30 Lakh Term Insurance

Term Insurance Plans 

Term insurance policies are relatively the most inexpensive life insurance policy as they provide large coverage against comparatively low premiums. This is the reason term plans are purely based on risk. This simply means that the whole sum paid by the life assured as a premium amount is kept in reserve for payouts when the policy is claimed. In case of policy expiration or maturing while the life assured is still surviving, there is no death benefit paid. Most of the term insurance plans also provide a specific payout in case of partial or permanent disability because of the accident or critical illness. 

Note: Now that you know that what is term insurance plan you can easily buy a term plan for your loved ones.

What is a 30 lakh Term Insurance? 

A 30 lakh term insurance is a term plan with a sum assured of Rs. 30 lakhs, which is offered to the nominee as a death payout during an unpredictable death of the policyholder during the policy tenure. These policies offer a high cover for a very low premium, ensuring long-term financial protection for the policyholder and his/her dear ones in emergency conditions. High sum assured such as Rs. 30 lakhs help your dependents meet their daily expenses and financial objectives even in your absence. 

Best Rs. 30 Lakh Term Insurance Plans 

Following is a list of the best 5 term insurance for 30 lakhs with a sum assured of Rs. 30 lakhs. 

Note: The above-mentioned details of the plan may vary as per the variant of the plan chosen.

Benefits of Buying Rs. 30 Lakh Term Insurance 

There are a number of reasons why one should opt for a term insurance for 30 lakhs term insurance policy at different stages of their life: 

1. In your 20s

   Most self-employed and salaried individuals start their careers in their 20s and generally do not have many responsibilities. Some individuals may have to return their education loans, support their loved ones, or have other liabilities. For example, 30 lakh term insurance provides financial safety against education loans taken out by their parents for their higher education plans and prevent them from any financial difficulties. 

2. In your 30s

   Purchasing a 30 lakh term insurance policy in your 30s can help you meet your life objectives. In case of your unforeseen death, having a term insurance for 30 lakhs will help your loved ones face the burden of debts, loans, and other monetary responsibilities. 

3. In your 40s 

   In the 40s, you may have paid back most of your loans and debts such as home loans, vehicles, and education loans. But there are other responsibilities as well such as planning for retirement or taking care of medical bills. In order to achieve financial needs, you require comprehensive financial protection in the form of 30 lakh term insurance cover. 

Who should Purchase Rs 30 Lakh Term Insurance Plans? 

The premium amount rises with the age of the life assured. So it is always advisable to buy a term plan at an early age. An individual having a regular income source and financial dependents must consider buying a 30 lakh term insurance plan. Parents, unemployed, married and unmarried people, self-employed, retired people, in simple words, who are taxpayers and also create a financially safe future for their dear ones from the unpredictabilities of life. 

In order to evaluate the premium amount of the 30 lakh term insurance plan, you can use the term insurance premium calculator. 

Here is a basic formula with that you can easily find if term insurance for 30 lakhs cover is sufficient for you or not. 

Sum assured of 30 lakh term insurance plan = [Lifelong expenses of the family (yearly expenses till your retirement age) + Expenses on future objectives + Loans/Debts] – Saving 

Why Buy 30 lakh Term Insurance From Policybazaar? 

• High coverage at low premium rates
  Get a high amount of term coverage by paying the inexpensive amount of premium 

• Protect your loved ones from debts, loans, and liabilities
  Term plan helps you and your loved ones to pay back all your debts, loans, and liabilities in case of your unforeseen demise 

• Buy Early and save more
  The amounts of premium are lesser at early ages as compared to the older person having pre-existing illnesses 

• Whole life protection
  Additional benefits such as waiver of premium, critical illness, and income in case of a disability protect you against income loss risks. 

• Tax saving benefits up to Rs. 46800
  Get tax benefit on premiums paid as per the prevailing laws of ITA, 1961.

• Committed Customer Support
  Dedicated customer assistance team that provides a seamless experience for customer’s complaints

• Hassle-free issuance of policy
  The policy is issued within a couple of minutes without any hassle

Note: Check out the best term insurance plan in India and choose one that suits your requirements.