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Life is a dynamic journey filled with aspirations, milestones, and unforeseen circumstances. While we can't control everything, we can always prepare for the unanticipated. As we diligently pursue our personal and professional goals, it is equally crucial to engage in proactive planning to ensure the well-being of those we care about. This is what a 20 year term life insurance can provide.
Let us guide you through the intricacies of 20-year term life insurance and discover how it can contribute to your comprehensive financial security plan.
A 20 year term life insurance plan is a sophisticated solution to safeguard the financial security of your loved ones in the face of unexpected events. This strategically designed plan provides comprehensive coverage for a specified period, typically 20 years, ensuring that your beneficiaries receive a designated payout in the unfortunate event of your demise.
In simpler terms, it acts as a financial safety net, ensuring your loved ones have the resources they need to maintain their financial stability and achieve their life goals, even in your absence. By considering 20 year term life insurance, you're not just making a prudent financial decision, but you are demonstrating foresight and unwavering commitment to the well-being of your family. It ensures that you can embark on your future endeavours with a sense of confidence and tranquillity.
Here are a few reasons why you should choose a 20 Year Term Insurance Plan:
A 20 year term life insurance offers a blend of affordability, simplicity, and security, making it a popular choice among individuals looking to protect their family's financial future. It provides several benefits, such as:
Compared to other types of life insurance, 20 year term life insurance policies are generally the most affordable option. This is because premiums are locked in for a shorter term. This makes them a good choice for young individuals, families starting out, or anyone looking for affordable coverage.
If the policyholder passes away during the 20 year term, the beneficiaries receive a guaranteed death benefit. This lump sum payout can be used to cover various expenses, such as:
Loan Payments: Ensuring the family home remains secure.
Living Expenses: Providing financial stability for everyday needs.
Education Costs: Helping children achieve their educational goals.
Debt Repayment: Eliminating any outstanding debts, offering financial freedom to the beneficiaries.
While the coverage period is 20 years, some 20 year term policies offer the option to convert to a permanent life insurance policy at a later date. This can be beneficial if your financial situation changes and you need permanent coverage beyond the 20 year term.
Premiums paid towards a 20 year term life insurance policy are eligible for tax+ deduction under Section 80C of the Income Tax+ Act. Individuals can claim a deduction of up to ₹1.5 lakh per annum for the premiums paid for themselves, their spouse, and their children. This deduction can substantially reduce the taxable income of the policyholder, leading to significant tax+ savings. Furthermore, the death benefit received by the nominees or beneficiaries is also tax-free under Section 10(10D) of the IT Act.
The premium for a 20-year term life insurance policy is determined by factors that assess risk.
These broadly include:
Applying for a 20 year term life insurance policy is a straightforward process, but it requires careful consideration and planning to ensure you get the right coverage for your needs. Here's a step-by-step guide to help you through the process:
Assess Your Insurance Needs
Get Quotes
Choose the Right Policy
Complete the Application
Undergo Medical Examination (if required)
Policy Review and Payment
Disclaimers
Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V03)
Tata AIA Maha Raksha Supreme Select - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V06)
*Illustrated Premium is the monthly premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for ₹ 1 Cr. Sum Assured with Policy Term of 20 yrs. (Regular Pay) under Life Promise Option with first year premium discount for digital purchase and salaried person. Please refer Benefit Illustration for more details. Premium is subject to applicable taxes, cesses & levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.
+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 product offers first year digital discount of 10% and first year Salaried discount of 5% for Limited Pay/Regular Pay. For Single Pay, 1% digital discount and 1% salaried discount will be provided in the first year
#Illustrated Premium is the monthly premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for 2 Cr. Sum Assured with Policy Term of 15 yrs. (Regular Pay) with Life Secure plan option. Please refer Benefit Illustration for more details. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.
##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.
~Under Life Promise Plus Option, an amount equal to the 100% 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
2Individual Death Claim Settlement Ratio is 99.13% for FY 2023-24 as per the latest annual audited figures.
8Tata AIA Sampoorna Raksha Promise offers first year digital discount of 1% for Single Pay, 10% for Limited Pay/Regular Pay.
11This product offers first year discount of 5% for Limited Pay/Regular Pay and 1% for Single Pay to salaried customers.
The 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. The precise terms and condition of this plan are specified in the Policy Contract.
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.
In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
In case of POS variant, the product is available with/without medical underwriting as per BAUP (Board Approved Underwriting Policy)
Premium will vary depending on the option chosen
L&C/Advt/2025/Jan/0303