What is the Eligibility for Buying 1 Crore Term Insurance Plan in India?

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Last Updated on March 5, 2024 by Nasir Hanif

If you are venturing to find out good 1 crore term insurance plans, you are on the right track to financially protect your family and dependents. But there are several things new term insurance plan buyers and even existing policyholders must know before buying such plans. These mainly include the eligibility criteria to purchase a term insurance plan. Read on if you want to learn more about these eligibility criteria for buying a 1 crore term insurance plan in India.

The 6 Major Eligibility Criteria for Buying 1 Crore Term Insurance Plan in India

By providing the customer with a 1 crore term insurance plan, the insurer is taking a high risk due to the large life cover. So, to make sure they don’t have any additional risks, they ensure all the details of the potential policyholder through some criteria. Below are some standard eligibility criteria that 1 crore term insurance plans usually have.


First and foremost, to get a term insurance plan in India, the policyholder must be an Indian citizen. Some special case policies are also available for NRIs and foreign nationals, but they have similarly special pricing and policy T&Cs.


The age limit to purchase a 1 crore term insurance plan is between 18 and 65 years. It is the age criteria that the IRDAI suggests. But if the insurer wants, they can increase it at their own risk. And the age limit till when the policy is valid depends on the policy itself. Some policies have lifetime validity, and some have limited validity. The limited validity ones usually end when the policyholder turns 85.

Health Conditions

The potential policyholder must prove that they are in good health by submitting a medical examination certifying the same. Such medical examinations are a must in a term insurance policy with a critical illness cover and can also be at a medical centre of the insurer’s choice.

Proof of Income

Sometimes the policyholder pays the premiums, and sometimes the parents or relatives pay the premium. In both cases, income proof of whoever pays for the policy is necessary. It is to verify that they have the required income to continue paying for the policy until the term-end.

Tobacco Usage

Usually, tobacco users are not eligible for term insurance. And even if they qualify, their premium amount will be substantially higher than the one for a non-tobacco user. This high premium amount compensates for the increased risks the insurer takes by providing a vulnerable person due to tobacco-related diseases and eventual demise.

Necessary Documents

Every insurer will also require a different set of documents as per company rules and regulations before approving a policy application. These documents include proof of identity, age, residence, bank details, and nominee’s credentials.

Now you must know the eligibility to purchase a 1 crore term insurance plan. After learning it, you can now move on to the next step, i.e., comparing plans to select the best term insurance plan.

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