10 Best 5 Crore Term Insurance Plans: Entry Age & Minimum Sum Insured
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Just starting out with term insurance? Buying a 5 crore term insurance plan might be a good idea for you. Check out the top 10 plans in this category, their entry age limit and the minimum sum insured for each in this blog.
When it comes to securing the future of our loved ones, there really is no compromise monetarily. We’re ready to stretch ourselves a little just to guarantee a comfortable future for our family in our absence. This is why most people in the prime of their lives (young age) buy a term insurance plan to secure their family’s future financially. Term insurance is the best way to guarantee that your family’s needs would be taken care of in the unfortunate event of your death.
When it comes to buying a term insurance plan, 5 crore life insurance policy are highly preferred, particularly by people in the age bracket of 25-40. This is because they can easily afford to buy term insurance for Rs. 5 crore at a younger age. These term insurance plans work just like other term insurance policies; however, with some additional benefits for the policyholder. Let’s look at some of these in the blog ahead.
What is a Term Insurance Plan for 5 Crore?
As stated earlier, a 5 crore life insurance policy is similar to other term insurance policies. Just like with any other term insurance product that promises a monetary death benefit to the policyholder’s nominee/beneficiary upon the former’s death, 5 crore term insurance too works the same way. A death benefit of Rs. 5 crore (life cover) is provided to the beneficiary in the event of death of the insured.
This essentially means that the policyholder of 5 crore life insurance policy invests an amount of Rs. 5 crore in his present in order to secure the future of his loved ones in his absence. Let us look at some of the best term insurance plans for 5 crore that are worth investing in this year.
10 Best Term Insurance Plans in India 2022-23 for 5 Crore
When you choose to invest in a life insurance term plan worth Rs. 5 crore, it makes sense to do a bit of research and find the one that offers a minimum sum insured that is worth the amount invested. This is why we list here at least 10 of the best term insurance plans for 5 crore that you can consider investing in India in 2022. The list also covers details of the minimum entry age for each plan as well the minimum sum insured for all of them, to help you make an informed decision.
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Why You Should Buy 5 Crore Term Insurance Plan?
There are several reasons that incline towards purchasing a 5 crore life insurance policy for your family to fall back on in your absence. Here are some of them that may help you make an educated decision:
- Since an investment of Rs. 5 crore is quite substantial, it is highly advisable to buy this plan at a young age. In fact, the earlier you choose to buy a 5 crore life insurance policy, the cheaper you can hope to get it. This is because insurance companies too prefer offering plans to people at a younger age since the premium payable increases proportionally with the increase in age.
- The biggest reason for buying a term insurance plan with a life cover of Rs. 5 crore is to secure the future of those whom you love and care for the most. This includes parents, spouse, and children. You would want their financial needs to be well taken care of when you’re not around. It is therefore wise to secure their future now with a life cover adequate enough to take care of all their needs in your absence.
- Tax deductions is yet another reason to invest in a 5 crore life insurance policy. Under Section 80C of the Income Tax Act, a premium amount payable up to Rs. 1.5 lakh is eligible for tax deduction to the policyholder.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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