Best 20 Crore Term Insurance Plan Online In India 2024

Updated On: 2023-10-05

Author : Team Policybachat

Life is unpredictable, and none of us can foresee what the future holds. However, we can take steps to protect our loved ones from life's uncertainties. One of the most effective ways to provide financial security to your family is through a term insurance plan. It is a promise you make to safeguard your family's dreams and aspirations even when you are no longer there to fulfil them. A 20 Crore Term Insurance Plan is one of the highest coverage options available, and it can be a game-changer in ensuring your family's financial stability. In this article, we will explore the significance of 20 Crore Term Insurance Plans when securing your family's future.

What is a 20 Crore Term Insurance?

A 20 Crore Term Insurance refers to a type of life insurance policy that provides a coverage amount (sum assured) of Rs. 20 crore to the policyholder's beneficiaries or nominees in the event of the policyholder's untimely demise during the policy term. A 20 Crore Term Insurance is typically chosen by individuals who want to provide a substantial financial safety net for their family and dependents in the event of their death. It offers peace of mind knowing that a significant sum will be available to cover expenses, such as outstanding loans, education for children, daily living costs, and other financial needs, ensuring that the family's financial future is secure.

The Need for a 20 Crore Term Insurance Policy

The need for a high coverage amount, such as a 20 Crore Term Insurance Policy is driven by several critical factors. These factors highlight why individuals may opt for such substantial coverage to secure the financial future of their loved ones:

  • Income Replacement: One of the primary reasons for purchasing a high-value term insurance policy is to replace the insured individual's income in case of their untimely demise. A 20 crore rupees payout can help ensure that the surviving family members maintain their standard of living and meet their day-to-day expenses comfortably.
  • Financial Responsibilities: Many individuals have significant financial responsibilities, including home loans, car loans, and personal loans. A substantial term insurance coverage can help cover these outstanding debts, preventing them from becoming a burden on the family.
  • Education and Future Needs: A 20 Crore Term Insurance Policy ensures that there is enough money to fund the education of children or dependents. With rising educational costs, having ample funds for their future education becomes crucial.
  • Medical Expenses: In the unfortunate event of a terminal illness or significant medical expenses leading to the policyholder's demise, a high-value policy can help cover these costs, reducing the financial strain on the family.
  • Maintaining Lifestyle: The sum assured from a 20 crore term insurance policy can help the family maintain their lifestyle, cover regular expenses, and continue to live comfortably without compromising their quality of life.
  • Long-Term Financial Security: The goal of a term life insurance policy is to provide long-term financial security to the family. With a 20 crore rupees payout, the family can invest wisely, generate income, and secure their financial future for years to come.
  • Peace of Mind: Lastly, substantial term insurance coverage offers peace of mind to the policyholder. Knowing that their family will be financially secure and can maintain their current lifestyle even in their absence provides emotional reassurance.

Factors to Consider When Choosing the Right Coverage Amount

Choosing the right coverage amount for your insurance needs in India is a crucial decision. It ensures that you and your family are adequately protected in case of unforeseen events. Here are the key factors to consider when determining the appropriate coverage amount:

  • Family's Financial Needs
  • Income Replacement
  • Liabilities and Debts
  • Children's Education and Marriage
  • Emergency Fund
  • Income
  • Age and Health
  • Life Stage
  • Financial Goals
  • Budget and Affordability
  • Policy Tenure
  • Riders and Add-Ons

Top 5 Best 20 Crore Term Insurance Plans Online in India

Here are the best term insurance plans with 20 Crore Coverage:

Plan Name Claim Settlement Ratio Premium ( Per Monthly)
TATA AIA Sampoorna Raksha Supreme Plan 99.01% 38245/- Buy Now
ICICI iProtectSmart Plan 97.9% 37747/- Buy Now
HDFC Click 2 Protect Plan 99.3% 38058/- Buy Now
Aditya Birla Sun Digi Shield Plan 98.1% 32598/- Buy Now
Bajaj Allianz Smart Protect Goal Plan 99% 37912/- Buy Now

*The above-mentioned values are for reference purposes only *Compare quotes for exact values.

How to Buy a 20 Crore Term Insurance Policy in India

Here are the steps to buy a term insurance plan online at PolicyBachat.
Step 1: Visit the ‘PolicyBachat website and click the ‘Term’ tab.
Step 2: In the next step enter the below details clearly and correctly.

  • Gender of the applicant
  • Tobacco consumption; Yes or No
  • Annual income from the options given in the calculator
  • Occupation type; Salaried or Self Employed
  • Age of the applicant; to be entered as Date of Birth
  • Name of the applicant and Email ID of the applicant.

Step 3: In this step, you can edit your requirements such as:-

  • Sum Assured Amount
  • Tenure - maximum age at the coverage is required
  • Premium Payment Type - Regular or Lump Sum or Limited pay
  • Premium Payment Frequency – Monthly, Quarterly, Half-yearly or Yearly
  • Payout Type - Lump sum or Income or Combination of both
  • Add-ons - Critical Illness, Waiver of premium, Accidental disability cover, etc.

Step 4: In this step, compare different insurance plan premiums and features displayed on the screen. Then select the plan which is appropriate to your needs and budget. Then make payment via online payment method.

Life Insurance Calculator

Documents Required to Purchase a 20 Crore Life Insurance Plan

  • Age proof such as Voter Card, Driving license, Aadhar card, PAN card, etc. should be submitted to the insurance company.
  • Address proofs such as a Power bill, Passport, Voter ID, Aadhar Card, etc. would be required by the Insurance Company.
  • Photo identity proof such as PAN Card, Aadhar Card, Driving license, and any other proof which contains the photo and Passport size photo of the applicant should be submitted at the time of taking the life insurance policy from the Insurance Company.
  • The income proof could be the salary slip, income tax return, employer’s certificate or Form 16 required at the time of taking a term life insurance policy is the income proof of the applicant.
  • Medical certificate depending on the declarations made by the applicant in the proposal form. Higher sum assured options may require compulsory medical tests before issuing the policy.

Frequently Asked Questions – 20 Crore Term Insurance

Why Would I Need a 20 Crore Term Insurance Policy?

A 20 Crore Term Insurance policy is suitable for individuals with substantial financial responsibilities and a desire to provide extensive financial security to their families. It ensures that your loved ones can maintain their lifestyle, cover debts, and meet long-term financial goals if you're not there to support them.

Who should select a 20 Crore Term Insurance Plan?

  • A 20 Crore term insurance plan is best suited for the people whose age is between 25 to 35 years
  • These plans are well suited for those who have a large family with parents, children, siblings, wife, etc.
  • These plans are suited for those who want to create enough savings for their family in case of absence and those who have the biggest financial commitments.

Is 20 Crore Term Insurance Affordable?

While the premium for a 20 Crore Term Insurance policy is higher than policies with lower coverage, it is generally more affordable compared to other types of life insurance. Premiums are influenced by factors such as age, health, and policy tenure.

Are There Any Tax Benefits Associated with 20 Crore Term Insurance?

Premiums paid for term insurance policies are eligible for tax deductions under Section 80C of the Income Tax Act. Additionally, the death benefit received by your beneficiaries is usually tax-free under Section 10(10D).

Can I Add Riders to My 20 Crore Term Insurance Policy?

Yes, many insurance companies offer riders or add-ons that can be attached to your term insurance policy for extra coverage. Common riders include critical illness rider, accidental death benefit rider, and waiver of premium riders.

What is the Claim Process for a 20 Crore Term Insurance Policy?

In the event of the policyholder's demise, the nominee needs to contact the insurance company and then submit the necessary claim documents. The insurance company will review the claim and, if approved, provide the death benefit to the nominee.

Is a Medical Examination Required for a 20 Crore Term Insurance Policy?

A medical examination is typically required for high coverage amounts like 20 crores. The results of the medical examination can affect the premium amount.


A 20 Crore Term Insurance policy is a powerful financial tool that offers the best protection for your loved ones in times of need. It assures that your family's financial future is secure, covering their daily expenses, outstanding debts, and long-term goals. While it may seem like a significant commitment, the peace of mind it brings and the invaluable support it offers to your family in your absence makes it a wise investment in your family's well-being.

Compare quotes now at PolicyBachat to get the best 20 crore term life insurance.

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