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Term Insurance With 5 Lakhs Cover

Term insurance plans are a must-have if you have dependents in your family. You should leave behind a corpus for your family that helps them financially in the case of your untimely demise. The insurance space in India has a host of affordable options for you with the flexibility to choose your coverage and payout options. Let’s look at the term insurance plans that offer coverage worth 5 Lakhs.

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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. 

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

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:

Best Term Life Insurance Entry Age Maturity Age Sum Assured
ICICI Prudential Saral Jeevan Bima Plan 18 to 65 years 70 years Min: Rs. 5 Lakhs
Max: Rs. 49.5 Lakhs
Edelweiss Tokio Saral Jeevan Bima Plan 18 to 65 years 70 years Min: Rs. 5 Lakhs
Max: Rs. 25 Lakhs
HDFC Life Sampoorn Nivesh Plan 0 to 60 years 70 years Min: Rs. 5 Lakhs
Max: Rs. 50 Lakhs

one crore term plan

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Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

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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.

FAQs

  • Q: Should I buy term life insurance coverage of Rs. 5 lakhs?

    Ans: Anybody with a dependent should have term coverage. The sum assured on death should be comprehensive but also on your budget. If you feel that Rs. 5 lakhs is sufficient for your family to support themselves after your death, then you should definitely buy it. However, factor in the rate of inflation, the number of dependents, and the age of your dependents while deciding the coverage. If you can stretch your finances and assure a higher sum, you should consider it.
  • Q: How to buy term life cover of Rs. 5 Lakhs?

    Ans: There are several options to buy plans with the above-mentioned coverage. Most of these plans can be bought directly from the respective insurer’s websites or from insurance aggregators like Policybazaar or through bank partners of the insurers. Buying from aggregators allows you to compare similar plans across insurers and pick the best one that suits your needs. You will be required to submit proof of age, insurable interest, medical reports, etc. Once you finalize the details of the policy, you can start your premium payments.
  • Q: Why should I buy term insurance?

    Ans: Term plans replace the income lost on the death of an earning member. It allows a family to fund their expenses with the benefit amount received on the death of the life assured.
  • Q: Why choose a 5 Lakh Term Insurance plan?

    Ans: Here are reasons to buy a 5 Lakh term insurance plan:
    • Affordable premiums: Enjoy coverage for as low as Rs. 137/month.
    • Financial security for your family: Ensure their well-being in your absence.
    • Easy online purchase: Hassle-free process with a 10% discount on Policybazaar.
    • Flexible payout options: Choose the method that suits your needs.
    • Tax benefits: Eligible for deductions under sections 80C and 10(10D).
  • Q: What is Term Insurance With 5 Lakhs Cover?

    Ans: Term Insurance With 5 Lakhs Cover is an affordable life insurance plan that provides financial protection to your family in the event of your death. It offers a cover amount of Rs. 5 Lakhs to your chosen nominees, ensuring their financial stability.
  • Q: Why consider Term Insurance With 5 Lakhs Cover?

    Ans: Term insurance plans with a 5 Lakhs cover are essential if you have dependents. They provide a corpus for your family in case of your untimely demise, ensuring their financial security.
  • Q: Can I get Term Insurance With 5 Lakhs Cover in India?

    Ans: Yes, Indian insurance companies offer term insurance plans with coverage worth 5 Lakhs. Saral Jeevan Bima is one such plan, provided by most Indian insurance companies, allowing a minimum life cover of Rs. 5 Lakhs, providing flexibility based on your needs.

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