Buy 3 Crore Term Insurance Plan Online in India
A term insurance plan for ₹3 Crore has become a popular choice among individuals looking to secure their family's financial future with a substantial safety net. In the event of the policyholder's untimely demise during the policy term, this plan ensures that the loved ones receive a lump sum amount of ₹3 Crore, offering them much-needed financial stability.
But what exactly is a ₹3 crore term insurance plan, and how does it work to provide such a substantial safety net? Let's explore this crucial financial tool in detail.
Quick Summary
AI Generated
- Suitable for individuals earning ₹18 - 25 lakhs annually, based on the 12 - 15x recommended income multiplier for financial protection.
- Covers primary financial responsibilities like children's education (including overseas), healthcare, lifestyle continuity, and debt repayment.
- Buying in your late 20s or early 30s lacks in lower premiums and better underwriting, especially if medicals are cleared early.
- Offers flexibility through add-ons like critical illness, accidental death, or waiver of premium to adapt to evolving life needs.
- Provides the option to increase coverage at life milestones (like marriage or childbirth), which helps evolve responsibilities without buying a new policy.
Table of Contents
What is a 3 Crore Term Insurance?

What is a 3 Crore Term Insurance?
A ₹3 Crore Term Insurance plan is a type of life insurance policy where the insurer promises to pay your nominee a lump sum of ₹3 crore if you, the policyholder, pass away during the policy term. It is a pure protection plan, meaning it offers no maturity or survival benefits; its sole purpose is to provide financial security to your family in case of your untimely death.
Since term insurance is a no-frills product, its premiums are relatively affordable, making it one of the most cost-effective ways to secure large coverage. For instance, a healthy 30-year-old non-smoker can get a ₹3 crore cover for as low as ₹1,000 to ₹1,500 per month. You can also enhance the policy by adding riders like critical illness, accidental death, or waiver of premium benefits.
Why You Might Need a ₹3 Crore Term Insurance Plan?
Choosing a ₹3 crore term insurance plan isn’t random; it’s based on how much money your family would need if something happened to you, and what loans or expenses you currently have. Here’s why such a big cover might make sense:

Income Replacement
Your income plays a vital role in maintaining your family's lifestyle, covering daily expenses, and funding future goals. If you are the primary earner, a ₹3 crore policy can effectively replace your income for many years, allowing your family to continue living without a drastic change in their financial standing.

Financial Protection for the Family
This is the primary and most significant benefit. A ₹3 crore payout provides immense financial relief, allowing your family to maintain their standard of living, meet daily expenses, pay off debts, and pursue their life goals without financial distress.

Takes Care of Liabilities and Debts
Mortgages, car loans, personal loans, or any other significant debts can become a huge burden on your family if you're no longer there to pay them off. A ₹3 crore sum assured can ensure that all outstanding debts are cleared, freeing your loved ones from financial liabilities.

Future Financial Goals
Education for children, their marriages, or your spouse's retirement planning are long-term goals that require substantial funds. A well-chosen term plan ensures that these aspirations aren't derailed due to unforeseen circumstances.

Inflation
The cost of living and education rise over time. A higher sum assured, like ₹3 crores, accounts for future inflation, ensuring that the payout retains its purchasing power when your family needs it most.

High Coverage at Affordable Premiums
One of the most attractive features of term insurance is that it offers a high sum assured at relatively affordable premium rates compared to other life insurance products. This affordability makes it accessible for individuals who want to provide substantial financial protection without breaking the bank.

Premium Payment Flexibility
Many insurers offer various premium payment options, allowing you to choose what suits your financial situation best. You can opt for regular payments, limited pay (paying premiums for a shorter period than the policy term), or even a single lump sum payment.

Additional Benefits with Riders
You can add riders or additional benefits, such as critical illness cover or accidental death benefits, for enhanced protection.

For Non-Resident Indians (NRIs)
Term insurance is especially vital for NRIs who support their families back in India. A ₹3 crore plan can be an ideal solution, offering comprehensive coverage that transcends geographical boundaries and provides a robust financial safety net for dependents in their home country.

Tax Benefits
Premiums paid towards term insurance plans are eligible for tax deductions under Section 80C of the Income Tax Act in India. Death benefits the nominee receives are tax-free under Section 10(10D).
Illustration of 3 Crore Term Insurance
Let us take the Example of Mr Rajiv.
Rajiv, a 30-year-old, purchases a term life insurance plan with a sum assured of ₹3 crores and a policy tenure of 35 years. He diligently pays his premiums, and his wife is the nominee for this policy.
Understand the Scenarios of ₹3 Crore Term Insurance
Death During the Policy Term
Outliving the Policy Term
Is a ₹3 Crore Term Insurance Plan Enough for You?

Is a ₹3 Crore Term Insurance Plan Enough for You?
It depends on your family's financial needs. Start by evaluating your family's annual expenses, including daily living, education, and any outstanding debts.
Then, estimate how many years they'd require financial support, perhaps until dependents are independent or debts are settled. Multiplying these annual needs by the support duration provides a baseline. This helps ascertain if ₹3 crores adequately covers these long-term responsibilities.
A quick rule of thumb: aim for coverage that's 15 times your annual income. For example, if you earn ₹20 Lakhs annually, a ₹3 Crore term plan (15 x 20 Lakhs) often aligns with this recommendation. You can also use Digit’s term insurance calculator, which can offer personalised projections based on your age and income.
Why You Shouldn’t Wait to Buy Term Insurance?

Here’s a concise 4‑point breakdown of the video:
1. Lock in Low Premiums Early: Buying term life insurance in your 20s or early in your career secures much lower premium rates, which remain fixed over the policy term.
2. Guarantee Term Conversion Options: Many term policies offer conversion to permanent insurance later, providing flexibility as your financial needs evolve.
3. Fixed Coverage Meets Essential Needs: A term policy locks in coverage for 20–30 years, ensuring protection for dependents during critical income-earning years.
4. Buying Now Beats Waiting: Delaying can mean higher costs or health changes that increase premiums or disqualify you, so early purchase is a smart financial decision.
Who Should Buy a 3 Crore Term Insurance Plan?

High-Income Professionals
If your annual income is ₹15-25 lakhs or more, you may qualify and need higher coverage to match your lifestyle and financial responsibilities.

Primary Breadwinners
If your family depends entirely on your income, this plan ensures they can maintain their lifestyle and pay off debts if something happens to you.
Young Parents
Young parents must buy a term plan of at least 1 crore to secure their child's future. This will ensure that your child's education and other needs do not go for a toss if you are not there with them.

Individuals with Home Loans
If you have taken a home loan and are paying off the EMIs, that loan can burden your family in case of your unfortunate demise. These days, in any city, a decent home costs at least 3 crores. Hence, ensure that you purchase a Term Plan of ₹3 crore, dedicated to safeguarding your home.
Small Business Owners
If you are in business, most of the expenses are on credit, and at any given time, you might find yourself in debt. If it is a small business, 3 Crore Term Insurance plan might suffice to take care of these debts in case of your untimely demise and make sure that your family does not have to deal with this pressure of debts at a time when they are dealing with a personal loss.

Senior Investors
Senior individuals, especially those nearing retirement whose major life goals, such as purchasing a house and educating their children, are behind them, can consider buying a 3 Crore coverage. This will provide financial protection to their dependent spouse and others in case of their unfortunate demise and take care of any pending milestones like their children’s marriage.

Individuals with Education Loans
If you have taken out an education loan, your family may face the challenge of repaying it if something happens to you unexpectedly. A term insurance policy of ₹3 crore can offer significant protection, helping to settle the remaining education loan and easing your family's financial burden.
Why Choose Digit?
Why Choose Digit?
- Transparency Policy Wording - No hidden clauses. No jargon. Just clear terms and real coverage. What you see in your policy is exactly what you get, so there’s no second-guessing when it counts.
- Quick Online Processes - From policy purchase to claim filing, everything happens online; no paperwork, no running around. You get a smooth, fast process backed by human support when you need it.
- Worldwide Claim Support - Your family can still claim online if something happens to you outside India, without running around with fast claim process and support across time zones. T&C*.
- Eligible for NRIs of Indian Origin - NRIs of Indian origin can buy a plan while in India and manage it from anywhere. Premiums can be paid through NRE/NRO accounts, and coverage remains valid globally.
Complimentary Wellness Benefits for Digit Life Customers
With your Digit Life Insurance, you also get exclusive access to a wide range of wellness perks, making taking care of yourself easier and more affordable:
Unlimited 24×7 Teleconsultations with General Physicians
Get expert medical advice anytime, anywhere.
Mental Health Consultation & Services
Speak to top specialists in Mental Health, Women’s Health, Diet & Nutrition, and more, at flat 50%!
Diagnostic Tests & Health Check-Ups
Specialist Teleconsultations
Speak to top specialists in Mental Health, Women’s Health, Diet & Nutrition, and more, at flat 50%!
Women's Health Care Programs
Pregnancy Care Programs, access to Mum Support Group, PCOS/PCOD Care Programs, Maternity Support and much more!
Physiotherapy Sessions
Stress and Pain relief covered with exclusive discounts on Physiotherapy consultation and session bookings.
Dental Consultation Offers
Avail unlimited, free dental consultations and exclusive discounts on dental treatments.
Sexual Wellness
Chronic Care Support Programs
Personalized assistance for long-term health conditions.
How to Buy Digit Term Insurance Policy Online?
The five easy steps to buy term life insurance plans are as follows:

Visit Digit Website/App
Visit the official Digit Life Insurance website or app and compare the types of life insurance policy options.
Enter Details
Fill in your personal information, share your lifestyle habits, date of birth, annual income, and mobile number.
Coverage & Payment
Now it’s time to choose your ideal coverage, premium payment methods, and any additional benefits you want!
Payment & KYC
Complete your payment, and then finish the KYC process and fill in your nominee details.
Access Documents
Congratulations! Your policy documents will be sent to your email and WhatsApp. You can also access it 24/7 on the Digit App.
Eligibility Criteria for a 3 Crore Term Insurance
The exact eligibility criteria may vary slightly between different insurance providers. The following table provides a general overview.
Documents Required to Buy a Term Life Insurance Policy
When buying a term life insurance policy, you must provide several important documents. Here's a list of the key documents typically required:
Identity Proof
Age Proof
Address Proof
Income Proof
Photographs
Medical Reports
Things to Consider When Choosing a 3 Crore Term Insurance Plan

Things to Consider When Choosing a 3 Crore Term Insurance Plan
Selecting the right ₹3 crore term insurance plan requires careful consideration of several factors to ensure it aligns perfectly with your needs and provides optimal protection.
Claim Settlement Ratio (CSR)
The IRDAI (Insurance Regulatory and Development Authority of India) regularly publishes the claim settlement ratios of all insurance companies. The CSR indicates the percentage of claims an insurer has settled out of the total claims received in a financial year.
A higher ratio signifies a more reliable and trustworthy insurer, as it indicates their efficiency and commitment to paying out claims. Always aim for an insurer with a consistently high CSR.
Riders Offered
Riders enhance your policy's coverage. Evaluate the types of riders available with different plans and choose those that address your specific concerns and potential risks. For example, if you have a family history of critical illnesses, a critical illness rider might be highly beneficial.
Policy Tenure
Decide on a policy term that covers your active earning years and until your major financial responsibilities (e.g., children's education, loan repayments) are likely to be fulfilled. Some plans offer coverage for a limited period, while others provide whole-life coverage.
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Common Reasons for 3 Crore Term Insurance Plan Rejection

Common Reasons for 3 Crore Term Insurance Plan Rejection
Certain factors might lead to rejection when applying for a 3 Crore term insurance plan. Knowing these can help you prepare and address any issues before applying.
- Suicide: Most insurance policies include a suicide clause, stating that if the policyholder commits suicide within the first one or two years, the claim won’t be paid. If the insurer suspects the application is an attempt to exploit this, they might reject it.
- Participation in Hazardous Activities: If you participate in high-risk activities like skydiving, scuba diving, or motor racing, insurers may either reject your application or charge you higher premiums due to the increased risk.
- Self-Inflicted Injuries: Policies often exclude coverage for death due to self-inflicted injuries. If there's evidence that the applicant has a history of self-harm or attempted suicide, the insurer may deny coverage.
- Criminal Activities: Death resulting from criminal activities is usually not covered. If you have a criminal record, insurers may reject your application to reduce their risk.
Read More
How to Download Term Insurance Policy Document With Digit App?
Need a copy of your term life insurance policy document? You can download it easily through the Digit App by following these simple steps:

Login Your Account
Visit the Digit website or app and click on ‘Login’ at the top-right corner. Enter your registered mobile number and verify with OTP.
Visit ‘Active Policies’
Once logged in, navigate to the Active/My Policies section. Here, you can check the policy number, end date & start date.
Download the Policy
Done! You can save, share, print or email the policy for future reference anytime, anywhere.
How to File a Claim with Digit?
How to File a Claim with Digit?
Filing a Claim for your Digit Term Insurance can feel overwhelming during challenging times, but understanding the step-by-step process can help ensure ones receive the financial support one needs promptly and efficiently:
Inform Digit Immediately
Notify us about the occurrence of the claim event as soon as possible. You can do this by contacting via helpline at 1800-296-2626 or emailing lifeclaims@godigit.com.
Submit Required Documents
Provide necessary documents such as death certificate, policy document, valid ID proof of the nominee and claim form duly filled and signed.
Receive Claim Acknowledgment
After submitting the documents, you will receive an auto-generated ticket number for your claim.
Claim Settlement
Digit will verify the documents and assess the claim. Once the claim is approved, you will receive updates via SMS, email, or through the app, and the company will process the payout to the beneficiary's account.
What Happens if You Survive the Policy Tenure?

What Happens if You Survive the Policy Tenure?
A key characteristic of a pure term insurance plan is that if you outlive the policy tenure, the life coverage ends, and you do not receive any benefits. The premiums you paid covered the cost of insuring your life for that specific period.
However, some term plans come with a "Return of Premium (ROP)" option. If you opt for a Term Plan with Return of Premium and survive the policy tenure, you will receive all the premiums paid back at maturity.
While this sounds appealing, ROP plans generally have higher premiums than pure term plans, as they offer this additional benefit. It's crucial to weigh the cost difference against the benefit of receiving premiums back.
99.53% Claim Settlement Ratio For Digit’s Life Insurance in FY 2024-25

99.53% Claim Settlement Ratio For Digit’s Life Insurance in FY 2024-25
When life takes an unexpected turn, every second matters. With a 99.53% Claim Settlement Ratio (CSR), Digit Life Insurance stands as a pillar of trust and reliability. This isn’t just a statistic; it’s a promise to our policyholders.
Every claim tells a story. Whether it was a salaried parent overcoming loss, a child’s future hanging in the balance, or a spouse seeking stability, we acted fast to bring peace of mind to grieving families.
That’s why we are committed to settling genuine claims swiftly, transparently, and with compassion, ensuring that your loved ones receive the support they need when it matters most.
₹2.88 Billion Worth Claims Paid in FY 2024-25

₹2.88 Billion Worth Claims Paid in FY 2024-25
At Digit, we don’t just talk about protecting families; we actually do it. In the last financial year, we paid ₹2.88 billion to families who lost a loved one. That’s a big jump from ₹351.52 million a few years ago, showing how much we have grown and how seriously we take our promise.
Every payout represents a family supported, a future safeguarded, and a promise fulfilled. We make sure claims are settled quickly and clearly, with zero confusion, so families don’t have to worry during tough times.
15,000+ Claims Settled in FY 2024-25

15,000+ Claims Settled in FY 2024-25
Solvency Ratio for Digit's Life Insurance in FY 2024-25 is 3.85

Solvency Ratio for Digit's Life Insurance in FY 2024-25 is 3.85
At Digit, being financially strong isn’t just a goal; it’s how we earn your trust. Our solvency ratio has grown from 2.07 to 3.85, which means we are more than ready to keep every promise we make.
This number shows we have more than enough funds to pay claims and support families, even in tough times. In fact, our ratio is nearly double the required limit, giving you extra peace of mind.
Because when you choose life insurance, you are not just buying protection; you are trusting us with your family’s future. And we take that seriously.
Disclaimer: This report offers an overview of Digit Life Insurance’s performance, highlighting the growth in premiums, solvency ratio, and claims settlement metrics (CSR, claims paid, and claims settled), based on the company’s FY 2024-25 internal data. The information is intended for general awareness only and should not be considered financial advice. Past performance may not reflect future outcomes.
Tax Benefits for 3 Crore Term Insurance Policies
Section 80C: Premium Payments
Section 80C: Premium Payments
- Deduction Limit: Under Section 80C, the premium paid for a term insurance policy is eligible for a tax deduction, subject to a maximum limit of 1.5 lakh INR per financial year.
- Eligibility: To qualify, the premium must not exceed 10% of the sum assured if the policy is issued on or after April 1, 2012. The premium should not exceed 20% of the sum assured for policies issued before this date.
- Applicability: This deduction is applicable to individuals and Hindu Undivided Families (HUFs).
Section 10(10D): Maturity Benefits
Section 10(10D): Maturity Benefits
- Tax Exemption: Any sum received under a term insurance policy, including the death benefit, is fully exempt from tax under Section 10(10D).
- Conditions: This exemption is applicable only if the premium paid does not exceed 10% of the sum assured for policies issued on or after April 1, 2012. The premium should not exceed 20% of the sum assured for policies issued before this date.
- TDS: If the policy does not meet the criteria mentioned above, a 5% tax deduction at source (TDS) will be applicable on the payout if it exceeds 1 lakh INR in a financial year.
Section 80D: Health Riders
Section 80D: Health Riders
- Deduction for Health Riders: If the term insurance policy includes health-related riders such as critical illness or accidental death benefit riders, the premium paid towards these riders is eligible for a tax deduction under Section 80D.
- Deduction Limit: The deduction limit under Section 80D is up to 25,000 INR for individuals under 60 and 50,000 INR for senior citizens. This limit is in addition to the limit under Section 80C.
Explore Essential Term Life Insurance Tips
A ₹3 crore term insurance plan is a powerful tool for safeguarding your family's financial future. It offers substantial coverage at affordable premiums, ensuring that your loved ones can maintain their lifestyle, pay off debts, and achieve their dreams even in your absence.
By carefully considering factors like claim settlement ratio, available riders, your personal financial needs, and eligibility criteria, you can choose the right plan that provides invaluable peace of mind. Investing in a term plan is not just about protecting your family financially; it's about giving them the security and stability they deserve, no matter what life brings.
FAQs about 3 Crore Term Insurance Plan
What is a ₹3 Crore Term Insurance Plan?
Can I buy a ₹3 crore term insurance plan jointly with my spouse?
What documents are required to apply for a ₹3 crore term insurance plan?
To apply for a ₹3 crore term insurance plan, you will generally need:
- Identity proof (Aadhaar, PAN, Passport)
- Address proof
- Income proof (ITR, salary slips, Form 16)
- Medical reports (if applicable)
- Passport and visa (for NRIs)
Is it possible to convert a term plan into a whole life or endowment plan later?
What if I want to change my nominee later?
What if I want to split the ₹3 crore cover across multiple nominees?
What is the impact of GST on term insurance premiums?
Can I buy a ₹3 crore term plan directly online without an agent?
Who should buy a ₹3 crore term insurance plan?
What is the minimum and maximum age to buy ₹3 crore term insurance plan?
How much premium will I pay for a ₹3 crore cover?
Can I increase or decrease term insurance cover later?
Is medical test compulsory for ₹3 crore term plan?
What happens if I survive the term of the ₹3 crore term insurance policy?
Can I add riders for extra protection in a ₹3 crore term insurance policy?
How is the ₹3 crore term plan claim processed after the policyholder's death?
Are there tax benefits on premiums paid for a ₹3 crore term insurance plan?
What factors affect the premium for a ₹3 crore term plan?
How can I compare ₹3 crore term insurance plans online?
Can NRIs purchase a ₹3 crore term insurance plan in India?
Will the claim be paid if death occurs outside India?
What is the free-look period in a ₹3 crore term insurance policy?
What happens if I miss a premium payment or the premium due date?
Can I choose different premium payment modes (monthly/quarterly/yearly)?
Is accidental death covered under a standard ₹3 crore term plan?
Can I surrender or cancel my ₹3 crore term insurance policy before maturity?
Can pre-existing medical conditions affect my eligibility for a ₹3 crore term plan?
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