Term Insurance With 5 Lakhs Cover

What Is Term Insurance With 5 Lakhs Cover?

5 Lakh Term Insurance Plan is an affordable type of life insurance plan that offers financial protection to your family in the unfortunate event of your death. A 5 Lakh term insurance plan offered by Indian insurance companies helps by providing a cover amount of Rs. 5 Lakhs to your chosen nominees so that you can be certain that your loved ones will have a financially stable future. In this case, Saral Jeevan Bima allows a minimum life cover of Rs. 5 Lakhs, and therefore, you can buy one of these plans based on your suitability. 

List of 5 Lakh Term Insurance Policies 

Here is a list of all 5 Lakh term insurance plans that you can easily buy online from Policybazaar:

Why Buy 5 Lakh Term Insurance Plan? 

Here are some of the valid reasons why you should consider buying the 5 Lakh Term Insurance plan:

• High cover at affordable premiums: While many consider the 5 Lakh term insurance plan to have high premiums, this is not the case. When you buy term plan early in life, you get access to all the benefits of a term insurance plan at a monthly premium as affordable as Rs. 137/month.

• Providing Financial Assistance to Your Family: The 5 Lakh Term Insurance plan makes sure that your loved ones’ financial requirements are addressed in your absence. Also, the nominees have the flexibility to use the death benefit for settling loans and managing debts, or in covering various expenses towards household and personal needs.

• Pay off Loans/Debts: When buying a term insurance plan with 5 Lakh sum assured, you can make sure that your family isn’t burdened with pending loans/debts if you’re not there around them.

• Seamless Online Purchase: Buying a 5 Lakh Term Insurance plan online is quite hassle-free, and eliminates the need to visit insurer’s branch or wait in long queues. With Policybazaar, you can very easily make the purchase from the comfort of your home and enjoy a 10% discount on online term plan purchases of the Policybazaar website or app.

• Flexible Payout Options: Unlike many insurers that offer death benefit of term insurance plans in a lump sum mode, you have the flexibility to choose from various payout methods. For instance, you can choose the combination of a lump sum or the monthly income payout option, depending on your requirements and situation.

• Tax Benefits: Another significant benefit of buying the best term plan for 5 Lakhs is eligibility for tax deductions under sections 80C and 10(10D) of the Income Tax Act, 1961.

Note: Know what is term insurance first and then buy a term plan for your loved ones.

How To Buy 5 Lakh Term Insurance From Policybazaar?

Here are the steps to buy term insurance of 5 Lakhs life cover from Policybazaar:

Step 1: Visit the official website of Policybazaar and click on ‘Saral Jeevan Bima’ 

Step 2: Fill in your basic details like Name, DoB, and contact number and then click on ‘View Plans’ 

Step 3: Answer the questions about your smoking habits, annual income, type of occupation and educational qualifications

Step 4: After providing all the necessary information, a list of all available 5 Lakh term insurance plans will be displayed 

Step 5: Select the ideal plan from the available list and pay using your preferred payment method

Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.

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

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