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.
Read more#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
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.
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 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 |
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:
In this, assured is required to pay premiums periodically for the complete policy period. Premiums can be paid Yearly, Half-yearly, or Monthly.
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.
This option allows assured to pay the complete premium amount at once during the time of policy purchase.
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 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.
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:
The protection amount remains the same throughout the policy tenure
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 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.
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.
01 Feb 2023
A term life insurance in USA can secure your family against the26 Dec 2022
Tata AIA term insurance login portal offers the company’s08 Dec 2022
Term life insurance plan secures the financial future of your07 Dec 2022
An NRI living in Singapore can easily buy the best term lifeInsurance
Policybazaar Insurance Brokers Private Limited CIN: U74999HR2014PTC053454 Registered Office - Plot No.119, Sector - 44, Gurgaon - 122001, Haryana Tel no. : 0124-4218302 Email ID: enquiry@policybazaar.com
Policybazaar is registered as a Direct Broker | Registration No. 742, Registration Code No. IRDA/ DB 797/ 19, Valid till 09/06/2024, License category- Direct Broker (Life & General)
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.
© Copyright 2008-2023 policybazaar.com. All Rights Reserved.
+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.