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:

  1. 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. 

  2. 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.

  3. 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:

  1. Level Cover

    The protection amount remains the same throughout the policy tenure

  2. 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.

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