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What is ₹ 2 Crore Term Insurance?

Should you purchase a Rs. 2 crore term plan? Is there a right time to get a policy? With term insurance, the earlier you get a policy, the better. A Rs. 2 crore term plan can support your family financially during a difficult time. If anything happens to you, the payout of Rs. 2 crore helps them replace lost income, maintain their standard of living, and deal with financial obligations efficiently.

To delay is to regret

You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.

Life Cover of 2 Crore @ Rs 41/day***

Term Insurance


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Term Insurance

Why Do I Need Rs 2 Crore Term Insurance?

2 Crore Term Insurance
March 05, 2024


Traditional term insurance policies offer life coverage for a specific tenure. However, some variants today also provide coverage for the rest of your life. These plans offer your loved ones financial coverage when they need it most. The payout from term plans can help your family members pay off debts or fulfil their future dreams. Before you purchase a term plan, you must decide on the life coverage you want. Some people opt for Rs. 1 crore term insurance, while others may choose to get Rs. 2 cr term insurance. You should select the sum assured based on your Human Life Value (HLV), which refers to the present value of future income expenses, investments, and liabilities. Let’s better understand why you may need insurance coverage worth Rs. 2 crores.

What Is a Rs. 2 cr Term Insurance?

Individuals can choose to purchase a term plan that offers a sum assured of Rs 2 crore. These policies are called Rs 2 cr term insurance plans. In case something happens to you during the policy tenure, the insurance company will pay the amount of Rs. 2 crores to your beneficiary.

Why Buy a Rs. 2 cr Term Insurance Plan?

A Rs. 2 crore term policy offers your family members a financial safety net during difficult times. When selecting the amount, you should ensure that it is enough to replace your lost income at a later stage and help your family members pay off debts. You should calculate your HLV to better understand the sum assured required. Individuals who earn Rs. 10 lakhs per year and have outstanding debts of Rs. 50 lakhs can benefit the most from a Rs 2 cr term insurance policy.

How Does a Rs. 2 Crore Term Plan Work?

Rajiv, who is currently 28, is about to get married. He’s excited to start a family and buy his first house. He earns Rs. 80,000 per month or Rs. 9,60,000 per year. Since he knows he’ll have to opt for a home loan in the near future, he purchases a term policy with a sum assured of Rs. 2 crore and picks a 30-year tenure. At the age of 40, he has a fatal heart attack, leaving his wife to look after his young son by herself. The payout from the term insurance policy allows her to continue to pay the school fees and the loan instalments while she comes to terms with her new reality.

What Are the Benefits of a Rs. 2 cr Term Insurance Plan?

When you purchase a term insurance policy worth Rs. 2 crores, you benefit from:

  • High coverage at affordable premiums
  • Premium payment flexibility
  • Customisation with riders
  • Tax advantages under the Income Tax Act *
  • Financial stability for your relatives

How to Choose the Right Rs. 2 cr Term Insurance Plan

When looking for a Rs. 2 crore term policy, you should consider the following crucial points:

  • Premiums

    Term policies are popular since they provide high coverage at affordable rates. Always compare the premiums offered by various term insurance providers before selecting a plan.

  • Claim Settlement Ratio

    The IRDAI regularly updates people about the claim settlement ratio of each insurance company. It lets you know how many claims the company settled of all requests received. The higher the ratio, the better.

  • Riders

    Always check the riders that various insurance companies offer. You could boost your coverage and enhance your family’s financial future by selecting the riders that suit your needs. For example there are different types of term insurance and one such type is the term insurance with return of premium availed with the TROP rider.

Frequently Asked Questions

Q: What are the eligibility criteria to purchase a Rs. 2 crore term plan?

A: To purchase a term plan, you must have income proof and be between the ages of 18 and 65.

Q: What is the premium amount for a term plan offering coverage of Rs. 2 crore?

A: The premium amount for the term policy depends on your lifestyle, age, health, income range and more.

Q: What happens if I survive the policy tenure?

A: Term plans do not offer any maturity benefits. However, if you opted for a Return of Premium policy, you will get the premiums back on maturity.

How can I purchase a Rs. 2 crore term plan?

A: You can purchase a term policy worth Rs. 2 crores directly from our website.

Related Article

ARN - ED/04/23/1529

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

##As per the number declared in the investor presentation. View here.

#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved

^ Available under Life & Life Plus plan options

*As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.

***Online Premium for Life Option, Male Life Assured, Non-Smoker, 25 years of age, Policy term of 30 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Annualized Premium of 15054/365=41.24)