A term insurance plan is one of the most affordable ways to secure your family's financial future in case of your untimely death. While no amount of money can make up for the loss of a loved one, a term plan ensures that your family is financially secure. In this blog, we will discuss about 75 lakh term insurance plans - how they work, their benefits, and why they may be the right choice for you.
Life Cover Starting @ just ₹18/day*
Choose India’s Only Personalised Term Plan
Modify coverage as per your life stages & commitments
Hassle-Free Claim Settlement
99.38% Claim settlement ratio*
Smart Income Tax Savings
Save up to ₹54,600* on your taxes
Term insurance offers pure life insurance coverage for a specified term, typically ranging from 5 to 30 or even 40 years. You pay a regular premium to the insurance company. In return, the insurer promises to pay the sum assured to your nominee if you pass away during the policy term. Term plans do not have any cash value or investment components. They are purely designed for life protection.
Here are some reasons why buying a Rs. 75 lakh term insurance plan makes sense:
Term plans are among India's most economical forms of life insurance. The premium increases marginally based on your age. Still, it remains reasonable compared to other insurance plans.
You can customise your coverage, including the policy term, premium payment term, premium payment mode, riders, and more, according to your budget and life situation.
A cover of Rs. 75 lakhs provides substantial financial support to your dependents to maintain their current lifestyle, repay debt, fund children's future goals like higher education, and meet other expenses in your absence.
Your premium is eligible for tax deductions under Section 80C and 10(10D) of the Income Tax Act. So you save taxes while securing your family.
Newly married couples just beginning their lives together face several financial responsibilities—setting up their home, planning for children's education and marriage, saving for retirement, etc. Losing an earning family member can disrupt all such priorities. Hence, young couples starting families should strongly consider long-term plans.
Single parents support their families alone without the financial stability of a second-earning member. Similarly, sole breadwinners may have non-working spouses, and others depend solely on them. Term insurance ensures that their families have funds to sustain their lifestyles despite losing the sole-earning member.
Entrepreneurs, business people, consultants, etc., do not have a corporate structure for financial assistance. They manage all expenses for themselves and their families from their earnings. Term insurance is vital to ease the financial stress on families that lose the primary earning member in case of death or disability.
People with substantial long-term loans may have yet to inherit assets or investments that family members can liquidate quickly to repay loans. Term plans offer adequate coverage so families can repay outstanding loans.
Expats living abroad away from family have limited ability to financially provide for parents or spouses in India in case of death. Term insurance offers protection irrespective of geographic location. Families in India receive financial support despite losing an expat-earning member abroad.
A 75 lakh term insurance policy may be sufficient for some, but this might not be the case for everyone. It entirely depends on individual financial circumstances and responsibilities. Reflect on these factors to determine if it meets your needs.
Consider your family's current expenses, outstanding debts, and future financial goals such as children's education and marriage, mortgage payments, etc.
Consider inflation, as when prices go up, the purchasing power of your money goes down. Considering how it might affect your family's expenses over time is critical.
Kids are growing rapidly, parents age by the minute, and health expenses are skyrocketing. Carefully evaluate how much income your family would need to maintain their standard of living in your absence.
When considering any savings and investments you have that could support your family in your absence, consider their lifestyle and any ongoing financial commitments.
Assess how long your dependents would need financial support in case of your untimely demise.
Many insurance providers are offering Rs. 75 Lakh Term Insurance Plans. However, the main focus is picking the right one. All you have to do is follow these simple tips.
You can also explore the ACKO Life Flexi Term Plan when seeking affordable term insurance options. It offers comprehensive pure-term insurance with unmatched flexibility, allowing you to customise your coverage to meet changing needs. You can modify the sum assured, policy term, add-on riders and more anytime. It also comes bundled with value-added features like online will creation, relaxation on health parameters, and simplified claims processes.
Despite their many benefits, people often have concerns and misconceptions about term insurance. Disproving these myths is crucial to understanding the actual value of term insurance.
Here are a few key reasons why it's essential to pay insurance premiums regularly and on time:
If you miss a premium payment, your policy may lapse, meaning you will no longer be insured. This leaves your family vulnerable without coverage. Paying premiums on time ensures there are no gaps in your coverage.
Too many missed or late payments can result in much higher premiums when you try to reinstate your policy or buy new coverage. Insurance companies see missed payments as a higher risk. Keeping up with payments helps avoid premium increases down the road.
The insurance company may cancel your policy altogether if you go too long without making payments. Paying regularly avoids this headache.
Paying late results in late payment fees, often compounding. This means the fees themselves accrue additional expenses if not paid. This quickly results in substantially higher costs for the same coverage. Paying on time avoids ballooning costs.
We all want financial stability for our loved ones, no matter what. An affordable yet sufficiently high-term insurance plan like a Rs. 75 lakh coverage provides precisely this assurance. It is one of the most economical ways to ensure your family can still live comfortably and achieve their goals even in your absence. Evaluate your finances, determine an ideal coverage amount, compare insurance plans, and invest in a term policy that aligns with your budget and needs. This small step today will secure your family's future for the long term.
Here are some frequently asked questions related to 75 lakhs term inurance plan:
1.5K Linkedin Followers 
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
Products 
Company
Legal
Support
Car Insurance 
Bike Insurance
Health Insurance
Group Health Insurance
Travel Insurance
Life Insurance