Term Insurance With Rs. 75 Lakh Cover - Understand Its Benefits

One of the major reasons for the purchase of a term insurance plan is to ensure the financial security of your loved ones in your absence. By including add-ons into the base plan you can avail of enhanced coverage but at a nominal premium. The term plan with a sum assured Rs. 75 Lakh is an efficient method of ensuring the financial security of your family even when you are not with them to take care of their requirements. The death benefit provided by a term plan of Rs. 75 Lakh would help in meeting the financial requirements of your family in case of your unexpected demise.

Best Term Insurance Plans Featuring Sum Assured of Rs. 75 Lakh

Let us have a look at some of the popular term plans of 75 lakh offered by insurance providers:

1. Bajaj Allianz Smart Protect Goal

Your nominees can avail of the benefits in case of your Accidental Death in the form of Accidental Death Benefit if the death was caused within 180 days of the accident.

Accidental Total Permanent Disability Benefit can be availed in case of any permanent and total disability suffered due to an accident.

Critical Illness Benefit helps you to obtain the sum assured chosen for critical illness benefit on diagnosis of suffering from the critical illness. Waiver of Premium Benefit and Surrender benefits are available under this term plan of 75 lakhs. Tax benefits are available on the premium paid and on the claim amount obtained under the provisions of Section 80C and Section 10(10D) of the Income Tax Act, 1961.

2. Aviva Life Insurance iTerm Smart

The Aviva Life Insurance iTerm Smart plan provides life cover at a nominal cost along with the benefit of protecting against critical illnesses and disabilities.The minimum age for entry into the policy is 18 years and the maximum age is 65 years. You can avail of the benefit of life stage protection which would help in enhancing the coverage amount and would need no medical examination for this. You can avail the benefit of enhancing the cover till 80 years of age with a maximum policy term of up to 62 years. The minimum sum assured is Rs. 75 lakh and the maximum sum assured can be up to Rs. 25 crores. Premium payment can be done by monthly, quarterly, half-yearly or by an annual method.

3. Future Generali Flexi Online Term

The minimum age for entry into the Future Generali Flexi Online Term plan is 18 years whereas the maximum age is 55 years.

Your nominee will be paid with the total cover benefit in the form of a lump sum amount in case of your death during the policy tenure.

The maximum coverage under the Future Generali Flexi Online term plan is up to the age of 75 years. The premium payment frequency is annually and the premium payment term is equal to the policy tenure for this term plan of 75 lakh. Tax benefits can be availed for the premium paid and the claim amount under the provisions of Section 80C and Section 10(10D) of the Income Tax Act, 1961.

4. Kotak e-Term Plan

The minimum age for entry into the Kotak e-Term plan is 18 years and the maximum age is 65 years. Your nominee would receive the sum assured as Death benefit on your demise during the policy term. Premium payment can be done conveniently by Regular pay, Limited pay or by Single pay method. Critical illness riders can be included in the base plan which helps in paying a lump sum amount on the occurrence of any disease out of the 37 specific critical illnesses.

5. Aditya Birla Capital Digi Shield Plan

The Aditya Birla Capital DigiShield Plan offers complete financial protection at a nominal cost. The minimum age for entry into the policy is 18 years and the maximum age is 65 years. The sum assured is paid to your nominee in case of your sudden demise during the tenure of the policy. You can choose for an increase in the life cover at the occurrence of life events such as marriage, childbirth, etc. You can include riders into your base plan and enhance your coverage by paying an additional premium. Some of the major riders are Critical Illness Rider, Accidental Death and Disability Rider, Hospital Care Rider, Surgical Care Rider, etc.

You can even cover your spouse under this same policy which also offers flexibility in the premium payment terms.

Conclusion

Ideally, the cover of your term plan should be approximately 10 times of your annual income as an amount below this would not be sufficient enough to meet your objectives. Mostly, it should depend upon your expenses, your liabilities, and your investments. A term plan of 75 lakh would be adequate to meet your requirements but you should do detailed research, compare policies online by insurance aggregator and then decide on the purchase of your policy.

Do read - Long-Term Investment Plans in India

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.