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When it comes to securing your family’s future, having the right financial safety net is important. Term insurance, especially for 25 Lakhs, offers an effective solution at affordable premium rates. 25 Lakh term insurance plan offers a life cover of Rs. 25 Lakh. In case of an unfortunate death of the policyholder during the policy term, a death benefit will be paid to the nominee. Read on to know more about the 25 Lakh term insurance premium rates:
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A 25 Lakh term insurance is a term insurance plan that offers a life cover of 25 Lakhs to the policyholder for a limited term. The life cover amount is paid to the family of the policyholder in the event of the policyholder’s untimely death during the policy term. Several insurance companies offer affordable 25 Lakh term insurance premiums, which can be purchased online in an easy and hassle-free manner. Let us take a look at some of the best 25 Lakh term insurance plans in India.
Term Plans
Here is a list of the best 25 lakh term insurance plans available in India 2023:
| 25 Lakh Term Insurance Plans | Entry Age | Maturity Age | Policy Term | |
| Max Life Smart Secure Plus | 18 - 60 years | 85 years | 10 - 67 years | |
| Tata AIA SRS InstaProtect | 18 - 50 years | 75 years | 5 - 50 years | |
| PNB MAS | 18 - 50 years | 80 years | 10 - 40 years | |
| Canara HSBC Young Term Plan | 18 - 45 years | 99 years | 5 - 81 years | |
| Kotak Life e-Term | 18 - 65 years | 85 years | 5 - 67 years | |
| Aegon Life iTerm Prime | 18 - 65 years | 70 years | 5 - 52 years |
* You can use the term insurance premium calculator to estimate the 25 lakh term insurance premium you would need to pay for the desired plan.
Let us understand this with an example:
If Karan purchased a 25 lakh term insurance at the age of 25 years for a policy term of 35 years, the premiums he would need to pay would start from Rs. 381 per month. He suffered an unfortunate death in the 7th policy year, and since he was the main income earner, his family was left with no income after his death. Thankfully, the family claimed the 25 lakh term insurance and was able to take care of their rent, child’s fees, and the remaining loans.
| 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:
|
| 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 25 Lakh term insurance premium amount depends on the various premium payment options available. There are three premium payout options available under 25 Lakh term insurance plans:
In this, assured is required to pay premiums periodically for the complete policy period. Premiums can be paid Yearly, Half-yearly, quarterly, or Monthly.
A policyholder can make recurring payments for a fixed decided time. The 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.
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Here is a list of points to keep in mind while choosing the 25 Lakh term insurance premium plan:
Assess Your needs: Evaluate your family’s financial requirements, considering debts, finances, and long-term goals to determine the coverage amount required.
Compare and Research: Look for reputable insurance companies offering 25 Lakh term plans. Compare premium rates, policy terms, and additional benefits to make an informed choice.
Claim Settlement Ratio (CSR): The IRDAI releases its CSR values for all insurers for every financial year. You can compare the term insurance claim settlement ratio of insurers to find the most reliable insurance company. It is suggested that you always opt for a company with a minimum of 95% CSR, as it indicates that the company is capable of settling your family’s potential claims in the future.
Available Riders: Adding available riders to the base term plan can increase the 25 lakh term insurance premium rate. This is because the available riders can be added for a comprehensive cover in exchange for nominal premiums, which are paid in addition to the base premiums.
*Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product by an insurer or any other financial product.
Here is how you can buy 25 lakh term insurance plans in India online:
Step 1: Visit Policybazaar’s website and click on the ‘Term Insurance’ Button
Step 2: Fill in your name, DOB, gender, and contact information
Step 3: Enter your occupation type, annual income, educational qualifications, and smoking habits
Step 4: Select the most suitable 25 Lakh term insurance plan and proceed to pay
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 available in India, but it is up to the individual what suits them and their family the best. It is important to analyse all the details and documents carefully before making any purchases.
HDFC Income Replacement Insurance Plan, offered by HDFC Life
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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.
