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₹2 Crore Term Insurance

2 crore term insurance offers an extensive coverage amount that ensures your loved ones can continue their lives peacefully after you. So, what are you waiting for? Read ahead to know all about this term insurance plan.

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

Key takeaways

  • Term insurance is characterized by simplicity and straightforwardness. It offers a pure life cover without any investment or savings component.
  • A 2 crore term insurance plan provides a robust safety net for your loved ones.
  • A 2 crore term insurance plan ideally covers outstanding obligations, ensuring that your family is not burdened by debt.
  • Premiums paid towards a term insurance plan are eligible for tax deductions under Section 80C of the Income Tax Act, providing additional financial relief.

In the present world, where uncertainties loom around every corner, safeguarding one’s family’s financial future has become extremely important. While financial planning involves various aspects, such as savings and investments, one of the most fundamental and crucial steps is securing a comprehensive term insurance plan. Among the myriad options available, a ₹2 crore term insurance is a solid choice for those seeking substantial coverage and peace of mind.

What is a 2 Crore Term Insurance?

A ₹2 crore term insurance plan is a type of life insurance policy that provides a coverage amount of 2 crore to the nominee or beneficiaries in the unfortunate event of the policyholder’s demise during the policy term. Term insurance is characterized by its simplicity and straightforwardness, it offers a pure life cover without any investment or savings component. This means that if the policyholder passes away within the policy tenure, their family receives the predetermined sum assured, which in this case is a substantial 2 crore.

Why Buy a 2 Crore Term Insurance Plan?

The decision to purchase a term insurance plan is essentially a commitment to your family’s financial well-being in your absence. However, selecting the appropriate coverage amount can often be challenging. A ₹2 crore term insurance plan offers a substantial coverage amount that can go a long way in supporting your family’s needs and aspirations, even in your absence.

Comprehensive Financial Protection

A ₹2 crore insurance plan provides a robust safety net for your loved ones. In the unfortunate event of your demise, the lump sum payout can cover a range of expenses, including outstanding debts, mortgage payments, daily expenses, children’s education, and even long-term financial goals.

Inflation-Adjusted Security

As the cost of living continues to rise, a 2 crore coverage ensures that your family is shielded from the impact of inflation. This means that the payout, though substantial today, will retain its value and adequately support your family’s needs in the future.

Flexibility and Customization

Term insurance plans often come with customization options that allow you to tailor the coverage to your family’s unique requirements. This flexibility ensures that you can address specific financial concerns, such as providing for a special-needs child or securing a comfortable retirement for your spouse.

How to Determine the Coverage Level for the Family?

Selecting the appropriate coverage level is a critical aspect of purchasing a term insurance plan. Several factors should be taken into consideration to ensure that your family is adequately protected:

Current Financial Obligations

Calculate your existing financial liabilities, including loans, mortgages, and credit card debts. A ₹2 crore term insurance plan could cover these outstanding obligations, ensuring that your family is not burdened by debt.

Future Expenses

Consider potential future expenses, such as your children’s education, marriage, and any other long-term goals. The coverage amount should be sufficient to fulfil these aspirations even in your absence.

Income Replacement

The term insurance payout should be able to replace your income for a considerable period. A common rule of thumb is to opt for coverage that is around 10-15 times your annual income.

Medical Costs and Emergency Funds

Account for potential medical expenses and create a provision for an emergency fund within the coverage amount.

Inflation and Lifestyle Maintenance

Factor in the impact of inflation on your family’s lifestyle and financial needs. A 2 crore coverage takes into account the rising cost of living.

Benefits of Term Insurance Plan for 2 Crore

Investing in a ₹2 crore term insurance plan offers a plethora of advantages that contribute to your family’s financial security:

Peace of Mind

Knowing that your loved ones are protected with a substantial financial cushion brings unparalleled peace of mind. It allows your family to grieve without the added stress of financial uncertainties.


Term insurance plans are generally more affordable than other life insurance options, making them a cost-effective solution for obtaining substantial coverage.

Tax Benefits

Premiums paid towards a term insurance plan are eligible for tax deductions under Section 80C of the Income Tax Act, providing additional financial relief.

Ease of Claim Settlement

Term insurance plans typically have straightforward and transparent claim settlement processes, ensuring that your family can access the benefits seamlessly when needed.

Financial Independence

The payout from a ₹2 crore term insurance plan empowers your family to maintain their financial independence and quality of life, even after your demise.

Wrapping Up

A ₹2 crore term insurance plan is a prudent investment for anyone who seeks to provide their family with a secure and stable financial future. It offers substantial coverage, flexibility, and peace of mind that can ease the burden of uncertainties. By carefully assessing your family’s needs and future aspirations, you can determine the appropriate coverage level and take a significant step towards securing the well-being of your loved ones.

Remember, securing your family’s future is not just a financial decision; it is a gesture of love and care that resonates through generations.

- A Consumer Education Initiative series by Kotak Life

Kotak e-Term

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  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435