A term plan is an agreement between an individual and an insurance company that provides financial protection against the risk of death or disability during the policy period. It's a contract where you make fixed payments regularly, and in return, the insurer pays you a lump sum amount at certain intervals if you die or become disabled during that period. The coverage offered by these policies will depend on how much money you want to spend on it and how long you want it for.
Rs.2 crore term insurance is an ideal choice for the financial security of your family. Purchasing the best life insurance plan with 2 crore coverage would ensure more than just that. They would not be only living a comfortable lifestyle but fulfilling their expensive career dreams at the same time without having any financial hardships. This article provides you with all the information you need to know about 2 crore term life insurance.
What is 2 Crore Term Life Insurance?
Term insurance is a type of life insurance that covers you for a specific period. It is usually cheaper than whole life or permanent life insurance, but it does not cover you for your entire lifetime. A term insurance plan with 2 crore coverage is a type of life insurance that will cover the insured person from the date of commencement to the end date and will provide a sum assured of 2 crore rupees as a death benefit in case death occurs during this period.
The coverage amount of Rs. 2 Crore would be paid to the policyholder in the event of maturity of the policy or to the nominee in the event of the death of the policyholder due to any unfortunate circumstances. It is an excellent way to protect your family from the financial burden in case of your demise.
Benefits of buying Rs. 2 Crore Term Insurance Plan
The main benefits of buying a Rs. 2 Crore Term Insurance Plan are:
- Best Protection: Best term insurance plan with Rs.2 crores coverage protects against death and disability. It covers all your family members
- Quick & Easy Process: Purchasing term policy is one of the major concerns of customers. Buying a term insurance plan with a 2 crore coverage process is easy and hassle-free for all customers.
- Zero Paperwork Not Required: It's easy to understand and takes less than 5 minutes to complete.
- Affordable: Rs. 2 Crore Term Insurance Plan comes at a low-cost premium amount if you buy it online.
- Investment Option: When you get a 2 crore term insurance plan at an early age you can plan for your investments and savings more efficiently for wealth-creation purposes.
- Comprehensive Coverage: You can also add various riders at an additional premium to your 2 crore term insurance plan and it will enhance your coverage.
Top 5 Best Term Insurance Plans with Rs. 2 Crore
*The above-mentioned values are for reference purposes only * Refer to our website for exact values.
How to Choose the Right Amount of Life Insurance Coverage in India?
Choosing the right amount of life insurance in India is not an easy task. You need to take into account many factors such as age, gender, health history, lifestyle, type of policy, etc. The first thing you need to do is to understand your risk tolerance level and decide how much risk you are willing to take on. This will help you understand what kind of products are best for you and how much coverage you need.
You also need to know your family's needs and make sure that the plan covers all their expenses in the event of your death. Lastly, you should think about your future needs as well and make sure that the plan can grow with them over time. The right amount of life insurance is different for every person. There are several factors that one needs to take into account before choosing the right amount. Below are the factors to consider when choosing the right amount of life insurance coverage in India.
- Age: The younger you are, the more life insurance you will need. This is because your dependents will have a longer time to recover from any financial loss. The older you are, the less life insurance you will need because your dependents would have already recovered from any financial loss by this point in time.
- Income: The higher your income, the more life insurance you should get; this is because your dependents would be able to recover from any financial loss faster than if they had a lower income and thus require less life insurance protection.
- Financial commitments: If you have many financial commitments, then it is recommended that you get more life insurance. It is essential to ensure that your term insurance plan will be sufficient to cover all such liabilities.
- Health: The healthier you are, the less life insurance you will need. People who have pre-existing conditions, such as cancer and heart disease, should get more life insurance than those with healthy lives.
Things to Consider Before Buying 2 Crore Term Insurance Online
- Claim Settlement Ratio: The claim settlement ratio is the total number of claims paid by the insurance company out of the total claims received by the insurance company in a particular year. The higher the claim settlement ratio, the better would be your chances of getting a claim.
- Hidden Clauses/Conditions: Every life insurance contract has certain terms and conditions which cannot be breached. These terms and conditions are to be mentioned to the customer before taking the life insurance policy as the customer would decide his/her acceptance of the terms and conditions.
- Premium: Premium is the amount paid by the policyholder in return for the insurance coverage offered by the insurance company. The premium amount is decided by the life insurance company and depends on many factors such as the age of the policyholder, sum assured, policy term, etc.
- Coverage: The extra coverage in the form of add-ons or riders is to be taken by the customer to enhance the coverage and the chances of getting the claim settled. The best insurance company is the one that can offer extra coverage without charging the extra premium from the customer. The customer should check the companies which offer extra cover without any additional premium while satisfying the other requirements.
- Solvency Ratio: The solvency ratio indicates the ability of the company to meet its future liabilities and long-term commitments with the available cash flow. The higher the solvency ratio, the stronger the company. All the life insurance companies in India are expected to meet a Solvency ratio of 1.5 or 150% as stipulated by the IRDA. The solvency ratio is the most important thing to look at in an insurance company while buying a life insurance policy.
How to Buy Rs. 2 Crore Life Insurance Policy Online
The Process of buying a 2 crore life insurance plan online has become simple with PolicyBachat with the help of a few simple steps. All you need to do is fill out an application form and then make a payment for the premium. The entire process takes less than 15 minutes. To buy term insurance online follow the below steps
- Step 1: Firstly, Enter the details such as Age, Gender, Annual Income, Alcohol consumption and tobacco consumption, type of occupation, and Date of Birth. After this, you need to enter your contact details to facilitate a call from our agent.
- Step 2: Now the premium from different insurance companies will be displayed on the screen. You can edit the details such as Coverage, Term, Premium Payment Method, Mode of claim settlement, etc. Submit the details to get the desired premium. The premium can be changed by changing other factors such as coverage required, mode of payment, etc.
- Step 3: The next step is to select the best life insurance plan by comparing the premiums and clicking on proceed to purchase the plan by paying premiums.
Why Choose PolicyBachat to Purchase a Life Insurance Policy?
PolicyBachat is a leading provider of life insurance policies. They offer exclusive coverage and affordable rates for individuals and families. PolicyBachat strives to provide life insurance products that are tailored to meet the needs of its customers. If you want to purchase a life insurance policy, PolicyBachat is your best choice. Here are some best reasons why you should PolcyBachat to purchase a Rs. 2 crore term insurance plan
- Easy Comparisons
- Fast Policy Issuance
- Hassle-Free Claim Process
- Customer Service Assistance
- Customer Information Security
The main purpose of buying a life insurance policy is to ensure that your family has financial support if you were to meet an untimely death during the policy tenure. But before purchasing a life insurance policy we have to think about how much life insurance coverage amount we need. A specific sum assured for life insurance coverage may not be suitable for many people.
There are several factors like income, future expenses, dependents, liabilities, and others when deciding your coverage amount, and also the sum assured of a life insurance policy should be 10-15 times the income of the life assured. It is advised to choose a sum assured amount which can help your family to fulfill financial requirements in the absence of the life assured.