Term Insurance 487 views February 13, 2020

Best Term Insurance Plan for 75 Lakh

Term Plan provides pure life insurance cover without offering any maturity benefits at the end of the policy tenure. Term Insurance plans are much cheaper in comparison to that of the whole life insurance plans as they have no cash value. The premium of most of the term insurance plans remains fixed throughout the policy tenure.

Term Insurance

To know the right life insurance cover, please fill the details below and our policy experts will get in touch with you

+91

One of the major reasons for the purchase of a term insurance plan is to ensure the financial security of your loved ones in your absence. By including add-ons into the base plan you can avail of enhanced coverage but at a nominal premium. The term plan of 75 lakh is an efficient method of ensuring the financial security of your family even when you are not with them to take care of their requirements. The death benefit provided by a term plan of 75 lakh would help in meeting the financial requirements of your family in case of your unexpected demise.

Best Term Insurance Plans of 75 lakh

Let us have a look at some of the popular term plan of 75 lakh offered by the eminent insurance providers.

Bajaj Allianz Smart Protect Goal

The Bajaj Allianz Smart Protect Goal offers comprehensive coverage along with various benefits and features. The major benefits provided by the Bajaj Allianz Smart Protect Goal have been mentioned below.

  1. Your nominees can avail of the benefits in case of your Accidental Death in the form of Accidental Death Benefit if the death was caused within 180 days of the accident.
  2. Accidental Total Permanent Disability Benefit can be availed in case of any permanent and total disability suffered due to an accident.
  3. Critical Illness Benefit helps you to obtain the sum assured chosen for critical illness benefit on diagnosis of suffering from the critical illness.
  4. Waiver of Premium Benefit and Surrender benefits are available under this term plan of 75 lakhs.
  5. Tax benefits are available on the premium paid and on the claim amount obtained under the provisions of Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Aviva Life Insurance iTerm Smart

The Aviva Life Insurance iTerm Smart plan provides life cover at a nominal cost along with the benefit of protecting against critical illnesses and disabilities.

  1. The minimum age for entry into the policy is 18 years and the maximum age is 65 years.
  2. Your beneficiaries will obtain the life cover i.e. the sum assured in case of your demise during the policy term.
  3. You can avail of the benefit of life stage protection which would help in enhancing the coverage amount and would need no medical examination for this.
  4. You can avail the benefit of enhancing the cover till 80 years of age with a maximum policy term of up to 62 years.
  5. The minimum sum assured is Rs. 75 lakh and the maximum sum assured can be up to Rs. 25 crores.
  6. Premium payment can be done by monthly, quarterly, half-yearly or by an annual method.

Future Generali Flexi Online Term

  1. The minimum age for entry into the Future Generali Flexi Online Term plan is 18 years whereas the maximum age is 55 years.
  2. Your nominee will be paid with the total cover benefit in the form of a lump sum amount in case of your death during the policy tenure.
  3. The maximum coverage under the Future Generali Flexi Online term plan is up to the age of 75 years.
  4. The premium payment frequency is annually and the premium payment term is equal to the policy tenure for this term plan of 75 lakh.
  5. Tax benefits can be availed for the premium paid and the claim amount under the provisions of Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Kotak e-Term Plan

  1. The minimum age for entry into the Kotak e-Term plan is 18 years and the maximum age is 65 years.
  2. Your nominee would receive the sum assured as Death benefit on your demise during the policy term. This death benefit can be obtained in the form of
    • Immediate Payout – The total sum assured would be paid out immediately and the policy would be terminated.
    • Level Recurring Payout – 10% of the Sum assured is paid as a lump sum and the remaining amount is paid out every month for the upcoming 15 years.
    • Increasing Payout – 10% 10% of the Sum assured is paid as a lump sum and the remaining amount is paid out every month for the upcoming 15 years and there is an increase in the monthly income by 10% simple interest each year.
  3. Premium payment can be done conveniently by Regular pay, Limited pay or by Single pay method.
  4. Critical illness rider can be included in the base plan which helps in paying a lump sum amount on the occurrence of any disease out of the 37 specific critical illnesses.

Aditya Birla Capital Digi Shield Plan

The Aditya Birla Capital Digi Shield Plan offers complete financial protection at a nominal cost. The minimum age for entry into the policy is 18 years and the maximum age is 65 years.

The major benefits which are available under this plan are mentioned below.

  1. Death Benefit- The sum assured is paid to your nominee in case of your sudden demise during the tenure of the policy.
  2. Enhanced Life Stage protection- You can choose for an increase in the life cover at the occurrence of life events such as marriage, childbirth, etc.
  3. Customizable benefits- You can include riders into your base plan and enhance your coverage by paying an additional premium. Some of the major riders are Critical Illness Rider, Accidental Death and Disability Rider, Hospital Care Rider, Surgical Care Rider, etc.
  4. You can even cover your spouse under this same policy which also offers flexibility in the premium payment terms.

Conclusion

Ideally, the cover of your term plan should be approximately 10 times of your annual income as an amount below this would not be sufficient enough to meet your objectives. Mostly, it should depend upon your expenses, your liabilities, and your investments already are done. A term plan of 75 lakh would be adequate to meet your requirements but you should do detailed research, compare policies online by insurance aggregator and then decide on the purchase of your policy.

People Also Read