5 min read
Updated on Apr 25, 2023
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.
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.
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.
|Name of the Plan||Age of Entry into the Plan (Min. and Max.)||Minimum Sum Insured|
|Aegon iTerm||Minimum – 18 years; Maximum – 65 years||Rs. 25,00,000|
|Bharti AXA Premier Protect Plan||Minimum – 18 years; Maximum – 65 years||Rs. 50,00,000|
|Edelweiss Tokio Simply Protect||Minimum – 18 years; Maximum – 65 years||Rs. 25,00,000|
|LIC Tech Term||Minimum – 18 years; Maximum – 65 years||Rs. 50,00,000|
|Max Life Smart Secure Plus Plan||Minimum – 18 years; Maximum – 65 years||Rs. 20,00,000|
|HDFC Click2Protect Plus||Minimum – 25 years; Maximum – 65 years||Rs. 10,00,000|
|Canara HSBC OBC iSelect Star Term Plan||Minimum – 18 years; Maximum – 65 years||Rs. 25,00,000|
|India First Online Term Plan||Minimum – 18 years; Maximum – 55 years||Rs. 50,00,000|
|Aditya Birla Sun Life Insurance Life Shield Plan||Minimum – 18 years; Maximum – 65 years||Rs. 25,00,000|
|PNB MetLife Mera Term Plan Plus||Minimum – 18 years; Maximum – 65 years||Rs. 10,00,000|
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:
Read More: Best 1 Crore Term Life Insurance Plans in India to Choose
Term insurance is one of the best life insurance products to go for, especially when you’re younger and have the whole life ahead of you. This is because at a young age of early 20s-30s, it is easier to invest in a term insurance plan of a higher life cover, such as the one at Rs. 5 crore. And the greatest benefit of investing in a high-cover insurance plan is that the benefit received would also be equally high (in this case Rs. 5 crore death benefit granted to the beneficiary).
This means that an investment today is sure to reap excellent returns in the future for your loved ones. All the more reason to buy term insurance for your family now, right? If you’re considering buying a plan for your loved ones, do check the term insurance plan calculator online to get a fair idea of the premium and the minimum sum insured under the plan, to make a wise decision for the future of your family.
Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.
View this post on Instagram
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.
LIC of India is one of the most trusted brands when it comes to securing the financial future of your family and dear ones. Let.
While we make plans and keep chasing our dreams, seldom do we realize that life is unpredictable. No matter what we are doing, and how.
There is a good reason to choose a basic term insurance plan as against a return of premium (ROP) plan. Let’s take a look at.
Parenting brings along a lot of new responsibilities together with the unbound joys of life. Often, the birth of a child makes people start planning.
Policy lapse is a key reason why many policyholders suffer insurance setbacks. Knowing what is policy lapse in term life insurance and how to prevent.
Zero-cost term insurance is a policy that allows the insured to get back the premium amount paid during the course of the term if he/she.
It is necessary to get a medical check-up done while buying a term insurance policy, which was earlier done by physically visiting a clinic. However,.
Term insurance is the most basic investment option available at a reasonable price. We are discussing the process to avail an ideal term insurance plan.
The Tech Term Plan launched by LIC is a pure protection term plan that is exclusively available through online purchase. Let us analyse the reasons.
With a good term insurance plan, you can be assured to cover your beloved family from any financial calamity in your absence. But how sure.
Speak to our advisor
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.