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Financial planning and monetary security are essential, especially for your family members. But if you don’t know where to start this, it might be the time to consider buying a 5 crore term insurance. Axis Max Life Insurance offers 5 crore term insurance at affordable premium rates. So, let’s discuss to learn more in detail:
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A 5 crore Axis Max Life Insurance Term Plan is specifically designed to provide financial support to the loved ones of a policyholder in case of the policyholder’s unfortunate death. So, a 5 crore term plan offered by Axis Max Life Insurance provides a sum assured (life cover) of Rs. 5 Crores, called a death benefit.
Note: Know what is term plan first and then buy a term plan for your loved ones.
Let’s see how this life insurance plan works:
If you buy 5 cr term insurance for your family members, the appointed nominee/beneficiary will get a death benefit of Rs. 5 Crores in case of an unforeseen death. So, by availing of this term plan, your dear ones will have a financial safety net to give you support. The plan offers high coverage at affordable rates, making it a reliable choice for policy buyers.
Term Plans
High cover at low premium rates: Most individuals think that 5 crore term insurance is not very pocket-friendly, but that is not the case. You can get all the benefits of this plan at a premium as low as Rs. 2496 when you start at an early age.
Enhanced Coverage Benefits: A 5 crore term insurance comes with additional coverage benefits such as terminal illness, accidental death benefit, and waiver of premium rider.
Financial Support: These plans ensure that your family's financial needs are taken care of even when you are not around. Also, the death benefit can be used to pay off loans, debts, and liabilities or use the payout for household expenditures.
Here is a list of some factors that can help determine if buying a 5 crore term plan is the right choice:
Your Annual Income: The general thumb rule for purchasing term plan is that the sum assured should be at least 10X of your annual income. For example, if your annual income is Rs. 50 Lakhs, then your term plan should be at least Rs. 5 Crores. So, you can use Policybazaar’s term policy calculator.
Current age: Age plays an important role in determining the right amount of coverage for term plans. Old individuals are more likely to get sick and develop health problems, and because of this, they have to pay higher premiums. Thus, buying the best 5 crore term insurance plan at a young age is advisable to get good coverage at low premium rates. Also, it ensures that your loved ones stay financially secure for longer.
Financial Dependents and Their Needs: Assessing the financial well-being of your dependents is crucial when determining whether a 5 crore term insurance policy is adequate. Consider how many family members rely on you for financial support and factor in their future needs like education, marriage, loans, etc. So, it is important to ensure that the financial needs of all your dependents, particularly those dependent financially on you, are adequately addressed.
Pay off Loans/Liabilities: When choosing a term insurance policy, it's important to consider any outstanding loans and financial obligations. Whether it's a home loan, car loan, education loan, or other debts that need repayment, these should be considered when opting for a 5 crore term insurance policy. Consequently, choosing a 5 crore term insurance policy is a good option as it offers a high sum assured amount compared to other term plans.
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Cost-Effectiveness: The premium rate of 5 crore term insurance is affordable, and if you buy the plan at a younger age, you can get this plan at low premiums.
Tax Benefits: One important benefit of buying the best term insurance plan for 5 Crores is tax exemption as per section 80C and 10(10D) of the ITA, 1961.
Availability of Additional Benefits (Add-ons): A 5 crore term insurance plan offers comprehensive financial coverage with additional benefits of add-on cover. For example, you can opt for term riders such as waiver of premium, critical illness rider, and accidental death rider. While buying these term riders is not compulsory, you can increase your coverage when required.
Online Availability: You can easily buy a Axis Max Life Insurance 5 Crore Term Insurance online without visiting the insurer's office or standing in long lines. With Policybazaar, you can get a 10% discount on buying plans online.
Flexible Payout Options: While most insurance companies typically offer the death benefit of term insurance plans in a lump sum, you can explore alternative payout methods. For example, you may opt for a combination of a lump sum and monthly income payout, providing better control over managing your expenses. Similarly, selecting a monthly income payout alone can be a reliable source of income replacement for your family.
Young individuals
Sole earning member
People with Debts
Self-employed/Business Owners
Parents with children
Newly Married
Step 1: Visit Policybazaar and go to the Term Insurance
Step 2: Fill in the basic details such as Name, Date of Birth, and contact number and then click on ‘View Plans’.
Step 3: Answer the questions about Smoking habits, annual income, type of occupation, and educational qualification.
Step 4: After submitting all the information, a list of all available 5 crore term insurance plans will be displayed.
Step 5: Choose the plan that suits your financial needs and proceed to pay.
Note: Check out the best term life insurance in India and choose one that suits your requirements.
Note: You should also check the term life insurance benefits if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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