Term life insurance is a type of life insurance that covers individuals for a fixed period. It is also called temporary life insurance because it covers a specific period. The main reason to purchase term life insurance is to provide financial coverage for dependents if an individual dies prematurely. Term life insurance also covers any other risks such as disability or critical illness.
A Rs. 20 lakh term life insurance plan supports creating a financial cushion for your loved ones. Under a term insurance policy with a sum assured of Rs. 20 lakhs, the nominee of the life insured gets a death benefit equal to Rs. 20 lakhs in case of the life assured’s death. The 20 lakhs life insurance cover is a good way to protect your family in case you die. It will give them a sense of security and peace of mind.
In this article, we will discuss the various aspects of term life insurance, the various types of policies available in India, and how you can save money on your premiums. Here we also discuss the best life insurance plans for 20 lakhs, their features, and the benefits and pros and cons of buying a life insurance policy for 20 lakhs coverage and provide information on how to choose an appropriate plan for you.
Why Need Rs.20 Lakh Term Life Insurance?
It is a good idea to have a life insurance policy when because there are many reasons why someone would need life insurance, but the most common reason is if you have dependents who depend on your financial support. A 20 lakhs life insurance policy can help the family with expenses that may arise if the breadwinner passes away prematurely. The family would not have to worry about how they will pay for their mortgage or other bills. The 20 lakhs policy can also make sure that the children's education is paid for until they graduate from college or get their first job.
Below are the reasons to buy Rs.20 lakhs life insurance policy.
- If you have a family to take care of and your income is your only source of income, you will need to consider a life insurance policy.
- Life insurance is one of the most helpful ways for children who are coming into a new world. Without life insurance, it can be difficult for them to take care of their expenses such as future education.
- With a life insurance policy, they have the safety net they need. The first thing that comes to mind is that life insurance can help the person pay for medical costs.
- The most affordable product in life insurance is the term insurance product which comes at cheaper premiums when compared with other life insurance products.
- If you have taken a loan from the bank and want to repay it with interest. Life insurance can be used to pay off any outstanding debts.
Benefits of Buying Rs.20 Lakh Term Life Insurance
Buying a 20 Lakh Term Life Insurance Policy is the most important decision you can make for your family. It provides financial protection to your family in case of the death of the breadwinner. The benefits of buying a 20 Lakh Term Life Insurance Policy are many, and they include:
- Protection from Uncertainty: Rs. 20 lakhs life insurance cover provides financial protection to your family in case of the death of the insured.
- Budget Friendly: The premiums remain constant throughout the life of the policy, which makes it easier to budget for.
- Saving Component: life insurance is that it helps you save up more money for your retirement fund and other financial goals. You can save money and time by taking out a joint policy with your spouse or partner and getting discounts on both policies.
- Peace of Mind: If you have dependents, such as children, they may also be eligible for coverage under your policy at no additional cost to them.
- Additional Financial Security: You can also get an additional layer of protection for your family in case anything happens to you.
- Discounts: You can get a premium discount if you are an existing policyholder with the same company.
Top Best Life Insurance Plans for Rs. 20 Lakhs
Life insurance is a big decision and it's important to find the right plan. The insurance plans are different in terms of the amount of coverage, their premiums, and the type of policy. The best life insurance plans for Rs. 20 lakhs are those that offer a good amount of coverage and reasonable rates. Below is the top best life insurance for Rs. 20 Lakhs cover
Bajaj Allianz Smart Protect Goal Plan
Bajaj Allianz’s smart protect goal is an individual, life, non-linked, non-participating, single/limited/regular premium payment, savings (ROP), and pure risk term cover plan, providing protection and add-on covers. It is a complete term plan that is easy on your pocket and it not only offers you the option to get back the entire premium at the time of maturity but also protects you against financial loss from several critical illnesses.
Features & Eligibility:
- Entry Age: Minimum 18 years to Maximum 65 years
- Maximum age at Maturity: 75 years with ROP, 85 years without ROP, 99 years the whole life
- Sum Assured: Minimum 5 Lacs and Maximum as per Board approved guidelines.
- Life Cover: Self
- Policy Term: 5 years to 40 years
- Premium Payment: Single payment, Regular payment, or Limited payment.
Max Life Smart Secure Plus Plan
Max Life Smart Secure Plus Plan is introduced to fulfill your financial security needs and provide support in case of any emergencies. Max Life Smart Secure plus Plan offers two death benefits. You also get inbuilt benefits such as cover for terminal illness, joint life cover, and additional payout on accidental death these will fulfill your needs
Features & Eligibility:
- Entry Age: Minimum 18 years to Maximum 65 years
- Maximum age at Maturity: 85 years
- Policy Term: 5 to 67 years
- Sum Assured: Minimum Rs. 50000/- and Maximum as per Board approved guidelines.
- Premium Payment Term: 5, 10, 12, 15, Single Pay, Regular Pay
- Premium Payment Mode: Yearly, Half-Yearly, Quarterly, Monthly
Tata AIA Sampoorna Raksha Supreme
Tata AIA Life Insurance Sampoorna Raksha Supreme Plan provides financial protection to your family and offers you the flexibility to choose the plan that suits your need. At each life stage, regardless of your gender, occupation, age, etc., this plan can prepare your family for life's uncertain events.
Features & Eligibility:
- Entry Age: Minimum 18 years to Maximum 65 years
- Maximum age at Maturity: 65 years to 100 years
- Sum Assured: Minimum Rs. 1 lac and Maximum as per Board approved guidelines.
- Premium Payment Term: Limited Pay, Single Pay, Regular Pay
- Premium Payment Mode: Yearly, Half-Yearly, Quarterly, Monthly. Single
Aditya Birla Sun Life Insurance DigiShield Plan
Aditya Birla Sun Life Insurance DigiShield Plan is a non-linked term insurance plan. This term life insurance plan has to be chosen per the customer’s requirements with reasonable premiums. Provides 10 different Aditya Birla sun life insurance policy options as per your family's needs so they need not compromise on their lifestyle, even in your absence.
Features & Eligibility:
- Entry Age:
For Plan Option: 1, 2, 3, 6, 7, 8, 10: Minimum 18 years to Maximum 65 years
For Plan Option: 4, 5: Minimum 45 to Maximum 65 years
For Plan Option: 9: Minimum 18 to Maximum of 50 years
- Maximum age at Maturity:
For Plan Option: 1, 2, 3, 6, 7, 8, 10: 85 years
For Plan Option: 4, 5: 100 years
For Plan Option: 9: 69 years
- Sum Assured:
For Plan Option: 1, 2, 3, 4, 5, 6, 7, 9, 10: Minimum – Rs. 30 Lakh and Maximum – No Limit
For Plan Option: 8: Minimum – Rs. 1 Lakh and Maximum – Rs. 20 lakh
- Premium Payment: Single payment, Regular payment, or Limited payment.
- Premium Mode: Annual, Semi-annual, Quarterly, Monthly
Premium Table for Top 20 Lakhs Term Life Insurance Plans
The different premiums for different plans for a 28-Year-old male with no tobacco habit, an annual income of 10 lacs, and a salaried individual. The premium payment mode is yearly and the payment type is regular the sum assured is Rs. 20 Lacs and the payment term is up to 48 years.
| Company |
Plan Name |
Premium (Per Yearly) |
|
| Bajaj Allianz Life Insurance |
Bajaj Allianz Smart Protect Plan |
4524/- |
Buy |
| Max Life Insurance |
Max Life Smart Secure Plus Plan |
4724/- |
Buy |
| TATA AIA Life Insurance |
TATA AIA Sampoorna Raksha Supreme |
5015/- |
Buy |
| Aditya Birla Sun Life Insurance |
Aditya Birla Sun Digi Shield Plan |
4845/- |
Buy |
*The above-mentioned values are for reference purposes only * Refer to our website for exact values.
Click on the below button and calculate your premium rates as per your requirement.
Calculate Premium
How to Buy Rs. 20 Lakhs Life Insurance?
You can buy a 20 lakh term life insurance policy by using the online portal PolicyBachat.com in simple steps and the premium can be paid online before the issuance of the policy. The below steps are to be followed for a term insurance policy cover for 20 lakhs.
- Go to PolicyBachat Website. Click on Life Tab
- Provide the required information such as name, date of birth, etc.
- Compare premium rates from the list of companies provided
- Select the plan which suits your requirement
- Make payment via online payments.
Conclusion
Choosing the best life insurance for Rs. 20 Lakhs is one of the most important financial decisions you will ever make. There are many factors to consider when choosing a life insurance policy. The amount of cover, term of cover, premium rates, and exclusions are just some of the things that you should take into account when making your choice. It is also important to be aware that there are different types of policies available on the market and they all have different features and benefits that may suit your needs better than others. So, compare different types of life insurance plans from multiple insurers at PolicyBachat.