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Why Do I Need Rs 3 Crore Term Insurance?
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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, providing your family with financial security enables them to navigate a difficult time without worrying about money. A term policy allows you to provide your loved ones with this financial safety net. While selecting a term plan, 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 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.
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 cr 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.
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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.