The importance of financial planning and security for our loved ones cannot be overstated. The future is unpredictable and opting for a comprehensive cover like 2 crore term insurance can prove to be a smart move, a few years down the line. If you’re beginning to invest in your family’s financial stability and security, it might be time to start looking for the best best 2 crore term insurance plan. So, keep reading to know more! ...Read More
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A standard term insurance policy is a variation of life insurance designed to provide the nominee or beneficiary financial assistance (known as the death benefit) in case of the insured individual’s untimely demise. So, a term insurance plan for 2 crores serves the same purpose, but the only difference is that it offers a sum assured of Rs 2 crores, whereas other plans might come with a life cover of Rs 1 crores, 50 lakhs, and so on. However, the coverage amount is entirely based on your requirements and the type of term insurance plan you choose – it’s not set in stone.
Therefore, investing in a term insurance plan for 2 crores will ensure that your loved ones’ financial needs will be taken care of, even in your absence. Even better, the monthly premiums are quite economical, making the 2 crore life insurance policy a popular choice among policy buyers.
Now that we know the basics of a 2-crore term insurance plan, let’s look at some of its benefits:
Tax exemptionup to Rs. 54,600~#
High life cover at affordable premiums
Claim Paid Ratio^99.51%
Coverage against 64 critical illnesses@
Although life insurance has gained traction in recent years, it has been around for decades. As discussed earlier, term plans are the purest form of life insurance, offering the nominee a death benefit in case of the policyholder’s death. But the added advantage is that the sum assured, or the death benefit can be used for your child’s education, marriage, or even to pay off loans.
However, it is essential to understand how a 2-crore term insurance plan works in detail, so let’s take a look:
A 2-crore term insurance plan is the go-to choice for many policy buyers as it acts as a safety net for their family’s future financial requirements. In addition, Rs 2 crores is a considerable substantial amount, and it can easily take care of several needs, including utilities, household expenses, and even home loans. However, it is still vital to know whether the 2 crore term insurance plan is a viable choice for you. So, let’s look at some factors you can consider:
Your annual income plays a crucial role in determining the appropriate life cover amount. Since it impacts your general standard of lifestyle, financial planning and your premium paying capability, to an extent; taking a life cover that is suitable for your annual income is the smart thing to do. You can use the Max Life’s online insurance calculator to assess if 2 crore term insurance plan is for you.
Whether you have parents, children, or a financially dependent spouse, it is vital to consider their financial needs and requirements before choosing a term insurance policy. However, a term insurance plan for 2 crores might be sufficient to ensure your family has a safety net to cover their financial obligations.
Among the key factors that help you select the best term insurance plan to secure your family’s future is selecting the right sum assured. This section provides you with the right sum assured options, thus help you make an informed decision in a jiffy. Select one of the options provided below to know more about the sum assured amounts:
Disclaimer: Standard daily premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06).
ARN: C/SA/050623
Since a 2 crore term insurance plan is no less than an investment, it is vital to weigh its features. So, here are some key features of the best term insurance plan for 2 crores:
According to Section 10(10D) of the IT Act, the sum assured, or death benefit of term insurance policies are completely exempt from taxes. So, whether you have a term insurance plan worth Rs 50 lakhs or 5 crores, the payout, plus any additional bonuses will be tax-free – which is an added benefit to consider when buying a 2 crore life insurance policy.
#*Tax benefits are subject to changes in tax laws.
While there is no right or wrong answer as to who should buy a term insurance cover for 2 crores, here are some instances where you might want to consider investing in one:
There are many factors that come into play when choosing a term insurance plan. However, for most of us, the premium cost is the most important factor. But the premium is also determined based on several aspects, including age, riders, annual income, etcetera.
So, to help you select theone of the best best term insurance plan for 2 crores, below is a table comparing the premium costs for different age groups for base coverage and base coverage plus rider of Max Life Smart Secure Plus Plan (A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan| UIN: 104N118V06). Let’s take a look:
The following figures are calculated according to: Gender (Male) + DOB + Non-Smoker + Annual Income (7-10 lakhs)
| Age | Premium for 2 crore Term Insurance Plan (Monthly) | 1 Premium for 2 crore Term Insurance + 1Critical Illness & Disability# (Monthly) | Premium for 2 Crore Term Insurance + 1Return of Premium (Monthly) |
|---|---|---|---|
| 20 | Rs. 1,098 | Rs. 1,268 | Rs. 2,173 |
| 30 | Rs. 1,792 | Rs. 2,037 | Rs 3,692 |
| 40 | Rs. 3,085 | Rs. 3,581 | Rs 5,685 |
| 50 | Rs. 6,714 | Rs. 7,461 | Rs 25,190 |
| 60 | Rs. 12,807 | N/A | Rs 34,431 |
1
Premiums exclude GST. CIDR rates mentioned in the table are for a sum insured of Rs. 5 lakhs (base cover unchanged) for the CIDR Platinum Plus Variant, valid up to the age of 60.
1Critical Illness & Disability Rider (Non Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN: 104B033V01)| Return Of Premium Variant (Max Life Smart Term Plan – UIN: 104N113V05)
2 Crore Term Insurance Plan | Max Life Insurance
Max Life’s 2 crore term insurance plan is designed to suit the financial needs and requirements of a diverse range of customers. The Max Life Smart Secure Plus Plan [A non-linked non-participating individual pure risk premium life insurance plan | UIN104N118V06] offers several base/built-in benefits such as two death benefit options with choice of premium payment – regular and limited pay. In addition, you can avail of the following features with Max Life’s 2 crore life insurance policy:
The Smart Secure Plus Plan by Max Life Insurance is an excellent investment that can help attain financial security for you and your loved ones. So, even when you’re not around, you know that your family’s future is always in safe hands.
The minimum entry age requirement for Max Life’s 2 crore term insurance plan is 18 years while the maximum entry age is 65 years.
The free-look period for the best term insurance plan for 2 crore is 1530 days, during which the policyholder can return the policy by stating the reasons. In addition, the policyholder is entitled to receive a refund for any premiums paid during the free-look period.
A policyholder who has opted for a maturity or survival benefit will get all or part of the premiums back at the end of the policy term. However, in other cases, the term insurance plan for 2 crores will be terminated.
While there is no right or wrong answer to this question, you should can consider purchasing the best term plan for 2 crore at a younger age. Doing this will ensure you get long-term coverage at affordable premiums.
When choosing the coverage amount for a 2 crore term insurance plan, you need to consider several factors such as age, gender, annual income, smoking habits, current expenses, loans, and liabilities, etcetera. You can also use the term plan calculator on the Max Life Insurance website as it will help you figure out the coverage sum better.
With Max Life’s 2 Crore term insurance, the riders you can choose include critical illness and disability rider# cerminal illness cover, disability rider, accident cover*, and waiver of premium rider#.
The minimum entry age for the 2 crore term insurance plan is 18 years.
You can use the term plan calculator available on our website to calculate the premium cost for the 2 crore term insurance policy. All you need to do is fill in basic details such as your name, age, gender, annual income, and smoking habits, and the calculator will give you the results within seconds.
Yes, you can buy the best best term insurance plan for 2 crore online through Max Life’s website. Once you’ve gone through the plan’s features, you can use the online term calculator to know the premium costs. If you’re satisfied with the premium rate and features, you can continue with the purchase.
The Premium Break option offered with Max Life’s 2 crore term insurance policy is a built-in feature that allows policyholders to skip paying premiums while continuing to enjoy the policy benefits. However, this option can only be claimed twice during the policy tenure.
As per section 10(10D) of the Income Tax Act, the payout of term insurance policies is completely tax-free, meaning you will receive the total coverage amount without any tax deductions if you buy a 2 crore life insurance policy.
ARN NO: PCP/2CRTI/260623
“Subodh Mishra helped me a lot in getting the money. He personally collected the documents and helped me at every step. I am extremely thankful to him and I would like to buy another Max lIfe policy in future”
Subodh Mishra
“I already have a policy and buying this was a nice experience. This is according to my requirement. Completely satisfied with details shared by customer care executive before purchasing the policy.”
Gaurang Kumar Pawar
“I visited Amritsar branch after the demise of my son. My family was not left with a single penny and it was getting impossible to make the ends meet. Vinay Sharma gave me the right direction and helped me at every step to receive the claim amount and gave a source of income to my family. I thank him and bless him from the bottom of my heart.”
Vinay Sharma
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