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Taking care of your family's financial future means planning carefully and protecting them against life’s uncertainties. If you're unsure how to start, it's a good idea to consider buying a 75 Lakh term insurance plan. HDFC Life Insurance offers 75 Lakh Term Insurance plans to customers that are designed to help their families financially if something happens to them without adding an extra load on the wallet. Let's learn more about HDFC 75 Lakh Term Insurance.
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HDFC 75 Lakh Term Insurance Plan is specifically designed to provide financial security to your family during your unfortunate death. Hence, a 75 Lakh term plan offered by HDFC Life Insurance provides a life cover of Rs. 75 Lakhs, which can also be called a sum assured, and if the nominees receive the sum assured after the policyholder’s death, it is called a death benefit.
Term Plans
Let’s understand how this life insurance plan works with the help of an example:
You can choose a 75 Lakhs Term Insurance plan from HDFC life insurance for a certain policy term, and the assigned nominee/claimant will receive a death benefit of Rs. 75 Lakhs, in the event of your untimely death. This term insurance plan makes sure that your loved ones have a financial safety net over them for support during challenging times. Due to its affordable premium rates, this 75 Lakh term insurance plan becomes a beneficial choice for those looking to secure their loved ones’ future.
Here are some of the key reasons why you should buy HDFC 75 Lakh Term Insurance:
High coverage at low premiums: Many individuals think that the premium rates of Rs. 75 Lakh term insurance plans are relatively expensive. However, starting early allows you to avail all benefits of term insurance at a premium as low as Rs. 623 per month.
Additional coverage benefits: A 75 Lakh term insurance plan offers enhanced coverage benefits, including riders such as accidental death benefits, terminal illness benefits, and waiver of premium riders.
Financial support to loved ones: HDFC 75 Lakhs Term Insurance plans ensure that your loved ones' financial needs are looked after even when you are not there with them. Furthermore, the death benefit can be utilized by the nominees to repay loans, clear debts, and settle liabilities or cover household expenditures.
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Here is a list of some factors that can help determine if buying a 75 Lakh term plan is the right choice:
Your Annual Income: When you consider to buy term plan, it is crucial to verify that the coverage amount is a minimum of 10 times of the annual income. For example, if the annual income is Rs. 5 Lakhs, your term plan should be no less than Rs. 75 Lakhs. You can easily use Policybazaar’s term policy calculator for a better estimate.
Current age: Age greatly impacts term insurance coverage. Buying a 75 Lakh term plan at a younger age is a smart decision as it allows you to buy term plan at lower premium rates. It offers comprehensive coverage ensuring that your loved ones' finances are secured financially.
Financial Dependents and Their Needs: Evaluating the financial stability of your dependents is crucial when deciding if HDFC 75 Lakh term insurance policy provides sufficient coverage. Consider the number of family members dependent on you for financial assistance and think about their future needs, such as education, marriage, loans, etc. It is essential to guarantee that the financial needs of all your dependents, particularly those relying on your financial support, are appropriately met.
Pay off Loans/Liabilities: When buying a term plan, remember any loans/debts that you may have, such as home loan, car loan, or education loan. A 75 Lakh term insurance policy is a good choice because it gives you a good amount compared to other plans, covering your needs well.
Here are the benefits of HDFC 75 Lakh Term Insurance:
Cost-Effectiveness: The premium for a 75 Lakh term insurance plan is affordable, especially when bought at a younger age, resulting in lower premiums.
Availability of Additional Benefits (Add-ons): A 75 Lakh term insurance plan offers comprehensive coverage, and you can enhance it with optional add-ons like premium waiver, critical illness, and accidental death riders. While these riders are not obligatory, they provide additional protection if needed.
Online Availability: Buying the HDFC 75 Lakh Term Insurance online is convenient, as it eliminates the need to visit any insurer's branch or stand in long lines. With Policybazaar, you can also enjoy a 10% discount on online plan purchases.
Flexible Payout Options: Unlike most insurance companies that typically provide term insurance death benefits as a lump sum, you have the flexibility to choose from various payout methods. For instance, you can opt for a combination of a lump sum and monthly income payout, giving you better control over managing your expenses.
Tax Benefits: A significant advantage of selecting the best 75 Lakh term insurance plan is the eligibility for tax deductions under sections 80C and 10(10D) of the Income Tax Act, 1961.
Here is a list of all eligible people who can buy 75 Lakh Term Insurance:
Young individuals
Parents with children
Newly Married
Self-employed/Business Owners
Sole earning member
People with Debts
Here are the steps to buy HDFC 75 Lakh Term Insurance plans from Policybazaar:
Step 1: Go to the official Policybazaar website and click on 'Term Insurance.'
Step 2: Provide all necessary details such as your Name, Date of Birth, and contact number, and then click on 'View Plans.'
Step 3: Submit details regarding Tobacco/Smoking habits, annual income, occupation type, and qualifications.
Step 4: Next, select the HDFC Term Insurance plan from the list that appears before you and proceed with the payment.
†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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