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3 Crore Term Insurance
What is Rs. 3 crore term insurance? It's a policy that offers a payout of Rs. 3 crores to your loved ones if something happens to you, the policyholder. Purchasing a Rs. 3 crore term insurance plan enables you to look after your family's finances, regardless of what life has in store for you. After all, protecting your loved ones is your topmost priority.
To delay is to regret
You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.
Life Cover of 3 Crore @ Rs 57/day**
:1800-266-9777
ROP
Return of Premium^
Same Day
Claim Processing#
99.50%
Claim Settlement Ratio##
66 Million
Lives Insured@
₹3 Trillion
Assets under
management@
630 Billion
Total Premiums@
TERM INSURANCE PLANS BUYING GUIDE
Why Do I Need Rs 3 Crore Term Insurance?
Table of Content
Preparing for the future always seems overwhelming. You never know what life has in store for you, and thinking about a time when your family has to manage without you feels almost impossible. Although nothing could ever replace you, life insurance provides your family with financial security, enabling them to navigate a difficult time without worrying about money. A term life insurance policy allows you to offer your loved ones this financial safety net. While selecting a term plan, you should determine the sum assured based on your Human Life Value (HLV), which represents the present value of future income, expenses, investments, and liabilities. Let's better understand the need for a Rs. 3 cr term insurance plan.
What Is a Rs. 3 Crore Term Insurance?
A Rs. 3 crore term plan offers life coverage of Rs. 3 crores for a limited period or your whole life, depending on the variant you select. Should anything happen to the policyholder during the tenure, the beneficiary receives a payout of Rs. 3 crores.
Why Buy Rs. 3 Crore Term Insurance?
You should buy a Rs. 3 cr term insurance policy to protect your family’s financial future regardless of what life has in store for you. You should calculate your HLV to better understand the sum assured required. An amount of Rs. 3 crores will help replace your income in the future if you earn between Rs. 20 lakhs and Rs. 30 lakhs annually right now. If you earn less but have a few debts, the amount will provide your loved ones with the finances required to become debt-free.
For Non-Resident Indians (NRIs), term insurance for NRI is particularly crucial. Many NRIs working abroad find a Rs. 3 crore term insurance plan an ideal solution to ensure their family's financial security back in India. Term insurance for NRI policies offers comprehensive coverage that transcends geographical boundaries, allowing professionals working overseas to provide a robust financial safety net for their dependents.
How Does a Rs. 3 Crore Term Plan Work?
Let’s understand this with an example. Rajiv purchased a term life insurance plan with a sum assured of Rs. 3 crores and a tenure of 35 years just before getting married at the age of 30. A few days before his 60th birthday, Rajiv suffered a fatal heart attack, leaving his wife and child to manage without him. Even though he was not the sole breadwinner, he contributed to their lifestyle and took care of the home loan payments. Rajiv’s wife received a payout of Rs. 3 crores, which helped her pay off their outstanding debt. She put the rest of the money away to help finance her retirement.
What Are the Benefits of Rs. 3 Crore Term Insurance?
A term plan worth Rs. 3 crores offers the following benefits:
- High coverage at affordable premiums
- Premium payment flexibility
- Additional benefits with riders
- Tax benefits as per the laws of the Income Tax Act *
- Financial protection for the family
How to Choose the Right Rs. 3 Crore Term Insurance Plan?
Before you purchase a Rs. 3 crore term policy, you should evaluate your options and consider:
Claim Settlement Ratio
The IRDAI regularly updates people about the claim settlement ratio of each insurance company. It lets you know how many claims the company settled of all requests received. The higher the ratio, the better.
Riders
Always check the riders that various insurance companies offer. You could boost your coverage and enhance your family’s financial future by selecting the riders that suit your needs.
Frequently Asked Questions
Q: What are the eligibility criteria to purchase a Rs. 3 crore term plan?
A: Individuals hoping to buy term plans worth Rs. 3 crores must be between 18 and 65 and have a steady income. Depending on your insurance company, you may have to meet a minimum income requirement. Certain companies also evaluate your HLV, so the sum assured offered may differ from one insurance company to the next.
Q: What is the premium amount for a term plan offering coverage of Rs. 3 crore?
A: When it comes to premiums, there's no easy answer. The amount depends on your policy tenure, age, health, income and lifestyle.
Q: What happens if I survive the policy tenure?
A: The life coverage ends when the tenure expires. If you survive the plan, you do not receive any benefits. However, if you select a Return of Premium plan, you will get the premiums back on maturity.
Q: How can I purchase a Rs. 3 crore term plan?
A: You can purchase a term policy worth Rs. 3 crores directly from our website.
Related Article
- What is a Joint Life Term Insurance policy?
- Eligibility Criteria for Buying Term Insurance in India
- Are Add-ons and Optional Features of Term Insurance Really Beneficial?
- What is the Age Limit to Buy a Term Insurance Policy?
ARN - ED/04/23/1530
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
Reviewed By:
Here are a few more articles about Term Insurance.
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HDFC Life
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HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
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##Individual death claim settlement ratio by number of policies as per audited annual statistics for FY 2023-24.
#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved
^ Available under Life & Life Plus plan options
*As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
**Online Premium for Life Option, Male Life Assured, Non-Smoker, 20 years of age, Policy term of 40 years, Regular pay, Monthly frequency, exclusive of taxes and levies as applicable. (Monthly premium of Rs. 1697 and daily premium of Rs. 57)
@As per integrated annual report FY23-24, available on www.hdfclife.com. As of May 2024