75 Lakh Term Insurance Plan

One of the key benefits of purchasing a 75 lakhs term insurance plan is its comprehensive life coverage. Since 75 lakhs is a substantial amount, buying the term policy will provide your loved ones with sufficient financial assistance. Additionally, the death benefit can be used to pay for household expenses, utilities, education, loans, and more such expenses.

In addition to offering comprehensive coverage, a 75 lakhs term insurance plan is also economical. While many people assume that the premiums for term insurance policies are pretty high, they are quite affordable instead. For instance, you can get the 75 lakhs term insurance plan for a nominal monthly premium of Rs. 800 if you purchase it at a young age.

Today, most insurance providers offer policyholders the option to extend the coverage of their term insurance policy by opting for add-on covers. Therefore, you can easily increase the life cover of the 75 lakhs term insurance plan by purchasing riders for critical illness, accidental death*, return of premium variant**, permanent disability, and more.

Since a 75 lakhs term insurance plan provides long-term coverage and financial security, you can focus on increasing your savings and investments with other financial instruments such as fixed deposits, mutual funds, ULIPs, etc.

Since older people are more prone to illnesses, diseases, and health concerns, the term insurance premiums are slightly higher. Hence, it is advisableto purchase a 75 lakhs term insurance plan while you’re still young so you can take advantage of the affordable premiums. Plus, doing so will also ensure that you and your family stay financially secured for a longer duration.

The general rule of thumb for buying term insurance dictates that the coverage amount should be at least 10 times your annual income. For instance, if your yearly income is Rs. 7 lakhs and 50 thousand, then the term insurance coverage amount should ideally be Rs. 75 lakhs or more. However, you can also use Axis Max Life term insurance calculator to make the process simpler.

As the primary purpose of buying a 75 lakhs term insurance plan is financial security, you also need to consider the number of family members dependent on you. Plus, you also need to take into account their financial requirements and needs such as education, marriage, loans, etcetera, and evaluate if the term insurance 75 lakh policy will be sufficient.

When buying a 75 lakhs term insurance plan, it is crucial to consider any pending liabilities such as home loans, car loans, or education loans. Accordingly, you must calculate if the 75 lakhs term insurance plan will be able to provide enough financial assistance for the same.

The most significant benefit of purchasing one of the best term insurance plan for 75 lakh is the low-cost and pocket-friendly premiums. While most people think of term insurance policies as expensive and unaffordable, it is quite the opposite. Instead, you get long-term life coverage for premiums as economical as Rs. 701/^{^2}month. However, the premium cost will vary depending on your age, gender, annual income, and other personal details.

As per Section 10(10D) of the Income Tax Act, the death benefit payout of term insurance policies is exempt from taxes. Therefore, if you purchase a term insurance 75 lakh policy, the death benefit plus any accumulated bonuses and incentives will be completely exempt from taxes. Even better, you claim income tax deductions for the premiums paid towards the 75 lakhs term insurance plan.

Today, term insurance policies come with several death benefit payout options. For instance, nominees can either choose to receive the sum assured in a lump sum or as a monthly income. Similarly, you can also opt for the lump sum plus monthly income payout, depending on your expenses and the financial situation.

When buying a 75 lakhs term insurance plan, policyholders also have the option to choose riders or add-on covers. These include critical illness rider, return of premium variant **, accidental death benefit*, and more such add-ons that can be used to enhance the life cover. So, depending on your requirements, you can easily customize and personalize the term insurance policy.

• **Built-In Terminal Illness Cover-**This in-built feature offers a lump sum payout of up to Rs. 1 crore on the diagnosis of a terminal illness such as cancer.
• **Special Exit Value –** A feature with a surrender offering whereby the policyholder has the option to receive all premiums paid back at one specified point during the policy term.
• **Joint Life Cover* –** Policyholders get the option to extend the coverage of the 75 lakhs term insurance plan to their spouse
• **Premium Break^## –** This feature offers policyholders the option to skip paying the term insurance premiums without losing the coverage. However, it can only be availed twice during the policy term.
• **Sum Assured Top-Up* –** This feature gives policyholders the option to voluntarily top-up the sum assured by 100 percent

The Smart Secure Plus Plan by Axis Max Life Insurance is one of the best term insurance plans for 75 lakhs available in the market. In addition to providing financial security to your loved ones, it also gives you peace of mind. So, even when you’re no longer around, you’ll know your family’s future is in safe hands.