A 5 Crore life insurance is a financial product that provides a life cover worth Rs. 5 Crore and gives you a chance to grow your wealth over time. With this plan, in case of your unfortunate death within the policy tenure, your family will receive a death benefit of Rs. 5 Crore to take care of their financial obligations. If you outlive the policy term, you will receive the entire amount as a maturity benefit and can use this payout to fulfill your life goals or pay for your child’s higher education or marriage. Let us see the available 5 cr life insurance plans in India.Read more
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Here is a list of all the 5 cr life insurance plans available in India:
|5 cr life insurance
|Maximum Maturity Age
|ICICI Prudential iProtect Smart
|18 - 65 years
|Bajaj Allianz eTouch
|18 - 45 years
|10 - 81 years
|PNB MetLife MAS
|18 - 65 years
|10 - 40 years
|Kotak e-Term Plan
|18 - 65 years
|5 - 40 years
|Aditya Birla DigiShield Plan
|18 - 65 years
|5 - 55 years
Note: You can use a term life insurance calculator to estimate the premium amount for your life insurance plan.
Let us take a look at all the ways in which purchasing a 5 cr life insurance can benefit you:
Affordable Premium Rates: You can get a 5 cr life insurance at affordable premium rates as low as Rs. 1,857 payable monthly, with life cover till 60 years of age. You can also use the 5 crore life insurance policy premium calculator to estimate the premium amount for the life insurance plan.
Easy Online Comparision: Purchasing a 5 cr life insurance online provides you with the benefit of comparing plans from different insurers easily. This way you can compare term plan online on the basis of CSR values, premium rates, and policy terms, before buying the plan that fits your needs.
Financial Security: Life insurance plans provide your family with the necessary financial protection in case of your unforeseen death during the policy term. If you suffer an unfortunate death within the policy tenure, your family will be offered Rs. 5 Crore as a death benefit to maintain their existing quality of life.
Wealth Creation: One of the main benefits of a 5 cr life insurance is its wealth creation benefit. Life insurance plans allow you to receive a payout as a maturity or survival benefit at the end of the policy term. You can use this amount to beat inflation or secure your post-retirement life.
Add-on Riders: You can customize your life insurance plan to fit your requirements by adding riders to the base plan. There are several rider options available such as Critical Illness Benefit rider, Accidental Death Benefit rider, Accidental Total and Permanent Disability Benefit rider, Waiver of Premium rider, and Terminal Illness rider.
Flexibility of Payout: You can select as per the T&Cs of your plan, to receive the life insurance payout in a lump sum amount, income + lump sum amount, and income paid over 5/10 years.
There are various factors that affect the 5 crore life insurance premium rates. Some of them are:
Age: The premium rates for a 5 crore life insurance policy increase with age, therefore it is advised to purchase the plan as early as possible.
Policy Term: The policy term also affects the 5 crore life insurance premium rates, as the longer the policy term, the higher the premium amount will be.
Premium Paying Term: The shorter the premium payment term will be, the larger will be the premium amount.
Pre-existing Medical Conditions: In case you have any pre-existing medical conditions your premium rates will be higher than someone with no health issues.
Lifestyle Habits: The premium rates will be higher if you are a heavy smoker or drinker. There are various life insurance plans that offer special premium rates for non-smokers.
Gender: Many life insurance plans offer special premium rates for female customers as women tend to live longer lives than men.
You can take a look at the following factors before determining your appropriate life cover amount.
Your Annual Income: As mentioned above, by the general rule of thumb, you should purchase a life insurance plan with a life cover of at least 15 to 20 times your annual income.
Financial Dependants: You would require a larger life cover if you have family members financially dependent on you. A 5 crore life insurance policy will be suitable for you in case of your unfortunate death, your family members will be able to take care of their life-long goals, pay for their fees and pay for any medical emergencies.
Loans and Liabilities: In case you have any outstanding loans, your family can use the payout from a 5 Cr life insurance to pay off any pending debts or other financial obligations in your absence.
Here is how you can secure your family by purchasing a 5 cr life insurance plan:
Step 1: Visit the life insurance page
Step 2: Enter basic information about your name, date of birth, contact number, and click on ‘View Plans’
Step 3: Answer questions about your educational background, annual income, occupation type, and smoking habits
Step 4: Select the most suitable plan and proceed to pay
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