₹2 Crore Term Insurance Plan
The recent episode of Covid-19 followed by global chaos has hit different people in different ways. The spread of the virus also emphasized on the fact that we are vulnerable when it comes to our health and so we need financial security in the form of insurance plans to stay protected against diseases and other health emergencies. Here, Rs. 2 Crore term insurance plays an essential role of allowing overall protection that you can provide to your loved ones.
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. It is necessary to initiate financial planning to secure your loved ones if you want them to see them happy even if you are not there with them due to any unforeseen situation. The Rs. 2 Crore term insurance serves as a smart move to ensure your primary security with comprehensive protection.
A good term insurance is one that covers the life of the insured as well as provides financial security to the family. So, in case the insured suddenly dies during the term of the policy, the family gets monetary protection. And since the cost of living is increasing with every passing day, it is important to consider a Rs. 2 Crore Term plan so that you can plan for the long-term financial security of your family.
Also, it is necessary to consider several factors before fixing your sum assured such as the expenses in the current times, your lifestyle and expense pattern, medical costs, number of dependents in the family, liabilities and so on.
Below, we are discussing the reasons why we need to buy a Rs. 2 Crore Term insurance plan.
Buy ₹2 Crore Term Insurance Plan
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. This death benefit supports the beneficiary with financial assistance so that there are no financial woes after the head of the family or the key earning member of the family is gone.
The best aspect of this benefit is that it comes with a high amount of sum assured, while the premiums are better as compared to others. Further, such plans allow financial security in the long run for the family members of the life assured. They are also economic in terms of monthly premium rates which make them a viable option of investment.
Why do you need a ₹2 Crore Term Insurance plan?
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.
Customization of Plans is possible - The Rupees 2 Crore Term plans offered by numerous insurance companies come with riders or add-on coverage. Various riders are available with a Rs. 2 Crore term plan, such as:
- Accidental death benefit,
- Maturity/survival benefit,
- Return of premium variant,
- Customize term plans
Multiple Options of Payout - Depending on the insurance providers, the payouts can be received in lump sum or via multiple options. Further, it also depends on the financial requirement of the beneficiary. Also, the option of combination of lump sum and monthly payout is also available with term insurance of Rs. 2 Crore.
Companies Providing ₹2 Crore Term Insurance Plans
Below is a list of insurers in India offering Rs. 2 Crore Insurance Plans:
Who All Should Buy ₹2 Crore Term Insurance Plans?
There is no such answer to the question as to who all require a Rs. 2 Crore term plan. But we all know how unpredictable life is and we have already seen it during the Covid-19 pandemic how human life can succumb to the wrath of causes which are beyond our control. Death, diseases, or any kind of disability are things which are uncertain and might fall on anyone at any time.
Thus, having a LIC Term insurance plan for Rupees 2 Crore can aid financially to secure your family and kids in case there is a sudden unforeseen event that takes place in the family. So, if you are the sole earning member of your family with two or more dependents who look upon you for support, you must ensure their security in terms of money to sustain life after you are gone.
The death benefit received by the beneficiary will allow the family to sustain a normal life even when the earning member is not around.
Here are some reasons to buy Term Insurance Rs. 2 Crore:
- 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.
- Also, for people who are the sole earning member in the family it is essential to buy a term insurance plan for Rs. 2 Crore to make sure that your family lives a happy and secured life even when the earning member is not around.
- For people with annual income 5 lakh rupees or more buying a term plan of Rs. 2 Crore is ideal.
- People with financial dependents must also consider investing their money in a Term insurance plan for Rupees 2 Crore.
Frequently Asked Question
Yes, you can claim a term insurance plan from two companies as it is legal to buy term or life insurance policy from 2 different companies if you can afford it. So, an insured can buy term insurance from 2 insurers and pay the premium regularly to secure the future of his/her family.
Yes, you can buy more than one term insurance plan but you should have a clear idea about the terms and conditions of the plans. Generally, people buy term plans as they are economical and it is allowed legally to avail the numerous benefits of term plans by buying multiple plans together, provided you can afford to pay the regular premium.
Having adequate coverage in terms of insurance is advantageous, especially term insurance. With two insurances, you can assure the beneficiary of two pay-outs in the unfortunate event of the death of the insured. The greater the coverage, the larger the benefit that the nominee can receive. Another option is to have a solo and a joint life insurance plan.
Yes, you can buy two term insurance plans but you should have a clear idea about the terms and conditions of the plans. Generally, people buy term plans as they are economical and it is allowed legally to avail the numerous benefits of term plans by buying multiple plans together, provided you can afford to pay the regular premium.
Yes, you can have two or multiple Term Life Insurance policies as there is no such rule that limits people from buying more than one term policy. Also, the Life insurance companies do not disallow any individual from buying multiple Term Life policies. So you can have 2 Term Life Insurance plans.