What is a ₹5 Crore Term Insurance Plan?
₹5 crores term insurance plans provide extensive coverage, serving as a reliable financial safety net for all your future needs. By signing up for our online ₹5 crore term insurance plans, policyholders can obtain the coverage they need and put an end to stressing about long-term security. Let the features of our plan help you in making a well-informed financial decision.
Why Choose a ₹5 Crore Term Insurance Plan?
Here are some reasons why customers may choose to opt for a ₹5 crore term insurance plan:
They are the sole earner in a high-income household with a lifestyle that requires prominent financial protection.
They have certain financial responsibilities, such as a home loan, or any other loan that could become a burden on their family in the unfortunate event of their passing.
They have dependents with financial commitments, such as a child aspiring to study abroad or a parent with a chronic illness that requires frequent medical care.
A combination of all factors mentioned above.
It is important to assess your financial needs and budget to make the ideal decision when considering a high-sum insurance policy.
Benefits Of Opting For ₹5 Crore Term Insurance?
Let’s look at some of the benefits you can expect from a ₹5 crore term life insurance policy.
You get a significant coverage amount to help your family deal with multiple financial requirements.
The ₹5 crore term insurance premium amount is likely to be lower than the premium for the same sum assured in other types of life insurance policies.
You can claim tax exemptions for the premium paid as well as the death benefit received.
You can boost your coverage scope by customising the ₹5 crore term insurance policy with add-ons and riders.
Having a significant coverage for your family allows you to rest easy about their future, whether you are there to support them or not.
What Are The Factors Affecting The Premiums For ₹5 Crore Term Insurance?
The factors affecting ₹5 crore term insurance premiums are fairly similar to those affecting any other term insurance plan premium. Besides your sum assured amount, here are some of the factors that affect your ₹5 crore term insurance premium.
The duration for which you select your coverage is bound to influence your premium amount. However, it is ideal to decide the policy term based on your requirements rather than looking at how it influences your premium amount.
The age of the life assured plays an important role in how much premium you are required to pay. Older individuals are considered to be at a higher risk of mortality. Hence, it is often advised to buy a term plan early on in life.
If you are living with any medical condition or have any significant medical history, you may be charged a higher premium than your counterparts with an uneventful medical history. To ensure minimal complications later, it is ideal to provide a clear picture of your medical history to your insurer.
Premium Payment Frequency and Term
The premium payment frequency and the term chosen can also increase or decrease your total premium amount. To get a better idea, you can try to select the available premium payment frequency options in a term insurance calculator, where the rest of your details are also captured.
Smoking habits are considered to influence mortality risk, which in turn influences your premium amount. It can also lead to one being charged a higher premium amount.
Women are said to be at a lower risk of mortality as compared to men. Also, whether they reside in an urban setting or a calmer location that allows for a healthier lifestyle may also affect premium rates.
If you are adding riders or selecting a plan with some additional features, it may reflect in your policy.
With easy access to term insurance premium calculators online, you can get estimates within a few clicks.
How to Choose the Right ₹5 Cr Term Insurance Plan?
Whether you are buying a ₹5 crore term insurance policy, a lesser sum assured, or a higher one, choosing the right plan is crucial. Here are a few factors that play a key role in helping you choose an appropriate term insurance.
Does your policy offer any rider options or any additional features that could help you keep your family secure? While add-ons may influence premium amount, it can help you get better coverage. Some of the common rider options are waiver of premium and term rider.
To have a higher chance of the claim on your policy being successfully settled, you may want to check the claim settlement ratio of the company first. This value tells you the percentage of claims successfully settled in the past year.
Before you make the purchase, it is ideal to enquire about the exclusions of the policy. It is best to have a clear understanding of what your policy will offer coverage for.
Some types of coverage may come with a waiting period. Ensure to check this before making a purchase.
Calculate Your ₹5 Crore Term Insurance Premiums
Using a term insurance calculator is one of the simplest, quickest, and most accessible ways to calculate the premium on your ₹5 crore term life insurance.
Why Choose IndiaFirst Life Insurance?
We offer:
A range of plans suiting various needs
Reliable customer service
Easy claim settlement process
Access to expert advice
97.04% claim settlement ratio
Need Help In Choosing The Right Term Plan?
To consult an expert when choosing your term plan, book a call here. You can also call us on 1800 209 8700 or drop a WhatsApp message on +91 22 6274 9898.
Frequently Asked Questions
What are the eligibility criteria to purchase a ₹5 crore term plan?
It is rather similar to the eligibility criteria of any other term insurance policy. Any Indian citizen between the ages of 18 years to 65 years may be allowed, subject to the approval of the underwriting team. Availability of term insurance for NRIs depends on the insurance provider and the type of plan chosen.
Can I get tax benefits on ₹5 crore term insurance?
Yes, the premium paid as well as benefits received may be eligible for tax exemptions. Please note that as per the current income tax regulations, only taxpayers who have opted for the old tax regime can make claims.
What happens if I survive the policy tenure?
If you have opted for a level term insurance policy and survive the policy tenure, there are no maturity benefits to be claimed. However, if your plan has a return of premium option, you may claim the premium return upon plan maturity.
Do ₹5 crore term insurance plans come with a free-look period?
Except for the relatively high sum assured, most other aspects of ₹5 crore term insurance remain the same as a regular term insurance plan. Hence, you can expect most features and benefits of term insurance, including free look period, to be available.
Can I purchase a ₹5 crore term insurance plan online?
Yes, it is possible to purchase these policies online. You can expect a hassle-free and quick process, provided you have all the documents ready.
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