Opting for term insurance is one of the best ways to secure your family’s financial future in case of any unfortunate event. While the primary purpose of term insurance is to provide financial support to your loved ones when you are not around, purchasing an adequate term plan is pivotal. If you want to invest in term insurance worth ₹1.75 crores, this comprehensive guide will provide you with all the necessary information to make an informed decision.
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Term insurance is a life insurance policy that provides financial coverage for a specified timeframe or policy term. In the event of the insured individual or policyholder's demise during the policy period, the insurance company pays the predetermined death benefit or sum assured to the beneficiaries.
Term insurance ensures your family can sustain their current lifestyle and achieve all their dreams and goals without compromises, even in your absence. If you survive the policy term, no payouts are made, and the policy expires.
Purchasing term insurance is a prudent financial move as it allows you to create a strong safety net for your family members at reasonable costs. Opting for ₹1.75 crore term insurance can be extremely helpful for individuals with financial goals and responsibilities such as:
While term insurance policies generally offer advantages like financial security, affordability, etc., taking a ₹1.75 crore cover has explicitly some unique benefits:
The hefty ₹1.75 crore sum assured acts as an umbrella to safeguard your family against any income loss or financial instability, giving them complete peace of mind.
The significant death benefit amount received by beneficiaries provides financial flexibility per personal priorities. They can clear loans, create investments, fund child education or marriage, etc.
You can purchase such significant life coverage by paying affordable premiums only, significantly when the policy term is extended. Premium rates for a 35-year term plan, for example, would range between ₹1500 and ₹5000 monthly for ₹1.75 crore sum assured.
To enhance protection, you can modify your term insurance policy with optional add-ons or riders, such as accidental death benefit, critical illness benefit, waiver of premium, etc.
Premiums paid are eligible for tax deductions under Section 80C and 10(10D), while death benefits and other payouts are tax-free under prevailing laws.
A term plan of ₹1.75 crore ensures that your family has adequate coverage to replace your income for years and maintain their lifestyle without worries after your demise. This hefty sum can be utilised to:
Outstanding home loans, personal loans for children's higher education, car loans, credit card dues, etc., can burden the family financially if the breadwinner is absent. ₹1.75 crore term insurance provides a substantial amount to pay off these loans and gives them a clean slate.
Quality education and marriage expenses for children are rising exponentially. Securing your child's future with ₹1.75 crore term cover means they can fulfil all academic dreams and have their dream wedding comfortably without financial constraints.
In case of critical illnesses, hospitalisations, or other medical emergencies for your aged parents, spouse, or kids, ₹1.75 crore sum assured acts as a medical corpus to cover expensive healthcare costs.
A term insurance plan for ₹1.75 crore is similar to other term plans regarding the basics of working. Let's see step-by-step how this policy functions:
First, calculate your life's financial worth and decide on the appropriate sum to cover your family's expenses, outstanding loans, and primary future goals. ₹1.75 crore is reasonable coverage for most individuals.
To keep your policy active, you must pay regular premiums according to your selected payment frequency. Premiums depend on your age, policy term, sum assured, etc. It is wise to opt for longer terms, as premiums reduce substantially.
Next, you must nominate one or more person(s) who will receive the death benefit payout in case of your unfortunate demise during the policy term. Your spouse and children are generally preferred nominees.
Finally, if death occurs during the policy period, the nominee receives a tax-free ₹1.75 crore lump sum amount or instalments as chosen when buying the policy. This financial support can be utilised for various needs.
Thus, term insurance functionally provides short-term life cover on payment of nominal premiums for long-term monetary protection of your family.
While ₹1.75 crore term insurance sufficiently covers the responsibilities of most individuals, you must evaluate certain aspects prudently before buying it:
Make sure you can pay premiums quickly without affecting your savings or lifestyle, especially for 30-40-year terms. Calculate premiums beforehand using online term plan calculators.
Analyse whether you already have adequate life insurance coverage active through employer or personal insurance plans. Evaluate whether ₹1.75 crore term insurance is an optimal additional purchase.
Consider your family structure and count financial dependents needing monetary support in your absence. Accordingly, assess whether ₹1.75 crore coverage meets their expenses.
Take stock of current loans and liabilities your family would be burdened with after you and ensure the term insurance amount suffices to repay them.
Determine the ideal cover by making provisions for crucial upcoming financial requirements, such as children’s higher education, marriage, and the healthcare needs of elders.
For a 30-year-old male:
For a 45-year-old male:
These premiums are indicative and can vary based on individual circumstances. Use online premium calculators to discover the approximate premiums payable before purchasing ₹1.75 crore cover policy. It's essential to provide accurate information to the insurance provider for an exact quote.
Talking about term insurance cost, explore ACKO Life Flexi Term Plan and enjoy the following benefits:
Therefore, ACKO Life Flexi Term Plan scores highly owing to its customisable coverage and continued insurance beyond regular term plans. It optimally safeguards your family's financial needs now and 30-40 years later when responsibilities increase.
Buying a term insurance plan for ₹1.75 Crore is a big move. With a substantial sum assured, you can ensure that your loved ones are adequately protected against financial instability and meet various financial goals and responsibilities. It's an investment that really counts, ensuring their financial well-being now and in the future.
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Reviewed by Vaibhav Kumar Kaushik 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
