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What is ₹ 20 lakh Term Insurance?
What is Rs. 20 lakh term insurance? It's a policy that offers a payout of Rs. 20 lakhs if anything happens to you. Let's see how purchasing a Rs. 25 lakh term policy 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.
25 Lakhs Term Insurance30 Lakhs Term Insurance50 Lakhs Term Insurance75 Lakhs Term Insurance
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.
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Why Do I Need Rs 20 Lakh Term Insurance?
Table of Content
Life is unpredictable. We never know what lurks around the next corner. A devastating accident or terminal illness could permanently separate you from your loved ones. A term insurance plan helps you look after your loved ones even when you’re no longer around. The plan provides financial stability when they need it most. Let’s understand when you should purchase a Rs. 20 lakh term insurance policy.
What Is a Rs. 20 Lakh Term Insurance?
A Rs. 20 lakh term policy provides life coverage of Rs. 20 lakhs for the policyholder for a limited time. The beneficiary receives the sum assured payout of Rs. 20 lakhs if anything happens to the policyholder during the plan tenure. The payout should enable your loved ones to pay off debts and maintain their standard of living.
Why Buy Rs. 20 Lakhs Term Insurance?
Selecting the ideal life coverage can seem like a daunting task. None of us knows how much we need tomorrow, but we can use a few calculations to get within the ballpark. People can consider their Human Life Value or HLV, which is the present value of future income expenses, investments and liabilities. Generally, people opt for a life coverage worth ten times their current annual salary. A Rs. 20 lakh plan will be adequate for individuals earning Rs. 2 lakhs per year, or roughly Rs. 16,500 monthly. Additionally, the amount should help your loved ones pay off debts and battle inflation.
How Does a Rs. 20 Lakh Term Plan Work?
Richa purchased a term policy offering a sum assured of Rs. 1 crore for a period of 35 years at the age of 28. After a few years, she got married and had a child. Her financial liabilities increased, and she started to worry that the sum assured would not be enough to safeguard her child’s higher education. At 40, she purchased a plan worth Rs. 20 lakhs for 15 years. At 45, she met with a fatal accident. Her husband received the payout of Rs. 1 crore from her original plan. It helped him replace her lost income and maintain their standard of living. He also received an additional sum of Rs. 20 lakhs from the second policy. He put this money away safely and eventually used it to send their son abroad for his post-graduation.
What Are the Benefits of Rs. 20 Lakhs Term Insurance?
When you purchase a term insurance policy worth Rs. 20 lakhs, you benefit from:
- Affordable premiums
- Premium payment flexibility
- Enhance your plans by choosing the add-ons that best suit your requirements.
- Get tax benefits under the Income Tax Act*
- Secure your financial future of your loved ones
How to Choose Rs. 20 Lakhs Term Insurance Plan
When looking for a Rs. 20 lakh term policy, you should consider the following crucial points:
Premiums
Term life insurance plan 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
Every life insurance company must inform policyholders of their claim settlement ratio. It lets you know how many claims the company settled of all requests received. The higher the ratio, the better.
Add-ons
Always check the add-ons that various insurance companies offer. You could boost your coverage and enhance your family’s financial future by selecting the add-ons that suit your needs.
Frequently Asked Questions
Q: What are the eligibility criteria to purchase a Rs. 20 lakh term plan?
A: To purchase a term plan, you must be between 18 and 65 and be able to show income proof.
Q: What is the premium amount for a term plan offering coverage of Rs. 20 lakhs?
A: Your premium depends on your age, lifestyle, health, income, and policy tenure.
Q: What happens if I survive the policy tenure?
A: 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. 20 lakh term plan?
A: You can purchase a Saral Jeevan Bima policy worth Rs. 20 lakhs directly from our website.
Related Article
- Term Insurance Cost - Whats Right and Whats Not
- Term Insurance For Family - All You Need To Know
- Why You Need to Buy Your Term Insurance Online
- Reasons to Get Term Insurance for Heart Patients
ARN -ED/04/23/1622
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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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Here are a few more articles about Term Insurance.
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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.