What is the process for filing a claim for a 2 Crore term plan?

You can file a claim under your 2 Crore term insurance through any of the following methods:Register a claim online on our website, Send us an email at: customercare@tataaia.com, Call our helpline number – 1860-266-9966 (local charges apply), Visit any of our Tata AIA Life Insurance Company on-site offices, Write directly to us at: The Claims Department, Tata AIA Life Insurance Company Limited, B- Wing, 9th Floor, I-Think Techno Campus, Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway, Thane (West) 400 607. IRDA Regn. No. 110

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Q: What are the eligibility criteria for purchasing 2 crore term insurance?

Generally, you must be at least 18 years of age to buy 2 Crore term insurance. Most term plans have an entry age between 18 - 65 years; this will vary across insurers.

Q: At what age should I buy 2 crore term insurance?

Generally, it is recommended to get one in your younger years since you will get lower premium rates. However, term plans are not restricted to people in their 20s. You can buy a 2 Crore term insurance plan at any life stage! At Tata AIA, we offer term plans with life-stage benefits and whole-life covers to ensure you always stay protected.

Q: Is it necessary to purchase a term insurance rider?

No, they are fully optional. Term insurance riders^ can be added to your 2 Crore term insurance plan on policy purchase or anniversary to increase your base plan coverage. Riders^ increase your overall premiums, so only pick ones you are sure you will need.

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Discounts

2% Milestone discount

2% discount on 1st year premium on these milestones

Event	Eligibility
Wedding (1 wedding only)	Within 6 months before or after the date of wedding
Birth/ Adoption of 1^st child*	Within 6 months before or after the birth/ adoption date
Home loan	Within 6 months of loan getting sanctioned
First job	Within 6 months of joining date

*Policy issuance eligibility for female customers will be determined by Board Approved Underwriting Policy (BAUP)

The above milestones cannot be clubbed to avail more discount, Such discount shall be capped to a maximum of ₹500 over the year.

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Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN:110N176V08)

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2 Crore Term Insurance

Tata AIA’s 2 Crore Term Insurance Plan provides a 2 Crore death benefit to your family if you pass away during the policy term, ensuring their financial security.

What is a 2 Crore Term Insurance Plan?

A term insurance plan of 2 crore gives a life cover of ₹2 crore for a fixed time. It may assist you in financially securing your family in your absence. The sum assured will be paid to the nominee in case of untimely dismissal of the insured during the policy duration. When choosing the best term insurance plan for 2 crores, an individual must pay attention to policy duration, premium affordability, and claim settlement ratio.

What is a 2 Crore Term Insurance Plan?
How Does a 2 Crore Term Plan Work?
Why Buy 2 Crore Term Insurance?
Know More About Our Best Term Insurance Plan for 2 Crores – Tata AIA Sampoorna Raksha Supreme
Is ₹2 Crores the Right Coverage Amount for My Term Insurance Plan?
Who Should Buy 2 Crore Term Insurance?

How to Choose the Best Term Insurance Plan for 2 Crore?
Factors Affecting the 2 Crore Term Insurance Premium
Calculate Your Term Insurance Premiums
Why Buy 2 Crore Term Insurance from Tata AIA?
People Like You Also Read
Frequently Asked Questions

How Does a 2 Crore Term Plan Work?

Let’s consider an example to understand how a 2 crore term plan works.

30-year-old Ravi, who does not smoke, buys a 2 crore term insurance for 30 years. He pays premiums from the age of 30 until 60 years. At 60 years of age, if he passes away during the policy term, the life cover amount is payable to his nominee. His nominee, in this instance, his wife, is given ₹2 crore as a lump sum amount. She can then utilize the amount for meeting essential needs such as routine expenses, education, or loan repayments.

A 2 crore term insurance plan may be able to provide the required financial assistance. You may choose the best term insurance plan for 2 crores based on your family's requirements.

Why Buy 2 Crore Term Insurance?

Here’s are the reasons to consider buying a 2 crore term insurance.

Financial Stability for Your Loved Ones

2 Crore term insurance offers a high sum assured upon death. This payout amount can be used for anything once received from the insurer. For example, it can clear off existing loans/liabilities, pay for children's higher education, help start a business to earn a livelihood, etc.
Wider Coverage at Lower Premiums

Term insurance plans can be an affordable option for a life insurance plan. Even at a high sum assured of Rs. 2 Crores, you can expect pure risk coverage at comparatively lower premiums than other life solutions even with add-on riders⁵.
Tax Benefits

You can claim tax⁶ deductions and exemptions on your 2 Crore term insurance premiums and payout amounts under Sections 80C and 10(10D) of the Income Tax Act, 1961. These can be done every year while your policy is active and will include deductions for add-on premiums.
Better Financial Planning

Since 2 Crore term insurance premiums stay the same throughout the policy term, you know exactly how much funds you need to set aside to pay your premiums. Moreover, tax⁶ benefits available under your plan can make it a preferable and potentially risk-free way to save on your taxes.

All of these benefits and more are available under Tata AIA's Sampoorna Raksha Promise plans, making it a comprehensive term insurance plan for ₹2 Crore.

Is 2 Crores the Right Coverage Amount for My Term Insurance Plan?

Generally, your term insurance sum assured should be 10 times your annual income. Some experts even suggest that it should be 20 times. For a more detailed approach, here are some key factors you should consider determining whether a 2 Crore term insurance is right for you:

Dependent Family Members and Living Expenses: Your monthly/yearly expenses should give a good idea of how much capital your family will need in the future to maintain their current standard of living. List down recurring expenses and other short-term financial obligations for the foreseeable future and subtract any investments to know how much sum assured you need.
Moreover, you also need to secure your dependents. Does your spouse work? Are your children still dependent on you for their basic needs? Answering these questions should give you a good idea of who will require the payout amount the most and for how long.
This will also determine how high your sum assured should be since you want the payout amount to last for as long as your family need financial assistance.
Understand Your Financial Liabilities: Do you have any pre-existing liabilities like loans or debt that still need to be paid off? Or future financial commitments like paying for your child's higher education or marriage? If so, you may want to consider these factors to find out an approximate amount while accounting for inflation.
This estimated amount should be sufficient to clear off the debts and secure your family's finances in your absence.
Your Annual Income and Retirement: When do you plan to retire, and do you have enough capital saved up for a retirement fund?

Your current annual income will play a huge role in determining your sum assured. If you are young and have fewer financial responsibilities, a term plan with a life stage benefit may be beneficial as it will allow you to increase your sum assured. On the other hand, if you are older, have a retirement fund, and your children are independent, you may not need as high a sum assured amount.
Human Life Value (HLV): This refers to calculating your economic value by considering your future income, liabilities, expenses and investments. To simplify this process, you can use Tata AIA's Human Life Value Calculator to determine your sum assured.
Account for Inflation: 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 be enough to help your family achieve their financial goals based on future living costs.

Calculate your required funds based on your family's financial goals and revise the amount based on the inflation rate to derive a realistic value.

Also Read: 3 Reasons Why You Must Consider Inflation When You Buy Term Insurance Plan

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Sampoorna Raksha Promise

Key benefits:

Get ₹2 Cr life cover @804/month¹
Up to 18.5% discount² (1^st year premium)
Option to get all premiums back⁷

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Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V07)

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Maha Raksha Supreme Select

Key benefits:

Get ₹2 Cr life cover @679/month⁸
Up to 18.5% discount² (1^st year premium)
Waiver of premium if diagnosed with terminal illness

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NNon-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V11)

Who Should Buy 2 Crore Term Insurance?

The following individuals can buy a 2 crore term insurance plan.

Young Individuals

People in their 20s can buy a 2 crore term insurance at an affordable premium, considering they are healthy with no health complications.

Sole Earning Members

People who are the sole earning members of the family with dependent family members will require financial safety nets. Hence, a 2 Crore term insurance plan may help their family manage the routine expenses in case of any eventualities.

Young Parents

People with increased family financial commitments, such as repaying loans, paying for their child's higher education, etc., should ensure their family has sufficient funds. This may help them repay pending loans and accomplish their future commitments.

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. The funds may help their families reduce the financial burden in their absence at any time in their lives.

Individuals with a Medical History

People with a family history of critical or terminal illnesses must financially secure their family members in the event of any eventualities. Therefore, buying a term insurance for critical illness along with our 2 Crore term insurance plan can help pay their medical expenses while also financially securing their future.

How to Choose the Best Term Insurance Plan for 2 Crore?
These are some key points to look into before buying a 2 Crore term insurance plan:
- Insurance Providers: Features provided by insurers can differ. The services and plans offered for 2 Crore term insurance plans can be vastly different depending on the insurance company you choose. Always look at the insurer's CSR, reputation and reviews/customer testimonials before buying a plan from them.
- Coverage: Evaluate if 2 Crores will be sufficient to secure your family. This can be done by looking into existing liabilities, current living expenses and future financial obligations. While doing so, you should also account for inflation, which is a crucial aspect of financial planning.
- Policy term: How long do you need term insurance coverage? Look into what your financial goals are and your current liabilities, if any. This can help you determine the policy tenure and what you need coverage for. If you are still unsure, you can always opt for whole-life coverage with Tata AIA.
- Premiums: Although premiums may be more on the affordable side for term insurance, the prevailing rate will depend on your age, sum assured and policy tenure. Suitable term insurance plans for 2 Crores generally offer affordable premium rates and discounts like preferential rates for women and non-smokers.
  
  To ensure you get a competitive rate, use Tata AIA's term insurance calculator to calculate your 2 Crore term insurance premiums
- Riders: Your 2 Crore term insurance plans must offer rider5 options to help enhance the financial coverage. These can be beneficial during a critical illness, accidental death or other unforeseen financial emergencies.
- Tax Benefits: Get income tax⁶ benefits as per applicable tax laws.

Factors Affecting the 2 Crore Term Insurance Premiums

Here are the factors that affect 2 crore term insurance premiums.

Age

This is the first thing insurers look at when you buy term insurance. Younger policyholders may be charged lower premiums as they present less risk. This is because the younger you are, the less likely you are to develop health complications or critical illnesses. Hence, opting for a 2 Crore term insurance plan in your younger years may be preferable to enjoy affordable premiums.
Medical history

Your medical history is another important factor that affects the cost of the term insurance plan. For example, if your father has increased blood glucose and blood pressure levels, you may develop the same conditions later in life. This may increase the death risk, resulting in higher 2 Crore term insurance premiums for you when compared to a person with a family medical history of no health complications.
Add-On Riders

The more riders⁵ you opt for, the higher your premium rate. However, these are optional. So, if you want to get add-on covers for your 2 Crore term insurance policy, carefully evaluate the benefits and the cost before adding them to your term plan.
Lifestyle

Lifestyle is an important factor while determining the premium for term insurance of 2 Crores. For example, smokers are charged higher premiums than non-smokers since they present an increased risk. Therefore, look into cutting down or quitting habits such as smoking, drinking alcohol, etc., before buying a term plan.

In addition, informing the insurer about such habits during inception is important to avoid any future discrepancies, as it can cause problems for your family during death claim settlements.

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Will the ₹2 Crore Term Insurance Payouts Be Taxed

Mr. Rajesh, a policyholder with a ₹2 Crore Return of Premium (ROP) term insurance plan, pays annual premiums below ₹5 lakhs. This puts him in a favorable position when it comes to the tax treatment of his maturity benefits.

You should note that maturity payouts, unlike death benefits, may or may not be taxed depending on prevailing tax laws. In this case, Mr. Rajesh's ROP maturity payout will be tax-exempt6 since his annual 2 Crore term insurance premiums are below ₹5 lakhs. In cases where annual term plan premiums exceed ₹5 lakhs, Mr. Rajesh will be taxed per his tax slab rate under his chosen tax regime.

Why Buy 2 Crore Term Insurance from Tata AIA?

Here’s why you can buy a 2 crore term insurance from Tata AIA.

Affordable Premiums

Although the sum assured seems quite large, policy premiums stay affordable. Moreover, your premiums for a 2 Crore term insurance may stay the same throughout the policy period. Younger policyholders may also be offered lower rates.

Hence, buying a 2 Crore term insurance plan from Tata AIA early in life with a longer tenure or whole life cover when you are in your best health may result in affordable term plan premiums.
Flexible Premium Payment Options

We offer our policyholders multiple 2 Crore term insurance premium payment options, like monthly/quarterly/half-yearly/annual during the policy term. Moreover, they can also opt for single/limited/regular pay options to ensure payment flexibility.

These options allow you to customise how and when you want to pay your premiums. This way, you can make payments when you can, ensuring sustained 2 Crore term insurance coverage.
Increase Your Coverage

You can choose to increase your policy sum assured amount at different milestones based on increasing commitments, such as marriage, the birth of a child or when buying a house.

The amount is increased based on a certain percentage on your base sum assured. This may ensure you and your family can meet your future financial obligations under your 2 Crore term insurance plan.
Flexible Payout Options

Your family can receive the death payout as regular income for a fixed period, a lump sum amount or a combination of lump sum and regular income based on the plan options chosen. This ensures they can effectively deal with any financial obligations that arise in your absence.
Tax Benefits

Caim tax deductions in your annual 2 Crore term insurance premium payments under Section 80C of the Income Tax Act, 1961. Moreover, the payout benefits received from your plan will qualify for tax6 exemptions under Section 10(10D).
Add-On Riders

Increase your base coverage by opting for add-on riders5 under your 2 Crore term plan. These offer additional financial support during your policy term to manage financial emergencies based on specific scenarios, for an additional premium payment.

Other add-on covers, like our critical illness rider, can be used to pay for hospitalisation and medical expenses when diagnosed with a critical illness. In addition, the riders provide flexible features like 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.

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1.What are the eligibility criteria for purchasing 2 crore term insurance?
Generally, you must be at least 18 years of age to buy a 2 Crore term insurance. Most term plans have an entry age between 18 - 65 years; this will vary across insurers

2.At what age should I buy 2 crore term insurance?
You may get insurance in your younger years since you may get affordable premium rates. However, term plans are not restricted to people in their 20s. You can buy a 2 Crore term insurance plan at any life stage.

At Tata AIA, we offer term plans with life-stage benefits and whole-life covers to ensure you always stay protected.

3.What happens if I outlive the policy tenure?
Basic term plans do not offer any survival benefits. That means you will not get any payments if you outlive your policy term. However, if you buy term insurance with a return of premium (TROP), you will receive a refund of the premiums paid as the maturity benefit on survival.

4.Can I buy 2 crore term insurance online?
Yes, you can purchase the 2 crore term insurance plan online by registering with any online insurer after providing the required details and uploading the necessary documents. For example, you can buy 2 crore term insurance on Tata AIA's website in just a few clicks!

1.How can I buy 2 crore term insurance?
You can buy a 2 crore term insurance policy from any IRDAI-approved life insurance provider. This can be online or in person, depending on the insurer. We recommend going for online insurers like us to save on time and paperwork.

2.What is the free-look period for Tata AIA's 2 crore term insurance?
We offer a free-look period of 15 days for offline policy purchases and 30 days for online purchases for our 2 Crore term insurance plans.

3.Can I buy more than one term insurance plan?
Yes, you can buy and own more than one term plan. However, this can get expensive since you will be paying premiums for multiple term plans. We recommend going to term plans with a life cover if you are not sure how long you will need coverage for or a life stage benefit if you do not know how much coverage you will need in the future.

4.Who cannot buy a 2 Crore term insurance?
Individuals who do not pass the eligibility criteria will not be able to buy a 2 Crore term insurance. For example, these can be people under 18 years or over 65 years. Moreover, while insurers cannot reject life insurance applications, they are allowed to reject applications on the grounds of fraud or malpractice.

Insurers will also assess your annual income and current health condition to determine your eligibility for a chosen plan.

1.How many years is suitable for a 2 Crore term insurance?
You must decide your 2 Crore term insurance tenure based on your financial obligations and the timelines to fulfil them. For example, if you have a home loan, need to pay for your child's higher education, provide funds for routine expenses, etc., all of these things will have their own timelines. Hence, we recommend assessing these factors first.

Term policies generally last around 5 - 40 years. Some term plans like Tata AIA's Sampoorna Raksha Promise offer whole-life coverage for up to 100 years

2.Is it necessary to purchase a term insurance rider?
No, they are optional. Term insurance riders5 can be added to your 2 Crore term insurance plan on policy purchase or anniversary to increase your base plan coverage. Riders increase your overall premiums, so only pick ones you are sure you will need.

3.What is not covered in a 2 Crore term insurance?
Generally, a 2 Crore term insurance will not cover death due to suicide or self-harm (within the first policy year) and deaths that result from breaches of law, as it is considered a violation of policy terms.

1.What is the premium for a 2 Crore term insurance?
Your 2 Crore term insurance premiums will be based on factors such as age, gender, lifestyle, policy tenure, type of term insurance, etc. To get more accurate estimates, use our term insurance calculator.

2.Do premiums for term insurance plans 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, the GST component may be subject to change as per the prevailing laws.

3.Can I pay my 2 Crore term plan premiums monthly?
Yes, with Tata AIA, you get flexible premium payment options where you can choose to pay your premiums monthly/quarterly/half-yearly/annually. Your payment frequency can also be changed in the future by logging into your Online Policy A/C' to make the required changes.

1.What documents are needed while filing a death claim settlement under a 2 Crore term insurance plan?
You will need three main documents, which will be the claims form (filled and signed), the policy certificate and the policyholder's death certificate. If you want to know the complete list of documents needed, please visit our claims settlement page.

2.What are the different term plan claims that can be filed for a 2 Crore term insurance policy?
You can file the following claims with Tata AIA under your 2 Crore term insurance plans: Death claim settlements and maturity Claims (for TROP plans). Other claims you can file if you have opted for specific add-ons include:
● Cashless and reimbursement claim (for medical expenses).
● Hospitalisation and dismemberment claim
● Critical illness diagnosis claims.
● Accidental death and permanent disability claims.

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2 Crore Term Insurance

What is a 2 Crore Term Insurance Plan?

Table of Contents

How Does a 2 Crore Term Plan Work?

Why Buy 2 Crore Term Insurance?

Financial Stability for Your Loved Ones

Wider Coverage at Lower Premiums

Tax Benefits

Better Financial Planning

Is 2 Crores the Right Coverage Amount for My Term Insurance Plan?

Sampoorna Raksha Promise

Maha Raksha Supreme Select

Who Should Buy 2 Crore Term Insurance?

Young Individuals

Sole Earning Members

Young Parents

Individuals Working in Extreme Environments

Individuals with a Medical History

How to Choose the Best Term Insurance Plan for 2 Crore?

Factors Affecting the 2 Crore Term Insurance Premiums

Age

Medical history

Add-On Riders

Lifestyle

Looking to buy a new insurance plan?

Calculate Your 2 Crore Term Insurance Premiums

Calculate Your Term Insurance Premium

Will the ₹2 Crore Term Insurance Payouts Be Taxed

Why Buy 2 Crore Term Insurance from Tata AIA?

Affordable Premiums

Flexible Premium Payment Options

Increase Your Coverage

Flexible Payout Options

Tax Benefits

Add-On Riders

FAQs on 2 Crore Term Insurance

Get ₹2 crore life cover and save tax up to ₹46,800⁹