For people who want to make their families financially secure during a time when they are not around to take care of them, investing in a Rupees 2 Crore life insurance policy is ideal.
When we say - buy a Rs. 2 Crore term insurance plan it means that we are buying an insurance plan that is offering 2 Crore rupees as sum assured. Under this plan, the nominee of the insured gets rupees Rs. 2 Crore as death benefit if the insured dies untimely during the term of the policy.
A Rs. 2 Crore Term Insurance Plan is like any other investment option, which needs to be weighed in terms of its features and benefits. If you are wondering why you need the best term insurance plan for Rupees 2 Crore, here are some reasons to know:
Economical and pocket-friendly : The first and the foremost benefit of a Rs. 2 Crore term insurance plan is that they are cost-effective and pocket friendly. The Rupees 2 Crore term insurance premium doesn't make a hole in your pocket and thus is within your affordability reach. Further, they permit the added benefit of long duration savings.
Tax deductions/Exemptions : The Term insurance Rs. 2 Crore allows the insured to enjoy tax deductions under section 10D of income tax. So, the premium you pay on term plans as well as the sum you receive as death benefit do not levy any tax on the beneficiary. So, irrespective of the term insurance amount, the payout and bonuses of term plans are tax free.
Here are some reasons to buy Term Insurance Rs. 2 Crore:
1. The term insurance plans are economical, especially if they are bought while you are young and healthy. So, buying a Rs. 2 Crore Term plan is better at a young age at the start of your career as you get to pay an easy premium for Rupees 2 Crore Term insurance.
2. Also, for people who are the sole earning member in the family it is essential to buy a term insuranceplan for Rs. 2 Crore to make sure that your family lives a happy and secured life even when the earning member is not around.
3. For people with annual income 5 lakh rupees or more buying a term plan of Rs. 2 Crore is ideal.
4. People with financial dependents must also consider investing their money in a Term insurance plan for Rupees 2 Crore.