1 Crore Term Insurance LIC – No body knows about life. You never know how your future will turn out as one day you can be here setting up with your future and the next day everything can alter. That is why it is not only important to have the right life insurance, but it is paired with essentiality. And with life insurance in India, LIC (Life Insurance Corporation of India) is the name that comes to anyones mind.
The company offers numerous plans, but one of the plans that are searched and discussed the most is the most popular one, the so-called “1 Crore Term Insurance” policy. This is defined as what this plan entails. Is that pricey? What do you get, the eligibility and what you should know before purchasing it?
In this article, we’re going to break it all down for you in simple, easy-to-understand language.
Let’s get started.
What is 1 Crore Term Insurance by LIC?
A 1 crore term insurance policy would imply that your loved one (nominee can be anyone in your family) gets 1 crore in the unfortunate event of your untimely demise during the tenure of your policy. You do not invest any amount; just pay some fixed amount as the annual premium for a specified period of years and LIC assures you a big life cover.
Think of it like this:
You’re buying peace of mind today, so your family stays financially secure tomorrow.
Today, LIC does not have a policy that it refers to as 1 Crore Term Plan, however it has term insurance policies whereby you can choose 1 crore sum assured given you meet the age, health and income criteria.
Why Choose LIC for Term Insurance?
LIC is not a run of the mill insurance company. It is the oldest and most trusted life insurance provider of India. The government supports it, is characterized by high claim settlement ratio (98.52% in recent years), and is a household name over generations.
When you take a term plan with LIC, you’re choosing:
- Trust built over decades
- Transparency in policy terms
- Nationwide access with 2000+ branches
- Strong claim settlement performance
No private company can quite match the emotional connection and brand value LIC holds in Indian families.
Which LIC Plans Offer ₹1 Crore Term Insurance?
If you’re looking to get 1 crore term insurance coverage from LIC, the most suitable and popular plan is:
LIC Tech Term Plan (Plan No. 854)
It is a pure term life insurance provided by LIC where you get to select your sum chosen (50 lakh to 1.5 crore or above), the term, how often you want to pay your premium and what extra riders you want.
Let’s understand this plan in detail.
LIC Tech Term Plan – Key Features
- Sum Assured: Starts from ₹50 lakhs; you can choose ₹1 crore or even more
- Eligibility:
- Age: 18 to 65 years
- Policy Term: 10 to 40 years
- Premium Payment:
- Yearly, half-yearly, or single premium
- Medical Test: Required in most cases, especially if opting for high coverage
- Coverage Options:
- Level Sum Assured (fixed ₹1 crore payout)
- Increasing Sum Assured (coverage grows over time)
- Riders: Accidental death benefit, critical illness (optional)
How Much Does a 1 Crore LIC Term Insurance Cost?
The premium for a 1 crore LIC term plan depends on your age, health, smoking habits, and policy term.
To give you a rough idea:
- Age 25, Non-Smoker, ₹1 crore cover for 30 years
– Premium: ₹8,000 to ₹10,000 per year (approx.) - Age 35, Non-Smoker, ₹1 crore cover for 25 years
– Premium: ₹14,000 to ₹17,000 per year (approx.) - Age 45, Non-Smoker, ₹1 crore cover for 20 years
– Premium: ₹22,000 to ₹28,000 per year (approx.)
These are sample estimates and can vary. It’s best to get a personalized quote from the LIC website or agent.
Who Should Buy a 1 Crore Term Insurance Plan?
Let’s face it—₹1 crore is no longer a luxury amount, especially with rising inflation. If you are the primary earner in your family, this plan can be a lifeline for your loved ones.
Here’s who must consider it:
- Working professionals in their 20s, 30s, or early 40s
- People with home loans or education loans
- Young parents with dependent kids
- Anyone with dependents and no financial backup
Remember: The younger and healthier you are, the cheaper your premiums will be.
LIC vs Private Companies: Which One is Better for ₹1 Crore Coverage?
You might be wondering — “Should I choose LIC or a private insurer?”
Private companies like HDFC Life, Max Life, and ICICI Prudential also offer 1 crore term plans, sometimes at slightly lower premiums.
However, LIC stands out in:
- Brand trust
- Claim settlement history
- Government backing
If peace of mind, long-term credibility, and zero worries during claim settlement are your top priorities, LIC is worth the extra premium.
Things to Check Before You Buy
Before you jump in and purchase the plan, keep the following points in mind:
- Always disclose your correct medical and lifestyle information.
- Choose the right policy term – ideally till the age of 60-65.
- Decide if you want riders like accidental or critical illness.
- Compare premiums on the LIC website vs an agent.
- Don’t delay — premiums increase as you age.
How to Buy LIC’s 1 Crore Term Insurance Plan Online?
Buying LIC’s Tech Term Plan is simple and 100% online.
Here’s how:
- Visit LIC’s official website
- Select “Buy Online Plans” → Choose “Tech Term”
- Enter your details
- Choose ₹1 crore sum assured and desired tenure
- Make the payment and schedule a medical test
You’ll receive the soft copy of your policy after approval.
You can also visit your nearest LIC branch or contact a certified LIC agent for offline support.
Final Thoughts
One term insurance plan of 1 crore issued by LIC is among the smartest financial purchases you need to do in order to secure your families future. It acts as a pillar in hard times in terms of assisting in settling debts, education, and a stable life even when you are not around.
Yes the premiums might be slightly higher than some of the other players in the market, but in terms of long-term comfort and ease of process in terms of making claims LIC has no competition.
If you’re serious about securing your family’s tomorrow, don’t wait.
Get your ₹1 crore LIC term plan today.
Braj Verma is a resident of Rajgarh in Madhya Pradesh and is a content writer and freelancer by profession. He has a degree in Political Science from Barkatullah University, Bhopal. He has expertise in subjects like credit cards, banking, loan, insurance, political analysis and digital marketing.