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1 Crore Term Insurance

What is 1 Crore Term Insurance?

A term insurance policy with a sum assured of Rs.1 crore is called a 1 crore term insurance plan. The policy pays Rs.1 crore as a death benefit if the life insured passes away during the chosen tenure. A Rs.1 crore term insurance policy offers good coverage at affordable premium rates so that you can be optimally insured without worrying about the underlying costs.

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How Does a Rs.1 Crore Term Insurance Plan Work?

Under a Rs.1 crore term insurance plan, the sum assured is Rs.1 crore. You can choose the following details –


The policy tenure


Premium paying term


Premium paying frequency


Optional riders

Based on the coverage details selected, your age, health condition and other risk factors, the premium is determined.

Pay the premium over the chosen premium payment tenure and in the selected frequency. If the life insured passes away during the chosen tenure, the death benefit of Rs.1 crore would be paid. If the insured survives the chosen tenure, no maturity benefit is paid under normal term plans. However, if the return of the premium plan or option is selected, the premiums will be refunded.

Moreover, if there are riders added to the plan, either inbuilt or optional, a rider benefit will be paid if the relevant claim occurs. For instance, if you choose the accidental death benefit rider and the insured passes away in an accident, the rider sum assured would be paid in addition to the death benefit under the term insurance plan.

Let’s take an example to understand how a Rs.1 crore term insurance plan works – Mr. Verma, age 35 years, buys Bajaj Allianz Life Smart Protection Goal plan with a sum assured of Rs.1 crore. Here are the policy details –

Policy Term
Policy details
Premium paying term
Premium paying frequency
Premium amount
Riders added
Rider sum assured
25 years
25 years
Rs.31,183 per annum
Critical illness rider
Rs.50 lakhs
Scenario 1
Mr Verma passes away in the 7th policy year
Benefit –
His nominee will receive Rs.1 crore as the death benefit and the plan will terminate.
Scenario 2
Mr Verma is diagnosed with a terminal illness in the 10th policy year
Benefit –
He will reveive the sum assured of Rs.1 crore and the policy would terminate
Scenario 3
Mr Verma survives the policy tenure of 25 years (assuming he bought a pure-term insurance plan)
Benefit –
No maturity benefit is paid and the coverage is terminated.

Reasons to buy Rs.1 Crore Term Insurance Plan

Like other term plans, some of the reasons to buy the Rs.1 Crore Term Insurance Plan are as follows


Financial coverage to take care of your family’s needs in your absence. Your family might have sufficient financial resources to meet their daily lifestyle expenses


Another benefit of Rs.1 crore term insurance plan is that the death benefit might help pay off outstanding loans when you are not around


The policy can take care of your family’s financial goals


The premiums of the policy are affordable


You can enjoy tax benefits on the premiums paid

Who should opt for a Rs.1 Crore Term Insurance Plan?


Young professionalsA Rs.1 crore term insurance plan can take care of your financial responsibilities which might age increase with age. For instance, when you are young you might be unmarried and have no responsibility for the family. However, later on, when you get married and have children, you might need to plan for a financial corpus for your buying a home, car or for planning your child’s higher education.


Couple without kidsNewly married couples or couples who don’t have kids can secure their financial goals with a Rs.1 crore term insurance plan. They can also create financial security for their spouse and dependent parents. The plan can help them create a corpus for buying a home or car in the future. Moreover, when they plan a family, they can be start planning for their child’s future financial needs too.


Couple with young kidsThe Rs.1 crore term insurance plan can give a good corpus to the family in the breadwinner’s absence. The corpus can take care of any existing debts and meet the family’s financial needs. Moreover, it can help finance the children’s higher education if the parent is not around.


Couple with older kidsSuch couples can plan for other financial goals that they might have like building up a retirement corpus and paying off existing debts. Moreover, the expenses of the children’s wedding can also be met with a Rs.1 crore term insurance plan.


Adults approaching retirementAdults who are close to their retirement age can buy a Rs.1 crore term insurance plan to create a corpus for their spouse in their golden years and also to leave behind a legacy for their loved ones.

Is it better to opt for a Higher Coverage?

Given the effect of inflation, financial needs keep increasing with each passing year. This is why higher coverage is important so that it can adequately fulfil the family’s lifestyle needs. Moreover, if you have multiple goals, a higher coverage becomes imperative to fund the different goals that require a considerable corpus given the effect of inflation. To determine the right coverage amount, consider the following factors

How to determine the right Coverage Amount?

To determine the right coverage amount, consider the following factors1 and 2



The younger you are, the higher the sum assured that you would need because financial responsibilities keep increasing as you age.


Number of Dependents

The higher the number of dependents that you have, the higher would be the coverage amount that would be needed and vice-versa.


Basic Lifestyle Needs

Your basic lifestyle expenses also determine the coverage amount because the amount should be sufficient to give your family the funds needed to meet their lifestyle expenses. The higher the lifestyle needs, the higher the required coverage and vice versa.


Inflation Rate

Your coverage should keep pace with the economic inflation. With the rising inflation rates, you need a higher sum assured to cover your and your family’s financial needs.



The number of goals is directly proportional to the required coverage. The more the number of financial goals that you have, the higher the coverage required to fulfil them all.


Existing Assets and Liabilities

Existing assets and liabilities also affect the coverage requirement. While existing assets reduce the coverage required, liabilities increase the requirement since you need funds to pay them off.

How do you choose the right Term Insurance Plan?

The right term insurance plan would be the one that


Offers a good and comprehensive scope of coverage


Is easy to understand and buy


Offers quick and smooth claim settlements


Offers a range of riders for coverage customization


Has competitive premium rates

How do you choose the right ₹1 Crore Term Insurance?

Like other term plans, check the below-mentioned factors when choosing the right ₹1 Crore Term Insurance plan.


Coverage offeredWhile term plans offer simple coverage, you might find inbuilt riders and coverage options which enhance the scope of the policy and make it flexible. Look for the coverage benefits and choose a plan that offers the coverage you need.


The premium chargedCompare the premium offered across different Rs.1 crore term insurance plans. Compare the premium vis-à-vis the coverage offered and choose a plan that offers the best deal.


Ease of buying the PolicyTerm plans which are easy to buy, with limited efforts and no complicated process, are better. You can get covered quickly with such plans.


Ease of Claim SettlementCheck the claim process too and buy a policy which offers quick and easy claims without much hassles.


Claim Settlement RatioCompare the Claim Settlement Ratio (CSR) across insurers. A company with the high CSR is better as it shows that the company has settled the maximum of its claims.


How is the Premium for Rs.1 Crore Term Insurance calculated?

The premium is calculated using the following factors3 and 4_

Personal Factors affecting Premium


AgeThe older you are the higher your mortality risk (risk of dying). Thus, premiums are higher for older ages compared to younger ones


GenderFemales are usually charged lower premiums compared to males5


Health historyExisting health conditions increase your mortality risks. So, premiums are higher if you suffer from any health or medical complication


Family historyA family history of illnesses or ailments affects your mortality since some illnesses can be genetic. As such, an adverse family history increases the premium


OccupationIf you are engaged in dangerous occupations, like aviation, mining, defence, etc., the premiums would be higher


Lifestyle habitsPremiums are higher for smokers and those who drink alcohol


Physical buildYour height and weight also affect your premium since they are used for calculating your BMI. A high or low BMI entails a higher premium compared to a normal BMI

Other Factors affecting Premium


Sum assuredThe higher the sum assured selected, the higher would be the premium payable


Policy tenureLong-term term insurance plans have lower annual premiums than short-term plans


Premium paying tenureRegular premiums have lower annual premium outgo compared to limited premiums


Premium paying frequencyAnnual premiums are the lowest while paying premiums in the half-yearly, quarterly or monthly mode attracts a loading which increases the overall premium amount


RidersInbuilt or optional riders added to the policy enhance the premium since the coverage increases


Discounts availableIf the policy offers discounts, the premiums are reduced

What are the Riders available with Rs.1 Crore Term Insurance?


Accidental Death benefit rider (AD)

This specific rider covers accidental deaths during the policy tenure. In such cases, an additional rider sum assured is paid


Accidental Death and Disablement benefit rider (ADD)

This specific rider covers both accidental deaths and permanent disablements suffered in an accident. A lump sum benefit is paid in either case


Critical Illness rider

This specific rider covers the listed specified critical illnesses. If the life insured is diagnosed with any of the covered critical illnesses that are listed, the coverage for the rider will be paid in a lump sum.


Waiver of Premium Rider

The rider waives the premium if the insured suffers a disability or critical illness or if the policyholder passes away while the life insured is still alive


Family income benefit rider

The rider pays a monthly guaranteed income for a specified period to take care of the family’s lost income

What are the documents required to apply for Rs.1 Crore Term Insurance?

Some of the common documents required to buy a ₹1 Crore Term Insurance plan are as follows8_


Proposal form

Filled and signed by the proposer



Recent coloured photographs


Proof of identity

Aadhaar card, PAN card, voter’s ID card, passport, driving license, etc.


Proof of address

Aadhaar card, voter’s ID card, passport, driving license, recent utility bills, Property Deed, Registered Rent Agreement, etc.


Proof of age

Birth certificate, Aadhaar card, Voter’s Identity card, PAN card, Passport, School certificate, Driving Licence, etc.


Proof of income

Salary slip, form 16, financial statements of the business, bank statement, etc.


Medical report

Medical examination report (if applicable)



Any other document required by the insurance company

Why Bajaj Allianz Life Insurance?

Bajaj Allianz Life, one of India's leading Private Insurer, committed to offer value packed and innovative products to meet you Life Goals



Claim Settlement Ratio


1 Day%

Claim Approval


AAA Rating$

Rated by CARE*


₹90,584 Crore**

Assets Under Management


2.82 Crore#

Number of Lives Covered



Solvency Ratio


Frequently Asked Questions

1. What is the Rs.1 Crore Term Insurance age limit?

The age limit for a Rs.1 crore term insurance plan depends on the policy that you buy. Usually, the minimum entry age is 18 years while the maximum is 65 to 70 years across plans.

2. What is the eligibility for 1 Crore Term Insurance?

Resident Indians and Non-Resident Indians can buy the Rs.1 crore term insurance plan provided they fulfil the minimum and maximum age criteria specified by the insurance company and have sufficient income to pay the underlying premium.

3. At What Age Should I Buy the Best Term Insurance Plan for 1 Crore?

It is better to buy the Rs.1 crore term insurance plan as early as possible so that you can lock in a lower premium at a younger age. Moreover, when you buy young, you can enjoy coverage from an early age and also save taxes on the premiums paid.

4. Should I Buy a One Crore Term Insurance Plan or Endowment Plan?

Buying a Rs.1 crore term insurance plan or an endowment plan depends on your needs. If you are looking for protection only at affordable premiums, the Rs.1 crore term insurance plan would be suitable. On the other hand, if you want to create a savings corpus too, an endowment plan would be suitable. However, for a Rs.1 crore endowment insurance plan, the premium would be high.

5. What is the premium for 1 crore term insurance?

The premium for a Rs.1 crore term insurance plan depends on a lot of factors like age, gender, medical history, lifestyle habits, policy tenure, etc. Enter the details in the premium calculator and you can find how much Rs.1 crore term insurance plan costs.

6. Can 1 Crore Term Insurance offer whole life coverage?

Some term plans offer the whole life coverage option too wherein you can avail of coverage till 99 or 100 years of age. If you choose a plan which offers the whole life option, you can get whole-life coverage.

7. How do I use a 1 crore term insurance premium calculator?

To use the Rs.1 crore term insurance plan premium calculator, you just have to go online, choose the calculator and provide the relevant details. Some of the details that the calculator requires include the following –

  1. Age
  2. Gender
  3. Smoking history
  4. Medical history
  5. Family history
  6. Occupation
  7. Policy tenure
  8. Premium payment terms and frequency
  9. Riders 

By entering these details you can find the premium instantly. 

8. What are the premium payment frequencies available for a 1 crore term insurance plan?

Most Rs.1 crore term insurance plans allow four premium payment frequencies – annual, half-yearly, quarterly and monthly.

9. Do women need to pay lower premiums if they opt for a Rs 1 crore term insurance plan?

Yes, if the woman is also the life insured, the premiums would be lower compared to men. It is because women are statistically found to outlive men and their mortality is lower. Hence the mortality cost is also comparatively lower than men of similar age¹.

10. How much premium should I pay for 1 crore term insurance?

The premium depends on your age, medical history, lifestyle habits, family history, gender, occupation, policy term, premium paying term, etc. You can calculate the premium using the online premium calculator and pay it for the Rs.1 crore term insurance plan.

11. What amount of income do you require to apply for a 1 crore term insurance plan?

There is no specific income criterion to apply for a Rs.1 crore term insurance plan. That being said, your income should be sufficient to pay the premium and justify buying the Rs.1 crore term insurance plan. Insurance companies use their financial underwriting policies to determine whether your income justifies a coverage of Rs.1 crore or not. So, check with the insurer if there’s a specific income limit for a Rs.1 crore term insurance plan.

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The views stated in this article are not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read the sales brochure & policy document (available on carefully before concluding a sale. Bajaj Allianz Life Insurance Company Ltd., Regd. office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006, Reg. No.: 116, CIN: U66010PN2001PLC015959, Call us on toll free No.: 1800 209 7272, Mail us:

Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

~Individual death claim settlement ratio FY- 2022-2023

%96.31% of non-investigative individual claims approved in one working day for FY 2022-23. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices.

^Solvency ratio 516% as at 31 March 2023 against IRDAI mandated 150%

$For details refer to press release published by CARE

**All figures as on 31 March, 2023

#Individual & Group