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A ₹12 Crore term insurance plan offers large financial benefit for your family in case something happens to you. It ensures that your loved ones won’t have to worry about managing expenses, paying off debts, or maintaining their lifestyle, even in your absence. With rising costs and increasing responsibilities, having a high coverage like ₹12 Crore provides peace of mind that your family will be well-protected.
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Let us understand everything you need to know about a ₹12 Crore term insurance plan, including its benefits, why buy it, and how to buy it.
Here are some key benefits of opting for a term insurance plan with a high cover of ₹12 Crore:
Affordable Premiums: Term insurance is one of the most affordable types of insurance compared to other life insurance plans.
Customizable Riders: You can enhance your policy with riders such as critical illness cover, accidental death benefit, or waiver of premium for additional protection.
Flexible Payout Options: Choose from lump-sum payouts, monthly income, or a combination to ensure the right financial support for your family.
Tax Benefits: You can enjoy term insurance tax deductions under Section 80C for premiums paid and under Section 10(10D) for the death benefit.
Peace of Mind: With a 12 term insurance in place, you can lead a financially stable life knowing that your family will be financially protected in your absence.
Term Plans
Opting for a high coverage like ₹12 Crore ensures that your family’s financial needs are well-covered for the long term. Here are some reasons why you might consider this option:
Pay off Remaining Loans: If you have significant financial obligations like home loans, business loans, or children's education, a higher sum assured can provide better financial protection.
Financial Security: It offers peace of mind knowing that your family will have adequate resources for many years to come, even after you’re gone.
Inflation Protection: With rising inflation, the value of money decreases. A higher cover amount ensures your family isn’t left struggling financially in the future.
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To ensure you select the right policy, keep the following factors in mind:
Lower Premiums: You should always compare the available term insurance plans online to find the one that fits your budget.
Policy Term: Choose a policy term that aligns with your financial obligations (for e.g., until your children are settled, or your loans are paid off).
Inflation Consideration: You should opt for increasing cover options if possible, to keep up with inflation and growing financial needs.
Claim Settlement Ratio: Always check the insurer’s term insurance claim settlement ratio to ensure a smooth claim process for your family.
Solvency Ratio: You should always go with an insurer with a solvency ratio of more than 1.5 or 150%.
You can buy a 12 crore term insurance plans online in the following steps:
Step 1: Visit the term insurance page of Policybazaar
Step 2: Fill in your name, age, gender, and contact information
Step 3: Select the right smoking habit, annual income, educational qualifications, and occupation type
Step 4: Choose the best 12 crore term insurance plans and proceed to pay
The premium you pay for your 12 Crore term insurance depends on several factors, such as:
Age: The younger you are, the lower your premiums will be.
Health Condition: A healthy lifestyle with no pre-existing illnesses ensures lower premiums.
Policy Term: Longer policy terms may lead to higher premiums, but they ensure coverage for a longer duration.
Sum Assured: The larger the sum assured will be, the more premium amount you will have to pay.
Premium Pay Tenure: If you have opted for lower premium pay term like limited or single pay, the premium amount will be higher compared to the regular premium, but the overall premium you would have to pay would be lower.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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