This may have effects on eligibility and premium pricing.
  • Ideal Time to Buy: It is said that the best time to buy a term plan is during your 20s and the first half of 30s, as it guarantees low premiums and a longer cover, thus enabling you to create a solid financial cushion for your family.

How to Select the Right 1 Crore Term Insurance Plan?

Selecting a term plan depends on several personal factors. Naturally, the premium rate is a deciding factor for policy buyers and the premium rate is decided primarily according to the policy period which means the age at which you decide to purchase the term insurance. Other factors such as the riders you add to your plan also impact the premium rate.

To make it easier for you to select the term insurance plan for 1 crore, we have compared the premium rates for different age brackets for base cover and for base cover and a rider of Axis Max Life Smart Total Elite Protection Term Plan (A Non Linked Non Participating Individual Pure Risk Life Insurance Plan, UIN:104N125V09).

The following figures are calculated based on: Gender (Male) + Non-Smoker + Annual Income over 10 lakhs) + Salaried Individual + Coverage up to 75 years of Age. For Critical Illness & Disability Rider (Non Linked Non Participating Individual Pure Risk Health Insurance Rider | UIN: 104B033V02) sum assured is 5 lakhs, Platinum Plus Variant and 20 year rider term.


AgePremium for 1 crore Term Insurance (Monthly)Premium for 1 crore Term Insurance + 1Critical Illness & Disability Rider (Monthly) Premium for 1 Crore Term Insurance with Return of Premium** Option (Monthly)1
201,751/month, Total Premium: 2.98 lakh1,829/month, Total Premium: 3.29 lakh1,767/month, Total Premium: 3.19 lakh
302,440/month, Total Premium: 4.16 lakh2,628/month, Total Premium: 4.73 lakh2,482/month, Total Premium: 4.47 lakh
404,120/month, Total Premium: 7.02 lakh4,566/month, Total Premium: 8.22 lakh4,293/month, Total Premium: 7.73 lakh
50R6,728/month, Total Premium: 11.46 lakh7,674/month, Total Premium: 13.81 lakh7,504/month, Total Premium: 13.51 lakh

Note: In the above table, for sum assured of 1 crore, the calculations are based on Axis Max Life Smart Total Elite Protection Term Plan (A Non Linked Non Participating Individual Pure Risk Life Insurance Plan, UIN:104N125V09). Monthly premium amounts are excluding GST and before any applicable discounts assuming limited pay with premium payment term of 15 years and monthly payment mode. **Return Of Premium Variant (Axis Max Life Smart Total Elite Protection Term Plan) 1 Crore Term Insurance Plan. 1Critical Illness & Disability Rider (Non Linked Non Participating Individual Pure Risk Health Insurance Rider | UIN: 104B033V02).

How to Buy the Best 1 Crore Term Plan Online?

Follow the given step-by-step process to buy a 1 crore term plan online

  1. Visit Official Website

    Visit the official website of Axis Max Life Insurance and select “Term Insurance” from the top navigation menu.

  2. Calculate Premium

    Enter details such as your name, date of birth, gender, health status, and contact information. Use these details to calculate the premium for a ₹1 crore term insurance plan.

  3. Select Riders

    Choose the required add-on riders as per your requirements for comprehensive coverage.

  4. Payment

    Enter the required details and proceed with the online payment. Save the confirmation email or message for future reference.

Eligibility for Buying a 1 Crore Term Plan

An individual must meet the insurer’s eligibility criteria to buy a ₹1 crore term plan in India. Let's understand what these criteria are:

Basic Eligibility Criteria

  • Age: Insurers usually allow entry from 18 to 60-65 years. Age limits may vary by insurer and plan.
  • Income: Insurers need a stable income to approve the policy. They typically offer coverage of 10-15 times annual income.
  • Minimum Income: Salaried individuals should earn around ₹3 lakh annually. Self-employed individuals should earn around ₹5 lakh annually.
  • Health Status and Lifestyle: Applicants must disclose medical history and lifestyle habits. Most insurers need medical tests for ₹1 crore coverage. Insurance companies consider smokers higher risk and charge them higher premiums.
  • Citizenship: Insurers require you to be an Indian citizen to get insured. NRIs can apply if they meet the guidelines and provide valid documents.
  • Educational Qualification: Some plans need at least a 12th pass qualification.

Required Documents

Here is a list of basic documents that are needed to buy a 1 crore term insurance plan:

  • Identity Proof: Aadhar Card, PAN Card, Passport, Voter ID card, etc.
  • Age Proof: Birth Certificate, Passport, etc.
  • Address Proof: Aadhar Card, Passport, or Utility Bills (not older than 2 months), etc.
  • Income Proof: Submit the last three months’ salary slips. Provide Income Tax Returns for the last two to three years. Share the last six months’ bank statements showing salary credits. If the insurer requires it, you might have to submit Form 16.
  • Medical Documents: Results of required medical examinations and past medical reports
  • Photograph: Recent passport-sized photographs Once you meet the eligibility criteria, compare ₹1 crore term insurance plans. Choose the plan that best matches your needs and eligibility terms.

Which 1 Crore Term Insurance Policy is Best in India 2026?

When it comes to finding the best term insurance plan, there is no one-size-fits-all policy. To select the best one, you must align your financial needs with the available option.

However, the following is a list of some of the best 1 crore term insurance plans offered by Axis Max Life Insurance:

Axis Max Life 1 Crore Term Plan Features & Benefits
Axis Max Life Smart Term Plan Plus
  • Exclusive features for women, such as Lifeline Plus and maternity cover
  • Flexibility to choose from 7 cover variants
  • Enhanced protection with rider options Special discount for salaried employees and women
Axis Max Life Smart Secure Plus Plan
  • Payout options; lump sum, monthly income, or both
  • Get accelerated critical illness benefit for 64 specified critical illness
  • Option of increasing life cover
  • Protect your spouse in same plan with joint life policy
  • Benefit of add-ons like critical illness, disability rider, etc.
Axis Max Life Smart Total Elite Protection Plan
  • InstaClaim on claim intimation
  • Special exit value feature
  • Coverage up to age 85
  • Enhanced protection with add-ons
  • Waiver of premium benefit in case of diagnosis of critical illness

Essential Riders to Add to Your ₹1 Crore Term Insurance

The 1 crore term insurance plans offer the following riders that give you extra coverage in tough times:

  • Critical illness rider: Provides a lump sum payout if you are diagnosed with any listed critical illness. This helps cover expensive medical treatment.
  • Accidental Death Rider: Gives an additional payout along with the base sum assured in case of policyholder death due to an accident.
  • Permanent and partial disability rider: Offers financial support if you suffer permanent or partial disability. The payout can be used for medical care and income replacement.
  • Income benefit rider: Provides your family with monthly income for a fixed number of years after your death.
  • Hospital cash rider: During hospitalization, the covered individual gets a daily allowance. This allowance can be used for medical bills and incidental expenses.
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Before You Buy Any Insurance Plan, Answer These Questions
Q. What is an ideal time to buy Term Insurance?
A. After Marriage
B.Before Marriage
C.In your early 20s
D. After 40

Difference Between 1 Crore Term Insurance and Increasing Cover Term Plan

A 1 crore term insurance plan provides a guaranteed sum assured throughout the entire policy term. This means, in case of your unfortunate demise, your family will get a lump sum of Rs. 1 crore. The premiums also remain the same, making it a stable and affordable protection option.

On the other hand, an increasing cover term plan offers a dynamic sum assured that grows every year, usually by 5% to 10%. This feature helps you beat inflation, which rises every year. Also, you don’t need to submit any additional documents or undergo any medical checkups.

Claim Process for ₹1 Crore Term Insurance

Filing a claim for a ₹1 Crore Term Insurance policy is a straightforward process. Here is how you can proceed:

  • Inform the insurer: Firstly, inform the insurance company about the claim. This can be done by visiting the insurer’s nearest branch, contacting them via phone, or online through their website.
  • Filing the claim form: Next, the nominee will have to submit a duly filled claim form along with the required documents such as death certificate, medical certificate of diagnosis for critical illness, etc.
  • Claim approved and payout: Next, the claim moves to the verification stage. If approved, the insurer processes the claim, and the payout will be paid to your nominee within 7 days.

Frequently Asked Questions

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ARN NO: PCP/1CTIP/140824

Sources:

https://www.policyholder.gov.in/uploads/CEDocuments/Guidelines%20on%20Standardization%20in%20Health%20Insurance%202016.pdf

https://www.policyholder.gov.in/uploads/CEDocuments/Renewability%20of%20Health%20Ins.pdf

https://www.incometaxindia.gov.in/Pages/tools/deduction-under-section-80d.aspx

Online Insurance Plans of Axis Max Life Insurance

  • Axis Max Life Smart Secure Plus Plan
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    In case of your demise during policy term, your family will receive a comprehensive death benefit for your family
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    To assist you achieve your life goals, there are guaranteed maturity advantages, income benefits, and guaranteed additions
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    Lump sum, short-term, long-term, and whole-life income options with distinctive benefits are available
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  • Axis Max Life Smart Wealth Plan
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    Comprehensive death benefit for your family member(s) in case of your unfortunate demise during policy term
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    Guaranteed maturity benefits/Income benefit and accrued guaranteed additions to help meet your life goals
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    Multiple variants - lump sum, short term income, long term income, and whole life income with unique benefits
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  • Short Term Income
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    Guaranteed income benefit at the end of the policy term based on the chosen frequency for the payout period

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    Lumpsum guaranteed death benefit payable to the nominee after the death of the life insured during policy term

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    Multiple premium payment tenure and policy period options to fit your profile and specific requirements

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  • Long-Term Income
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    Guaranteed income benefit for 25 or 30 years after the policy period ends, as per the sub variant selected
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    Terminal benefit that equals total premiums paid, post completion of the payout period payable to nominee
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    Two premium payment options - 6 and 10 years to be chosen as per suitability of the plan for your needs
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  • Term Plan with Return of Premium
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    Option to receive the premiums paid back on successful survival of the insured till end of policy term
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    Death benefits for your family members in case of any eventuality leading to the loss of your life
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    Limited pay options to pay for term plans with return of premium - 5 Pay, 10 Pay, 12 Pay, 15 Pay, or 60 Pay
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  • Axis Max Life Critical Illness and Disability Rider
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    Additional protection against up to 64 critical illnesses depending on the rider variant you select
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    Total and Permanent Disability Cover on the occurrence of disability arising from sickness or injury
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    Wellness benefit to avail a discount on annualised renewal premiums as per healthy weeks you accumulate
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  • Axis Max Life Waiver of Premium Plus Rider
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    Waiver of all future premiums in case of the covered dismemberment so that you can live worry-free
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    Future premiums waiver in case you suffer from critical illnesses as specified in the rider terms
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    Continued benefits of the base policy to give you peace of mind about maintaining various life expenses
    Know more

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Customer Reviews

Axis Max Life Term Insurance Plan

“Subodh Mishra helped me a lot in getting the money. He personally collected the documents and helped me at every step. I am extremely thankful to him and I would like to buy another Axis Max lIfe policy in future”

Subodh Mishra

Axis Max Life Term Insurance Plan

“I already have a policy and buying this was a nice experience. This is according to my requirement. Completely satisfied with details shared by customer care executive before purchasing the policy.”

Gaurang Kumar Pawar

Axis Max Life Term Insurance Plan

“I visited Amritsar branch after the demise of my son. My family was not left with a single penny and it was getting impossible to make the ends meet. Vinay Sharma gave me the right direction and helped me at every step to receive the claim amount and gave a source of income to my family. I thank him and bless him from the bottom of my heart.”

Vinay Sharma

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IRDAI clarifies to public that:
  • • IRDAI or its officials do not involve in activities like selling insurance policies,
      announcing bonus, or investments of premiums.
  • • Public receiving such phone calls are requested to lodge a police complaint.

IRDAI - Registration No. 104. ARN/Web/13122024 Category: Life. Validity: Valid.
Corporate Identity Number (CIN): U74899HR2000PLC143012.

Corporate Office: Axis Max Life Insurance Ltd. 11th Floor, DLF Square, Building, Jacaranda Marg, DLF Phase 2, Sector 25, Gurugram, Shahpur, Haryana 122002

Registered Office: Axis Max Life Insurance Limited. Plot no. 90-C, Sector-18, Urban Estate, Gurugram, Haryana – 122 015, India. Tel No.: (0124) 421909

For any query regarding this website, please reach out to:

Name: Lakshey BahlDesignation: Website Manager
Email ID:
service.helpdesk@axismaxlife.com

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