SPY trades for $278.
$278*0.75 (25% down move) = $208.5.
June 29 2018 expiry $208 SPY options cost about $0.74. That's 0.26% of your investment for 6 month's of protection, which seems like pocket change. BUT that insurance has a high long term cost. Annualized it comes out to about 0.5%, which compounds over time to take away a good bit of your upside. Over 20 years, 0.5% gives away about 10% (assuming a 6% return). Over 30 it takes away 14%.
Note that if the market drops 30% (278*0.7=$194) then the puts would be worth about $14 or 18.5x your cost, not quite the 100x you're looking for. If you go shorter term you'd increase the payout, but it will be even less likely.
I call this "sacrifices to the hedging gods". Rarely does it pay off. It's basically a form of insurance. If you put 1% in this type of thing every six month's for 30 years you'll sacrifice 45% to the hedging gods (assuming there is no drawdown that allows them to pay off). I'll get you a better estimate of % of 6 month rolling periods with a drawdown of 25% or more at another time when I have the data.
Additionally, you have "roll risk" which means the puts may only cost 0.2% of your investment for this 6 month period, but that may not necessarily be true 1 year from now or 2 years from now or 3 months from now. It can and likely will cost more (vol is historically low therefore it's historically cheap to hedge).
My point is your asking about "tail risk hedging/protection against a severe market drawdown". That exists in pure form: out of the money options on indices. But it's quite expensive over time and going overboard can be hazardous to your long term wealth.
Like the thread on "how to invest in oil futures", I can answer it directly and literally, but it's kind of like telling you the cheapest/best place to buy cigarettes. I may be factually correct in telling you how/where to buy them, but that doesn't mean they are good for you.