A term insurance policy is one of the easiest ways to protect your family’s future. The right life insurance cover ensures your loved ones are financially secure if you pass away within the policy period. However, what level of cover should you pick? Many people find themselves choosing between a 75 lakh term insurance plan and a 1 crore policy. The truth is, there isn’t a single answer that fits everyone. The best choice depends on various factors such as your income, debts, lifestyle, and what you want your family’s financial future to look like.
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If you’re asking yourself, “Is 75 lakh term insurance sufficient?”, here’s a quick guide to see who each option may suit better:
| ₹75 Lakh Cover | ₹1 Crore Cover |
| Works well if you have limited debts or modest family responsibilities. | Recommended if you have a home loan, children’s education costs, or other long-term commitments. |
| A budget-friendly option when you’re just starting your career. | Provides peace of mind knowing your family is well-protected even decades from now. |
Rahul, 28, earns ₹10 lakh annually. He supports his parents but has no significant debt. For him, a 75 lakh term insurance policy could be sufficient to pay for everyday costs and give his parents security without having to pay high premiums.
Amit, 35, earns ₹15 lakh per year. He has a home loan of ₹40 lakh and two young children. A 1 crore term insurance policy is better suited in this situation because it covers the debt and guarantees sufficient funds will be left over for the family's lifestyle and his children's schooling.
Arjun, 38, wants to create a safe retirement fund for his spouse and plans for his children's further education overseas. A term insurance plan of 1 crore is a preferable choice for such long-term obligations because it provides solid financial protection for the family's future.
Take into account the following criteria when choosing between a 75 lakh and a 1 crore plan:
Choosing a term insurance policy that is at least 15 - 20 times your annual income is a straightforward guideline.
Greater coverage, like a 1 crore life insurance policy, guarantees that your family will not have financial difficulties repaying large liabilities, such as home or car loans.
Examine your family's monthly spending, tuition, medical expenses, and cost of living. Check if ₹75 lakh is enough to cover your family’s needs; if it falls short, consider ₹1 crore or higher.
Consider future requirements, such as the marriage or further schooling of your children. A 1 crore term insurance plan gives higher protection to cover these long-term goals.
A 75 lakh term plan usually has lower premiums than a 1 crore plan. Choose a cover that protects your family but also fits into your budget.
Life never stays the same; your responsibilities grow, your goals change, and so do your needs. The ACKO Life Flexi Term Plan is designed to adapt to your changing life stages and financial needs.
Some of the key features include:
₹10 Lakhs to up to ₹90 Crores
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Buy, manage, and claim online without any paperwork involved.
Over 99% of claims get settled, so you can trust the plan.
Add accidental death, critical illness and disability income riders for extra protection.
Make changes to nominees, policy details, and coverage in a few taps.
Choosing between ₹1 crore and ₹75 lakh term insurance comes down to your income, debts, and future plans. Picking the best term insurance policy in India means finding a balance between affordability and the right coverage for your family. As life keeps changing, your insurance should keep up, too. With the ACKO Life Flexi Term Plan, you can start with the cover that fits today and easily increase it as your responsibilities grow. That way, your family’s protection is always just right.
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Reviewed by Vaibhav Kumar Kaushik 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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