• Get Life Cover worth Rs.1 Crore at Rs.17 per day2 – Bajaj Allianz Life Smart Protection Goal

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Upto 11% Discount* on first year premium


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*,6 T&C apply | BJAZ-WB-EC-04303/23


*5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. | 5% Discount for salaried customers, applicable only on first year’s premium. | 1% Discount on online purchase is available for regular premium payment and limited premium payment frequency.

6Term plan is a category of Life Insurance

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116.


*5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. | 5% Discount for salaried customers, applicable only on first year’s premium. | 1% Discount on online purchase is available for regular premium payment and limited premium payment frequency.

6Term plan is a category of Life Insurance

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

What is 2 Crore Term Insurance: How It Works & Things To Consider

Affordable life insurance is available through term insurance coverage. A term plan offers the insured person life insurance for a predetermined period. These insurances are typically relatively affordable because they don't give any investment benefits. One of the affordable life insurance options available are term policies.

What Is a 2 Crore Term Plan?

A 2-crore term insurance plan is a term insurance policy that offers a sum assured of Rs. 2 crores. 2 crores of Indian rupees could appear like a large sum of money at first. However, if you account for inflation, your annual expenses, living costs, future financial goals etc. it might act as a financial cushion for your loved ones. The premium you may have to pay depends upon several factors like your age, income, lifestyle, smoking habits, riders if chosen, etc. and may vary from person to person.

How is the Premium for a 2 Crore Term Plan Computed?

Your term plan premium is based on a number of variables. Here are some examples of what they are:

● Plan Tenure –

The length of the policy will have a big impact on your premiums when you get term insurance. Longer-duration term plans will have cheaper rates.

● Sum Assured –

Your sum assured directly relates to the cost of the term insurance premium. For Example, compared to a 2-crore term plan premium, a Rs.20 lakh term insurance premium would be less expensive. You must be careful when choosing the sum assured because your premium is based on it. As a general recommendation by experts, you should get insurance that is at least 10 to 15 times your annual income, although your personal number may be higher or lower1. Make sure the payment from the term plan will help take care of financial needs, debts and household expenses, among other costs of your nominees in case of unfortunate demise of the person insured.

● Personal Habits and Health History –

Your premium amount may vary depending on your current health behavior. For Example, your premiums will be greater if you currently have a sickness or have a family history of heart disease. Your insurance company will increase your rate if you have a lifestyle habits such as smoking or drinking as indulging in these habits on regular basis decreases the life expectancy by illnesses. Therefore, it makes sense to buy a term plan while you're still young and healthy.

Things to Consider Before You Buy Term Insurance

There are a few things you should think about before buying a 2-crore term insurance policy:

● Inflation –

Consider inflation when estimating how much your family will require in the future. If you're thinking about your child's financial future, consider a higher rate.

● Sum Assured –

Verify that the money assured is sufficient. Keep in mind that if your settlement is insufficient, your family can face financial hardship.

● Ratio of Claim Settlement –

A claim settlement ratio will be available on each insurance company's website. It indicates the percentage of claims that were resolved during the preceding fiscal year as against the number of claims received.

● Solvency Ratio:

It indicates the strength of the cash flow within a company and how financially capable it is of settling the claims received.

Frequently Asked Questions about Term Plans

Which plan tenure should I choose?

You should be covered by your term plan at least until you retire. A 30-year-old might choose a term of 30 years in this case. A 40-year-old, on the other hand, might select a 20-year policy term. In both the scenarios, retirement age is considered as 60 years. This will vary from the organization to organization and the life goals of the person.

Which sum assured should I select?

As you can see from the information above, the sum insured amount is based on the financial requirements of your family. The amount you choose should ideally assist in covering any lost income as well as unpaid bills, among other expenses.

Are riders for term insurance required?

Although they are not always required, term insurance riders can offer additional financial security. An accidental death rider may be more useful to people such as one who work in factories or travel frequently for employment. Based on your unique requirements, you should choose the riders. Remember that your term plan premium will be impacted by the riders and add-ons you choose.

During the term of the policy, would the term plan premium change?-

No. When you buy insurance, the premium cost is fixed for the duration of the coverage.




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~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. 

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on carefully before concluding a sale.