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With the rising inflation rate, it is very important to create a financial cushion for your loved ones.Having financial backup becomes even more important if you are the only breadwinner of your family. A term insurance plan is the best way to ensure a financially secure future for the family. Moreover, if you are the only earning member of your family and have dependents to be taken care of then you should opt for a term insurance plan which provides higher insurance coverage of up to 1 crore or more.Read more
A term insurance plan not only offers a death benefit to the insured but also ensures financial stability to his/her family in case of any eventuality during the tenure of the policy. The term insurance 5 crore plan is one policy, which guarantees to pay the promised sum assured amount to the beneficiary of the policy in the event of the unfortunate demise of the insured person during the tenure of the policy. A 5-crore term insurance policy works as a protector for the family, takes care of the liabilities of the family, and helps them to fulfill their financial needs.
Whether you purchase a 5-crore term insurance policy or not, it is important to keep in mind that the coverage you choose should be ideally 10 times your annual income. A term insurance plan is the simplest and comprehensive type of life insurance product, which offers the option to buy higher coverage at an affordable premium rate. While purchasing term insurance, it is important to go by this thumb rule, and along with this consider the other important factors like your age, health condition, annual income, dependents, etc. By giving equal attention to all these factors and by comparing the plan quotes online you will be able to choose the most lucrative plan as per your requirement and suitability.
There is a wide range of term insurance plans available in the market, which can be easily customized as per the requirements of the insurance buyers. Every term insurance plan varied from another plan in terms of features, benefits, and premium rates. let’s take a look at the best term insurance plan that offers a sum assured amount up to Rs.5 crore.
|Plan Name||Entry Age||Policy Term||Maturity Age|
|Aegon Life iTerm Plan||18 years/65 years or 50 years||5,15,20-82 years||100 years|
|Aditya Birla Life Shield Plan||18 years/65 years||10 years-50 years||80 years|
|Canara HSBC iSelect +||18 years/65 years||Life option- 5years*-62 years Life Plus Plan option- 10 years-30 years||80years|
|Edelweiss Tokio Zindagi +||18 years/65 years, 55 years||10 years, 15 years- 65 years||80 years|
|Exide Life Smart Term Comprehensive||18 years/60 years||12-30 years||NA|
|Future Generali Flexi Online Term||18 years/55 years||10years-30 years/12 years-30 years||Smokers- 65 years
Non Smokers- 75 years
|HDFC Life Click 2 Protect Plus||18 years/65 years||NA||85 years|
|ICICI Prudential iProtect Smart Plan||18 years/ 55, 65 years||Single Pay- 5-20 years Regular Pay- 5-85 years minus age at entry / whole life- 99 years minus age at entry Limited Pay- 10 years, 15 years- 85 years minus age at entry? Whole life- 99 years minus age at entry.||85 years|
|India First e-Term plan||18 years/55 years||10 years-40 years||80 years, 60 years, 65 years|
|Kotak e-Term Plan||18years/65 years||5 years- 50 years or 75 years minus the age at entry||75 years|
|Max Life Smart Term Plan||18 years/ 44 years or 60 years||10 years- 50 years||85 years or 75 years|
|PNB Metlife Mera Jeevan Suraksha||18 years/65 years||10 years- 40 years, 30 years (for ROI Option)||80 years|
|Reliance Digi Term Plan||Whole Life Secure- 25 years/ 60 years Other option- 18 years/60 years||Whole Life Option- Entire lifetime Other option- 10 years 40 years.||Whole life option- 100 years Other option- 80 years|
|SBI Life eShield||18 years/65 years or 60 years||5 years, 10 years- 80 years, 75 years (minus age at entry)||80 years, 75 years|
|TATA AIA Maha Raksha Supreme||18 years/ 70 years, 65 years & 45 years||Whole Life option- Entire lifetime other option- 10 years- 50 years, 85 years||100 years, 85 years|
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer
When it comes to a term insurance policy, it also works as an income replacement for the family in case of the demise of the insured person along with the benefit of life cover. Furthermore, if you choose to purchase term insurance of 5 crores then it can work as an asset to take care of future liabilities like repaying for a home loan, supporting for child’s higher education, etc. in your absence.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
Choosing an appropriate plan needs a lot of planning and a better understanding of what the plan has to offer. A term insurance plan offers a scope of items to help accomplish your budgetary objectives assurance against vulnerabilities, taking care of obligations, the child’s educational needs, retirement, and so forth. You must recognize your necessities and choose a plan that can fulfill those requirements to the best. Also, keep in mind the future aspects like rising inflation, loan repayments, etc. while purchasing term insurance of 5 crore, remember that higher coverage will help your family deal with these aspects in the case of any eventuality. Thus, the future estimation of cash must be considered for computation while deciding Rs 10 crore life insurance policy cover.
Each person and family's needs are different. If your dependent is your life partner and has a kid, then, a Rs 5 crore term insurance cover, for the most part, will be adequate. On the other hand, if you wish to cover other members of your family, a bigger sum might be required. You should adopt an achievement-based strategy to purchase the right Rs 5 crore term insurance plan.
Below are factors that can decrease or increase your 5 Crore premium outlay:
Policy Term: The higher the tenure of the policy, the higher your total premium amount will be.
Premium payment Term: The shorter your payment term, the higher your instant premium outlay will be. So, the outflow of your total premium will be lower than the regular premium payment option in which PPT is equal to PT
Your current health conditions: If you have any current disability or health condition, your premium amount would be more than others.
Lifestyle habits: If you are a heavy drinker or smoker, your premium for the same money of term coverage would be higher.
Since the premium of the policy increases along with the rising age of the policyholder, it is advised to buy a term insurance plan while being young. Moreover, if the individual is a single earning member of the family and has dependents, they should choose a term insurance plan which provides higher coverage up to Rs. 1crore. To determine the premium amount for such Rs.1 crore term plans, one can use the term insurance premium calculator available online.
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