Term Insurance Plans with Premium of 25 Lakh: Know The Details!

In today’s times, it is essential to take care of one’s health conditions. However, more than taking care of your health, it is important to be prepared for any unforeseen situation. One should plan to secure his/her family and loved ones financially in case he/she is no more to look after them in the future.

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Term insurance is one of the most popular types of insurances in the present market. Finding suitable term insurance holds utmost importance in the life of an individual who has a family or dependent to look after. Term insurance offers wide coverage and ample other benefits making it one of the best investment options for you.

In this article, you will know more about term insurance, and some of the term insurance plans that has a premium of 25 lakhs and more.

What Is a Term Insurance?

Term insurance is one of the purest forms of insurances. An individual can buy a term insurance plan for him/herself so he/she can secure the future of his/her family in case of untimely demise during the policy term.

Term insurance plans offer the best protection coverage to individuals when you compare them with any other type of plan. In technical terms, term insurance policies can be identified as a contract between the insurance provider and the insured person wherein the insurer promises to pay an amount (lump sum), known as Sum Assured if the policyholder dies during the policy tenure.

Key Features & Benefits Of Term Insurance

Key Features	Benefits Offered
Death Benefits	Fixed amount paid to the nominee in case of the untimely demise of the policyholder
Maturity Benefits	Available under Return of Premium option only
Tax Benefits	Available u/s 80C and 10D of the Income Tax Act
Riders Benefits	Rider benefits vary from policy to policy, but the general benefits are: Accelerated Death Benefit Rider Accidental Death Benefit Rider Critical Illness Benefit Rider Accidental Disability Benefit Rider Income Benefit Rider Waiver of Premium Rider
Coverage Against Various Liabilities of Term Insurance	Mortgage, Loans, and other types of debts are generally covered in most of the term policies
Buying Process	Online and Offline
Claim Assistance	Available
Premium Payment Frequency in Term Life Insurance	Annually, Quarterly, Half-Yearly, Monthly, Single
Payout Options of Term Plan	One Time Lump-Sum Plus Fixed Monthly Payouts, One Time Payout, One Time Lump Sum Payment Plus Increasing Monthly Payouts, and Fixed Monthly Payouts
Financial Protection	Protects the family financially in case of the untimely demise of the policyholder
Low Premiums	Large cover at affordable prices. One of the easiest policies with low premiums in the market

Term Insurance Premium Payment Options

The premium amount in the term insurance plan differs depending on the payouts options. There are three premium payout options available under term insurance plans:

Regular Pay

In this, assured is required to pay premiums periodically for the complete policy period. Premiums can be paid Yearly, Half-yearly, or Monthly.
Limited Pay

A policyholder can make recurring payments for a fixed decided time. Premium payment term is less than the policy term under the limited pay option.
Single Pay

This option allows assured to pay the complete premium amount at once during the time of policy purchase.

25 Lakh Term Insurance Premium

Let us discuss some of the term insurance plans that offer a minimum sum assured of Rs.25 lakhs and can go more as per the investments made by the policyholder.

LIC Jeevan Amar Plan

LIC Jeevan Amar is a non-linked, non-participating, offline term insurance plan that offers dual benefits. Along with the benefits of a term insurance plan, it also offers a promising death benefit to the policyholder's family in case of his/her untimely demise.

Eligibility for LIC Jeevan Amar Plan

Parameters	Details
Policy Tenure	10 to 40 years
Premium Paying Term	Regular Premium: Same as the policy term Limited Premium: 10 to 40 years – Policy Term minus 5 years 15 to 40 years – Policy Term minus 10 years
Premium Paying Mode	Quarterly, Monthly, Half Yearly, and Yearly
Entry Age	Min - 18 years (last birthday) Max - 65 years (last birthday)
Maturity Age	80 years (last birthday)
Grace Period	30 Days
Sum Assured	Rs. 25,00,000/-
Liquidity	No liquidity options

*Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product by an insurer or any other financial product.

SBI Life eShield Plan

As the name suggests, SBI Life eShield plan is a technology-friendly, individual, non-participating, non-linked, pure risk protection plan. The plan comes with a dual benefit of:

Level Cover

The protection amount remains the same throughout the policy tenure
Increasing Cover

The protection amount increases over the policy tenure

Eligibility for SBI Life eShield Plan

Parameters	Details
Benefit Structures	Level Cover Increasing Cover
Entry Age	Minimum: 18 years Maximum: Level Cover: 65 years Increasing Cover: 60 years
Maturity Age	80 years (for Level Cover Benefit) 75 years (for Increasing Cover Benefit)
Basic Sum Assured	Minimum: Rs.35,00,000 Maximum: No Limit (Subject to board approved underwriting policy) Sum Assured would be in multiples of Rs.1,00,000
Premium Payment Mode	Yearly, Half-yearly, Quarterly & Monthly
Premium For Non-Yearly Mode	Half-Yearly: 51.00% of yearly premium Quarterly: 26.00% of yearly premium Monthly: 8.50% of yearly premium
Policy Term	Minimum: For Level Cover: 5 years For Increasing Cover: 10 years Maximum: For Level Cover: 80 years less Age at Entry For Increasing Cover: 75 years less Age at Entry
Premium Payment Term	Same as Policy Term
Premium Amount	Minimum: Yearly - Rs. 2,779 Half-Yearly - Rs. 1,418 Quarterly - Rs. 723 Monthly - Rs. 237 Maximum: No Limit (Subject to board approved underwriting policy)

*Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product by an insurer or any other financial product.

Bharti AXA Life eProtect Plan

Bharti AXA Life eProtect is an affordable term insurance plan the offers protection to your family in a hassle-free way. It is a simple, 25 lakh term insurance premium plan which can be purchased online. The policy does not come with maturity benefits but offers a variety of other benefits.

Eligibility for Bharti AXA Life eProtect Plan

Parameters	Details
Minimum sum Assured	Rs. 25,00,000
Death Benefit	Sum Assured
Premium Payment Term	Same as Policy Term
Premium Payment Modes	Annual & Semi-Annual
Policy Term	10 years, 15 years, 20 years, 25 years, and 30 years (Minimum policy term is 10 years)
Maximum Entry Age	For Age Band 18-39 years 39 years For Age Band 40- 65 years 65 years
Maximum cover ceasing Age	For Age Band 18-39 years 69 years For Age Band 40- 65 years 75 years

*Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product by an insurer or any other financial product.

In The End!

Term insurance is a pure risk protection plan and is one of the best types that offers wide coverage and benefits. There are many term insurance plans in the market but it is up to the individual what suits them and their family the best. It is important to analyze all the details and documents carefully before making any investments.