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Are you looking for an affordable way to protect your family's financial future? A 20 lakh term insurance plan provides a payout of Rs 20 Lakhs significant safety net at a budget-friendly price, ensuring your loved ones are secure, even if you're not around.
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A 20 lakh term insurance policy provides a death benefit of ₹20 lakh to your beneficiaries if you pass away during the policy term. The payout should help your family members to pay off debts and maintain their living standards. Term insurance is a cost-effective way to ensure your family can:
Cover essential expenses
Pay off outstanding debts
Manage mortgage payments
Fund children's education
Replace lost income
Term Plans
Choosing the right life coverage can feel overwhelming. While we can't predict our future needs, certain calculations can help us estimate the right amount. One method considers Human Life Value (HLV) which calculates the present value of future income, expenses, investments, and liabilities. A common rule of thumb is to opt for coverage 10 to 15 times your annual salary. For instance, a 50-75 lakh policy would be suitable for someone earning ₹5 lakh per year (approximately ₹41,666 per month). This amount should also support your loved ones in managing debts and coping with inflation.
You can also calculate your premiums using a term insurance calculator
Apply: You apply for a plan with an insurance company.
Assessment: The company assesses your eligibility and premium based on factors like age, health, and lifestyle.
Premiums: You pay regular premiums to keep the policy active.
Death Benefit: If you pass away during the policy term, your beneficiaries receive the ₹20 lakh death benefit.
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Affordable Premiums: Term insurance plans are known for their cost-effectiveness, providing high coverage at relatively low premiums.
Financial Security: In the event of the policyholder's demise, the sum assured ensures that the family can meet their financial obligations without compromising their standard of living.
Flexibility: Offers various payment options to suit your budget.
Add-ons: You can enhance your coverage with riders like critical illness or accidental death benefits.
Tax Benefits: Premiums paid towards term insurance are eligible for tax deductions under Section 80C of the Income Tax Act. Additionally, the death benefit received by the nominee is tax-free under Section 10(10D).
A 20 lakh term plan is a good option if:
You have financial dependents.
You want an affordable way to secure your family's future.
You have outstanding debts or financial obligations.
Finding the right Rs. 20 lakh term insurance plan involves more than just a quick search. Here are the key things to keep in mind:
Compare Premiums: Term insurance is known for being affordable, but prices can still vary between insurers. Check around and compare quotes to find the best plan.
Check the Claim Settlement Ratio: This claim settlement ratio tells you how reliable an insurer is at paying out claims. Look for a high percentage, which means they're more likely to approve your family's claim if needed.
Explore Add-ons: Want extra protection? Many inrers offer add-ons or riders that can increase your coverage. These might include things like critical illness coverage or accidental death benefits.
Term insurance is crucial in financial planning, ensuring financial security for individuals and their families in case of unforeseen events. A ₹20 lakh term insurance plan offers substantial coverage, but deciding if it’s the right choice depends on various factors.
Young professionals who are the main earners in their families should consider a ₹20 lakh term insurance plan. Since their income supports dependents, having adequate life coverage ensures financial stability for their loved ones in their absence.
Married individuals with dependents, such as spouses and children, can benefit from a ₹20 lakh term insurance plan. The policy’s death benefit acts as a financial cushion, helping the family maintain their lifestyle and achieve future goals even after the policyholder's demise.
People with outstanding loans, such as home loans or personal loans, should opt for a ₹20 lakh term insurance plan. In case of the insured's passing, the payout can be used to clear debts, preventing the financial burden from shifting to family members.
Entrepreneurs and self-employed individuals often have irregular income patterns and may not have employer-provided life insurance. A ₹20 lakh term insurance plan ensures adequate coverage to protect their families and businesses from financial instability.
A ₹20 lakh term insurance plan is an excellent choice for individuals seeking budget-friendly life insurance without compromising on the sum assured. Since term insurance is cost-effective, it allows policyholders to secure significant coverage at a low premium.
Individuals can safeguard their family's financial future and ensure peace of mind by choosing the right term insurance plan.
A 20 lakh term insurance plan is a prudent choice for individuals seeking substantial coverage at affordable rates. It ensures that your family's financial future remains secure, allowing them to navigate life's challenges without added financial stress.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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