Best Term Insurance Plan for 2 crore

Term plans are a category of life insurance policies that offer high sum assured at nominal premium rates. For those individuals who are looking for an effective life cover, term plans are an effective method for doing so. One of the main objectives for the purchase of a term plan is to provide financial cover for your loved ones when you are not with them anymore.

Some of the major causes of the purchase of a term plan can be listed below.

1. Financial security for your family’s future in your absence.
2. Availability of high coverage at a low premium.
3. Highly flexible and customization is quite convenient.
4. No brokerage fees are charged from you in case of a term plan.
5. Additional riders are available for enhanced coverage.

The most important aspect of a term plan is the amount of life cover your term plan is providing. This determines the level up to which your family is secured even in your absence. Mostly, term plans are quite well-known among the masses for providing high cover. Usually, people opt for a term plan of 1 crore wih a life cover. However, a term plan of 2 crore and even higher cover are plentily available in the market which can be suitable for your insurance requirements.

Let us check out some of the term plans of 2 crore which are available in the market.

ICICI Prudential iProtect Smart Plan

1. The ICICI Prudential iProtect Smart Plan has 4 flexible payout options i.e. lump sum payout, monthly income, increasing income and lump sum plus income.
2. The plan offers maximum policy term up to an age of 85 years.
   ICICI Prudential iProtect Smart Plan offers special benefits for women with lower premium rates and options for coverage of critical illnesses.
3. Various riders can be included in the base policy for providing enhanced coverage.
   – Critical Illness Rider which provides cover against 34 specific illnesses with the sum assured is paid on the occurrence of the critical illness.
   – Accidental Death Benefit Rider with a maximum accident cover of Rs. 2 crores is available.
4. Tax benefits on premium paid and the claim amount obtained is available under the provisions of Section 80C and Section 10(10D) of the Income Tax Act, 1961.

HDFC Life 3D Plus Life Option

1. The minimum age for entry into this policy is 18 years and the maximum age is 65 years.
2. The minimum maturity age for the HDFC Life 3D Plus Life Option is 23 years and the maximum age is 85 years.
3. The various cover options which are available under this plan are mentioned below.
   • Life Option
   • Extra Life Option
   • 3D Life Option
   • Whole Life Option
   • 3D Whole life Option
   • Return of Premium Option
   • Income Option
   • Extra Life Income Option
   • Income Replacement Option
4. The HDFC Life 3D Plus Life Option offers life stage protection i.e. you will have the option to increase the basic sum assured without underwriting on any of the events of the life insured such as marriage, the birth of first child and birth of a second child.
5. The policy offers a grace period of 30 days within which the unpaid premium can be cleared.

Tata AIA Life Sampoorna Raksha

1. This term plan of 2 crore provides life cover up to the age of 85 years or it has the option to provide Whole life coverage till the age of 100 years.
2. There are options available for the payment of premium in the form of Regular pay or Limited pay in 5 years, 10 years or 12 years or pay premium till 60 years of age.
3. You can have the flexibility to choose among the 4 options available for Death benefit such as
   • Sum assured as Lump Sum benefit on death
   • Sum assured as Lump Sum benefit on death and monthly income for the next 10 years.
   • Enhanced Sum assured on death in the form of a lump sum
   • Enhanced Sum assured on death and monthly income for the next 10 years.
4. The TATA AIA Life Sampoorna Raksha plan provides a discount on premium for high sum assured and you can avail enhanced protection with riders.
5. You can even avail tax benefits under Section 80C and Section 10(10D) of the Income-tax Act, 1961.

Aegon Life iTerm Plan

1. In the Aegon Life iTerm Plan, you will have the flexibility by which you can select the form of Death Benefit payout i.e. as a fixed monthly income for 100 months, as a lump-sum payment or as a combination of both these factors.
2. Low premium rates are available for female policyholders and non-smokers.
3. Various benefits which are available with the Aegon Life iTerm plan are
   • Survival Benefit
   • Terminal Illness Benefit
   • Auto-Increase of Cover Benefit
   • Quit Smoking Benefit
   • Death Benefit
   • Tax Benefit
4. This term plan of 2 crore offers Life Stage option by which the sum assured of your policy can increase on the occurrence of events like marriage, birth or adoption of your first child and birth or adoption of your second child.

Max Life Insurance Smart Term Plan

1. You can be able to choose the tenure of the policy which is available up to the age of 85 years.
2. Premium payment can be done by monthly, quarterly, half-yearly or by an annual method.
3. The Max Life Insurance Smart Term plan offers a death benefit to be availed in the form of different variants which you can specify at the time of purchase of the policy.
4. You can pay an additional premium and enhance the important milestones of your life by choosing the Life Stage Event Benefit.
5. A grace period of 30 days is available to clear the unpaid premium and keep your term plan of 2 crore active.

Conclusion

Hence, term plans have their advantages and with life being so very uncertain it is wiser to purchase one sooner. A term plan of 2 crore will be your assurance for your family that their future is secured even if any unexpected incident happens in the future.