Caring for your family’s tomorrow is very precious in life. That’s why people are increasingly purchasing term insurance policies. If you want to purchase a ₹2 crore term insurance policy, the first step you should take is to use a term plan calculator. It’s a free and easy-to-use tool which reveals the amount you’ll have to pay for the plan.
If you desire the best protection at the best price, then comparisons are essential. With a term plan calculator, you can do it in no time. It displays the monthly or annual premium depending on your age, coverage value, and policy duration. This enables you to choose the best term insurance policy of 2 crore that suits your wallet.
One of the great advantages of using a term plan calculator is that you do not need to speak to an agent. You can do everything online on your phone or laptop. Just put in your details and you will get a list of quotes from various insurance providers.
In this tutorial, we’ll guide you through what a ₹2 crore term plan is, how to compare premiums using a calculator, and how to select the best term insurance plan for 2 crore. Everything is kept simple so that everyone, young or old, can understand.
What is a ₹2 Crore Term Insurance Plan?
A ₹2 crore term insurance policy is a term life insurance policy that pays your family ₹2 crore if you die during the policy term. It is a “pure protection” policy. That is, it doesn’t return any money to you if you outlive the policy term. Its sole objective is to help your family financially if you meet with an untimely demise.
Who should opt for a ₹2 crore plan? Anybody who is the primary earner in their family should go for it. If your income supports your family members for rent, school expenses, a home loan, or day-to-day expenses, this plan will help them run their life even without you.
How to Use a Term Plan Calculator?
The term plan calculator is very simple to use. Just follow these easy steps:
- Visit a reliable insurance website (such as Policybazaar, ET Money, or any insurance company website).
- Find the term plan calculator tool.
- Fill in your personal information, such as age, annual salary, smoking status, and health condition.
- Input the cover amount (₹2 crore) and policy duration (such as 20, 25, or 30 years).
- Click on “Calculate” or “Get Quote”.
In a matter of seconds, the calculator will display a list of term insurance policies with their premium values. You can now compare and select the one that is within your budget and requirements.
Comparing Premiums for ₹2 Crore Plans
Let us consider a simple example. Amit is a 30-year-old non-smoker and is healthy. He wishes to buy a ₹2 crore term insurance for 30 years. He calculates using a term plan calculator and receives quotes from various insurance companies for the premiums.
For instance, LIC gives him a monthly premium of about ₹1,200. HDFC Life indicates a premium of ₹1,050. ICICI Prudential gives it for ₹1,100 a month, while Max Life gives the cheapest quote at ₹980. So, from all these choices, Max Life appears to be the least expensive. But keep in mind – price does not have to be the sole consideration. You must also consider other factors such as how quickly the company pays out claims, customer service, and what additional benefits they provide.
What Influences Your Premium?
What you pay for your term insurance policy is influenced by several key factors:
- Your age – You pay less if you are younger. The older you are, the more you pay.
- Health condition – If you’re healthy, you will pay a lower premium.
- Policy term – Longer policy terms can cost more.
- Smoking status – Smokers generally pay more.
- Gender – In a few cases, women might pay slightly less.
That’s why it’s crucial to input the correct details in the calculator. That way, you receive a correct premium quote.
How to Select the Ideal Term Insurance Policy for ₹2 Crore
While a calculator assists you in discovering the most affordable plan, don’t overlook checking other significant details as well:
- Claim Settlement Ratio (CSR)
It indicates the number of claims a firm has settled. A CSR of 95% or more signifies that the firm is more trustworthy. It gives the likelihood that your family will receive the claim without difficulty.
- Add-Ons or Riders
Some policies let you purchase extras such as accidental death benefit, critical illness benefit, and disability benefit. These are referred to as “riders” and pay a bit more, but they provide extra protection.
- Flexibility of Payments
Opt for a policy that has monthly, quarterly, or annual payments—whatever suits you best.
- Company Credibility
Stick to popular insurance companies such as LIC, HDFC Life, ICICI Prudential, Max Life, SBI Life, etc. They have good customer service and claim service.
- Customer Reviews
Read what other customers have to say about the plan before purchasing. This provides an idea about the service and claim experience.
Why Should You Get a ₹2 Crore Plan?
You may think that ₹2 crore is a large amount of money, but when you consider your family’s future expenditures, it is reasonable. Here’s why:
- It can assist in clearing your house loan, vehicle loan, or personal loan.
- It can fund your children’s education up to college.
- It provides your family with funds for daily living expenses.
- It offers peace of mind, knowing that your family won’t have financial difficulties.
And the cherry on the cake? The premium is not too expensive. You can avail ₹2 crore cover for paying approximately ₹1,000–₹1,200 a month. That’s cheaper than the cost of dinner for the family or a couple of online deliveries.
5 Rapid Steps to Select the Appropriate Plan
If you’re ready, here’s what you need to do:
- Go to a reliable insurance portal with a term plan calculator.
- Enter your proper details: age, health, and coverage limit.
- Choose ₹2 crore as your sum assured and select the policy term (20–30 years).
- Compare the premiums, claim ratios, and benefits of all plans.
- Choose the best term insurance plan for 2 crore and purchase online.
You can do the entire process in under 30 minutes.
Conclusion:
A ₹2 crore term insurance plan is not just a financial product; it’s a promise. A promise that your loved ones will be protected, even if you’re not there. It gives them security, comfort, and stability in tough times.
By utilising a term plan calculator, you can compare options and get the best term insurance plan for ₹ 2 crore hassle-free, rather than feeling confused. The sooner you begin, the more affordable it will be. So don’t delay. Get control over your future today for yourself as well as your family.
