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Why Do I Need Rs 25 Lakh Term Insurance?
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Everybody works hard for a safe and secure future. Most working individuals create financial plans that include savings and investments to safeguard their future. However, many forget about the importance of a term plan, such as the best term insurance plan for 25 lakhs, best term insurance plan for 1 crore etc. A term policy offers life coverage, providing your loved ones with financial safety and stability at a crucial time.
What Is a Rs. 25 Lakh Term Insurance?
A Rs. 25 lakh term policy offers life coverage worth Rs. 25 lakhs for a limited time. Some policies today extend the coverage for the individual’s entire life. If anything happens to the policyholder while the plan is active, the beneficiary receives the payout of Rs. 25 lakhs.
Why Buy Rs. 25 Lakhs Term Insurance?
You should always opt for life coverage at least 10 to 15 times your current annual income. You could also consider coverage equal to 20 times your earnings if you consider a higher inflation rate. As you can clearly see, a term policy worth Rs. 25 lakhs is not enough to help replace lost income. However, it can offer an additional payout to help your family deal maintain their standard of living or take care of future expenses.
How Does a Rs. 25 Lakh Term Plan Work?
Let’s consider an example keeping the above points in mind. Ajay started investing when he was in his late 20s. He picked an investment plan that offered life insurance coverage as well. Ajay knows that the payout from the plan will help his wife and children replace his lost income in the future. However, in his early 30s, he purchases a home. Ajay takes a loan to help with the cost. Since his original life coverage will not help pay off the loan and replace lost income, he takes an additional term plan worth Rs. 25 lakhs for 15 years. Should anything happen to him during this time, his family would receive the payout from both plans. They can use the amount from the term policy to repay debts and the amount from the other plan to maintain their standard of living.
What Are the Benefits of Rs. 25 Lakhs Term Insurance?
When you purchase a term insurance policy worth Rs. 25 lakhs, you benefit from:
- Affordable premiums
- Premium payment flexibility
- Customise your plans by opting for a few additional benefits of term insurance.
- Take advantage of the tax benefits given by the Income Tax Act*
- Secure your loved ones' financially
How to Choose Rs. 25 Lakhs Term Insurance Plan
When looking for a Rs. 25 lakh term policy, you should consider the following crucial points:
Premiums
Most term plans offer similar benefits. Evaluate each policy and the premium before making a choice.
Individual Death Claim Settlement Ratio
The IRDAI regularly releases details about the individual death claim settlement ratio of insurance companies. Always select an insurance provider with a high claim ratio. They will likely settle the claim if your beneficiary files a valid claim.
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. 25 lakh term plan?
A: Any individual between 18 and 65 who earns can purchase a term plan.
Q: What is the premium amount for a term plan offering coverage of Rs. 25 lakhs?
A: 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?
A: Term plans stop providing coverage on maturity. They do not offer additional benefits. However, most insurance companies provide a Return of Premium variant. If you select this, you will receive an amount equal to all premiums paid once the policy tenure expires.
Q: How can I purchase a Rs. 25 lakh term plan?
A: You should calculate your Human Life Value (HLV), which refers to the present value of future income expenses, investments, and liabilities. Once you calculate your HLV, you can purchase a Saral Jeevan Bima term policy worth Rs. 25 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
- How much term insurance do I need
ARN - ED/04/23/1701
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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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##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 for HDFC Life Click 2 Protect Super (UIN: 101N145V04), 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.