5 Crore term insurance

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5 Crore term insurance
5 Crore term insurance

Life is uncertain and protecting the financial future of your loved ones is of atmost importance. One way to ensure their security is by investing in a term insurance plan. And this time 5 crore term insurance plan is become popular between the people. Individuals with higher responsibilities and financial commitments may require greater protection.

That’s why in this article we will explore the concept of 5 crore term insurance. Will also know about different type of 5 crore term insurance plan, there benefits consideration and how it can offer comprehensive curve coverage to safeguard your family’s future. So, without any ADO let’s start the article.

What is 5 Crore term insurance?

People with many responsibilities often choose insurance plans with a high coverage amount. If you have multiple financial goals to achieve or you want your family to achieve their goals without money being a problem, consider getting a Rs. 5 Crore term insurance plan. This type of insurance is popular because it comes with many benefits.

Rs. 5 cr. term insurance is a type of insurance that provides a coverage amount of Rs. 5 Crore. If the policyholder unfortunately passes away, the insurance company pays the coverage amount to the family or the person nominated by the policyholder.

This insurance plan is a great support system during a difficult time. One of the best things about it is that although the coverage amount is high, the premium you need to pay is low.

Why Buy 5 Crore Term Insurance?

Purchasing a 5 cr.term insurance policy has several reasons that make it worthwhile. Let’s explore these reasons:

1. High Coverage at Affordable Premiums:

Despite the misconception that 5-cr. term insurance is expensive, it actually offers a substantial coverage amount at reasonable premiums. Starting early can allow you to avail the benefits of a 5 crore policy for premiums as low as Rs. 2,500.

2. Additional Coverage Benefits:

Along with the 5 cr. sum assured, a 5 crore term insurance plan may include additional coverage benefits such as terminal illness rider, accidental death benefit, or waiver of premium rider. These add-on covers enhance the overall protection of the policy.

3. Financial Security for Your Family:

By opting for a 5 cr. term insurance policy, you can ensure that your family’s financial needs are met even in your absence. The death benefit can be utilized to pay off loans, liabilities, and meet household expenses, providing a safety net for your loved ones.

4. Room for Investments and Savings:

With the financial security provided by a 5 cr. term insurance policy, you have more flexibility to focus on increasing your investments and savings. You can explore other financial instruments like fixed deposits, mutual funds, and ULIPs to grow your wealth.

Best Rs. 5 crore term insurance Plan

There are many such term insurance plans available in the market which can prove to be beneficial for you. Also, these term insurance plans provide you with excellent benefits and the right coverage sum. So let us get into the details about the 5 best term life insurance plans.

1. Max Life Insurance Smart Secure Plus Plan

Max Life’s Smart Secure Plus Plan is a term insurance policy that provides extensive financial coverage for people of all ages. This term insurance plan can be taken by individuals between the ages of 18 years to 65 years. Also, its minimum sum assured amount is ₹ 20000.

It has various beneficial features, including:

1. Sum Assured Top-Up: Policyholders can increase their base sum assured by 100% if they choose to.

2. Terminal Illness Coverage: If the policyholder is diagnosed with a critical illness like cancer, they can receive a payout of up to 1 crore.

3. Premium Break: Policyholders have the option to skip paying premiums twice during the policy tenure without losing their coverage.

4. Special Exit Value: This feature allows policyholders to receive all the premiums paid back at a specified point during the policy term.

5. Joint Life Cover: Policyholders can extend the life coverage to their spouses with this feature.

2. HDFC Click 2 Protect Life

HDFC Click 2 Protect Life is an affordable term insurance plan offered by HDFC Life. It provides financial protection for uncertain times and ensures the stability of the insured person’s family.

It has various beneficial features, including:

  • Affordable rates
  • Ensures financial protection during uncertain times
  • Maintains the stability of the insured person’s family
  • Available online for individuals aged 18 to 65 years
  • Maximum maturity age of whole life
  • Options: Basic Life Cover, Life Cover + Critical Illness Cover, Life Cover + Regular Income
  • Additional riders available: Income Benefit on Accidental Disability Rider, Critical Illness Plus Rider
  •  Extra coverage by paying an additional premium

3. Canara HSBC Life Insurance

HSBC OBC I Select Star Term Plan from Canara is one of the best 5 Crore term insurance plans that can be taken by individuals between the age group of 18 years to 65 years. Along with this, the minimum Sum Assured amount has been fixed at ₹ 2500000.

  • Riders are available to cover accidents, disabilities, and more, making the policy comprehensive.
  • Look for an insurance cover that provides maximum coverage at a low cost, allowing you to have extra funds for investment and growth.
  • You can choose a joint policy with your spouse, which is more cost-effective than buying separate policies.

4. Bharti AXA Premier Protect Plan

It is Non-linked, non-participating term insurance policy which Provides financial protection for your family. It is Ideal for sole breadwinners to secure their loved ones’ future.

Additional riders available for extended benefits:

  • Bharti AXA Life Hospi Cash Rider
  • Bharti AXA Life Accidental Death Benefit Rider
  • Bharti AXA Life Premium Waiver Rider

Factors to Consider While Choosing 5 Crore Term Insurance

When selecting a 5 Crore Term Insurance policy, consider the following factors:

  • Claim Settlement Ratio: Check the insurance company’s claim settlement ratio to ensure they have a good track record of honoring claims promptly.
  • Policy Term: Determine the suitable policy term that aligns with your financial goals and the time you expect your dependents to become self-sufficient.
  • Premium Affordability: Assess your budget to ensure that the premium payments for the chosen policy are comfortably affordable throughout the policy term.

Benefits of 5 Crore Term Insurance

  • High Coverage: 5 Crore Term Insurance provides a substantial coverage amount, ensuring that your family’s financial needs are met even in your absence.
  • Affordability: Despite the high coverage, 5 Crore Term Insurance is relatively affordable due to its pure protection nature and no investment component.
  • Flexibility: It offers flexibility in choosing the policy term, premium payment frequency, and other options according to your requirements.
  • Tax Benefits: Premiums paid towards 5 Crore Term Insurance are eligible for tax benefits under Section 80C of the Income Tax Act, 1961.

Conclusion

In today’s article we got information about 5 crore term insurance. Hopefully, through this article, you would have been able to know about some of the best 5 crore term insurance and also you would have been able to get information about their benefits. 5 Crore Term Insurance offers significant financial protection and peace of mind to individuals who wish to secure their family’s future.

You can choose a right term insurance considering the mentioned factors. If you want to get information about any other insurance plan, then definitely tell us by commenting.

Also, Read What is Email marketing campaign services

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