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Every individual irrespective of the social strata they belong to, requires a financial safety net to fall back on in case of emergencies. Term insurance plans offer just that at affordable premiums. Now, these premiums tend to increase as the sum assured increases, which is why it is not feasible for just anybody to purchase high insurance coverage. In such cases, individuals can opt for low coverage options such as Rs. 25,000 term life insurance coverage.
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With each term insurance policy, you need to assure a sum that effectively covers the risk of your life against regular premium payments. The sum assured on death is basically the benefit that can be claimed by the assigned beneficiaries on the death of the policyholder.
Rs. 25,000 term life insurance coverage, as the name suggests, is a term life cover with the assured death benefit amount of Rs. 25,000. This means that if the life assured dies within the stipulated policy term, the nominees could claim this amount from the respective insurer. Please note that these policies are pure risk protection plans and do not come with maturity or surrender benefits.
Term Plans
Yes, one can buy a term life insurance cover of Rs. 25,000. However, note that most standard term life insurance policies usually offer high coverage ranging from Rs. 25 Lakhs to up to Rs. 1 Crore. These high cover term life policies are naturally priced higher. In order to address the insurance needs of people belonging to lower-income groups or economically backward sections, insurers have come up with micro insurance schemes.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
A micro insurance term plan offers low coverage risk protection against the death of the policyholder for a limited duration of time. Given that the coverage is significantly lower in these plans, the premiums charged are comparable and easily affordable by someone on a tight budget. Life insurance coverage in these schemes can range from a minimum sum assured of Rs. 10,000 to a maximum of Rs. 50,000.
Notably, apart from micro insurance plans, there are certain standard low coverage term life product offerings, wherein the sum assured can range from Rs. 30,000 to up to nearly Rs. 2 Lakhs. These are higher than Rs. 25,000 term life insurance coverage is ideal for those who have the budget to follow through with the respective premiums. Such low coverage term plans are available at low premiums and, therefore, make for a good insurance vehicle for low-income groups.
The table below lists some term life insurance policies that offer low coverage to the tune of Rs. 25,000.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
The insurance needs of every buyer are different, as are their circumstances. Not everybody in the country may be able to afford a term coverage of Rs. 1 Crore. As long as the policyholder has life cover, his/her dependents can enjoy some semblance of financial security with the death benefit amount. While Rs. 25,000 may not be significant for someone in the city, families of people working with minimum wage can greatly benefit from a 25,000 term life insurance coverage. The term insurance policy is one that offers optimum coverage at affordable premiums and this varies for each buyer and each family. While such low coverage may not make sense to you, it might be the saving grace for some families.
Having said that, it is always better to get as much coverage as possible given that expenses are only set to rise in the future owing to inflation. If you save now and can stretch your finances even a little bit, you should consider getting a higher cover than just Rs. 25,000.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
˜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
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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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