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75 Lakh Term Insurance Plan

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.

What Is A 75 Lakhs Term Insurance Plan? 

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. 

What Is A 75 Lakhs Term Insurance Plan? 

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. 

Why Purchase 75 Lakhs Term Insurance Plan? 

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:  

Comprehensive Coverage 

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.

Economical Premiums 

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.

Availability of Add-On Covers 

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.

Increased Savings & Investments 

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.

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How Does 75 Lakhs Term Insurance Work? 

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. 

So, let’s look at how a 75 lakhs term insurance plan works: 

  • As discussed earlier, term insurance policies offer life coverage for a pre-specified duration or term. 
  • If the policyholder/insured individual dies during this period, their nominee or beneficiary will be eligible to receive the death benefit from the insurer.
  • However, to avail of the benefits of the 75 lakhs term insurance plan, policyholders are required to pay a pre-determined premium cost. The premium varies from one individual to another as it depends on many factors like age, gender, annual income, smoking habits, etc.
  • The policyholder can choose to pay the premiums for the 75 lakhs term insurance plan monthly, quarterly, bi-annually, or annually, depending on their preference and feasibility. 

  • As discussed earlier, term insurance policies offer life coverage for a pre-specified duration or term. 
  • If the policyholder/insured individual dies during this period, their nominee or beneficiary will be eligible to receive the death benefit from the insurer.
  • However, to avail of the benefits of the 75 lakhs term insurance plan, policyholders are required to pay a pre-determined premium cost. The premium varies from one individual to another as it depends on many factors like age, gender, annual income, smoking habits, etc.
  • The policyholder can choose to pay the premiums for the 75 lakhs term insurance plan monthly, quarterly, bi-annually, or annually, depending on their preference and feasibility. 

  • While the premium amount remains unchanged throughout the policy tenure, failure of payment of premiums will result in the termination of the term insurance 75 lakh policy.
  • In case the policyholder doesn’t die during the policy term, there will be no survival benefits unless they opt for a Return Of Premium Variant**. 

How to Determine the Right Coverage Amount? 

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:

Your Age 

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.

Annual Earnings/Income 

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. 

Financial Dependents 

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.

Pending Loans & Liabilities 

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. 

Financial Dependents 

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.

Pending Loans & Liabilities 

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. 

Benefits of 75 Lakhs Term Insurance Plan 

In addition to providing complete financial security, a 75 lakhs term insurance plan comes with several other benefits such as:

Pocket-Friendly Premiums 

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.

Tax Benefits 

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.

Payout Options 

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.

Customization Of Riders 

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. 

Source:

* As per annual audited financials, FY 2019-20

Who Should Opt for a 75 Lakhs Term Insurance Plan? 

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:

  • An individual with a regular source of income and minimum liabilities can purchase the 75 lakhs term insurance plan.
  • If you’re in your early 20s or 30s, buying term insurance is an excellent idea as it provides long-term coverage and ensures financial security. Plus, you also get access to affordable premiums.  
  • Whether you are salaried or self-employed, you might want to think about investing in term insurance as it acts as a safety net for your loved ones even when you’re not around.
  • If you’re the sole breadwinner of your family, purchasing a term insurance 75 lakh policy will make sure that your family’s financial requirements will be met in the case of your demise.
  • Individuals who have financial dependents must evaluate opting for the best term insurance plan for 75 lakh while keeping in mind their future financial needs such as education, marriage, and other expenses. 
  • People with outstanding loans and liabilities should consider investing in a 75 lakhs term insurance plan. Doing so will ensure that their family will be able to pay off such pending expenses with ease.

  • Whether you are salaried or self-employed, you might want to think about investing in term insurance as it acts as a safety net for your loved ones even when you’re not around.
  • If you’re the sole breadwinner of your family, purchasing a term insurance 75 lakh policy will make sure that your family’s financial requirements will be met in the case of your demise.
  • Individuals who have financial dependents must evaluate opting for the best term insurance plan for 75 lakh while keeping in mind their future financial needs such as education, marriage, and other expenses. 
  • People with outstanding loans and liabilities should consider investing in a 75 lakhs term insurance plan. Doing so will ensure that their family will be able to pay off such pending expenses with ease.

How to Select The Right Term Insurance Policy? 

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 & DisabilityRider (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

N/A

Rs. 6,548

1Premiums are exclusive of GST. CIDR rates mentioned in the table are for a sum insured of Rs. 5 lakhs (base cover unchanged) for the CIDR Platinum Plus Variant, valid up to the age of 60.

75 Lakhs Term Insurance Plan | Max Life Insurance 

Max Life’s Smart Secure Plus Plan [A non-linked non-participating individual pure risk premium life insurance plan | UIN: 104N118V02] 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: 

  • Built-In Terminal Illness Cover – This in-built feature offers a lump sum payout of up to Rs. 1 crore on the diagnosis of a terminal illness such as cancer.
  • 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.
  • Joint Life Cover* – Policyholders get the option to extend the coverage of the 75 lakhs term insurance plan to their spouse. 
  • 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. 

  • Built-In Terminal Illness Cover – This in-built feature offers a lump sum payout of up to Rs. 1 crore on the diagnosis of a terminal illness such as cancer.
  • 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.
  • Joint Life Cover* – Policyholders get the option to extend the coverage of the 75 lakhs term insurance plan to their spouse. 
  • 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. 

Check out the different Online Insurance Plans from Max Life!

Check out the different Online Insurance Plans from Max Life!

Frequently Asked Questions

✅  What Are the Eligibility Criteria for Buying a 75 Lakhs Term Insurance Plan?

Like all other term insurance policies available in the market, the 75 lakhs term insurance plan has a minimum entry age requirement of 18 years while the maximum entry age is 65 years. 

✅  How To Calculate the Premium for Term Insurance?

The premium for the term insurance 75 lakhs policy depends on various factors, including your age, gender, annual income, smoking habits, and whether you are salaried or self-employed. So, you can use the term plan calculator available on our website to figure out the premium costs for the term policy. 

✅  What Is the Minimum Age for Term Insurance Plan?

The minimum age requirement for buying a term insurance plan is 18 years. 

✅  What Happens If I Don’t Die During the Policy Term?

If you opt for a premium back variant you will receive a maturity/survival benefit at the end of the policy term. However, if you don’t have any such variant  the policy will be terminated once the term is complete. 

✅ Which Riders Are Available with the 75 Lakhs Term Insurance Plan? 

There are several riders available with Max Life’s 75 lakhs term insurance plan, such as premium break, critical illness cover, accidental death benefit, and waiver of premium plus rider#  (UIN: 104B029V04)

✅  Can I Buy Term Insurance Online?

Yes, you can buy term insurance policies online. All you need to do is visit the term plan calculator on our website and enter personal details such as age, gender, income, etc. Next, you can customize the plan by adding riders such as critical illness cover and continue with the purchase by providing the required documents and making the payment. 

✅ Is There a Free-Look Period with the 75 Lakhs Term Insurance Plan?

The 75 lakhs term insurance plan comes with a free-look period of 15 days(30 days if policy is sourced through Distance Marketing modes), depending on the plan’s specific details. You can choose to surrender the policy and get back the amount of any premiums paid during the period.

✅  When Is the Right Time to Purchase Term Insurance?

While there is no right or wrong time to purchase term insurance, it is best to do so while you are still young. This will ensure you get access to affordable premiums and keep you covered for an extended period. 

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

Rated by users

ARN NO: PCP/75LTI/231221

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