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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Term Plans Offering Life Cover of Rs. 5 Lakhs

Previously, most term life insurance plans were available for a minimum cover of Rs. 25 Lakhs. In order to avail such a high cover, insurers usually require buyers to have an annual income of Rs. 3-5 Lakhs. Therefore, a significant proportion of the Indian population does not qualify for term insurance plans. However, with the introduction of the standard term plan of Saral Jeevan Bima by the IRDAI which allows a minimum life cover of Rs. 5 Lakhs, more insurers are designing policies to offer term plans with low coverage. 

List of Rs. 5 Lakhs Term Life Insurance Policies 

Term Plans Insurance Providers Minimum Sum Assured (in Rs.) Maximum Sum Assured (in Rs.) Eligibility Criteria
ICICI Pru Life Raksha ICICI Prudential 50,000 5,00,000 Entry Age: 18-60 years
Policy Term: 5 years
Canara HSBC POS - Easy Bima Plan Canara HSBC  50,000 15,00,000 Entry Age: 18-55 years
Maturity Age: 28-65 years
Policy Term: 10-20 years
HDFC Life Click 2 Protect Life (Life Protect & Income Plus) HDFC Life 50,000 No limit Entry Age: 18-65 years
Maturity Age: 18-85 years
Policy Term: Varied
Bharti AXA Life Smart Jeevan Bharti AXA 50,000 5,00,000 Entry Age: 18-50 years
Maturity Age: 62 years
Policy Term: 12 years
Tata AIA Life Sampoorna Raksha Supreme Tata AIA Life  1,00,000 No limit Entry Age: 18-60 years
Maturity Age: 100 years
Min. Policy Term: 60 years
Bajaj Allianz iSecure More Bajaj Allianz 2,50,000 No limit Entry Age: 18-60 years
Maturity Age: 28-70 years
Policy Term: 10/15/20/25 years
Bajaj Allianz iSecure Loan Bajaj Allianz 3,00,000 No limit Entry Age: 18-60 years
Maturity Age: 28-65 years
Policy Term: 10/15/20/25 years
Bajaj Allianz LifeStyle Secure Bajaj Allianz 3,00,000 15,00,000 Entry Age: 18-50 years
Maturity Age: 23-60 years
Policy Term: 5/7/10/15/20 years
IndiaFirst Life Plan IndiaFirst  1,00,000 5,00,00,000 Entry Age: 18-50 years
Maturity Age: 23-60 years
Policy Term: 5/7/10/15/20 years
IndiaFirst Life Guaranteed Protection Plan (COVID Cover Option) IndiaFirst 1,00,000 No limit Entry Age: 18-65 years
Policy Term: 1 month - 81 years (subject to cover option)
Exide Life Smart Term Edge (Classic) Exide Life 5,00,000 Subject to board approved underwriting Entry Age: 18-60 years
Policy Term: 12-30 years
Exide Life Term with Return of Premium Plan (Regular Premium) Exide Life 5,00,000 25,00,000 Entry Age: 18-50 years
Policy Term: 12-30 years
Ageas Federal Termsurance Life Protection Insurance Plan Ageas Federal  5,00,000 No limit Entry Age: 18-60 years Maturity Age: 70 years
Policy Term: 10-30 years
Saral Jeevan Bima All insurers 5,00,000 25,00,000 Entry Age: 18-65 years
Policy Term: 5-40 years

Key Features of Term Plan Covers of Rs. 5 Lakhs

  1. ICICI Pru Life Raksha

    • It is a pure risk protection plan that offers a lumpsum benefit to the assigned nominees.

    • The death benefit payable in the event of your death is equal to the higher of sum assured, ten times the annual premium, or 105% of the total premiums paid.

    • The policy term is 5 years and you can pay premiums on a monthly, half-yearly, or yearly basis. 

  2. Canara HSBC POS – Easy Bima Plan

    • This term life insurance plan comes with the return of premium benefit payable on the maturity date.

    • Policyholders can avail of double the amount of the base sum assured in the case of accidental death. 

    • The premiums paid and the death benefit receivable are subject to tax benefits under Section 80C and Section 10(D) of the Income Tax Act of 1961 respectively. 

    Five things to know before buying Term Plan Five things to know before buying Term Plan
  3. HDFC Life Click 2 Protect Life 

    • Term life coverage under this plan can only be availed under the Life Protect and Income Plus options.

    • It covers death claims arising out of COVID-19. 

    • Policyholders can opt for the return of premium option on surviving till the date of maturity. 

  4. Bharti AXA Life Smart Jeevan 

    • The policy covers you for a period of 12 years. 

    • Death benefit is higher of 11 times the annual premium, 105% of total premiums paid, absolute sum assured on death, or return of total premiums paid. 

    • The maximum coverage available under this term plan is Rs. 5 lakhs. 

  5. TATA AIA Sampoorna Raksha Supreme 

    • The term assurance plan offers comprehensive protection worth 5 lakhs to your loved ones in the event of your unfortunate demise. 

    • Policyholders have the flexibility to choose from multiple plan options.

    • To insure additional coverage against unforeseen circumstances, you can add Comprehensive Protection Rider or Comprehensive Health Rider to the base policy. 

  6. Bajaj Allianz iSecure More

    • This one is an increasing cover term life insurance plan to meet the growing financial requirements of your loved ones. 

    • The term plan comes with the option to include your spouse on the cover. No maturity, survival, or surrender benefits are payable under this plan.

    • The nominees have the option to receive the death benefits in equal monthly instalments. 

    Why Buy Term Life Insurance from Policybazaar Why Buy Term Life Insurance from Policybazaar
  7. Bajaj Allianz iSecure Loan

    • This term insurance plan is designed to offer a special mortgage cover.

    • The premiums are lower due to the reducing cover. 

    • The plan offers rebates premium rates on assuring a sum of Rs. 5 lakhs and above.

  8. Bajaj Allianz LifeStyle Secure 

    • It is a non-linked, non-participating term life insurance plan that acts as an income replacement cover for your family after your death.

    • Nominees are eligible to receive regular monthly income for up to 240 months from the date of your death or on being diagnosed with a terminal illness. 

    • The policy does not require you to undergo any medical examination prior to its purchase.

  9. IndiaFirst Life Plan 

    • Nominees get an assured benefit in the case of untimely death of the life assured within the policy term.

    • With this term plan, you can assure a sum of Rs. 5 lakhs for a protection period of up to 40 years. 

    • Tax benefits under premiums paid and death benefit proceeds are applicable as per the prevailing tax laws in the country.

  10. IndiaFirst Guaranteed Protection Plan

    • This term protection plan is designed to offer multiple coverage options.

    • It offers financial assistance to the life assured on being diagnosed with a terminal illness. Further, you can opt for extra protection against nearly 40 critical illnesses with the Critical Illness Option.

    • Nominees have the flexibility to receive the sum assured on death as monthly income or as a lumpsum payout.

    • You can also be covered against death due to COVID-19.

  11. Exide Life Smart Term Edge

    • This online term plan offers you the flexibility to choose the death benefit amount in addition to the percentage of premiums to be returned at maturity. 

    • The plan comes in three variants, classic, step-up, comprehensive. Term protection of 5 lakhs is available under the Classic variant. 

    • You can avail of extra cover against accidental death, disability, critical illnesses, with the riders available. 

  12. Exide Life Term with Return of Premium Plan

    • It offers regular and limited premium payment options, however, a term cover of 5 lakhs can only be availed with the former. 

    • The term plan has a waiting period of 90 days from the date of risk commencement. If the policyholder dies during this period, no benefit shall be payable to the nominees except the premium amount paid. 

    • Death benefit is defined as higher of absolute sum assured on death, sum assured on maturity, 105% of total premiums paid, or up to 10 times the annual premium.

  13. AGEAS Federal Termsurance Life Protection Insurance Plan

    • This term insurance plan comes with multiple cover options. You have the flexibility to choose the policy term and the premium payment options. 

    • 100% of the total premiums paid shall be returned to the surviving policyholder on the date of maturity oof the policy.

  14. Saral Jeevan Bima 

    • This is a standard term life insurance product offered by all the insurance providers in India.

    • The sum assured on death is paid as a lumpsum benefit to the nominees on the life assured’s death during the policy term. 

    • A waiting period of 45 days is applicable before the benefits get activated. No benefit shall be applicable if death occurs within this period or after the maturity of the policy. 

    • Policyholders can choose from single, limited or regular premium payment options.

FAQ's

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

    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. 
  • How to buy term life cover of Rs. 5 Lakhs?

    There are several option 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. 
  • Why should I buy term insurance?

    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.

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