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A 2 Crore term insurance plan is a term plan that offers ₹2 Crores as its sum assured. The amount is paid to your family in the event of your demise during the term plan's tenure. This payout is also called a death benefit and is fully tax-exempt# under applicable tax laws.
Also Read: What Is Term Insurance?
A 2 Crore term insurance policy functions similarly to any other term policy: The sum assured is paid upon the policyholder's death and coverage is offered in exchange for regular premium payments.
The policy will also not offer maturity benefits upon survival – unless you opt for a Return of Premium feature. Moreover, 2 Crore term insurance premiums will stay the same throughout the policy term. At Tata AIA, we also offer whole-life term plan coverage of up to 100 years9..
To give you a better idea, let us consider an example to see how 2 Crore term insurance plans work.
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-exempt# 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.
Also Read: Term Insurance Tax Benefits Under Section 80C & 80D
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.
Term insurance plans are the most affordable type of life insurance plan. Even at a high sum assured of ₹2 Crores, you can expect pure risk coverage at comparatively lower premiums than other life solutions – even with add-on riders^.
You can claim #tax 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 your policy is in effect and will include deductions for add-on premiums.
Since 2 Crore term insurance premiums stay the same throughout the policy term, you know exactly how much money you need to set aside to pay your premiums. Moreover, #tax benefits available under your plan make it a popular and 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 our best term insurance plan for 2 Crore.
Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V01)
Tata AIA
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 consider to determine whether a 2 Crore term insurance is right for you:
Your monthly/yearly expenses should give a good idea of how much money 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 to provide for them? 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.
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 derive an approximate amount while accounting for inflation.
This estimated amount should be sufficient to clear off the debts and accomplish your secure your family's finances in your absence.
When do you plan to retire and do you have enough money 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, already have a retirement fund set up and your children are independent, you may not need as high of a sum assured amount.
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.
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 accomplish 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
Young Individuals
Young Individuals
Sole Earning Members
Sole Earning Members
Young Parents
Young Parents
Individuals working in Extreme Environments
Individuals working in Extreme Environments
Individuals with a Medical History
Individuals with a Medical History
These are some key points to look into before buying a 2 Crore term insurance plan:
Insurance Providers: Not all insurers are the same. 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 are generally more on the affordable side for term insurance, the prevailing rate will depend on your age, sum assured and policy tenure. The best term insurance plans for 2 Crores will 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 rider^ options to help enhance the financial coverage. These can be beneficial for what-if situations like critical illness, accidental death or other unforeseen financial emergencies.
Tax Benefits: Get income tax# benefits as per applicable tax laws.
Age
Medical History
Add-On Riders^
Lifestyle
Although the sum assured seems quite large, policy premiums stay affordable. Moreover, your premiums for 2 Crore term insurance will stay the same throughout the policy period. Younger policyholders are also 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 can mean more affordable term plan premiums.
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 maximum payment flexibility.
These options allow you to customise how and when you want to pay your premiums. This way, you are able to make payments when you can, ensuring sustained 2 Crore term insurance coverage at all times.
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.
This increase is done through a percentage amount on your base sum assured to ensure you and your family are can to meet your future financial obligations under your 2 Crore term insurance plan.
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.
Claim #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 *tax exemptions under Section 10(10D).
Increase your base coverage by opting for add-on riders^ under your 2 Crore term plan. These offer additional financial support during your policy term to manage financial emergencies/perils based on specific scenarios – for an additional premium payment.
For example, riders like our term booster under Tata AIA's Vitality wellness programs can help decrease policy premiums every year if they stay healthy and fit when covered under our 2 Crore term plan.
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.
Our experts are happy to help you!
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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 insures.
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.
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.
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!
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.
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.
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.
Individuals who do not pass the eligibility criteria will not be able to buy 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 grounds of fraud or malpractice.
Insurers will also assess your annual income and current health condition to determine your eligibility for a chosen plan.
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.
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.
Generally, 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.
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.
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.
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.
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.
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 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
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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