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HDFC 2 crore term insurance provides coverage for a specific period, offering crucial financial support to your loved ones. Term plans, with payouts, help your loved ones pay off debts or achieve their dreams in the long run. Choosing between Rs. 1 Crore, Rs. 1.5 cr and Rs. 2 cr term insurance should align with your Human Life Value, representing the present value of income, expenses, investments, and liabilities, indicating the need for substantial coverage.
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Note: Know more about what is term insurance first before reading this article.
Let’s discuss HDFC 2 Crore Term Insurance and their features, benefits in detail:
HDFC 2 crore term plan offers a sum assured of Rs 2 crore, commonly known as a Rs 2 cr term insurance plan. If an unfortunate event occurs during the policy duration, the insurance company will pay Rs. 2 crores to the designated beneficiary.
Term Plans
A Rs. 2 crore term policy is a type of life insurance that provides your family a crucial financial safety net during challenging circumstances. Ensure the chosen amount adequately replaces lost income and aids in debt repayment. Calculating your HLV is essential for determining the required sum assured. For those earning Rs. 10 lakhs annually with outstanding debts of Rs. 50 lakhs, a Rs 2 cr term insurance policy is highly beneficial.
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At 28, Rahul, about to get married and homeownership, earns Rs. 80,000 monthly (Rs. 9,60,000 annually). Recognising the need for future financial security, he opts for a 30-year term policy with an assured Rs. 2 crore sum. Tragically, at 40, he suffers a fatal heart attack. The term insurance payout enables his wife to manage school fees and loan installments, providing stability during this challenging phase of single parenthood.
When you buy term plan of Rs. 2 Crores, you get the following benefits:
Financial Security for your family members
High cover at low premium rates
Flexibility of Premium Payment
Customization with Term riders
Tax benefits U/S Income Tax Act
When searching for a 2 crore term insurance plan, you should consider the following points:
Term plans are popular since they offer high coverage at affordable premium rates. It is recommended to compare the premium rates offered by various term insurers before choosing a plan.
IRDAI updates the CSR of each insurance company regularly. This determines how many claims the insurer settled of all claims requests received. The higher the CSR, the more reliable the company is.
Always check the term insurance riders offered by various insurers. You can increase your coverage and enhance the financial future of your family by choosing the riders that suit your requirements.
Check if the life cover amount is enough, and if your death payout falls short, it might leave your family financially stressed.
Step 1: Visit Policybazaar and go to the Term Insurance
Step 2: Fill in basic details such as Name, Date of Birth, and contact number, then click ‘View Plans’.
Step 3: Answer the questions about Smoking habits, annual income, type of occupation, and educational qualification.
Step 4: After submitting all the information, a list of all available 2 crore term insurance plans will be displayed.
Step 5: Choose the plan that suits your financial needs and pay.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†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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