The financial security and planning for your family members cannot be overstated. Anything can happen anytime and choosing comprehensive coverage such as a 2 crore term insurance plan can be a wise decision, a few years down the line.
*Tax benefit is subject to changes in tax laws.
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
If you are thinking to invest in your family’s financial security, it might be the right time to start looking for the best 2 Crore Term Insurance Plan. 2 Crore term insurance from SBI is the safest option if you want high cover at low premium rates.
An SBI 2 Crore Term insurance policy is a type of life insurance plan designed to offer a sum assured of Rs.2 Crore to the nominee or beneficiary appointed under the plan after the policyholder’s death during the policy term.
Therefore, investing in a term plan for 2 Crores will make sure that the financial needs of your family members will be taken care of even in your absence. In addition to this, the monthly amount of premiums are quite low, making the 2 crore term insurance plan a popular choice among policy seekers.
Now as we already know the basic concepts of an SBI 2 Crore Term Insurance Plan, let’s discuss some benefits:
Term insurance with a life cover of Rs.2 Crores is economical and you can also save a lot of money on the premium if you invest at an early age.
The death benefits received from this plan can be used for education loans, household expenses, and liabilities of your family members even if you are not around.
According to section 10(10D) of the ITA, 1961, the sum assured or death benefit of term insurance plans is exempted from taxes.
SBI Term Insurance provides life cover for a pre-determined or fixed term
If as a life assured, you die during the active policy, your nominee will get a death benefit from the insurer.
You will have to pay a fixed amount of premium monthly, quarterly, bi-yearly, or yearly, depending on your preference. However, the premium rate of a 2 crore term insurance plan depends on various factors such as gender, age, smoking habits, and yearly income.
Your 2-crore term plan can lapse if you do not pay a premium on time.
If you outlive the policy term, the policy terminates unless you avail for a maturity or survival benefit rider.
If you are the breadwinner of your family
If you have multiple dependents
If your annual income is more than Rs.5 Lakhs
Note: The plan is available at very affordable premium rates if you are in your late 20s or early 30s and healthy.
SBI Life e-Shield Next is a new age protection policy that is specially designed for you to meet your current needs but also takes care of your changing responsibilities. So, it is a perfect solution for providing financial security and protecting your family in today’s changing world.
Choice of three plan options: Increasing cover, Level cover with future pooling benefit, and level cover to suit your protection requirements.
Customize the plan to meet your needs through better half benefit and benefit of payment mode.
The benefit of terminal illness available in all plan options
Pay premium amounts as per your preference: One time, limited time, or for the whole policy term.
Add-on coverage from 2 rider options
|Plan options||Level Cover
Level Cover with Future-Proofing Benefit
|Entry Age||18 years to 65 years|
|Maturity Age||100 years|
|Sum Assured||Minimum: 75 Lakhs
Maximum: 99 Lakhs
|Premium Payment Mode||Single/Yearly/Half-yearly/Monthly|
|Policy Term||5 years to 100 years|
Disclaimer: “Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.”
05 Aug 2022Raksha Bandhan (Rakhi) is around the corner and if you are...
04 Aug 2022Every parent's priority is to financially protect their child's...
04 Aug 2022Every year, the fast of Karwa Chauth by your wife creates an...
26 Jul 2022ICICI Term Insurance plans help secure the financial future of...
26 Jul 2022Raghav is a 30 years old healthy IT employee who has two...