2 Crore Term Insurance Plans in India: Know Features and Benefits
Uncertainties in life lead to various family problems, and one should know how to get rid of them effectively. Having a term life insurance plan benefits a family in many ways because it comes with many customized features. However, one should choose the right plan that satisfies his/her requirements and income.
Most term insurance providers offer high sum assured to policyholders when they want to select a policy. At the same time, they need proper research before buying term insurance to find the best one. New life insurance policy buyers should keep certain things in mind while investing money.
Why should one buy term plan insurance? Let us take the example of a semi-skilled worker Ramesh who works as a painter in a nearby organization and does not earn much that could suffice his family’s needs. What about his life after getting married? Is it possible for him to provide security for his spouse and kids in the future? The only solution is life insurance because it gives ways to reduce the financial burden. The painter stopped working and started to do contract works which improved his cash flow. However, he bought term insurance for his family and feels more secure now due to its excellent features.
Nowadays, insurance companies offer 2 crore term insurance plans for individuals and families to overcome high expenses due to inflation and other factors. Moreover, they cover a death benefit as well as other features for a policyholder to get rid of financial troubles in case of sudden death. But, on the other hand, a new policy buyer should know the best plans from different sources that will help make the right decision.
5 Best 2 Crore Term Insurance Plans in India
1. Max Life
Max Life Insurance provides a term insurance plan for 2 crore coverage to customers by addressing their essential needs. Under this plan, a policyholder can choose the tenure which is available for up to 85 years. The smart term plan offered by the company covers claims for critical illness problems when a policyholder gets admission to a hospital for cancer, kidney disease, and heart ailments. It provides coverage for nearly 34 critical illnesses that help ensure peace of mind from high medical expenses. Apart from that, the policy covers 5% for existing customers on the renewal of a policy. In addition, the plan enables policyholders to pay an additional premium to enhance the base coverage of the policy.
2. ICICI Prudential
ICICI Prudential offers a 2 crore life insurance policy with excellent features allowing policyholders to get coverage for various things. It offers four pay-out options for new policy buyers, and they can choose the right one among them based on their needs. Since the company has high claim settlement ratios, buying a term plan will help a policyholder ensure a consistent income for his family in unforeseen events. The policy also offers coverage for terminal illnesses and critical illnesses to witness peace of mind. A new policy buyer can get coverage up to 99 years under this plan.
3. HDFC Life
HDFC Life Click 2 Protect Plan, shortly known as C2PL life protect, is a term insurance 2 crore policy that pays benefit amounts to a nominee on the death of a policyholder. It is a pure risk protection policy that doesn’t cover any rider benefits. However, it launched a new policy, Click 2 Protect 3D plus plan, that benefits accidental disability and terminal illnesses. The policy has a term of 25 years, and new policy buyers should check the details online that will help a lot to meet exact needs.
4. TATA AIA
Tata AIA Maha Raksha Supreme is the best term insurance plan for 2 crores that allows a policyholder to get coverage up to 85 years. The life stage plus option feature offered by the plan gives ways to increase the coverage at a future date when it comes to marriage or other milestone events. Besides that, the company provides different payment options for policyholders, and they can choose the right method after knowing the complete details. Furthermore, the premium rates are low, allowing policyholders to save more money. In addition, the non-link comprehensive term plan provides ways to choose one or more benefit options that give ways to ensure higher protection.
5. Life Insurance Corporation of India (LIC)
LIC’s new tech term plans are pure risk coverages, and a policyholder can choose two options while buying them. The first option is the level sum assured, which means the cover amount will remain the same after choosing the coverage for a tenure. In the second option, a policyholder can increase the cover amount with the policy term by 10% of the basic sum assured, which remains unchanged in the first five years.
The LIC 2 crore policy offers coverage up to 65 years and enables a policyholder to select a policy term with flexibility. Moreover, it includes the accidental benefit of getting a lump sum amount during the claim process. A policyholder can even receive the pay-outs in installments. The premium prices of LIC term insurance plans are low in the markets, which helps reduce expenses.
Overall, while buying term insurance, it is wise to read the terms and conditions to understand each term plan carefully. Those who want to buy a 2 crore plan from the above companies may visit iiflinsurance.com and buy the right one for a secured future.