How much INR 5 crore term insurance plans will cost you in India?

A term insurance plan is one of the most important policies that you must invest in once you are financially independent. However, when you are choosing a term insurance plan, you must be sure about the sum assured that the nominees of the policy are going to get on your sudden demise within the policy term. If you want your family to be financially stable even when you are not there any longer, you must choose a 5 crore term insurance policy.

Advantages of buying a 5 crore term insurance plan

All of us love our families. And we all want to create a better future for them. As you buy a 5 crore term insurance plan, you offer them financial freedom, even when you are not around. There are some other advantages of purchasing this plan.

Premiums are cost-effective

Once you have a 5 crore term insurance plan, it will cost you around INR 2500 – 3500 each month. This is quite affordable for middle-class families. If you take any other kind of insurance policy of a maturity benefit for the same value, you will end up paying much more than this.

Options to customize

You will get the scope to choose from various plans which come under a single policy and also suit your needs. Several term insurance plans provide premium waivers, income options, disability, increasing sum assured accident benefit, and critical illness cover. These options help you to create an all-inclusive plan.

Easy to understand

If we compare a term insurance plan with the other insurance plans, we can say the former is very easy to understand. You will not find any jargon while buying a term insurance policy. It is straight and simple that the beneficiaries will get the sum assured on the demise of the policyholder within the policy term.

Protection of assets

An amount of 5 crores is enough to pay off the loan amount and even clear all your debts. Even if you pass away, your family can pay off all the debts and loans and still can have money to carry on with their lifestyle.

Rider options

As you buy a term insurance plan, you also can buy a rider for which you have to pay an extra premium. The best thing about buying a rider is that your family will not only get the sum assured but also the coverage provided by the rider. A few of the most common riders are Critical illness rider, Waiver of premium rider, Accident benefit rider, etc.

Some of the 5 crore term insurance plans

While you are planning to buy a 5 crore term insurance plan now, you may want to take a look at the following options:

LIC Tech Term Insurance Plan

This is a non-linked and non-participating plan that you can buy online. This policy can also be bought by NRIs provided they are present in the country to undergo the medical tests. To buy this plan, you have to pay a premium of INR 8,400 under Level Sum Assured and INR 13,900 under Increasing Sum Assured.

HDFC Click2Protect Plus Term Plan

Under this plan, you can pay a single, monthly, quarterly, half-yearly, and yearly premium. The minimum annual premium under this plan is INR 2,376; however, it may change depending on the sum assured you have chosen.

You can spare some time and visit the website of IIFL to find many more 5 crore term insurance plans like these. To be certain about the premium that you have to pay, you can use the term insurance premium calculator. Make sure you also check out various other term plans here at IIFL.