Top 5 Term Insurance Companies In India providing Term Insurance plan for ₹2 crore

Listing the 5 best insurance companies offering 2 crore term insurance policies for a better and secure future for you and your loved ones. Take a look.

Term insurance is not an option anymore. Not in the current world at least, which is filled with uncertainty in various areas of life – health, money, and life itself. There is no certainty of life anymore. At least, this is what the recent pandemic episode taught the entire world. The only thing certain in this scenario which assures financial protection not just for a lifetime but beyond life as well is term insurance. Here we discuss the value of 2 crore term insurance for your family and the top 5 companies that offer these plans at the best rates in the market. Read on.

Why to Buy 2 Crore Term Insurance Plans?

When buying term insurance for your family and loved ones, the most important thing to take into consideration is the life cover of the plan. This means the amount that would be assured to your loved ones in your absence to help secure their financial future after you. It is important that the life cover provides adequate coverage financially to cover both the present as well as future goals of all your family members.

This is where you need to put in a bit of thought into deciding the most appropriate (rather adequate) life cover for your family’s needs. We highly recommend going in for a minimum of 2 crore term insurance cover because it would sufficiently cover both present and financial requirements of your loved ones in your absence.

This could mean paying off any debts that you would have taken in your lifetime, besides providing for the education of your children and of course their marriage expenses. How? Because a 2 crore term life insurance plan is designed to offer the beneficiary (spouse/any other family member nominated by the policyholder) a sum assured of Rs. 2 crore as death benefit upon the latter’s unfortunate demise during the term of the plan.

This means investing in a plan that provides high financial coverage. As for the premium payable, term insurance 2 crore plans offer quite reasonable premium rates which can be easily afforded if you fall under any of the following:

  • You earn over Rs. 500,000 per year and can comfortably afford regular premium payments over the year
  • You are still young and healthy which means that you will be offered the policy at relatively lower premium rate, thereby making it affordable
  • You are the only bread earner for your family which means that all financial responsibilities are solely on your shoulders. It only makes sense to buy a term insurance of 2 crore to take care of your family’s financial needs in your absence.

If you’re convinced of investing in companies providing term insurance of 2 crores, we are here to help you find only the best in the market.

Where to Buy the Best Term Insurance Plan for 2 Crore?

The investment is high and you definitely wouldn’t want to take any unnecessary risks, especially when it comes to providing for your family in a world without your physical presence. This is why we present here a list of top 5 term insurance companies that offer 2 crore term insurance plans for all your needs.

Name of the Plan Eligible Age of Entry Age of Maturity Term of the Plan Sum Assured Mode of Premium Payment Premium Payment Term
ABSLI Life Shield Plan Min – 18 years; Max – 65 years 85 years 10-55 years
Rs. 25,00,000
Monthly, quarterly, half-yearly and yearly
Single pay, limited pay and regular pay
Max Life Smart Secure Plus
Min – 18 years; Max – 65 years
85 years
10-67 years
Rs. 20,00,000
Monthly, quarterly, half-yearly and yearly
Single pay, limited pay and regular pay, or pay until 60 years
Kotak e-Term
Min – 18 years; Max – 65 years
75 years
5-75 years less than age of entry
Rs. 25,00,000
Monthly, quarterly, half-yearly and yearly
Single pay, limited pay and regular pay
HDFC Life Click 2 Protect
Min – 18 years; Max – 65 years Whole Life Cover 10 years – lifetime Rs. 50,000 Single time, monthly, quarterly, half-yearly, and yearly Single pay, limited pay and regular pay
PNB Metlife Mera Term Plan Min – 18 years; Max – 65 years 99 years
10-81 years
Rs. 10,00,000
Monthly and yearly
Single pay, limited pay and regular pay

 

Summary

Buying a term insurance plan worth a sum assured of Rs. 2 crore is ideal for individuals earning more than Rs. 500,000 as annual income. This is because this term plan ensures that your family’s financial needs will be well secured in your absence.

Yes, you may choose to buy more than one term insurance plans from two different insurance companies; however, it’s important to know clearly the terms and conditions of each of the service providers while buying the plans. 

The best time to buy term insurance is when you’re younger, say in your 20s and 30s, because you can earn for longer and comfortably afford to pay the premiums on your policy.

The top 3 benefits of buying a term insurance plan are:

1. It offers a high sum assured on payment of reasonably affordable premium
2. It offers several payout options of death benefit to the policyholder’s beneficiary upon the former’s demise 
3. It is rather simple and easy to understand by anyone

Term insurance plans do not provide a refund option upon mid-term cancellation or a surrender value for the plan. Hence, it is not recommended to discontinue the policy in between. 

 

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.

Choose from India’s top insurers

Latest Post

Let’s be honest – life insurance planning isn’t exactly someone’s weekend hobby. It is the financial equivalent of flossing: we understand its importance, but we tend to put it off. But somewhere between balancing work and life, you might realise you need to have a solid plan in place – just in case.

See nowSee now

If you think of life insurance, chances are you are picturing something people buy in their 30s or 40s. But what if you are 65 or older and just getting started? The good news is that you are never too late. Whether you are thinking of easing the financial burden on your family, covering final expenses, or simply leaving behind a legacy, there are life insurance options tailored just for you. 

This article will be a guide to life insurance for senior citizens above 65 years, explaining why it is important, the type of insurance options, and how to get the right policy for you. 
 

See nowSee now

Health insurance plans are purchased with the hope of medical protection in times of need. However, sometimes it ends up being a source of surprise and disappointment. This mostly happens when people rush to buy health insurance plans, often overlooking essential aspects. Ignoring waiting period clauses, misunderstanding exclusions, and being unaware of sub-limits can lead to unwanted problems in the future.

 

See nowSee now

If you are looking at investment policies offering INR 1 Crore in 5 years, we talk about some excellent plans in this post to help you choose the best one and reach your goal. However, it is important not to get swayed. Doing proper research and taking advice from financial or insurance advisors is important. Learn about such investment plan in this post.

 

See nowSee now

The last few years have made it very clear that having health insurance is essential for everyone. Whether you are a young professional or a senior citizen, are single or have a family to support, health insurance cannot be ignored. Keeping this in mind, health insurance companies offer comprehensive plans that suit people with varied insurance needs. 
 

See nowSee now