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A ₹75 Lakhs term insurance plan provides extensive coverage benefits at affordable premiums, with the option to enhance coverage through add-on covers.
Having a term plan brings financial stability for the policyholders as well as for beneficiaries. With so many options available, you might feel confused about buying which plan. To avoid this, you must have a clear understanding of your financial goals and keep other priorities in mind.
Among the various options available, the term insurance plan for ₹75 Lakh stands out as a robust choice, providing substantial coverage to safeguard your family’s future. The best term insurance plan has comprehensive coverage along with the flexibility to enhance protection through additional riders tailored to your unique needs. It ensures that you and your family are adequately safeguarded against unforeseen financial risks.
A ₹75 Lakhs term insurance plan offers a coverage amount of ₹75 Lakh to the policyholder’s beneficiaries in case of the insured’s untimely demise during the policy term. This amount acts as a financial cushion, helping the family members cope with the loss and maintain their standard of living even in the absence of the primary breadwinner.
The working of a ₹75 Lakhs term insurance is relatively straightforward. As a policyholder, you pay regular premiums to the insurance company based on the tenure and coverage amount you choose. In the unfortunate event of your demise during the policy term, the insurer disburses the sum assured of ₹75 Lakhs to your beneficiaries. However, if you survive the policy term, there is no maturity or survival benefit, making term insurance a pure protection-oriented plan.
A ₹75 Lakhs term insurance plan is a substantial coverage that comes with numerous benefits, making it a prudent choice for securing your family’s future.
Term insurance plans offer substantial coverage at a relatively low premium. A ₹75 lakhs term insurance plan provides a significant life cover at an affordable cost. The premiums for term insurance plans are generally much lower compared to other life insurance products, making it an economical choice for individuals seeking substantial coverage.
Term insurance plans, including the ₹75 Lakhs term insurance plan, offer flexibility in terms of policy duration and premium payment options. Policyholders can choose a policy term that aligns with their financial goals and family’s needs. Additionally, some plans also offer the flexibility to increase the sum assured over time to accommodate the changing financial requirements of the insured.
One of the significant benefits of a ₹75 Lakhs term insurance plan is the tax benefits it offers. Premiums paid towards term insurance plans are eligible for tax deductions under Section 80C of the Income Tax Act, up to a limit of ₹1.5 lakhs. Additionally, the death benefit received by the nominee is tax-free under Section 10(10D) of the Income Tax Act, making it an attractive tax-saving investment option.
By opting for a ₹75 Lakhs term insurance plan, you can attain peace of mind knowing that your loved ones will be taken care of financially, even in your absence.
A ₹75 Lakhs term insurance plan provides comprehensive coverage, ensuring financial security for your loved ones in case of an unfortunate event. This amount can cover various expenses such as outstanding loans, children’s education, daily living expenses, and more. It offers peace of mind to the insured, knowing that their family will be financially secure even in their absence.
Term insurance plans often come with the option to include additional riders to enhance the coverage. These riders can include critical illness riders, accidental death benefit riders, waiver of premium riders, income benefit riders, etc. and can be added to a ₹75 lakhs term insurance plan for a nominal cost. These riders provide extra financial protection against specific risks, thereby customizing the plan to meet individual needs.
The ₹75 Lakhs term insurance plan allows you to tailor additional riders to your specific needs. For instance, if the insured individual has a family history of critical illnesses, they can opt for a critical illness rider. Similarly, if the insured individual works in a high-risk environment, they can opt for an accidental death benefit rider. These riders ensure that the policy is more comprehensive and better aligned with the individual’s requirements.
While there’s no one-size-fits-all answer, ₹75 Lakhs term insurance is a substantial coverage option that could suit the needs of many individuals.
Individuals who are the primary breadwinners of their families and have dependents, such as a spouse, children, or elderly parents, should consider a ₹75 Lakhs term insurance plan. This coverage amount can help replace the lost income and cover major financial obligations, such as loan repayments, education expenses, and daily living costs.
Young professionals who are just starting their careers should also contemplate a ₹75 Lakhs term insurance plan. At this stage, premiums are generally more affordable, and securing a substantial coverage amount can ensure that future family responsibilities are adequately taken care of.
Individuals with significant financial liabilities, such as home loans or other debts, should opt for a ₹75 Lakhs term insurance plan. In the event of the policyholder’s demise, the sum assured can be utilized to clear these debts, preventing unnecessary burdens on the family.
Those with long-term financial goals, such as providing for their children’s higher education or securing their spouse’s retirement, can benefit from a ₹75 Lakhs term insurance plan. The payout can act as a foundation to fulfill these aspirations, even in the policyholder’s absence.
Business owners and entrepreneurs with business loans or partners should consider this coverage amount to safeguard their business interests. A ₹75 Lakhs term insurance plan can ensure a smooth transition of ownership or help cover business-related debts.
There are many benefits of purchasing a term insurance plan of ₹75 Lakhs. Let us take a closer look at those advantages:
A ₹75 Lakhs term insurance plan provides a substantial amount of coverage, ensuring that your family and dependents are financially protected in the event of your untimely demise. This coverage can help replace lost income, cover outstanding debts, pay for living expenses, and support your family’s financial needs.
This plan typically offers some of the most affordable premium options compared to other types of life insurance policies. Despite the high coverage amount of ₹75 Lakhs, the premiums are generally lower compared to permanent life insurance policies, making it a cost-effective way to secure your family’s financial future.
Many insurers offer add-on covers or riders that can be added to your term insurance plan for an additional premium. These add-ons provide extra benefits such as coverage for critical illnesses, accidental death, disability, waiver of premium in case of disability, etc., further enhancing the protection offered by your policy.
By opting for a term insurance plan with a coverage of ₹75 Lakhs, you can allocate the money you save on premiums towards other savings and investment opportunities. This allows you to build a more robust financial portfolio, including investments in mutual funds, stocks, real estate, retirement accounts, etc., thereby enhancing your overall financial security.
Flexibility in terms of policy customization enables you to choose the policy duration and premium payment frequency, along with opting for features like increasing or decreasing the sum assured based on your changing life circumstances. This flexibility ensures that your insurance plan aligns with your evolving financial needs and goals.
In an era where uncertainties loom large, a ₹75 Lakhs term insurance plan stands as a robust shield against financial hardships. It offers comprehensive coverage and peace of mind to individuals seeking to secure their family’s future. By understanding its significance, benefits, and eligibility criteria, you can make an informed decision that paves the way for a financially secure tomorrow. Remember, investing in a ₹75 Lakhs term insurance plan is not just a financial decision but an invaluable gesture of love and care towards your family’s well-being.
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To be eligible for a ₹75 Lakhs term insurance plan, individuals typically need to be within the age bracket specified by the insurance company, usually between 18 and 65 years. Applicants must be Indian citizens or NRIs (Non-Resident Indians) with a steady source of income. The applicant’s health condition and lifestyle habits also play a crucial role in determining eligibility.
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Premium calculation for a ₹75 Lakhs term insurance plan depends on several factors, including age, lifestyle, health condition, and policy tenure. You can calculate the premium using online term insurance premium calculators provided by insurance companies. By inputting the required details such as age, gender, smoking habits, and policy terms, you can get an estimate of the premium amount.
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The minimum entry age for a ₹75 lakhs term insurance plan usually starts from 18 years. However, it may vary slightly from one insurance provider to another. Applicants should check with the specific insurance company they are considering for the most accurate information regarding the minimum entry age.
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If you survive the ₹75 Lakhs term insurance plan, there is no maturity benefit as term insurance plans do not offer survival benefits. However, you can consider reinvesting in another policy or savings plan if you wish to continue having financial security.
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Common riders available with a ₹75 Lakhs term insurance plan include critical illness rider, accidental death benefit rider, premium waiver rider, and income benefit rider. Riders provide additional coverage beyond the basic sum assured, making your term insurance plan more comprehensive.
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Buying a 75 lakhs term insurance plan online is a simple process:
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Yes, there is typically a free-look period provided with the ₹75 Lakhs term insurance plan. During this period, policyholders have the option to review the terms and conditions of the policy. If they find the terms unsatisfactory, they can return the policy to the insurer for a refund. The duration of the free-look period is usually 15 to 30 days from the date of receiving the policy document.
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.
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
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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