Young Individuals
People in their 20s can purchase the 2 crore term insurance at an extremely affordable premium, considering their best health with no or minor complications.
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Rs 2 Crore
Term Insurance
Get a secured financial future with 2 Crore Term Insurance and save on Income Tax#
Use our Online Term Calculator to find the Cover Amount to Secure your Family
A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03)
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Tata AIA Life Insurance
Sampoorna Raksha Supreme
TERM
CALCULATOR
The advent of uncertain global economic conditions and the pandemic has reinstated the importance of financial planning in every individual's life. Moreover, in the event of the unexpected death of the earning member, the whole dependent family is bound to face financial challenges. Therefore, every individual must work on a financial plan to secure their family's future.
A term insurance plan is a product that can provide the necessary financial support in the event of the unexpected demise of the breadwinner in a family. However, choosing the right term insurance with sufficient life coverage and flexible features is important to ensure the required benefits.
What Is a 2 Crore Term Insurance Plan?
A term life insurance plan provides a sum assured to the nominee in the event of the policyholder's death during the policy term. The sum assured is based on the family's future financial obligations and can be ₹50 Lakh, ₹1 crore, etc. A 2-crore term insurance plan is a term life insurance plan that provides a sum assured (Life Insurance Coverage) up to ₹2 crores to the policyholder’s family in their absence. It is a term life insurance plan that provides various flexible features to customize the product based on the family's financial needs. It is affordable and secures the family in the long term.
Why Should You Buy a 2 Crore Term Insurance Plan?
A 2-crore insurance policy can be essential in an individual's life for the following reasons.
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![Money bag - Claim tax deductions as per applicable tax laws with Term Insurance Policy - Features of Tata AIA Term Insurance Policy]( "Claim tax deductions as per applicable tax laws - Features of Tata AIA Term Insurance Policy")
Financial Protection
As the sum assured is 2 crores, it will help in managing various financial commitments in the family. For example, it can clear off existing loans and liabilities, pay for children's higher education, help start a business to earn a livelihood, etc. in case of any unfortunate event.
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![Clock Icon]( "Choose a whole life coverage insurance plan with coverage up to 100 years of age - Features of a Tata AIA Term Insurance Policy Online")
Wider Financial Coverage
Apart from ensuring a life cover, the 2-crore term insurance plan can provide extended financial benefits based on the add-on riders^ during specific scenarios such as a difficult health condition. For example, the rider that covers critical illnesses can provide additional financial support to pay for the hospitalisation and medical expenses if the policyholder is diagnosed with a critical illness.
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![Boy with a cap]( "Buy a Tata AIA term insurance plan online as early as 18 years of age - Features of a Term Insurance Policy")
Affordable Premiums
Compared to other life insurance plans, the 2-crore term insurance plan provides a higher sum assured at an affordable premium. Also, if the term insurance is purchased at a younger age for a longer policy term, the premium is reduced further, making it extremely cost-efficient.
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![Flexible Death benefit payout in a term plan can be offered either as a lump sum, a regular income or a combination of both]( "Flexible Death benefit payout in a term plan can be offered either as a lump sum, a regular income or a combination of both")
Avail Tax Benefits
The premium paid for the 2-crore term plan and the payouts received by the family in the absence of the policyholder will qualify for an income tax# deduction and exemption benefits based on the tax provisions stated under the Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Know More about our Best Selling Term Insurance Plan – Tata AIA Sampoorna Raksha Supreme
A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03)
Tata AIA Life Insurance
Sampoorna Raksha Supreme
Key Features:
- A comprehensive plan that gives your premiums back**
- Increase life cover at important milestones
- Get financial protection till 100 years^^ of your age.
- Save Income Tax up to 46,800++
- Enhance your protection with optional riders^
How Does a 2 Crore Term Plan Work?
The financial objective of purchasing a 2-crore insurance policy is to secure the policyholder's family in the event of their unexpected death. Let us consider an example and understand how the 2-crore term plan works.
Mr. Rajesh purchased a 2-crore term insurance plan with an affordable premium for 20 years, considering his dependent parents, spouse and two children. He chose to pay the premium for term insurance cover monthly throughout the policy tenure. However, while he paid the premium for 12 years, he suddenly met with an accident and lost his life on the spot. As a result, the family was extremely emotionally down. However, the sum of 2 crores from the term insurance plan helped the family plan their routine expenses for the future and settle their children with the right educational foundation and marriage at the right time.
Therefore, Rajesh took a right financial step to secure his family by choosing the required sum assured, the mode and frequency of premium payment, and the policy tenure.
Benefits of 2 Crore Term Insurance
The 2-crore term insurance is getting highly important and popular considering the benefits.
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![Money Bag - Tata AIA Life Insurance reported 98.02% Claim settlement ratio - Factors To Check Before Buying a Term Insurance Policy]( "Tata AIA Life Insurance reported 98.02% Claim settlement ratio - Factors To Check Before Buying a Term Insurance Policy")
Affordable Premiums
Although the sum assured seems to be a huge fund, it is affordable for different people. If the policyholders decide to purchase it early in their life when they are best at health and have the option to choose a longer policy term, it becomes even more affordable.
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![Solvency Ratio - Factors To Check Before Buying a Term Insurance Policy]( "Solvency Ratio - Factors To Check Before Buying a Term Insurance Policy")
Flexible premium payment options
Policyholders can pay the premium with multiple premium payment options during the policy tenure.
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![Inbuilt critical illness cover or a critical illness benefit option - Factors To Check Before Buying a Term Insurance Policy]( "Inbuilt critical illness cover or a critical illness benefit option - Factors To Check Before Buying a Term Insurance Policy")
Increase the sum assured
Policyholders can increase the sum assured at different milestones in their life based on increasing commitments such as during marriage, birth of a child or when buying a house.
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![Choice of riders with one crore term insurance plan - Factors To Check Before Buying a Term Insurance Policy]( "Choice of riders with one crore term insurance plan - Factors To Check Before Buying a Term Insurance Policy")
Flexible payout options
The family can receive the death payout as a regular income for a fixed period, lump sum or as a combination of lump sum and regular income based on the plan option chosen.
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Tax Benefits
The premium paid for the 2 crore term insurance plan and the payout benefits received from it will qualify for a tax# deduction and tax exemption based on Section 80C and Section 10(10D) of the Income Tax ACT, 1961.
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Riders
Riders^ in term insurance plans provide additional financial support during the policy term to manage financial inconsistencies based on specific scenarios. The riders provide funds during the policy term to help the policyholders pay for hospitalisation and medical expenses if they are affected due to an illness. In addition, the riders provide flexible features such as providing the payout as a regular income for a fixed period, a combination of a lump sum and regular income or a lump sum, etc.,
How to Find the Coverage for Your Term Insurance Plan?
Finding the coverage for the term insurance plan or determining if the 2 crore sum assured is sufficient for the family is extremely important to ensure the required benefits. One of the most popular thumb rules is choosing a sum assured of up to 10 times the annual income. However, people looking forward to purchasing term insurance can calculate the required sum assured based on the following methods:
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![Your age and income can help you choose a term insurance coverage - How to Determine the Right Coverage Amount?]( "Your age and income can help you choose a term insurance coverage - How to Determine the Right Coverage Amount?")
Understand The Financial Liabilities
People with increased financial obligations should consider their loans and liabilities, future financial commitments such as paying for their child's higher education, marriage, etc., and derive an approximate amount accounting for the inflation rate. The fund should be sufficient to clear off the debts and accomplish the family's financial commitments.
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![Know the purpose of Buying Insurance - How to Determine the Right Coverage Amount?]( "Know the purpose of Buying Insurance - How to Determine the Right Coverage Amount?")
Dependent Family and Routine Expenses
The family lifestyle and routine expenses are crucial to calculate the required sum assured. List down the day-to-day expenses and other short-term financial requirements for the entire life and subtract the investments to derive the life cover required. Therefore, individuals can calculate their life coverage required based on liabilities and routine expenses.
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![Dependants’ Needs - How to Determine the Right Coverage Amount?]( "Dependants’ Needs - How to Determine the Right Coverage Amount?")
Considering Annual Income and The Years to Retirement
If life coverage is required until retirement, individuals can also find the required sum assured as the product of their annual income and the years left to reach retirement age.
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![Liabilities - How to Determine the Right Coverage Amount?]( "Liabilities - How to Determine the Right Coverage Amount?")
Considering Human Life Value (HLV)
It refers to calculating the economic value of individuals considering their future income, liabilities, expenses and investments. There are HLV calculators available online that can determine this value based on individual income, expenditures and expected future financial commitments.
Factors Affecting the 2 Crore Term Insurance Premium
Premium is the most important aspect of a term insurance plan. Here is a detail about the factors that affect the 2 cr term insurance premium.
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![Money Bag - Tata AIA Life Insurance reported 98.02% Claim settlement ratio - Factors To Check Before Buying a Term Insurance Policy]( "Tata AIA Life Insurance reported 98.02% Claim settlement ratio - Factors To Check Before Buying a Term Insurance Policy")
Age
The policyholder's age at the time of purchase is crucial. At a younger age, the possibility of having a health complication or pre-existing illness is less or nil. Therefore, the death risk that the insurer has to bear is fairly reduced to a great extent. This factor enables the insurer to provide the 2 crore term insurance at a lesser premium rate compared to people at an older age. So, the 2 crore term insurance premium increases with age.
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![Solvency Ratio - Factors To Check Before Buying a Term Insurance Policy]( "Solvency Ratio - Factors To Check Before Buying a Term Insurance Policy")
Medical History
The policyholder's medical history is another important factor that affects the cost of the term insurance plan. For example, if the father had increased blood glucose and blood pressure levels, the policyholder could also suffer from the same health conditions. As a result, it can increase the death risk causing a rise in premium rate compared to a person with a family medical history with no complications.
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![Inbuilt critical illness cover or a critical illness benefit option - Factors To Check Before Buying a Term Insurance Policy]( "Inbuilt critical illness cover or a critical illness benefit option - Factors To Check Before Buying a Term Insurance Policy")
Add-On Riders
If the policyholder chooses to increase the financial coverage by opting for additional riders^, the 2 cr term insurance premium will correspondingly increase. Therefore, it is important to evaluate the benefits and the cost considering the affordability before purchasing a term insurance plan.
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![Choice of riders with one crore term insurance plan - Factors To Check Before Buying a Term Insurance Policy]( "Choice of riders with one crore term insurance plan - Factors To Check Before Buying a Term Insurance Policy")
Lifestyle
Lifestyle is an important factor determining the premium for term insurance of 2 crores. Lifestyle habits such as smoking, drinking alcohol, etc., can increase the risk of developing a disease or death. Therefore, the policyholders with such lifestyle habits will have to pay increased premiums. In addition, informing the insurer about these habits during inception is important to avoid any future discrepancies that might affect the term insurance claim settlement.
Who Should opt for a 2 Crore Term Insurance Plan?
A 2 crore term insurance plan ensures financial protection to the policyholder in case of their unexpected demise. It is an ultimate necessity for certain people:
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![Young individuals in a family who are earning]( "Young individuals in a family who are earning")
![Young individuals in a family who are earning]( "Young individuals in a family who are earning")
Young Individuals
People in their 20s can purchase the 2 crore term insurance at an extremely affordable premium, considering their best health with no or minor complications. -
![Parents buy a term insurance plan for 1 crore]( "Parents buy a term insurance plan for 1 crore")
Sole Earning Members
People who are the sole earning members of the family who have dependent family members throughout their life should ensure funds to help their family manage the routine expenses.![Parents buy a term insurance plan for 1 crore]( "Parents buy a term insurance plan for 1 crore")
Sole Earning Members
People who are the sole earning members of the family who have dependent family members throughout their life should ensure funds to help their family manage the routine expenses. -
![Married couples]( "Married couples")
Young Parents
People with increased family financial commitments, such as repaying loans, paying for their child's higher education, etc., should ensure funds to help their family repay the loans and accomplish their future commitments.![Married couples]( "Married couples")
Young Parents
People with increased family financial commitments, such as repaying loans, paying for their child's higher education, etc., should ensure funds to help their family repay the loans and accomplish their future commitments. -
![Grandfather and grandmother - Retired Parents]( "Grandfather and grandmother - Retired Parents")
Individuals working in Extreme Environments
People working in an environment prone to accidents and fatalities, such as in factories, refineries, etc., should always ensure sufficient financial resources to help their families reduce the financial burden in their absence at any time in their life.![Grandfather and grandmother - Retired Parents]( "Grandfather and grandmother - Retired Parents")
Individuals working in Extreme Environments
People working in an environment prone to accidents and fatalities, such as in factories, refineries, etc., should always ensure sufficient financial resources to help their families reduce the financial burden in their absence at any time in their life. -
![Individuals with education loans - Working lady]( "Individuals with education loans")
Individuals with Medical History
People with a family history of getting affected due to critical or terminal illnesses must ensure funds to spend on their medical expenses in case they get affected due to an illness while also securing funds to protect their family. Therefore, they must choose the required riders to provide additional financial support. The riders^ can provide the funds as a lump sum, a combination of regular income and lump sum or a regular income based on the option chosen by the policyholder.![Individuals with education loans - Working lady]( "Individuals with education loans")
Individuals with Medical History
People with a family history of getting affected due to critical or terminal illnesses must ensure funds to spend on their medical expenses in case they get affected due to an illness while also securing funds to protect their family. Therefore, they must choose the required riders to provide additional financial support. The riders^ can provide the funds as a lump sum, a combination of regular income and lump sum or a regular income based on the option chosen by the policyholder.
How to Choose the Best 2 Crore Term Insurance Plan?
Choosing the best term insurance plan for 2 crore is important to ensure the required financial benefits. Here are a few steps that can be helpful.
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![1 crore term plan with affordable premiums - Features of 1 Crore Term Insurance Plan]( "1 crore term plan with affordable premiums - Features of 1 Crore Term Insurance Plan")
Sum assured
Evaluate if the sum assured of 2 crores will be sufficient to secure the family by considering the financial obligations. The individual should determine the financial liabilities, such as loans, tuition fees for children, etc., based on the increasing inflation rate.
Inflation is a crucial aspect of financial planning. The cost of accomplishing a financial goal will increase with time, based on the inflation rate. Therefore, the payouts from the term insurance plan should suffice to help your family accomplish the financial goals based on the cost prevalent in the future. Calculate the required funds based on the family's financial goals and revise the amount based on the inflation rate to derive a realistic value.
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![Simple life cover with no savings or investment components - Features of 1 Crore Term Insurance Plan]( "Simple life cover with no savings or investment components - Features of 1 Crore Term Insurance Plan")
Policy term
Determine the policy tenure for the investment based on the financial liabilities and timelines.
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![Choose to increase your term insurance coverage - Features of 1 Crore Term Insurance Plan]( "Choose to increase your term insurance coverage - Features of 1 Crore Term Insurance Plan")
Premium
Decide on the affordable premium based on the policy tenure, current financial condition, increasing financial responsibilities and the inflation rate. The premium should be affordable for the entire policy tenure to ensure the benefits without any discrepancies in the future. The Tata AIA Life Insurance Premium Calculator will help find the premium for the 2 cr term insurance plan considering the type of term insurance, sum assured and the policy tenure.
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![Customer Support executive - Features of 1 Crore Term Insurance Plan]( "Easily boost 1 crore term insurance plan with optional riders - Features of 1 Crore Term Insurance Plan")
Insurance providers
Research the different insurance providers and the term policies available that can provide the 2 crore sum assured for the policy tenure required at the affordable premium. Understand the policy conditions and features required to manage the financial requirements.
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Riders
Find if the insurance providers can offer the rider^ options to help enhance the financial benefits for any medical treatments during the policy term, such as the critical illness benefit, waiver of premium benefit, etc., based on the family's medical history.
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Choose the best option
Choose the 2 crore term plan from the most reliable insurance provider that can best satisfy the family's financial needs at an affordable rate.
Conclusion
A 2 crore term insurance plan is an essential financial plan for individuals having increased family responsibilities. Insurance providers offer term insurance with various flexible features, riders and tax benefits that make the investment worth the money. Moreover, it is one of the most affordable life insurance policies that can provide a higher sum assured. Therefore, it is important to understand the term policy conditions, compare the features and choose the best product that suits the individual financial needs to maximize the benefits and ensure the family is well-secured.
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Frequently Asked Questions
What is the premium for a 2-crore term insurance?
The premium for a 2 crore term insurance plan will be based on factors such as age, gender, lifestyle, policy tenure, type of term insurance, etc. You can utilize the term insurance premium calculators available online to determine the premium rate by providing your details. Also, if you opt for a term insurance policy at a younger age, the premium amount will be less.
What are the eligibility criteria for purchasing a 2 crore term insurance plan?
The minimum age for purchasing a 2 crore term insurance plan will depend on multiple factors such as the eligibility criteria of the product you are interested in. Many of the popular term insurance plans have minimum entry age of 18 years, and the maximum age can range between 60 and 65 years based on the type and features of the term plan.
Will 2 crore term insurance be sufficient for my family?
To understand if a 2 crore term insurance will be sufficient for your family, you need to know your financial needs. For example, you need to consider your financial obligations, future family commitments, dependent family members, etc., to evaluate the financial requirements and the sum assured for your term insurance plan.
What is the free-look period for the 2 crore term insurance plan?
The free-look period for the 2 crore term insurance plan is generally 15 days for the policyholder in India if the policy is purchase offline and 30 days if the policy is purchased online. However, it depends on the insurance provider and the policy terms and conditions.
What happens if I outlive the policy tenure?
Level Term insurance plans do not provide a maturity benefit. If you have purchased the term insurance with the return of premium option, you will receive a refund of the premiums paid as a maturity benefit. However, it is subject to the term policy conditions.
Can I buy the 2 crore term insurance plan online?
Yes, you can purchase the 2 crore term insurance plan online by registering with the insurer, providing the required details and uploading the necessary documents.
What are the tax benefits of purchasing a 2 crore term insurance plan?
The premium paid for, and the death benefit received from a 2 crore term insurance plan qualify for an Income Tax# deduction and exemption benefit under Section 80C and Section 10(10D) of the Income Tax Act, 1961. Also, you can save additional income tax up to 46,800++ on your term insurance policy.
How to calculate the premium for a 2 crore term insurance policy?
Using the online term insurance premium calculator, you can calculate the premium for a 2 crore term insurance policy. You must provide your details, financial requirements and the policy term to determine the premium cost.
What is the best age to purchase the 2 crore term insurance plan?
You can decide on the right age based on your financial liabilities, such as the education loan, house loan, etc., and other family commitments. Furthermore, it is important to mention that at an early age, the 2 crore term insurance premium becomes extremely affordable because you may not have any health complications and be able to choose a longer policy term.
How to decide the policy tenure for a 2 crore term policy?
You can decide the policy tenure for a 2 crore term policy based on your financial obligations and the timelines to fulfil them. For example, if you have a home loan, pay for your child's higher education, provide funds for routine expenses, etc., you need to consider the period required to ensure the financial requirements and decide the policy tenure.
Does the premium for the term insurance plan change during the policy tenure?
No! Once you have purchased the policy and the policy has been issued, the term insurance premium will not change during the policy tenure. However, GST component may subject to change as per the prevailing laws.
Is it necessary to purchase a term insurance rider?
A term insurance rider^ will increase the plan coverage of your term insurance plan. These are benefits in addition to your base policy which you can avail for minimal premium amount. Riders can protect you against Critical Illnesses, accidental death and disability, hospitalization and other associated risks.
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Disclaimer
- The complete name of Tata AIA Sampoorna Raksha Supreme is Tata AIA Life Insurance Sampoorna Raksha Supreme (UIN:110N160V03) - A Non-Linked Non-Participating Individual Life Insurance Plan
- **Under Life Plus Option, an amount equal to the 105% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier.
- ^^Applicable for specific plan options. Please refer brochure for additional details.
- ^Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch.
- Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V02 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider, Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V02 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider, Tata AIA Vitality Protect (A Non-Linked, Non- Participating Individual Health rider (UIN:110B046V01), Tata AIA Vitality Health (A Non-Linked, Non- Participating Individual Health rider (UIN:110B045V01) are available under this plan
- Vitality is a trademark licensed to Tata AIA Life by Amplify Health Assets PTE. Limited, a joint venture between Vitality Group International, INC. and AIA Company Limited. The assessment under the wellness program shall not be considered as a medical advice or a substitute to a consultation/treatment by a professional medical practitioner.
- #Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
- ++Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess, if any will be charged extra as per prevailing rates. The Tax Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
- This plan offers pure risk premium option under Life Option and return of premium benefit under Life Plus Option along with other benefits. Please refer sales brochure for complete details.
- This product is underwritten by Tata AIA Life Insurance Company Ltd. This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
- Insurance cover is available under this product. For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale.
- In case of sub-standard lives, extra premiums will be charged as per our underwriting guidelines.
- Buying a Life Insurance policy is a long-term commitment. An early termination of the policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.
- This publication is for general circulation only. This document is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. This document is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
- Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company and this document is not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
- L&C/Advt/2022/Oct/2660
