The life insurance industry is one of the most competitive markets in India. Many companies offer term life insurance policies in India. The best 3 crore term life insurance policy will depend on your needs and priorities. You should take into consideration all your financial commitments, age, and health conditions before buying a term life insurance policy. You can get quotes from different companies to compare the rates and features of their products before you buy a term life insurance policy from them.
Rs.3 crore term insurance is an ideal choice for the financial security of your family. Purchasing the best life insurance plan with 3 crore coverage would ensure more than just that. They would not be only living a comfortable lifestyle but fulfilling their expensive career dreams at the same time without having any financial hardships. This article provides you with all the information you need to know about 3 crore term life insurance.
What is 3 Crore Term Life Insurance?
A 3 crore term life insurance policy is a type of life insurance policy that provides the insured with a sum of money in case of death due to natural causes. A 3 crore term life insurance policy can be used to provide financial security for your family in case you die during this period. The sum assured is typically 10 times the annual income of the person who is buying the policy. The policyholder pays an annual premium for the coverage. The amount of coverage is based on the number of years it will be active and the age of the individual when they purchase the plan.
Benefits of Rs. 3 Crore Term Life Insurance
- Affordable Premiums: 3 Crore term insurance policies provide high coverage at low premiums. The most affordable product in life insurance is the term insurance product which comes at cheaper premiums when compared with other life insurance products. For example, the 3 crore life insurance premium for a 25-year-old person with no adverse health conditions and non-smoker would be paid around Rs.20k for one year.
- Death Benefit: 3 Crore life insurance policy offer death benefit to the nominee of the policyholders in the event of death of the policyholder due to any unforeseen circumstances. The death benefit paid to the nominee of the policyholder can be used to prevent the family of the deceased from a financial crunch after the death of the policyholder.
- Maturity Benefit: 3 crore life insurance plan offers a maturity benefit in which the policyholder would get a lump sum amount at the time of maturity of the life insurance policy. There are certain term insurance plans in which the premium paid by the policyholder would be returned to the policyholder after the expiry of the term insurance policy.
- Return of premiums: Another advantage of a 3 crore term insurance policy is that the premiums paid by the customer would be returned to the policyholder in certain types of term insurance policies such as Return of premium policies. The premiums would be returned to the policyholder at the end of the policy period or during certain events of life such as marriage, childbirth, purchase of a house, child education, etc.
- Loan Availability: You can avail of a loan against the life insurance policy these days is the best option to meet all your emergency expenses. The process of availing loan from the life insurance policy is hassle-free when compared to other traditional loan types.
- Add-ons/ Riders: Add-ons or riders are the extra coverage available under the life insurance policy to the policyholder on payment of an additional premium. The add-ons or riders in the life insurance policy are affordable and the premium to be paid for these would be a percentage of the sum assured taken under the life insurance policy.
Top 5 Best Term Insurance Plans with Rs. 3 Crore
*The above-mentioned values are for reference purposes only * Refer to our website for exact values.
Who Should Buy a 3 Crore Life Insurance Policy?
The 3 crore life insurance policy is the most affordable life insurance plan in India. It is a very popular choice among people who are looking for reliable life insurance coverage. This plan is best suited for those who have a family to look after. The 3 crore sum assured will be enough to take care of your loved ones in the event of your death or disability. If you are someone who wants to buy only one insurance policy, then this is the right one for you.
Many people need this kind of insurance coverage, and they can be classified into different categories.
- Rs. 3 crore term life insurance is well suited for those who have dependents and are earning a good income and also people who do not have dependents but earn a good income.
- If you are healthy, young, and at the early stage of your career, then it might be the right time to invest in a 3 crore term life insurance plan because the premium rates for term insurance are lower for younger individuals.
- Rs. 3 crore term life insurance best suited for the people whose age is between 25 years to 40 years.
- Any individual who is the sole breadwinner of their family and has financial dependents can also consider purchasing a 3 crore life insurance plan.
- The person with existing debts, loans, and liabilities should also think about purchasing a 3 crore term insurance plan.
How to Choose the Best 3 Crore Term Life Insurance?
The decision to buy life insurance is a complicated one, and many factors need to be considered. There are many types of life insurance policies, and it can be difficult for people to know what type is best for them. One of the most popular types is a 3 crore term life insurance policy. These policies cover a person for death or critical illness until the end of their term, which could be anywhere from 10 years to 30 years. Below are some factors to consider to choose the best term life insurance for 3 crores.
- Age
- Gender
- Health History
- Lifestyle
- Hobbies / Occupation
- Type of Policy
- Family Health History
Things to Consider Before Buying 3 Crore Term Insurance Online
- Claim Settlement Ratio: The claim settlement ratio is the total number of claims paid by the insurance company out of the total claims received by the insurance company in a particular year. The higher the claim settlement ratio, the better would be your chances of getting a claim.
- Solvency Ratio: The solvency ratio indicates the ability of the company to meet its future liabilities and long-term commitments with the available cash flow. The higher the solvency ratio, the stronger the company. All the life insurance companies in India are expected to meet a Solvency ratio of 1.5 or 150% as stipulated by the IRDA. The solvency ratio is the most important thing to look at in an insurance company while buying a life insurance policy.
- Hidden Clauses/Conditions: Every life insurance contract has certain terms and conditions which cannot be breached. These terms and conditions are to be mentioned to the customer before taking the life insurance policy as the customer would decide his/her acceptance of the terms and conditions.
- Premium: Premium is the amount paid by the policyholder in return for the insurance coverage offered by the insurance company. The premium amount is decided by the life insurance company and depends on many factors such as the age of the policyholder, sum assured, policy term, etc.
- Coverage: The extra coverage in the form of add-ons or riders is to be taken by the customer to enhance the coverage and the chances of getting the claim settled. The best insurance company is the one that can offer extra coverage without charging the extra premium from the customer. The customer should check the companies which offer extra cover without any additional premium while satisfying the other requirements.
How to Buy Rs. 3 Crore Term Life Insurance Online
You can buy a 3 crore term life insurance policy online in 3 simple steps at PolicyBachat. Where you can compare different types of life insurance policies with multiple companies by using an online life insurance premium calculator. Below are the steps to buy a 3 crore life insurance policy online.
Step 1: Go to the PolicyBachat website and click on the life insurance tab and then select the type of plan you want to buy. Next enter the below details clearly and correctly
- Gender of the applicant
- Tobacco consumption; Yes or No
- Annual income from the options given in the calculator
- Occupation type; Salaried or Self Employed
- Age of the applicant; to be entered as Date of Birth
- Name of the applicant and email id of the applicant.
Step 2: In this step, you can enter your requirements such as:-
- Sum assured required under the life insurance policy
- Tenure: maximum age the coverage is required
- Premium payment type: Regular or Lump sum or Limited pay
- Premium payment frequency: Monthly, Quarterly, Half-yearly, or Yearly
- Payout type: Lump sum or Income or Combination of both
- Add-ons such as Critical illness cover, Waiver of premium, and Accidental disability cover can be selected and the premium would change accordingly.
Step 3: The final step is where you need to make payment to the insurance company and it only takes a few minutes to finish this process. The premiums displayed may be changed subject to medical underwriting. Once the premium payment is made, the customer receives confirmation regarding the same and the next step would be the tele medicals or physical medical verification where the customer needs to undergo medical tests or declare health condition on the telephone to the insurance company before policy purchase.
Conclusion
Buying Rs. 3 Crore Term Life Insurance is important because it is the best way to provide financial security to your family in case of your death. Rs. 3 Crore Term Life Insurance policy can be a lifesaver for your family, providing them with the money they need to live on if you die unexpectedly or are unable to work due to an accident or illness. The key to making sure that you are adequately insured is understanding how much coverage you need and what type of policy would best suit your needs and budget.