Buy 2 Crore Term Insurance Plan Online in 2024

For people earning well and with sufficient disposable income, a Rs. 2 crore term plan premium should be fine with the pocket. However, paying the yearly premiums consistently may take much work for people with low salaries or many existing financial liabilities. Use a term calculator to see if you can afford the cost comfortably.

Your insurance amount should be aligned with your income, expenses and financial liabilities, i.e. human life value. Anything lower may not suffice for your family, but excessively high may mean overpaying for coverage you don't need. Do check your numbers.

See if you or your spouse already have life insurance, such as group term plans from employers or traditional endowment policies. The sum assured also counts while calculating total coverage, so consider discontinuing old plans and consolidating them into one high-term policy.

Everything has a price; the higher the coverage, the higher the premium. However, due to their low-risk appetite, not everyone may be comfortable paying high premiums, even for Rs. 2 crore cover. So, take a call based on your need and willingness to pay for risk coverage vs. self-managing future uncertainties.

Many people believe that term insurance is costly, a significant misconception. In reality, term insurance is one of the most affordable forms of life insurance available. 

Some individuals assume they do not need term insurance because they are in good health. This is a risky assumption, as life is unpredictable and unforeseen circumstances can arise at any time. Term insurance acts as a safety net, ensuring your loved ones are financially protected regardless of your current health status. 

Many people avoid purchasing term insurance due to the perception that it is complicated. However, term insurance is straightforward compared to other insurance products. Its simplicity makes it easy to understand and manage.

Another common misconception is that only the primary earner in the family needs term insurance. However, it is equally essential for non-earning members, such as stay-at-home parents, to have coverage as it would be costly to replace if they were no longer around. 

Some people believe that term insurance is only beneficial for younger individuals. While younger policyholders can secure lower premiums, term insurance can be valuable at any age. Older individuals, particularly those with dependents or outstanding debts, can benefit from the financial protection term insurance offers. 

While savings and investments are crucial for financial security, they may not be immediately accessible or sufficient to cover your family's needs. Term insurance provides a lump sum payout that can help replace lost income and pay off debts without depleting savings or investments.

A 2 crore term insurance policy can be highly beneficial, particularly for individuals with significant financial responsibilities. The worthiness of such a policy depends on factors like your income, liabilities, dependents, and lifestyle. 

The ideal amount for term insurance varies based on individual circumstances, but a common rule of thumb is to opt for coverage at 10 to 15 times one's annual income. 

As per the IRDAI, you have the option to decrease the premium amount or sum assured of your life plan after 3 years instead of the previous restriction of 5 years.

Yes, it is perfectly acceptable to have multiple-term insurance policies.

The ideal term length for a term insurance policy depends on your financial goals and responsibilities. Generally, the policy term should cover the period until your significant financial obligations, such as a mortgage or your children's education, are fulfilled. 

As per the IRDAI, you can purchase an Accidental Death Benefit Rider with coverage up to three times (3x) the base sum assured of your life insurance policy.