3 Crore Term Insurance

3 Crore term insurance plan offers a sum assured of Rs. 3 Crore as a death benefit to the nominee/beneficiary of the policyholder, in case of an unfortunate event. With a 3 Crore term plan, you can live peacefully knowing that your family’s financial needs will be looked after your demise.

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What is a 3 Crore Term Insurance Plan? 

Broadly, a 3 crore term insurance is similar to all term insurance plans. A term insurance plan is specifically designed to provide financial support and protection to the policyholder’s family in case of his/her unfortunate death. So, a 3 crore term insurance plan offers a life coverage of 3 crores as a death benefit. 

The 3 crore term insurance premium rates are affordable and can be easily purchased online at Rs. 1145 per month

For example, if you buy 3 crore term insurance for your loved ones, the chosen beneficiary/nominee will receive a payout of Rs. 3 Crores in the unforeseen event of your demise. Therefore, by purchasing a 3 crore term plan, your family members will get a safety net for future financial hardships. 

Why Buy 3 Crore Term Insurance? 

The primary reason to buy 3 crore term insurance is to provide financial security to our family but there are some other reasons also that should be taken into consideration. Let’s discuss in detail: 

  1. High coverage at low premiums 

    One of the important benefits of buying a 3 crore term insurance plan is high coverage at substantial premium rates. While most buyers think that the premium rate for 3 crore term insurance is quite expensive but that is not the case. Instead, you can avail of the benefits of a 3 crore term insurance plan at premiums as low as Rs. 1347 when you start at an early age. 

  2. Supplementary Coverage Benefits 

    In addition to the sum assured amount of Rs. 3 Crores, a 3 crore term insurance plan also offers some added coverage features such as add-on benefits. For example, the cover of the plan can be increased by opting for a terminal illness rider, waiver of premium rider, or accidental death benefit rider. 

  3. Financial Assistance 

    Buying the 3 crore term insurance plan will make sure that your loved one’s financial requirements are taken care of in your absence. Also, they can use the death payout to pay off debts, liabilities, loans or use the amount for other household expenses. 

  4. Can do more Savings and Investments 

    If you purchase a 3 crore term insurance plan, it will provide you long tenure coverage at low premiums rates. As a result, a family having enough financial protection from unfortunate events can now focus on methods to increase their savings and investments and invest their money in other financial instruments such as mutual funds, ULIPs, and Fixed Deposits.

Who Should Opt for a 3 Crore Term Insurance Plan? 

The answer is quite simple, any individual who can afford the 3 crore term insurance plan should buy it. Below are some situations in which you can consider investing in the plan: 

  • Young Individuals: If you are healthy, active, young and at the early stage of your career, then it might be the right time to invest in a 3 crore term insurance plan. It is important because the premium rates for term insurance are lower for younger individuals, thus making it a cost-effective way. So, if you are in your 20s or 30s, you can think of buying term insurance of 3 Crore. 

  • Sole-earner of family: Any individual who is the breadwinner of their family and has financial dependents can also consider purchasing a 3 crore term insurance plan. Term plans provide financial protection to your dear ones and make sure that their financial needs are met even in your absence. 

  • Check your income: Your yearly income should be between Rs. 30 lacs to 50 Lacs if you are considering a 3 crore term insurance plan 

  • If you have liabilities: Individuals with existing debts, loans, liabilities should think about purchasing a 3 crore term insurance plan. This will help your family to live a financially stable and comfortable life. 

Benefits of 3 Crore Term Insurance Plans

In addition to offering wide-ranging financial cover, 3 crore term insurance is packed with several other benefits. So here are some of the important features of 3 crore term insurance plans: 

  1. Cost-effective premiums 

    When purchasing term insurance, one of the foremost things to worry about is the premium rate. However, the premium amount of 3 crore term insurance plans is quite inexpensive and it will not act as a burden on your wallet. Also, if you buy a policy at an early age, you can enjoy the low premiums and at the same time, can focus on other financial investments. 

  2. Availability of Riders 

    This term insurance plan comes with added benefits for riders. For example, you can choose riders such as accidental death cover, critical illness, waiver of premium, and disability rider. You can enhance your coverage by purchasing different riders. 

  3. Online Availability 

    You can easily purchase 3 crore term insurance plans through online modes. 

  4. Tax Benefits 

    Another notable advantage of buying the best term insurance plan for 3 crores is the tax exemption u/s 10(10D) of the ITA where the death benefit of a term plan (involving any earned bonuses) is exempted from taxes. 

  5. Flexible payout options 

    Though most insurers provide the death benefit of a term insurance plan in a lump sum payment, you have the option to choose other payout means. For example, you can select a lump sum + monthly income payout or monthly income payout. 

Factors Affecting the Premium Rates of Rs. 3 Crore Term Insurance Plans

Below are factors that can decrease or increase your 3 Crore premium amount:

  • Age of the Policyholder

  • Policy Term

  • Premium Payment Term

  • Lifestyle

  • Health habits

  • Family Health History

  • Work Profile or Occupation

To calculate the premium amount of your Rs. 3 crore term life insurance plans, you can use the term insurance premium calculator available online.

How to Choose the Best 3 Crore Term Insurance Plans?

  • Ensure your financial needs are met  

  • Take care of the rising living cost and inflation rates 

  • Compare and choose the term plan with best premium prices 

  • Check CSR (Claim Settlement Ratio) and solvency ratio of the insurers before buying term plan. 

Points to Remember Before Buying Rs. 3 Crore Term Insurance?

Choosing a 3 Crore Term plan can be an easy task if you keep in mind the below-mentioned factors:

  • Claim Settlement Ratio: The Claim Settlement Ratio of the company helps in analyzing the company’s claim-settling ability. A good CSR would simply mean that your loved ones will have a hassle-free claim settlement experience.

  • Solvency Ratio: The solvency ratio of the company indicates the company’s ability to meet its long-term liabilities and commitments. As per the IRDAI, it is mandatory for every insurance company to maintain a solvency ratio of 1.5

  • Affordability: One of the major factors to consider while choosing a 3 Crore Term plan is the premium you need to pay. Choosing a plan with higher premiums and not being able to pay the premium on time is of no use. Thus, do your research thoroughly and choose a plan that suits your pocket.

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