Life is unpredictable, and one of the best ways to ensure that your loved ones are financially protected is by having a term insurance plan. In today’s fast-paced world, unexpected events can create financial burdens for families. A good life cover ensures that your family’s needs are taken care of even in your absence.
Imagine securing a ₹2 crore life cover for just ₹700 per month. This is now possible with modern term insurance plans, which are affordable and provide high-value protection. Such plans are designed to give you peace of mind while offering comprehensive financial security to your family.
Why Choose a Term Insurance Plan?
- Affordable Premiums for High Coverage
Term insurance provides high coverage at very low costs. By paying just ₹700 a month, you can secure a substantial life cover of ₹2 crore. This amount can:
Help your family pay off debts or loans
Cover daily living expenses
Fund your children’s education and marriage
Secure their future financial goals
- Discounts for Salaried Individuals
Some term plans provide special discounts for salaried individuals, offering up to 15% off on the first-year premium. This makes it even more affordable to get maximum protection.
- Flexible Options to Customize Your Plan
Modern term plans come with different coverage options:
Life Cover Option – Pure protection plan
Life + Income Option – A lump sum plus regular income for your family
Return of Premium Option – Get back all your paid premiums if you survive the policy term
- Critical Illness Add-On
You can enhance your coverage by including critical illness protection. In case you are diagnosed with a serious illness like cancer or heart disease, you’ll receive a lump sum amount to help cover medical and treatment expenses.
- Tax Benefits
The premiums you pay for term insurance are eligible for tax deductions under the Income Tax Act, helping you save more while protecting your family’s future.
Who Should Consider This Plan?
This type of affordable term insurance plan is ideal for:
Young professionals who want early financial protection
Parents who want to secure their children’s future
Home loan borrowers who want to ensure loans don’t burden their family
Self-employed individuals seeking peace of mind and financial safety
Benefits of Buying Term Insurance Early
Purchasing a term insurance plan early in life comes with multiple advantages:
Lower Premiums – Younger buyers pay less since health risks are lower
Longer Coverage Duration – Protection for a greater number of years
Financial Security at the Right Time – Safeguards family when they need it most
Simple Steps to Get Covered
- Determine your coverage amount (example: ₹2 crore).
- Choose your policy term and premium payment frequency.
- Provide personal, financial, and health details.
- Add extra benefits like critical illness or accidental cover if needed.
- Make the payment and receive your policy document digitally.
Why This Plan is Worth Considering
Affordable coverage for everyone, including young earners
Protects your family from financial hardships
Option to customize benefits as per individual needs
Reliable protection against life’s uncertainties
Frequently Asked Questions (FAQs)
- What is term insurance?
Term insurance is a type of life insurance that provides financial protection to your family in case of your untimely death during the policy term. - How much coverage should I choose?
Ideally, your life cover should be 10-15 times your annual income to ensure sufficient financial protection. - Is ₹700/month premium fixed throughout the term?
Yes, once you purchase the plan, the premium remains fixed for the entire policy term. - Does the plan cover accidental death?
Yes, most term plans include coverage for accidental deaths. Some plans also allow you to add extra accidental death benefits. - Are there tax benefits?
Yes, premiums paid qualify for deductions under Sections 80C and 10(10D) of the Income Tax Act. - What happens if I survive the policy term?
If you choose the Return of Premium Option, all premiums paid will be returned to you at the end of the term. - Is a medical test mandatory?
It depends on factors like your age, health condition, and coverage amount. - Can I increase my coverage later?
Yes, some plans allow you to enhance coverage at major life stages like marriage or childbirth. - Who can buy this plan?
Anyone within the eligible age range, generally between 18 and 65 years, can purchase a term insurance plan. - Can non-residents buy this plan?
Many insurers allow non-resident Indians (NRIs) to buy term insurance, subject to certain guidelines. - How do I file a claim?
Your nominee can file a claim by submitting required documents like a death certificate, claim form, and policy papers. - What documents are needed to buy the plan?
You need ID proof, address proof, income proof, and recent photographs. - Will smoking affect my premium?
Yes, smokers are considered higher risk and usually pay a slightly higher premium. - Can the plan help with loan repayment?
Yes, the life cover amount can be used by your family to pay off debts such as home or car loans. - Is there a free-look period?
Yes, most policies offer a 15-day free-look period to review and cancel the plan if you are not satisfied. - What is the minimum coverage amount?
The minimum coverage usually starts from ₹50 lakh and can go up to several crores. - How is the premium calculated?
The premium depends on age, lifestyle, health conditions, and the coverage amount you choose. - Can I buy this plan completely online?
Yes, most insurers offer a fully digital buying process, making it quick and hassle-free. - Is critical illness covered automatically?
No, you need to add it as an additional benefit while purchasing the plan. - Why should I buy term insurance early?
Buying early helps you get higher coverage at lower premiums and ensures financial security for a longer duration.
Conclusion
A term insurance plan offering ₹2 crore life cover for just ₹700 per month is an excellent way to secure your family’s financial future. It ensures that your loved ones never face financial difficulties even when life throws unexpected challenges your way.
Start early, choose the right coverage, and provide your family with the safety net they deserve. This small investment today can bring peace of mind and lifelong financial stability for your loved ones.
