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2 Crore Term Insurance
2 crore term insurance is the simplest form of life insurance that provides a life cover of Rs. 2 crore for a specific period of time at affordable premium. ...Read More
2 Crore Term Insurance@ Rs.35/day*
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.
:1800-266-9777
Best Term Insurance Plan For 2 Crore
Table of Content
1. What is 2 crore term insurance plan?
2. Why do you need a 2 Crore Term Insurance?
3. Why Buy a 2 Crore Term Insurance Plan?
4. What are the Benefits of 2 crore Term Insurance Plan?
5. How Does a 2 Crore Term Plan Work?
6. Factor to be Considered Before Buying Best Term Insurance Plan for 2 Crore
7. Best Term Insurance Plan for 2 crore in India 2025
8. Who Needs a 2 Crore Term Insurance?
9. How to Determine the Right Coverage Amount for the best term insurance plan for 2 Crore?
10. When should I buy the best term insurance plan for 2 crore?
11. Factors That Impact 2 Crore Term Insurance Premiums
12. How to Calculate Term Insurance Premium?
13. How to Choose the Best Term Insurance Plan for 2 crore?
14. Will the Payouts for the Best Term Insurance plan for 2 crore be Taxed1?
15. Summary
Traditional term insurance policies offer life coverage for a specific tenure. However, some variants today also provide coverage for the rest of your life. These plans offer your loved ones financial coverage when they need it most. The payout from term plans can help your family members pay off debts or fulfil their future dreams. Before you purchase a term plan, you must decide on the life coverage you want. Some people opt for Rs. 1 crore term insurance, while others may choose to get Rs. 2 cr term insurance. You should select the sum assured based on your Human Life Value (HLV), which refers to the present value of future income expenses, investments, and liabilities. Let’s better understand why you may need insurance coverage worth Rs. 2 crores.
What is 2 crore term insurance plan?
Individuals can choose to purchase a term plan that offers a sum assured of Rs 2 crore. These policies are called Rs 2 cr term insurance plans. In case something happens to you during the policy tenure, the insurance company will pay the amount of Rs. 2 crores to your beneficiary.
Why Do You Need a 2 Crore Term Insurance?
There is no specific answer on why you need a Rs. 2 crore term insurance plan. However, here are some key points you should consider:
- A high coverage amount is ideal for persons with an annual income of Rs. 5 lakhs or above.
- If you are the sole earning member of your family, you should opt for a Rs. 2 crore term insurance so that your family can get the necessary financial backup in your absence.
- It is best to buy a Rs. 2 crore term plan if you are the sole earner and also have loans and liabilities. In any unfortunate situation, if you are not present with them, then this will provide them with a safety net to pay off the debts.
- If you are in your early 30s, it can be the best time to opt for term insurance with Rs. 2 crores of sum insured. If you are healthy and young, you have to pay less for the same insurance coverage. Therefore, buying term insurance just after beginning your career can be a great option.
Why Buy a 2 Crore Term Insurance Plan?
Here are some reasons why it is wise to opt for a high coverage term plan with a sum assured Rs. 2 crore:
Budget-friendly Premiums
Even though the life insurance coverage is significant on a term policy with a sum assured of Rs. 2 crore, the premiums you pay are unexpectedly reasonable and budget-friendly. In most cases, it is likely to be as low as just Rs.1000-2000 a month. These affordable premiums ensure you get extensive cover without putting a strain on your finances. That is why it is best to start early investment in term insurance to get good premium rates.
Works as a Financial Safety-net
A Rs. 2 crore insurance payout acts as a robust financial safety net for your family in the event of your passing. It offers income replacement, ensuring financial stability for your family while meeting their long-term needs like education, debts, and daily expenses. Such a plan aligns with your human life value (HLV), providing adequate family financial protection.
Extensive Coverage
A high coverage term plan of Rs. 2 crore typically offers broad benefits like a longer policy tenure and optional riders for critical illnesses or accidental death benefits. The enhanced customisation options not only increase the coverage of your life insurance but also offer better protection to your family during uncertain times. Moreover, the IRDA claim settlement ratio gives you confidence in hassle-free claims.
Boosts Savings & Investments
With affordable premiums, a 2 Crore policy frees up more funds for savings and investments on other instruments. PPF, mutual funds, and ULIPs are some great options to explore. Some plans offer term insurance with return of premium, providing added value. Additionally, you can benefit from tax advantages under Section 80C and 10(10D), enhancing your overall financial portfolio.
What are the Benefits of 2 crore Term Insurance Plan?
Here are some of the top benefits of investing in a life insurance policy with a coverage of Rs. 2 crore:
High Coverage at Affordable Premiums
Best term insurance plan in India with a sum assured of Rs. 2 crore provides extensive coverage at affordable premiums. This makes it a cost-effective way to ensure your family’s financial well-being without putting too much strain on your budget.
Premium Payment Flexibility
You can choose a payment mode that aligns with your financial situation, whether it's monthly, quarterly, or annually. This premium payment flexibility makes it easier to manage your policy and ensures it remains active without burdening your finances.
Customisation with Riders
Enhance your 2 crore term insurance plan with additional riders like critical illness, accidental death, or waiver of premium. These add-ons allow you to customise your policy according to your specific needs, providing an even more robust safety net for your family.
Tax Advantages Under the Income Tax Act
The best term insurance plan for 2 crore offers attractive tax advantages under Sections 80C and 10(10D) of the Income Tax Act, helping you save more while ensuring comprehensive protection.
Financial Stability for Your Relatives
In the event of your absence, a Rs. 2 crore insurance payout offers crucial financial stability for your family, covering daily expenses, debts, and long-term goals. Plus, with a strong claim settlement ratio, you can trust that your family will receive the benefits when they need them most.
How Does a 2 Crore Term Plan Work?
Rajiv, who is currently 28, is about to get married. He’s excited to start a family and buy his first house. He earns Rs. 80,000 per month or Rs. 9,60,000 per year. Since he knows he’ll have to opt for a home loan in the near future, he purchases a term policy with a sum assured of Rs. 2 crore and picks a 30-year tenure. At the age of 40, he has a fatal heart attack, leaving his wife to look after his young son by herself. The payout from the term insurance policy allows her to continue to pay the school fees and the loan instalments while she comes to terms with her new reality.
Factor to be Considered Before Buying Best Term Insurance Plan for 2 Crore
These are some key factors you need to consider before buying the best term insurance for Rs. 2 crore:
Check Coverage Amount
The first thing you need to consider is the coverage amount your family needs from your term insurance. You should choose the correct term plan based on multiple factors, such as your existing liabilities, future goals and inflation.
Start by multiplying your total monthly expenses by 150 and add liabilities such as loans, credit cards, etc. Then, add your future expenses like education, marriage, etc. Deduct the value of your liquid assets from this total amount. This lets you determine the lump sum amount you want to leave for your family.
Policy Tenure
The policy tenure of your term insurance should not be too small or too long. A term insurance with a smaller tenure will lapse fast, and similarly, for a longer period, your premium amount will continuously increase as you grow in age.
Premium Affordability
You cannot neglect your present situation for your future needs. Try to opt for term insurance that covers your future requirements at an affordable premium amount. Rs. 2 crore term insurance premiums will vary with multiple factors such as health, age, lifestyle and the coverage amount.
Claim Settlement Ratio
By checking the CSR (Claim Settlement Ratio), you can choose the best insurance provider. The ratio indicates how many claims have been settled by an insurance company against the number of claims filed. For instance, a claim settlement ratio of 97% means the insurer has paid for 97 out of 100 claims filed by policyholders. Always choose a provider with the highest CSR.
Riders
Even if you are choosing a Rs. 2 crore term insurance, you should opt for riders such as accidental death benefits, critical illness cover, and premium waiver. With this customisation, you will be able to increase the coverage amount and get additional financial protection from accidents or medical emergencies.
Purchase Requirements
Before purchasing a term plan, ensure you meet the insurer's eligibility criteria, such as medical conditions, age requirements and required documents. The minimum age is 18, and the maximum age is 65. If required, the insurer may also do a medical test.
Policy Exclusions
To avoid rejection of the policy claim, you should read the exclusions of your selected term insurance plan. Some of the common exclusions include suicide, pre-existing diseases that are not disclosed, fighting, etc.
Claims Process
The claim process of your selected insurance company should be easy so that your family can easily get the sum assured without any complications. Before purchasing insurance, check if your insurer provides fast cashless claim settlements.
Flexibility for Upgrading or Modifying the Plan
Your requirements may change over time during the policy tenure. Check if your insurance has flexible options to increase the coverage amount, add-on riders, death benefits, etc. Therefore, you do not need to buy additional insurance.
Confirm Tax Benefits
Term insurance plans give you tax benefits under Sections 80C and 10 (10D) of the Income Tax Act in India. This will help you to claim tax deductions on your insurance premium. Before purchasing, you should check what tax benefits you can avail from your term plan.
Best Term Insurance Plan for 2 crore in India 2025
These are the best term insurance plans offered by HDFC Life for 2 Crore in India 2025:
HDFC Life Term Plans |
Features |
Customer profile |
Policy term (in years) |
Premium paying term (in years) |
Death benefit (in Rs.) |
Monthly premium amount (in Rs.)3 |
HDFC Life Click 2 Protect Super |
Term plan with a bouquet of benefits life - Increasing/decreasing life cover, Smart Exit, Spouse cover, Parents secure option. |
25 years, Male |
20 |
20 |
1 crore |
7432 |
HDFC Life Click 2 Protect Elite5 |
A pure term solution created specifically for the Salaried segment3 |
25 years, Male |
20 |
15 |
2 crore |
10822 |
HDFC Life Sanchay Legacy (Life option)6 |
Unique term plan catering to the maturing HNI segment with additional process simplification |
40 years, Male (Minimum age is 40 years) |
Whole life |
10 |
1.2 crore |
1,00,0002 |
Who Needs a 2 Crore Term Insurance?
Here are some types of individuals who stand to benefit the most from a 2 Crore term insurance policy:
Young Individuals:
Youngsters in their 20s have no health complications, do not have many financial responsibilities, and have just started earning, so expenses are also lower. At this stage, they stand to gain the most from a 2 crore term insurance plan as it is likely to come at a highly affordable premium.
Primary Earners:
Members of a family who are the primary earners and have significant financial responsibilities to shoulder need a high-value term insurance. This helps create financial security for their loved ones and assures that their family continues to maintain its expenses in the event of their death.
Young Parents:
A young couple with growing kids and ageing parents need a 2 Crore term insurance to ensure their family is able to meet its financial needs if they are no longer around. Expenses such as outstanding loans, education-related expenses, and longstanding treatments can be easily paid off with the death benefit sum assured.
Self employed individuals
A 2 crore term insurance will be adequate to provide financial security for a self employed individual both in terms of personal as well as business. Term insurance for self employed will be help to cover immediate business expenses and secure financial future of your family.
Non Resident Indians (NRI):
For NRIs living aboard and have financially dependents in India as well a 2 crore term insurance might be necessary to provide adequate cover. This term insurance for NRI will provide life cover of 2 crore for the financial protection of their loved ones.
Working women:
If you are a working women and have financial dependents as parents your loved ones than a 2 crore term insurance will come in handy to provide the adequate life cover. Term insurance for women in this day and age has become a necessity to financially cover their loved ones in their absence.
How to Determine the Right Coverage Amount for the best term insurance plan for 2 Crore?
To determine the right coverage amount for a Rs. 2 crore term insurance plan, there are several factors you should consider to ensure your dependents have sufficient financial coverage. Here are some important points to evaluate that:
Assess Financial Dependents' Needs
First, you need to calculate the financial requirements of your dependents. For that, you can consider estimating your family’s daily expenses, current lifestyle, and any future financial goals such as marriage or educational expenses.
If you have one child and a spouse to cover, you need around 10-15 times your annual income. If you have more children, the term coverage you need increases; it should be at least 15-20 times your annual income.
Your Age
The coverage amount also depends on your age. When you are a younger individual, generally, you have fewer liabilities and need to pay a lower premium amount. It helps you to get higher coverage at a lower cost. As you age, your responsibilities increase, and you need a higher coverage amount to meet future expenses. Your premiums also increase due to higher health risks.
Income
Your current income and expected future income can help to determine your coverage amount. If you follow the thumb rule, your sum assured should be at least 10-15 times your annual income. For instance, if your salary is Rs. 5 lakh per annum, then the coverage should be between Rs. 50 lakh and Rs. Rs. 75 lakh.
Adjust for Inflation
Inflation reduces your purchasing power over time. So, it is necessary to determine the coverage amount by including the inflation rate to get a realistic value. This ensures that your family members are able to pay for their expenses in your absence despite rising prices.
Include a Buffer For Emergencies
Additionally, you should include a buffer for emergencies such as sudden medical emergencies, sudden financial needs or any other additional costs. Thus, you can add another safety layer for your family in your absence.
Consider Existing Investments and Assets
If you have any existing assets and investments, they can also fulfil the future needs of your family. So, you can subtract this value from the total coverage amount you need. You can consider your savings accounts, mutual funds, shares, etc., as your emergency fund.
Ensure Premium Affordability
Though the calculation of the right coverage amount is essential, the premium amount should also be affordable. You can use our online premium calculator tool to get an estimated idea of coverage for different premium amounts. This will help you balance protection and affordability.
When should I buy the best term insurance plan for 2 crore?
One of the most frequently asked questions among the buyers of Rs. 2 crore term insurance plans is the policy term and when they should get started. To take advantage of the lower insurance premium, it is advisable to take the insurance as soon as you start earning after the age of 18.
The cost of the term insurance plan increases with your age. You can follow the below table to get an idea about the insurance premium you need to pay:
Age(years) |
Policy Term(years) |
Monthly Premium (Rs.) |
Monthly Premium with Critical Illness Rider (Rs.) |
Monthly Premium for Return of Premium option (Rs.) |
20 |
40 |
1210 |
1244 |
2449 |
30 |
40 |
2135 |
2334 |
4169 |
40 |
40 |
4400 |
5418 |
7944 |
Factors That Impact 2 Crore Term Insurance Premiums
There are many factors that impact the premium of your 2 crore term insurance plan. Here are some of them mentioned below:
Age:
One of the first factors that insurers check is the age of the applicant seeking to buy term insurance. Those who are young and healthy often are charged lower premiums simply because they present lesser risk than those who are older, middle-aged and beyond. Younger individuals are less likely to develop lifestyle diseases, critical illnesses and health-related complications. Therefore, it is always best to buy a 2 crore term insurance in your early years to get budget-friendly premiums.
Medical History:
The applicant’s medical history is a significant factor affecting the premium of a term insurance plan. For example, if you are at risk of diabetes or have a history of cancer in your family, you are already at risk of developing a critical health concern. This increases your risk of death, thus automatically increasing your insurance premium as compared to someone without any health threats.
Add-On Riders:
Every rider you add to the plan comes at an additional cost that is added to your premium. Therefore, you must select your riders carefully depending on your health concerns, financial needs, threats or risks, and financial appetite. Evaluate the cost and benefit of the rider deliberately before finalising.
Lifestyle:
Your lifestyle choices impact your premium in more ways than you can anticipate. If you are someone who smokes or drinks regularly, it is important to disclose it at the time of buying the policy. This may increase your premium but will keep you from future discrepancies and ensure that the assured sum is released seamlessly.
How to Calculate Term Insurance Premium?
When buying a 2 crore term insurance policy, you should aim for high coverage at an affordable premium. A premium that is easy on your pocket will prevent missing premiums, and you can keep the policy active. The parameters that decide the premium are:
Plan Tenure
Sum Assured
Personal Habits and Health History
The plan tenure is an important factor that impacts the premium. The premium will be lower for longer tenures and vice versa. For a longer tenure, investing in a 2 crore term insurance plan is suggested early in life.
The sum assured plays a vital role in premium calculation. If you choose to increase the sum assured at any point, the premium also increases proportionately. It is therefore recommended that you opt for a sum assured according to your specific requirements.
Individuals who smoke and consume alcohol are more prone to health issues. If you have these lifestyle habits, the premium will be higher as the risk is higher.
A family history of heart disease, stroke, cancer, diabetes, etc., indicates that you are more susceptible to these health conditions. The result is a higher premium.
How to Choose the Best Term Insurance Plan for 2 crore?
When looking for a Rs. 2 crore term policy, you should consider the following crucial points:
Premiums
Term policies are popular since they provide high coverage at affordable rates. Always compare the premiums offered by various term insurance providers before selecting a plan.
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. For example there are different types of term insurance and one such type is the term insurance with return of premium availed with the TROP rider.
Age
Age is the key factor that decides how affordable your premium will be. Investing in a term plan early in life will considerably reduce the premium as you are less likely to fall ill and your life expectancy is higher. If you plan to buy a term insurance plan later in life it will be costlier.
Financial Dependent
Your life stage and the number of financial dependents are the yardsticks for choosing the right policy. If you are the sole earning member, then your family may depend on you for an extended period to fulfil their requirements.
Will the Payouts for the Best Term Insurance plan for 2 crore be Taxed1?
No. The payouts of the 2 crore term insurance plan are not taxed. The death benefit and any additional bonuses paid to the beneficiaries are exempted from tax under Section 10(10D) of the Income Tax Act 1961. To qualify for this benefit, the premium must not exceed 10% of the sum assured.
Summary
A 2 Crore term insurance policy is a must for those seeking substantial life coverage to secure the financial future of their loved ones in your absence. It provides high protection at affordable premiums and helps your family meet significant financial obligations like home loans, children’s education, or dependent family members in case of your untimely demise.
You can easily customise the plan with riders for critical illness or accidental death benefits, enhancing overall coverage. Tax advantages and a good claim settlement ratio further ensure value for money, ensuring that your family receives timely financial support when needed most. Overall, it’s a reliable option for long-term financial security and peace of mind.
FAQ’s on 2 Crore Term Insurance
Q: What are the eligibility criteria to purchase a Rs. 2 crore term plan?
To purchase a term plan, you must have income proof and be between the ages of 18 and 65.
Q: What is the premium amount for a term plan offering coverage of Rs. 2 crore?
The premium amount for the term policy depends on your lifestyle, age, health, income range and more.
Q: What happens if I survive the policy tenure?
Term plans do not offer any maturity benefits. However, if you opted for a Return of Premium policy, you will get the premiums back on maturity.
Q: How can I purchase a Rs. 2 crore term plan?
You can purchase a term policy worth Rs. 2 crores directly from our website.
Q. What is the minimum salary for 2 crore term insurance?
Those earning approximately 10-15 lakhs per annum can think about opting for a 2 crore term insurance. However, you must also check your insurance provider's term insurance eligibility criteria. It is important that the sum assured aligns with your human life value (HLV) and financial profile.
Q: Is 2 crore term insurance worth it?
Yes. A term insurance of Rs. 2 crore is worth it if you want to provide sufficient financial security to your family when you are not there. To find the correct sum assured amount, you have to consider your current monthly expenses, future goals, debts and liabilities, etc.
Related Article
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- 1 Crore Term Plan - Is this Sufficient for You?
- Why should you consider a 1-Crore Investment Plan?
- Intimation Under Section 143(1) of Income Tax Act
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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.
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1. Tax benefits are subject to conditions under Sections 80C, 80D, Section 10(10D) and other provisions of the Income Tax Act, 1961.
2. The premium price is subject to change based on variations in customer profile, policy term, premium payment term, and selected death benefits.
3. The premium amount is exclusive of taxes & levies.
4. HDFC Life Click 2 Protect Super (UIN: 101N145V06) is a Non-Linked, Non-Participating, Individual, Pure Risk Premium/ Savings Life Insurance Plan. Life Insurance Coverage is available in this product
5. HDFC Life Click 2 Protect Elite (UIN:101N176V02) A Non-Linked, Non-Participating, Individual, Pure Risk Premium Life Insurance Plan
6. HDFC Life Sanchay Legacy (UIN:101N177V04) is a Non-Linked, Non-Participating, Individual, Pure Risk Premium/ Savings Life Insurance Plan. Life Insurance Coverage is available in this product.
@As per integrated annual report FY23-24, available on www.hdfclife.com. As of May 2024
^ Available under Life & Life Plus plan options
#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
##Individual claim settlement ratio by number of policies as per audited annual statistics for FY 23-24
*Online Premium for Life Option, Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Monthly Premium of Rs1047/30=34.9)
***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V06), Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Monthly Premium of 622/30=20.7).
**7% online discount available on 1st year premium only
~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information.
The above premium rates are for a non-smoker healthy male inclusive of 5% online discount (applicable only for 1st year premium) and exclusive of taxes & levies as applicable.
HDFC Life Click 2 Protect Super (UIN: 101N145V06) is a Non-Linked, Non-Participating, Individual, Pure Risk Premium/ Savings Life Insurance Plan. Life Insurance Coverage is available in this product.
ARN - DM/01/25/19778