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#Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

2 Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is inclusive of all the discounts mentioned above.

**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. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency, applicable only on first year’s premium 1% Discount will be available for all policies where premium payment is under auto-debit process (as allowed by RBI from time-to-time) through-out the premium paying term.

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 for some. However, if your account for inflation, your annual expenses, living costs, future financial goals etc.Read more

it might act as a suitable 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.Read less

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Tailored Life Insurance Solutions for your long-term Life Goals.

Written ByShruti Gujarathi
AboutShruti Gujarathi
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Shruti Gujarathi has 5 years of experience in the BFSI sector, and as Manager- Digital Marketing at Bajaj Allianz Life Insurance, manages digital and content marketing. She has had hands-on experience in content strategy, performance marketing and Strategic Alliances over a career spanning 10 years.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.

Reasons to Buy 2 Crore Term Plan

Some Reasons Why You May Consider a sum assured, like Rs.2 Crore, in your Term Insurance Plan are as Follows –

Enhanced coverage for financial security

Enhanced coverage for better financial security

With a Rs.2 crore term plan, the death benefit payout will be ₹2 Crore. This may give your family adequate financial assistance to help them face their financial needs in your absence, subject to outstanding debts and/or daily expenses. When the coverage is enough for you, you can enjoy better financial security, knowing that in your absence, your family’s financial needs may be suitably taken care of.

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Helps in goal fulfilment

Helps in goal fulfilment

If you have multiple goals, a good corpus is needed to fulfil them. The payout from the policy would help your family meet their different financial goals in your absence like a child’s higher education, buying a home, retirement planning, etc. The plan would give sufficient funds to your family so that most of your goals can be fulfilled even when you are not around.

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Affordable coverage

Affordable coverage

While a Rs.2 crore term plan offers an optimum sum assured, the premiums might usually be affordable. You can break down the premium payment into monthly, quarterly or half-yearly frequency and pay it easily.

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How Does A 2-Crore Term Plan Work?

In the event of the unfortunate death of the policyholder during the term of the policy, a 2 crore term insurance plan will pay out the death benefit of Rs.2 Crores to the nominees/beneficiaries listed under the plan, subject to the fulfilment of the policy terms and conditions.

At the time of buying the policy, you have to select the following:

  • The sum assured in the policy which will be ₹ 2 crores
  • The term of the policy
  • Premium payment frequency which can be monthly, quarterly, half-yearly, or yearly
  • Premium payment terms
  • Optional riders, as per your insurance needs and availability.

The premium of the policy would be determined based on the details you choose, your age, lifestyle habits, and other factors. You will have to pay the calculated premiums for the chosen premium payment term at the chosen premium payment frequency.

The policyholder pays premiums to the insurer, and if the insured passes away during the policy's term, the death benefit is paid. Under basic term plans, no maturity benefit is payable on survival until maturity. However, if you have opted for the return of the premium term plan, the premiums paid will be refunded.

For instance, say a 35-year-old non-smoking male opts for the Bajaj Allianz Life e-touch. He chooses a sum assured of ₹2 crore, a coverage tenure of 40 years, and regular annual premiums. If he chooses the term insurance with return of premium, he pays a premium of Rs.45,142/year for the 1st month and from 2nd month onwards he will pay Rs.53,244/year every year. The plan will pay a death benefit of ₹2 crore if he passes away during the policy tenure. However, if the life assured survives the policy tenure, he will receive Rs. 21,21,668 as maturity benefit%.

Who should opt for 2 crore term insurance plans?

The suitability of the ₹2 crore term insurance policy depends on several factors such as income, age, financial goals, liabilities, if any, etc. of the individual. One should assess their coverage requirements and buy a ₹2 crore term insurance plan if it suits their insurance requirements and financial goals.

A high-sum assured plan like the 2-crore term insurance plan may be suitable for individuals with significant financial responsibilities and dependents who rely on their income for their livelihood. It is suitable for individuals who are looking for the said coverage amount to meet their long-term financial goals towards their family.

Here are some groups of people who may benefit from opting for a high sum assured plan, like the 2-crore term insurance plan:

  • Individuals who are the primary breadwinners of their families and have multiple dependents
  • Individuals planning for multiple financial goals
  • Individuals with high income who may require a higher coverage amount to maintain their standard of living of their family and ensure to receive a higher pay-out for their family
  • Individuals have significant liabilities such as business debts, home loans, etc.
  • Parents who want to plan and secure their child’s future to ensure their absence does not create an obstacle in their education or other long-term needs.

Is 2 crores the right coverage amount for your term plan?

The sufficiency of a ₹2 crores coverage for your term insurance policy depends on your insurance needs. You should assess the right coverage based on several factors such as your age, your income and expenses, your number of dependents, your financial goals, your lifestyle habits, existing assets and liabilities and other relevant factors. You can use the online term insurance calculator and fill in your details and insurance needs to find out if ₹2 crores is the right coverage amount for your term insurance plan. Further, in addition to the online term insurance calculator, there are other ways to check and calculate the right coverage amount for your term plan, stated as follows:

Underwriter’s Thumb rule
Underwriter’s Thumb rule
Under the Underwriter’s Thumb rule4, the coverage amount is also calculated considering the individual's annual income. However, the multiple in the thumb rule changes with age and is multiplied by a specific factor which varies with the age of the individual. For individuals aged between 20 and 30 years, the amount is calculated by multiplying their annual income by a factor of 15. The multiple starts are decreasing as the age increases. It is typically 14 for individuals aged 31-40 years, 12 for individuals aged 41-45 years, 10 for individuals aged 46-50 years, 8 for individuals aged 51-55 years and 6 for individuals aged 56 years and above. For example, an individual aged 35 years earns ₹15 lakhs annually and may get a coverage of ₹2 crores (15 lakhs*14).

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Human Life Value (HLV) Method

Human Life Value (HLV) method2

Under the human life value method, the coverage is calculated based on an individual's economic worth to their family. It ascertains the overall value of your life in financial terms and calculates the sum assured that would be sufficient to provide regular income to your family for their financial requirements in your absence. For instance, if you earn ₹15 lakhs and your annual personal expenses are ₹5 lakhs, you can provide your family a surplus income of ₹10 lakhs. Hence, in your absence, your family would face a financial shortfall of ₹10 lakhs per year (₹15 lakhs - ₹5 lakhs). Now, assuming a risk-free rate of return of 5% per annum, the sum assured required to generate an annual income of ₹10 lakhs would be ₹2 crores (₹10 lakhs / 0.05).

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Income Replacement

Income Replacement1

In this approach, the assumption is that life insurance is intended to compensate for the lost income of the primary wage earner. One of the most straightforward methods for determining your income replacement worth is insurance cover = current annual income x years left to retirement. For example, if you are 40 years old, your yearly salary is ₹ 10 lakhs and you plan to retire at the age of 60 years, the cover you will need is ₹2 crores (10 lakh x 20)

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Expense Replacement

Expense Replacement1

In this recommended method by financial advisors, individuals are tasked with calculating their daily household expenses, loans, and long-term goals such as children's education, along with providing for financially dependent parents throughout their lifetimes. The total amount calculated represents the financial needs of the family. The subsequent stepinvolves subtracting the present value of existing investments and life insurance coverage. When evaluating investments, assets like the primary residence and car are excluded since family members typically continue using them. The resulting figure, after deducting investments and insurance coverage from expenses and goals, provides an estimate of the necessary coverage.

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How to choose the best 2 crore Term Insurance Plan?

Choosing the best 2 crore term insurance plan requires careful consideration of several factors to make sure that it aligns with your specific insurance needs as well as financial goals. Here are some factors which you may consider –

  1. Coverage offered

  2. Check the coverage offered in the term insurance policy. Look for the return of premium options, joint life coverage, increasing sum assured, and additional riders, which will increase the coverage scope. Find and select a term plan which aligns with what you need and offers higher protection at competitive rates.

  3. Premiums

  4. Ensure to check and compare the premiums across different ₹2 crores term insurance policies vis-a-vis the coverage offered. The best policy would be the one that offers a good scope of coverage at the most competitive premium rate.

  5. Claim Settlement Ratio

  6. The claim settlement ratio is calculated as a ratio of the number of death claims an insurance company has settled to the number of death claims received. It is necessary to check and compare the claim settlement ratio of different insurance companies and select the one with high claim settlement ratio for a better claim settlement probability. Bajaj Allianz Life Insurance Company has a good record of claim settlement of 99.23%@ of all death claims admitted for the specific financial year 2023-24.

  7. Ease of Purchase:

  8. Opt for term plans that are easy to purchase, ensuring quick coverage benefits and convenience. Most insurance companies offer the benefit of buying term insurance online, which fastens the entire process and ensures coverage as soon as possible.

  9. Smooth Claim Process:

  10. Choose a term insurance plan with a smooth and simple claims process, including an easy filing process and quick turnaround settlement time to enhance the satisfaction of the policyholder and ease of handling in case of unforeseen circumstances.

Factors affecting the 2 Crore term insurance

Several factors influence the cost and premium of the 2 Crore term insurance, which includes the following:

Factors Description
Age of the individual3 The age of the individual is a crucial factor which influences the premium of the plan. The higher the age, the higher would be the premium and vice versa as the risk involved for older individuals is also higher.
Gender3 The gender of the individual also influences the premium. Term insurance premiums for females are usually lower than for males as females have a higher life expectancy in comparison to males.
Lifestyle habits3 Factors such as consumption of alcohol, smoking, etc. and pre-existing medical conditions, if any, can shoot up the premiums as they involve high risk.
Tenure of the policy7 The premiums for term plans for longer tenure are higher than shorter ones as the insurer provides coverage for a longer period.
Policy coverage6 Term plans with higher sum assured attract higher premiums and vice versa.
Options riders added5 Each rider that you buy with your term insurance policy comes at an additional premium cost. Several optional riders also influence the cost of premiums and increase your premium amount.

How to calculate term insurance premium?

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. 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 the unfortunate demise of the person insured.

  • Personal Habits and Health History –

  • Your premium amount may vary depending on your current health behaviour. 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 lifestyle habits such as smoking or drinking, as indulging in these habits on a regular basis decreases the life expectancy of illnesses. Therefore, it makes sense to buy a term plan while you're still young and healthy.

Why Bajaj Allianz Life Insurance ?

Bajaj Allianz Life, one of India's leading Private Insurer, committed to offer value packed and innovative products to meet you Life Goals


Claim Settlement Ratio~

1 Day

Claim Approval%


CARE Stable Rating$


Assets Under Management (AUM)**

4.19 Cr

Number of Lives Covered#


Solvency Ratio^

Disclaimer:~Individual Death Claim Settlement Ratio for FY 2023-2024, %96.70% of non-investigative individual claims approved in one working day for FY 2023-24. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices, $For details refer to press release published by CARE**All figures as on 31 March 2024, ^Solvency ratio 432% as at 31 March 2024 against IRDAI mandated 150%, #Individual Group.


A term insurance policy provides financial protection to the family if the life insured passes away prematurely. When buying a term insurance plan, it is feasible to opt for an optimal coverage amount sufficient to take off your family’s financial needs.

So, understand how a Rs.2 crore term plan works, how much it costs and assess its suitability. If the plan fits your and your family’s financial needs, you can buy the coverage and get complete financial security.

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Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz Life e Touch are the names of the company and the product respectively and do not in any way indicate the quality of the product and its future prospects or returns. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on carefully before concluding a sale. Regd. Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune – 411006. IRDAI Reg. No.: 116.| CIN : U66010PN2001PLC015959 | Mail us : | Call on : Toll free no. 1800 209 7272, The Logo of Bajaj Allianz Life Insurance Co. Ltd. is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo and Allianz SE to use its “Allianz” logo. All charges/ taxes, as applicable, will be borne by the Policyholder.

% Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 35 years | Non-Smoker | Policy Term (PT)– 40 years | Premium Payment Term (PPT) – 40 years | Sum Assured opted is Rs. 2,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs.45,142/Year. 2nd Year onwards premium Rs.5,3244/Year. Total Premium Paid is Rs.21,21,668 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.20,76,516

@Individual Death Claim Settlement Ratio for FY 2023-2024

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*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.


~Individual Death Claim Settlement Ratio for FY 2023-2024

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