Even though life is uncertain and unpredictable, it is crucial to always stay prepared for the future, especially when it comes to our loved ones. A 75 lakhs term insurance plan is one of the best ways to ensure your family’s financial security and safety even when you’re not around while also giving you much-needed peace of mind....Read More
With Max Life Term Insurance Plan
Written by
Reviewed by
A term insurance plan is the purest form of life insurance, providing financial aid to a policyholder’s loved ones in case of the former’s untimely demise. Therefore, being a variation of standard term policies, a 75 lakhs term insurance plan offers life coverage (commonly known as the death benefit) worth Rs. 75 lakhs for a specified duration or ‘term’
Suppose you purchase the best term insurance plan for 75 lakh, then the person stated as the beneficiary/nominee will be eligible to receive a death benefit of Rs. 75 lakhs in the unfortunate event of your death. So, by buying a 75 lakhs term insurance plan, you can ensure that your loved ones have a financial cushion to fall back on in your absence. Better yet, since the term insurance 75 lakhs policy is the purest life insurance product, you can get such high coverage at affordable costs.
While the primary reason for purchasing a 75 lakhs term insurance plan is safeguarding your family’s future, it is also a wise long-term financial investment. So, here are some reasons why one should consider investing in one of the best term insurance plan for 75 lakhs:
One of the key benefits of purchasing a 75 lakhs term insurance plan is its comprehensive life coverage. Since 75 lakhs is a substantial amount, buying the term policy will provide your loved ones with sufficient financial assistance. Additionally, the death benefit can be used to pay for household expenses, utilities, education, loans, and more such expenses.
In addition to offering comprehensive coverage, a 75 lakhs term insurance plan is also economical. While many people assume that the premiums for term insurance policies are pretty high, they are quite affordable instead. For instance, you can get the 75 lakhs term insurance plan for a nominal monthly premium of Rs. 800 if you purchase it at a young age.
Today, most insurance providers offer policyholders the option to extend the coverage of their term insurance policy by opting for add-on covers. Therefore, you can easily increase the life cover of the 75 lakhs term insurance plan by purchasing riders for critical illness, accidental death*, return of premium variant**, permanent disability, and more.
Since a 75 lakhs term insurance plan provides long-term coverage and financial security, you can focus on increasing your savings and investments with other financial instruments such as fixed deposits, mutual funds, ULIPs, etc.
Tax exemptionup to Rs. 54,600~#
High life cover at affordable premiums
Claim Paid Ratio^99.51%
Coverage against 64 critical illnesses@
As the name suggests, term insurance is a comprehensive insurance policy that provides life coverage for a fixed term. It acts as a financial backup for the insured individual’s family, offering them a death benefit in case of the policyholder’s demise. Additionally, this payout sum can be used for several expenses like utility bills, education, marriage, home loans, making it easier to fulfill all financial requirements.
When buying life insurance, it is essential to evaluate whether the coverage amount will be sufficient to meet your family’s financial needs. While it is not an easy task, there are some factors that you can consider to determine the right coverage amount. Therefore, if you’re unsure about buying the 75 lakhs term insurance plan, consider the following:
Since older people are more prone to illnesses, diseases, and health concerns, the term insurance premiums are slightly higher. Hence, it is advisableto purchase a 75 lakhs term insurance plan while you’re still young so you can take advantage of the affordable premiums. Plus, doing so will also ensure that you and your family stay financially secured for a longer duration.
The general rule of thumb for buying term insurance dictates that the coverage amount should be at least 10 times your annual income. For instance, if your yearly income is Rs. 7 lakhs and 50 thousand, then the term insurance coverage amount should ideally be Rs. 75 lakhs or more. However, you can also use Max Life’s term insurance calculator to make the process simpler.
As the primary purpose of buying a 75 lakhs term insurance plan is financial security, you also need to consider the number of family members dependent on you. Plus, you also need to take into account their financial requirements and needs such as education, marriage, loans, etcetera, and evaluate if the term insurance 75 lakh policy will be sufficient.
When buying a 75 lakhs term insurance plan, it is crucial to consider any pending liabilities such as home loans, car loans, or education loans. Accordingly, you must calculate if the 75 lakhs term insurance plan will be able to provide enough financial assistance for the same.
A key factor to consider when buying the best term insurance plan is selecting the right sum assured option to avail the maximum financial protection for your family. We have curated some most popular sum assured options to help you quickly decide your coverage. You may click on one of the tabs below to know more about sum assured options in details:
Disclaimer: Standard daily premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06).
ARN: C/SA/050623
In addition to providing complete financial security, a 75 lakhs term insurance plan comes with several other benefits such as:
The most significant benefit of purchasing one of the best term insurance plan for 75 lakh is the low-cost and pocket-friendly premiums. While most people think of term insurance policies as expensive and unaffordable, it is quite the opposite. Instead, you get long-term life coverage for premiums as economical as Rs. 800 per month. However, the premium cost will vary depending on your age, gender, annual income, and other personal details.
As per Section 10(10D) of the Income Tax Act, the death benefit payout of term insurance policies is exempt from taxes. Therefore, if you purchase a term insurance 75 lakh policy, the death benefit plus any accumulated bonuses and incentives will be completely exempt from taxes. Even better, you claim income tax deductions for the premiums paid towards the 75 lakhs term insurance plan.
Today, term insurance policies come with several death benefit payout options. For instance, nominees can either choose to receive the sum assured in a lump sum or as a monthly income. Similarly, you can also opt for the lump sum plus monthly income payout, depending on your expenses and the financial situation.
When buying a 75 lakhs term insurance plan, policyholders also have the option to choose riders or add-on covers. These include critical illness rider, return of premium variant **, accidental death benefit*, and more such add-ons that can be used to enhance the life cover. So, depending on your requirements, you can easily customize and personalize the term insurance policy.
While the answer to this question depends on several factors, you can consider purchasing a 75 lakhs term insurance plan if you come under the following categories/situations:
When buying term insurance, the premium cost is often the most crucial factor for most people. However, the premium depends on various things such as your age, gender, yearly income, nicotine consumption, and other personal details.
So, below is a table to make it easier for you to compare the premiums for the 75 lakhs term insurance plan. It includes the base premium amount plus the cost if you choose to opt for riders based on different age groups. Let’s take a look:
The following figures are calculated based on: Gender (Male) + DOB + Non-Smoker + Annual Income (5-7 lakhs) + Salaried Individual + Coverage upto 75 years of Age
For CIDR Rider: (SA: Rs 5 lakhs, Gold variant Term upto Base Term)
| Age | Premium for 75 Lakhs Term Insurance Plan (Monthly) | Premium for 75 Lakhs Term Insurance Plan + Critical Illness & Disability# Rider (Monthly) | Premium for 75 Lakhs Term Insurance Plan + Waiver of Premium Plus Rider#(Monthly) |
|---|---|---|---|
| 20 | Rs. 611 | Rs. 742 | Rs. 626 |
| 30 | Rs. 911 | Rs. 1,120 | Rs 947 |
| 40 | Rs. 1,591 | Rs. 1,949 | Rs 1,702 |
| 50 | Rs. 3,037 | Rs. 3,610 | Rs 3,435 |
| 60 | Rs. 5,805 | NA | Rs 6,548 |
Max Life’s Smart Secure Plus Plan [A non-linked non-participating individual pure risk premium life insurance plan | UIN: 104N118V06] is an innovative term insurance policy designed to offer a life cover of Rs. 75 lakhs at affordable & low-cost premiums. Additionally, the term plan is loaded with unique features like two death benefit payout options and two premium payment (regular or limited pay) options. However, there are also other features such as:
Special Exit Value – A feature with a surrender offering whereby the policyholder has the option to receive all premiums paid back at one specified point during the policy term.
Premium Break## – This feature offers policyholders the option to skip paying the term insurance premiums without losing the coverage. However, it can only be availed twice during the policy term.
Sum Assured Top-Up* – This feature gives policyholders the option to voluntarily top-up the sum assured by 100 percent
The Smart Secure Plus Plan by Max Life Insurance is one of the best term insurance plans for 75 lakhs available in the market. In addition to providing financial security to your loved ones, it also gives you peace of mind. So, even when you’re no longer around, you’ll know your family’s future is in safe hands.
ARN NO: PCP/75LTI/260623
#*Tax benefits are subject to changes in tax laws.
Other Disclaimers:
1)*On payment of additional premium
2)**On payment of additional premium. Upon policyholder’s selection of Return of Premium variant, this product shall be a Non-Linked & Non participating Individual Life Insurance Saving Plan
3)#Applicable riders available on the payment of Additional Premium are Max life Critical Illness & Disability Rider | Non-Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN 104b033V01 and Max Life Waiver of Premium Plus Rider| A Non-Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN 104B029V03
4)##Available at an additional premium for policies with Policy Term greater than 30 years & premium payment term greater than 21 years. Option to skip paying premium for 12 months, 2 premium breaks will be available during the Premium Payment Terms separated by interval of at least 10 years
“Subodh Mishra helped me a lot in getting the money. He personally collected the documents and helped me at every step. I am extremely thankful to him and I would like to buy another Max lIfe policy in future”
Subodh Mishra
“I already have a policy and buying this was a nice experience. This is according to my requirement. Completely satisfied with details shared by customer care executive before purchasing the policy.”
Gaurang Kumar Pawar
“I visited Amritsar branch after the demise of my son. My family was not left with a single penny and it was getting impossible to make the ends meet. Vinay Sharma gave me the right direction and helped me at every step to receive the claim amount and gave a source of income to my family. I thank him and bless him from the bottom of my heart.”
Vinay Sharma
4.1
Was the Information Helpful?
Very Good
Term insurance provides your loved ones with the required financial security…
Read More
Having a conversation about death is very uncomfortable and unthinkable…
Read More
Term insurance covers natural, accidental death, or death due to some illness…
Read More
