5 Crore Term Life Insurance Plans

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. 

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What is a 5 Crore Term Insurance?

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.

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How Much Life Cover is Enough?

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.

Best Term Insurance Plans for 5 Crore

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.

Why buy Term Insurance early?

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

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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Will Rs. 5 Crore Term Insurance Policy is Enough?

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.

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Factors Affecting the Cost of 5 Crore Term Life Insurance

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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