The importance of financial planning and security for our loved ones cannot be overstated. The future is unpredictable and opting for a comprehensive cover like 2 crore term insurance can prove to be a smart move, a few years down the line. If you’re beginning to invest in your family’s financial stability and security, it might be time to start looking for the best 2 crore term insurance plan. So, keep reading to know more! ...Read More
Written by
Kriti Arora
Insurance Writer
Kriti is a content marketing and branding expert with more than 13 years of rich experience across BFSI and Telecom industries. She is currently leading Digital Creative Strategy for Axis Max Life Insurance.
Reviewed by
Vaibhav Kumar
Insurance Expert
With over 15 years in life insurance, Vaibhav is a recognized products and digital leader for driving innovation at Axis Max Life. He's played a pivotal role in developing new business lines and implementing successful D2C strategies.
A standard term insurance plan is a variation of life insurance designed to provide the nominee or beneficiary financial assistance (known as the death benefit) in case of the insured individual’s untimely demise. So, a term insurance plan for 2 crores serves the same purpose, but the only difference is that it offers a sum assured of Rs 2 crores, whereas other plans might come with a life cover of Rs 1 crores, 50 lakhs, and so on. However, the coverage amount is entirely based on your requirements and the type of term insurance plan you choose – it’s not set in stone.
Therefore, investing in a term insurance plan for 2 crores will ensure that your loved ones’ financial needs will be taken care of, even in your absence. Even better, the monthly premiums are quite economical, making the 2 crore life insurance policy a popular choice among policy buyers.
Also Read Full Blog on: What is term insurance?Now that we know the basics of a 2-crore term insurance plan, let’s look at some of its benefits:
Although life insurance has gained traction in recent years, it has been around for decades. As discussed earlier, term plans are the purest form of life insurance, offering the nominee a death benefit in case of the policyholder’s death. But the added advantage is that the sum assured, or the death benefit can be used for your child’s education, marriage, or even to pay off loans.
However, it is essential to understand how a 2-crore term insurance plan works in detail, so let’s take a look:
A 2-crore term insurance plan is the go-to choice for many policy buyers as it acts as a safety net for their family’s future financial requirements. In addition, Rs 2 crores is a considerable substantial amount, and it can easily take care of several needs, including utilities, household expenses, and even home loans. However, it is still vital to know whether the 2 crore term insurance plan is a viable choice for you. So, let’s look at some factors you can consider:
Among the key factors that help you select the best term insurance plan to secure your family’s future is selecting the right sum assured. This section provides you with the right sum assured options, thus help you make an informed decision in a jiffy. Select one of the options provided below to know more about the sum assured amounts:
Disclaimer: %*Standard daily premium for 24-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07). ARN: C/SA/280125
Since a 2 crore term insurance plan is no less than an investment, it is vital to weigh its features. So, here are some key features of the best term insurance plan for 2 crores:
There are various reasons why you should consider purchasing a Rs. 2 crore term insurance policy from Axis Max Life Insurance. Some of the key reasons include:
Along with the above, the claim settlement process is fairly simple to ensure that the interest of the policyholders and beneficiaries are adequately protected.
While there is no right or wrong answer as to who should buy a term insurance cover for 2 crores, here are some instances where you might want to consider investing in one:
Under existing tax rules, the payout that a term plan beneficiary or nominee receives in lieu of life cover payout is exempt from tax under Section 10(10D) of the Income Tax Act, 1961. This benefit on payout is in addition to the tax benefit u/s 80C that is available on premium payments made for the policy, if the policyholder has opted for the old tax regime.
High life coverat affordable premiums
Death Claims Paid Ratio99.70%^
Worldwide Claims
Coverage against64 critical illnesses@
There are many factors that come into play when choosing a term insurance plan. However, the annual premium cost is often the key factor, especially when one is considering a high sum assured of Rs. 2 crore or more. The premium payable for a term insurance plan typically depends on multiple factors including age, riders opted, annual income, the term plan chosen etc.
If you are planning to purchase a term insurance plan for 2 crores, you can consider opting for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07, A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan).
This term insurance plan is especially designed for individuals opting for a high sum assured of 2 crore or higher and is customisable to the financial needs and requirements of a diverse range of customers. Axis Max Life Smart Total Elite Protection Term Plan or Axis Max Life STEP Term Plan offers several built-in benefits such as auto cover continuance, insta-payment on claim intimation, special exit value, and early exit value. Below are some of the key benefits that you can avail by purchasing this 2 crore life insurance policy from Axis Max Life Insurance:
The list of benefits mentioned above is just for illustration and one should go through the prospectus and other documentation of the Smart Total Elite Protection Term Plan by Axis Max Life Insurance for details of these and other benefits as well as the applicable terms and conditions. This will help you get a better understanding of why Axis Max Life STEP Plan is an ideal 2 crore term plan option so that your family’s financial future is always in secure, even if you are no longer there to support them.
ARN NO: PCP/2CRTI/190424
“Subodh Mishra helped me a lot in getting the money. He personally collected the documents and helped me at every step. I am extremely thankful to him and I would like to buy another Axis Max lIfe policy in future”
Subodh Mishra
“I already have a policy and buying this was a nice experience. This is according to my requirement. Completely satisfied with details shared by customer care executive before purchasing the policy.”
Gaurang Kumar Pawar
“I visited Amritsar branch after the demise of my son. My family was not left with a single penny and it was getting impossible to make the ends meet. Vinay Sharma gave me the right direction and helped me at every step to receive the claim amount and gave a source of income to my family. I thank him and bless him from the bottom of my heart.”
Vinay Sharma
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