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With the rising inflation rate, it is very important to create a financial cushion for your loved ones.ย Having financial backup becomes even more important if you are the only breadwinner of your family.ย A 5 crore term insurance plan is the best way to ensure a financially secure future for the family. Moreover, if you are the only earning member of your family and have dependents to be taken care of then you should opt for a term insurance plan which provides higher insurance coverage of up to 1 crore or more.ย
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A term insurance planย not only offers a death benefit to the insured but also ensures financial stability to his/her family in case of any eventuality during the tenure of the policy. The term insurance 5 crore plan is one policy, which guarantees to pay the promised sum assured amount to the beneficiary of the policy in the event of the unfortunate demise of the insured person during the tenure of the policy. A 5-crore term insurance policy works as a protector for the family, takes care of the liabilities of the family, and helps them to fulfill their financial needs.
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Whether you purchase a 5-crore term insurance policy or not, it is important to keep in mind that the coverage you choose should be ideally 10 times your annual income. A term insurance plan is the simplest and comprehensive type of life insurance product, which offers the option to buy higher coverage at an affordable premium rate. While purchasing term insurance, it is important to go by this thumb rule, and along with this consider the other important factors like your age, health condition, annual income, dependents, etc. By giving equal attention to all these factors and by comparing the plan quotes online you will be able to choose the most lucrative plan as per your requirement and suitability.
There is a wide range of term insurance plans available in the market, which can be easily customized according to the requirements of the insurance buyers. Every plan differs in terms of features, benefits, and premium rates. Letโs take a look at the term insurance plan that offers a sum assured amount up to Rs.5 crore.
| Name of the Insurer | Term Insurance Plan | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 years | |
| Bandhan Life Insuranceย Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Click 2 Protect Super | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Axis Max Life Insurance Company Limited | Max Life Smart Total Elite Protection | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Promise | 776 | 18-65 years | 100 years |
Disclaimer:ย The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
When it comes to a term insurance policy, it also works as an income replacement for the family in case of the demise of the insured person along with the benefit of life cover. Furthermore, if you choose to purchase term insurance of 5 crores then it can work as an asset to take care of future liabilities like repaying for a home loan, supporting for childโs higher education, etc. in your absence.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
Choosing an appropriate plan needs a lot of planning and a better understanding of what is term insurance offering. A term insurance plan offers a scope of items to help accomplish your budgetary objectives assurance against vulnerabilities, taking care of obligations, the childโs educational needs, retirement, and so forth. You must recognize your necessities and choose a plan that can fulfill those requirements to the best. Also, keep in mind the future aspects like rising inflation, loan repayments, etc. while purchasing term insurance of 5 crore, remember that higher coverage will help your family deal with these aspects in the case of any eventuality. Thus, the future estimation of cash must be considered for computation while deciding Rs 10 crore life insurance policy cover.
Each person and family's needs are different. If your dependent is your life partner and has a kid, then, a Rs 5 crore term insurance cover, for the most part, will be adequate. On the other hand, if you wish to cover other members of your family, a bigger sum might be required. You should adopt an achievement-based strategy to purchase the right Rs 5 crore term insurance plan.
Below are factors that can decrease or increase your 5 Crore premium outlay:
Policy Term: The higher the tenure of the policy, the higher your total premium amount will be.
Premium payment Term: The shorter your payment term, the higher your instant premium outlay will be. So, the outflow of your total premium will be lower than the regular premium payment option in which PPT is equal to PT
Your current health conditions: If you have any current disability or health condition, your premium amount would be more than others.
Lifestyle habits: If you are a heavy drinker or smoker, your premium for the same money of term coverage would be higher.
Since the premium of the policy increases along with the rising age of the policyholder, it is advised to buy a term insurance plan while being young. Moreover, if the individual is a single earning member of the family and has dependents, they should choose a term insurance plan which provides higher coverage up to Rs. 1crore. To determine the premium amount for such Rs.1 crore term plans, one can use the term insurance premium calculator available online.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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