What is 75 Lakh Term Insurance?
Life is unpredictable and uncertainties can come anytime, so it is important to be prepared for the future, specifically when it comes to your family members. A 75 lakh term insurance policy is one of the best options to make sure the financial security of your family even in case of your absence. So, by purchasing 75 Lakhs term insurance, you can make sure that your family members have protection and a financial shield to fall back on when you are not around. With the purest term life insurance product i.e., 75 Lakhs policy, you can get high coverage at affordable premium rates.
Note: Now that you know that what is 75 Lakh Term Insurance, you should also get to know about what is term insurance to buy a term plan for your loved ones.
Best 75 Lakhs Term Insurance Plans
Following is the list of 5 best 75 Lakh term insurance plans, the specifications mentioned in the table may vary as per the plan chosen by the life assured:
*Disclaimer: 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
Benefits of Buying 75 Lakh term insurance plan
One of the first reasons for buying a 75 Lakh Term Insurance is to protect the future of your loved ones. So, the following are some of the benefits of 75 lakh term insurance plans:
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Wide-ranging Insurance coverage
The important benefit of buying a 75 lacs term insurance plan is that it offers comprehensive life cover. As 75 lacs is a large amount, buying this term plan will provide your family members with suitable financial support. In addition to this, you can also use death benefits to pay for home expenditures, education, loans, utilities, and other such expenses.
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Pocket-friendly premium rates
Along with offering large coverage, a 75 lakh term insurance plan is affordable also. For example, you can avail of the 75 Lakhs term insurance plan for a minimum monthly premium amount of Rs. 615 if you buy term insurance plan at 30 years of age.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
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Add Riders to your plan
Nowadays, most companies provide the option to enhance the coverage of their term insurance plan by availing rider (add-on). So, you can easily extend the 75 lakh term insurance life cover by buying riders for return of premium, accidental death, permanent disability, critical illness, and more.
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Payout Options
Term insurance plan comes with a number of death benefit payout options. Nominees can either select to receive the life cover amount in a lump sum or in form of a monthly income. And, you can also avail lump sum plus monthly income payout, based on your financial condition and expenses.
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Tax Benefits
The term insurance death payout of term insurance plans is exempted from taxes u/s 10(10D) of the Income Tax Act, 1961.
Who Should Buy a 75 Lakhs Term Insurance Plan?
An individual having a regular income source and minimum liabilities can buy this plan.
If you are in your early 20s/ 30s, purchasing a term plan is the right decision as it offers long-term coverage and ensures financial protection. Along with that, you can also get large coverage at affordable premium rates.
How to Buy a 75 Lakh Term Insurance Plan from Policybazaar?
Below-mentioned is the step-to-step procedure to buy a 75 lakh term insurance plan from Policybazaar:
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Step 1: Go to 75 Lakh Term Insurance Plan Page.
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Step 2: Enter the details such as name, date of birth, and contact number, and then click on ‘View Plans’.
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Step 3: Answer the questions about chewing or smoking habits, yearly income , educational qualification, occupation type, and language.
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Step 4: After submitting all the required details, a list of all available 75 lakh term insurance plans will be displayed.
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Step 5: Select the plan that suits your financial requirements and then, proceed to pay.
Conclusion
A 75 lakh term insurance policy can provide financial protection for your loved ones in the event of your death. The death benefit can help cover expenses such as funeral costs, outstanding debts, and everyday living expenses. You can easily compare and buy 75 lakh term insurance policies from Policybazaar by Simply entering your information and, a list of quotes from different insurers will be displayed. You can then compare the policies and select the one that best meets your needs.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.