What is ₹75 Lakh Term Insurance?
A ₹75 lakh term insurance policy offers financial coverage of ₹75 lakhs for a particular policy tenure. In case of the policyholder's death during the policy tenure, the benefits would be paid to their family. They can use the amount received to fulfill their financial responsibilities such as paying off outstanding loans, children's education, covering unforeseen expenses, etc.
Having a minimum ₹75 lakh term insurance policy is necessary to ensure your family is financially stable even in your absence. There are various ₹75 lakh term insurance plans available for you to choose from. However, you must choose a plan that best aligns with your needs and responsibilities.
How Does A ₹75 Lakh Term Policy Work?
A ₹75 lakh term insurance plan pays an amount of ₹75 lakhs to the nominee in case of the policyholder's unfortunate demise during the policy tenure.
Let's understand how a ₹75 lakh term insurance plan works with a simple illustration table.
Raghav, a 35-year-old working in an IT company in Gurugram, is looking for a ₹75 lakh term plan. He visited PolicyX.com and bought Axis Max Smart Term Plan Plus with a ₹75 lakh sum assured for a policy duration of 25 years. Let's understand how the plan works for Raghav with a premium table for better understanding.
| Policyholder's Age | Plan Name | Sum Assured | Policy Tenure | Premium Payment Tenure | Annual Premiums |
| 35 years | Axis Max Smart Term Plan Plus | ₹75 lakhs | 25 years | 25 years | ₹13,448 |
Key Takeaways: (i) In the case of Raghav's death during the policy tenure, his family would receive an amount of ₹75 lakhs.
(ii) In case Raghav survives the policy duration, the policy would lapse and no benefits would be paid.
Best ₹75 Lakh Term Insurance Plans
There are various ₹75 lakh term insurance plans available in India. However, choosing the right term insurance plan is important to ensure your loved ones are financially stable even if you are not with them. We have created a list of the best ₹75 lakh term insurance plans, considering the claim settlement ratio of insurers, customer reviews, minimum premiums, and features.
| S. No | Plan Name | Unique Features | CSR (FY 2023-24) | Minimum Annual Premiums | Entry Age |
| 1 | Axis Max Smart Term Plan Plus |
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99.65% | Based on the minimum sum assured | 18 to 65 years |
| 2 | TATA AIA Sampoorna Raksha Promise |
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99.13% | ₹502/month | 18 to 65 years |
| 3 | Bajaj Allianz e Touch II |
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99.23% | ₹873/month | 18 to 65 years |
| 4 | HDFC Life Click 2 Protect Super |
|
99.5% | ₹1,181/month | 18 to 65 years |
| 5 | PNB Metlife Mera Term Plan Plus |
|
99.2% | ₹532/month | 18 to 60 years |
| 6 | Aditya Birla Sun Life Digishield Plan |
|
98.4% | ₹575/month | 18 to 65 years |
| 7 | Kotak e-Term Plan |
|
98.29% | Based on the minimum sum assured | 18 to 60 years |
| 8 | Aviva Protection Plus Plan |
|
98.98% | Based on the minimum sum assured | 20 to 65 years |
Benefits of Buying A ₹75 Lakh Term Insurance Plan
There are various benefits of buying a ₹75 lakh term insurance policy. Understanding these benefits helps you make informed decisions.
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Financial Safety
A ₹75 lakh term plan offers financial protection to your loved ones in case of your unfortunate death during the policy tenure. Your family can fulfill their financial responsibilities without any hassle.
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Affordable Premiums
The premiums of a ₹75 lakh term insurance plan are affordable. You can purchase a ₹75 lakh term plan for premiums starting at just ₹500 per month. However, you can use the PolicyX Insurance Calculator to check your term insurance premiums.
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Additional Rider Options
You can choose additional rider benefits with your ₹75 lakh term plan to enhance your plan coverage. There are various rider options available, including an accidental death benefit rider, a waiver of premium rider, a critical illness rider, etc.
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Multiple Payout Options
A ₹75 lakh term insurance policy allows policyholders to choose how their family will receive death benefits. Various payout options are available, including lump sum or fixed installments, or a combination of both.
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Tax Benefits
The premiums paid for a ₹75 lakh term insurance are eligible for tax exemption up to ₹1.5 lakhs under Section 80 (C) of the Income Tax Act, 1961. Moreover, the death benefits received are also tax-free under Section 10 (10D).
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Choice of Policy Tenure
The policyholder has the option to choose the policy tenure that best suits their requirements. The policy tenure generally ranges from 5 to 40 years.
Who Should Buy a ₹75 Lakh Term Insurance Policy?
The following people should invest in a ₹75 lakh term insurance policy, considering their financial responsibilities and future goals.
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Someone in their 20s or 30s
If you are in your 20s or 30s and just starting your career, you must consider investing in a ₹75 lakh term plan to ensure your loved ones are financially stable even in your absence.
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Individuals with Regular Income
An individual with a regular income source must consider investing in a ₹75 lakh term insurance policy to ensure their family can fulfill their financial responsibilities even if they are not with them.
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Parents
You must buy a minimum ₹75 lakh term insurance plan to ensure your children can easily complete their financial goals even if something happens to you.
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Individuals with Loans
If you have taken out any kind of debt or loan, you must invest in a term insurance policy to ensure that the loan amount doesn't become a burden for your loved ones in your absence.
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Individuals with Dependents
An individual having dependents must buy a ₹75 lakh term insurance plan to ensure their dependents are financially stable even if something happens to them.
Factors To Consider When Buying A ₹75 Lakh Term Plan
There are certain factors that you must consider before buying a ₹75 lakh term insurance:
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You must check the claim settlement ratio of the insurance company from which you are buying a term insurance plan. A high claim settlement ratio highlights the efficiency of the insurance company in settling the claims received by it.
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Compare various ₹75 lakh term insurance plans before buying based on various factors such as benefits offered, premium amount, and customer reviews.
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Consider buying a term insurance plan early in your life as the premium charged is comparatively lower at a young age.
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Opt for only necessary riders with your ₹75 lakh term insurance plan as each rider costs you an additional premium amount.
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Ensure that the premium for the ₹75 lakh term insurance you are buying fits your budget. The non-payment of the premium amount may lead to a policy lapse.
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Read the policy documents carefully to ensure you understand policy features, benefits offered, and exclusions.
Xpert Insights
You can buy a ₹75 lakh term insurance plan in your early 20s for a cost less than a good pizza!
The premiums for ₹75 lakh term insurance start at just ₹500.
How To Buy A ₹75 Lakh Term Insurance Plan?
You can purchase a ₹75 lakh term insurance policy either from PolicyX.com - one of the best web aggregators - or the official website of the insurance company.
Buying from PolicyX.com
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Step 1
Visit the official website of PolicyX.com
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Step 2
Click on Term Insurance
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Step 3
Select your age and gender from the top right corner of the page.
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Step 4
Click on 'View Plans' and provide information including your city, annual income, date of birth, education details, etc.
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Step 5
Choose your coverage amount as ₹75 lakhs. A list of term plans will be displayed on your screen.
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Step 6
Compare various plans and choose the one that best suits your needs.
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Step 7
Pay your premiums and you will get the policy details on your registered email address and contact number.
Buying from the Insurance Company's Website
You can buy a ₹75 lakh term insurance plan directly by visiting the website of the insurance company.
Conclusion
A ₹75 lakh term insurance plan financially protects your family in case something happens to you. It is a wise investment you can make to safeguard your family. There are various ₹75 lakh term insurance plans available in India. However, you must choose a plan that aligns with your financial goals.
If you are confused about choosing the right ₹75 lakh term insurance plan, you can visit PolicyX.com or call us at 1800-4200-269. One of our insurance experts will help you choose a plan that best aligns with your financial goals.
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