It is important to have a life insurance policy because it can help provide financial security for your family in case you die prematurely or are diagnosed with a terminal illness. Term life insurance is a type of life insurance that provides coverage for a fixed period. A Rs. 30 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. 30 lakhs, the nominee of the life insured gets a death benefit equal to Rs. 30 lakhs in case of the life assured’s death.
The 30 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. Here we discuss the best life insurance plans for 30 lakhs, their features, and benefits and we also talk about the pros and cons of buying a life insurance policy for 30 lakhs coverage and provide information on how to choose an appropriate plan for you.
Why Buy a 30 Lakh Term Life Insurance Plan?
A 30 lakh term life insurance plan is a good investment for everyone. It will provide you with the financial protection you deserve in case of an unfortunate incident. You can even get a plan that matches your budget and requirements. Below are the reasons to buy Rs.30 lakhs life insurance policy.
- High Coverage at Low Premium: The most affordable product in life insurance is the term insurance product which comes at cheaper premiums when compared with other life insurance products.
- Financial Security to your Family: 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 Helps Your Children: 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.
- Life Insurance Helps for Medical Expenses: 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.
- Life Insurance Helps for Debts: 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. 30 Lakhs Life Insurance
The benefits of buying Rs. 30 Lakhs life insurance are many. One of the most important benefits is that it provides for the well-being of your family in case you die prematurely. It also provides for your dependents in case you die before retirement age. The main benefits of buying a life insurance policy for 30 lakhs are
- Death Benefit: Term life insurance products offer death benefits to the nominee of the policyholders in the event of the policyholder’s death due to unforeseen circumstances. The death benefit paid to the deceased’s family members would not be more than the sum assured mentioned under the policy.
- Maturity Benefit: Life insurance products offer maturity benefits in which the policyholder would get a lump sum amount at the time of maturity of the term insurance policy.
- Tax Benefits: Life insurance policies are also often tax-deductible which means that the premiums paid for it can be deducted from your taxable income on your tax return each year.
- 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.
- Saving Component: Rs. 30 Lakhs life insurance is that it helps you save up more money for your retirement fund and other financial goals.
Best Life Insurance Plans for Rs. 30 Lakhs
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; premium breaks, 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.
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 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
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.
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 whole life
- Sum Assured: Minimum 5 Lacs and Maximum as per Board approved guidelines.
- Life Cover: Self
- Premium Payment: Single payment, Regular payment, or Limited payment.
Premium Table for Top 30 Lakhs Term Life Insurance Plans
| Company |
Plan Name |
Total Payout |
Premium (Per Monthly) |
|
| Bajaj Allianz Life Insurance |
Bajaj Allianz Smart Protect Plan |
Rs. 30 Lacs |
1024/- |
Buy |
| Max Life Insurance |
Max Life Smart Secure Plus Plan |
Rs. 30 Lacs |
1124/- |
Buy |
| TATA AIA Life Insurance |
TATA AIA Sampoorna Raksha Supreme |
Rs. 30 Lacs |
1245/- |
Buy |
| Aditya Birla Sun Life Insurance |
Aditya Birla Sun Digi Shield Plan |
Rs. 30 Lacs |
1145/- |
Buy |
*The above-mentioned values are for reference purposes only * Refer to our website for exact values.
How to Buy the Best 30 Lakhs Life Insurance Policy
To buy the best life insurance policy. The first thing to do is identify what type of coverage you need. The next step is to calculate how much coverage you need. You can use this calculator to estimate how much you will need in the future. Lastly, it's important to shop around for the best rates and compare different companies' policies before making a final decision on which company to go with.
Below is the process of buying the best life insurance online at PolicyBachat.
- Step 1: Firstly, Enter the details such as Gender, Annual income from all the sources, Alcohol consumption and tobacco consumption, type of occupation, salary, and Date of Birth. After this, you need to enter your contact details to facilitate a call from our agent.
- Step 2: Now the premium from different insurers will be displayed on the screen. You can edit the details such as Coverage, Term, Premium payment method, Mode of claim settlement, etc. Submit the details to get the desired premium. The premium can be changed by changing other factors such as Coverage required, mode of payment, etc.
- Step 3: The next step is to select the best life insurance plan and pay the premium to the insurance company.
Conclusion
Getting the best life insurance policy can be a difficult task. The best way to find the best deal is to start by understanding what type of life insurance you want and then choosing the company which offers the best coverage. A rs. 30 lakh life insurance plan is the best way to protect your family against unexpected events in the future. The best 30 lakhs life insurance policy must be one that suits your needs and the needs of your family, but also one that does not put too much strain on your finances. So, compare different life insurance policies online at PolicyBachat to get the best life insurance policy for 30 lakhs.