Claim Settlement Ratio of 99.23%~

Close Button Close Button
X
NRI Services Helpline

Calling From Phone Number (Toll Free)
AUSTRALIA 80037371371
CANADA
HONG KONG
ISRAEL
MALAYSIA
NEW ZEALAND
PHILIPPINES
SINGAPORE
THAILAND
UNITED KINGDOM
BRUNEI 8014605
INDONESIA 0018030160202
JORDAN 080023194
OMAN 80074363
TURKEY 00800142030059
VIETNAM 1800400070
UNITED STATES 18339680951
Calling us from INDIA 18002097272
Rest of the World +912067871700
(Call charges apply)

3 Crore Term Insurance

A term insurance plan is a vital financial tool that provides coverage in the event of the life assured’s premature demise, ensuring the family’s financial security. It offers a financial benefit to the family, helping them manage expenses in the absence of the breadwinner. Read More

 

A ₹3 crore term insurance plan specifically provides a substantial coverage of ₹3 crore, making it an ideal choice for individuals looking for higher protection. This coverage can help your family comfortably meet their future financial needs, such as children’s education, home loans, and other long-term goals. You need to check the 3 crore term insurance premium and the tenure for which you wish to opt before finalizing the plan. Read Less

 

Term Insurance
Check Your Premium!
calender_icon
Male
Female
Other
I agree and consent to the Terms & Conditions, Privacy Policy

*,%,^^,##T&C Apply | BJAZ-WB-EC-10294/24

Customer rating
Rated by customers
Writer Palak
Written ByPalak Bagadia
AboutPalak Bagadia
LinkedIn Icon
Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
Writer Ritu
Reviewed ByRosy Pathak
AboutRosy Pathak
LinkedIn Icon
Rosy Pathak, AVP- Product and Brand Marketing at Bajaj Allianz Life Insurance carries over 17 years of experience in Marketing and a demonstrated history of working in the insurance industry. She is skilled in Product Management, Planning and Strategy, Project Management, Marketing and Communication.
Written on: 5th January 2025
Modified on: 13th January 2025
Reading Time: 20 Mins
Discover the most Suitable Term Insurance Plan for you!

Tailored Term Plans Solutions for your long-term Goals.

What is ₹3 Crore Term Insurance?

A ₹3 crore term insurance plan is one where the sum assured of the term insurance plan is ₹3 crores. The plan provides substantial life coverage, offering financial security to an individual’s family in case of the unexpected demise of the insured during the policy tenure. This level of coverage is especially suited for individuals with higher financial responsibilities, ensuring long-term stability and reducing the financial strain on the family after the loss of the primary breadwinner. 

How does a ₹3 crore term insurance plan work?

A ₹3 crore term insurance plan is a simple plan wherein you choose the following coverage details –

  • Policy term, i.e. duration of coverage
  • Premium paying term, i.e. how long you will pay premiums
  • Premium payment frequency, i.e. whether it’s monthly, quarterly, half yearly or annually
  • Optional riders can enhance coverage by offering additional protection for specific needs like critical illness or accidental death.

The sum assured is ₹3 crores. The premium amount is calculated based on factors such as your age, health, policy details, and the sum assured of ₹3 crore.

The policy provides coverage over the chosen policy term. If the life assured passes away during the chosen term, a death benefit is paid, and the plan is terminated. However, if the life assured survives the term, nothing is usually paid unless a return of premium option is selected. In this case, the premiums paid will be refunded on maturity.

Reasons to Buy 3 Crore Term Insurance Plan

A ₹3 crore term insurance plan comes with several key benefits that make it an excellent choice for securing your family’s financial future.

  • First, the high coverage ensures that your loved ones will be financially protected, even in your absence, helping them maintain their lifestyle and meet essential needs.
  • The death benefit can also be used to clear any outstanding debts, such as home loans or other financial obligations.
  • Additionally, the policy premiums are typically affordable, offering significant coverage at a manageable cost.
  • You also gain tax benefits on the premiums you pay. Premiums paid for a ₹3 crore term insurance plan are deductible under Section 80C (up to ₹1.5 lakhs)[1] under old regime. Additionally, death benefits are tax-free[2] and the premium refunds (under the return of premium plans) are tax-free[2] under Section 10(10D)[3], subject to conditions.
  • Various rider options like an accidental death benefit rider, critical illness rider, or a term rider allows you to increase the level of protection.
  • Lastly, the payout can help your family meet long-term financial goals, like education or retirement planning, ensuring stability for years to come.

Who should opt for 3 crore term insurance?

Term insurance for 3 crores is ideal for:

  • High-income earners:

    Individuals with significant financial responsibilities, such as large home loans or other debts, can ensure their family's financial stability in their absence.
  • Family breadwinners:

    Those who are the primary source of income can provide their families with substantial financial support to continue their usual life in their absence. This term insurance will easily cover future goals for children, like education and marriage.
  • Individuals seeking long-term protection :

     t’s suitable for those wanting a comprehensive life cover for an extended period, ensuring large financial security at an affordable premium.
How to Choose 3 Crore Term Insurance Plan?

When selecting term insurance for 3 crores, consider the following pointers to ensure you make an informed decision:

Coverage Offered

Look for a plan that provides a comprehensive death benefit of ₹3 crore. Assess the additional features or riders available, such as critical illness or accidental death benefits, which can enhance your coverage on payment of nominal additional premium

Read More

Read Less

Premium Rate

Evaluate the premium rates for the policy based on your age, health, and lifestyle. Compare the premiums from various plans to find one that fits your budget along with providing adequate coverage.

Read More

Read Less

Ease of Purchase

Choose a policy that offers a simple and straightforward application process. Online platforms can make it easier to apply and obtain quotes quickly.

Read More

Read Less

Claim Process

Investigate the claim process. A transparent and efficient claim process can ease the burden on your family during challenging times.

Read More

Read Less

Claim Settlement Ratio

Check the insurance company's claim settlement ratio. A higher ratio indicates that the insurance company has a history of successfully settling claims, providing peace of mind that your beneficiaries will receive the coverage amount when needed.

Read More

Read Less

Factors Affecting Term Insurance Premium

When evaluating a term insurance plan, several factors can influence the premium amount you will pay. Understanding these factors[4] can help you make an informed decision and choose the right coverage for your needs:

  • Age: 

    The younger you are when you purchase a term insurance policy, the lower your premium will typically be. As you age, the risk of health issues increases, resulting in higher premiums.
  • Health Conditions: 

    Pre-existing medical conditions can significantly impact your premium rates. Insurers assess your health history and may charge higher premiums if you have chronic illnesses or a family history of severe health issues.
  • Lifestyle Choices: 

    Habits such as smoking or excessive drinking can lead to higher premiums. Maintaining a healthy lifestyle can help reduce the cost of your insurance.
  • Occupation: 

    Certain professions deemed hazardous may result in higher premiums. For example, those working in high-risk jobs, such as construction or aviation, may face increased rates.
  • Policy Term: 

    The length of the policy term can also affect your premium. Longer terms may lead to higher premiums since the insurer is exposed to risk for a more extended period.
  • Sum Assured: 

    The coverage amount you choose directly correlates with your premium. A ₹3 crore sum assured will naturally have a higher premium than lower coverage amounts.

Things to Consider Before Buying a 3 Crore Term Insurance Plan

Before purchasing a 3 crore term insurance plan, it’s essential to consider several factors to ensure that it meets your needs and offers adequate protection for your family:

Criteria Description

Financial Goals

Assess your financial obligations and goals. Consider factors such as outstanding debts, children's education, and retirement plans to determine if ₹3 crore is an appropriate coverage amount.

Premium Affordability

Evaluate your financial situation and ensure that you can comfortably pay the premium over the policy term without straining your budget.

Flexibility

Look for policies that offer flexibility in terms of premium payment options and coverage modifications. This allows you to adjust the plan as your financial situation or family needs change.

Insurer's Reputation

Research the insurance provider's reputation in the market. Look for customer reviews, industry ratings, and the insurer's claim settlement history to ensure you choose a reliable company.

Additional Benefits

Consider any added benefits or riders that can enhance your policy, such as critical illness coverage or waiver of premium benefits, which can provide extra protection, on payment of nominal additional premium.
Documents required to buy a 3 crore term plan

When applying for a 3 crore term insurance plan, you'll need to provide certain documents to the insurance provider. Here’s a list of some common documents typically required:

Identity Proof Identity Proof

Identity Proof

Address Proof

Age Proof

Income Proof

Medical History

Photographs

Application Form

Nominee Details

A government-issued ID such as a passport, Aadhaar card, voter ID, or driver's license to verify your identity.

Documents like utility bills, rental agreements, or bank statements that confirm your residential address.

Municipal birth certificate, school leaving certificate, or any government document that verifies your age, ensuring it aligns with the insurer's age requirements.

Income tax returns, salary slips or bank statements that demonstrate your financial stability and ability to pay premiums.

A comprehensive medical history report may be required. This includes details of pre-existing health conditions, treatments, and medications.

Passport-sized photographs may be requested for identification purposes.

A completed application form with personal details, including your name, age, address, and contact information.

Information regarding the person you wish to designate as the beneficiary of the policy, including their ID and relationship to you.

Disclose the existing life insurance policies, if any

Conclusion

Opting for a 3 crore term insurance plan is a wise decision for anyone looking to secure their family's financial future. With the right coverage, you can ensure your loved ones are protected against unforeseen events. By carefully evaluating factors like 3 crore term insurance premiums, coverage options, and claim settlement ratios, you can make an informed choice that meets your needs. Investing in term insurance not only provides peace of mind but also lays the foundation for a stable financial legacy, allowing you to focus on enjoying life while knowing your family is safeguarded.

Why Bajaj Allianz Life Insurance ?

Bajaj Allianz Life, one of India's leading Private Life Insurers, is committed to offering value-packed and innovative products to help you achieve your Life Goals.

99.23%

Claim Settlement Ratio~

Claim Settlement Ratio
1 Day

Get 1 Day Claim Approval%

One Day Claim Approval
AAA

Stable Rating by CARE$

CARE Stable Rating
₹1,21,724 Cr

Assets Under Management (AUM)**

Assets Under Management (AUM)
4.07 Cr

Number of Lives Covered#

Number of Lives Covered
432%

Solvency Ratio of 432%^

Solvency Ratio
Claim Settlement Ratio 2023-24

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 August 2024 | ^Solvency ratio 432% as at 31 March 2024 against IRDAI mandated 150% | #Individual & Group.

Frequently Asked Questions

Customer Reviews

Customer Rating
4.5
4.5
Reviews by 25130 customers
Rate & Review

(Rate your experience on the website)

Please select the rating to proceed

Tell us how was your experience ?

1. Easily found what I needed

2. Information provided are clear and easy to understand

3. Look and feel of the website is attractive

4. Easy to download all relevant documents

5. User friendly website

6. Write Your Review

500 characters remaining
I agree and consent to the Terms & Conditions, Privacy Policy

Customer Speaks

Happy with the services
I have invested in various products of Bajaj Allianz Life Insurance - I am happy with the services, returns and diversified product portfolio.
Rashmi Bhavnani
5
Satisfied, Trust
I am a happy customer who is satisfied with the after sales service. I have full trust in Bajaj Allianz Life Insurance Company.
Shrikant A Karande
5
Happy with the returns
I was introduced by my advisor to invest in Bajaj Allianz Life Insurance .I have invested in the same and am happy with the returns and services.
Kavita Goplani
5
Very Happy
I am a 7 year old customer of Bajaj Allianz Life Insurance and very happy about the services.
Dhruv Soni
5
Related Articles
Types Of Term Insurance Plans In India

Life may be great for the most part, but at some point, uncertainties and unexpected events may happen. They may be sudden job losses, pay cuts, or even accidents. And almost always, such incidents come with financial difficulties.

Read More
Term Insurance Online Vs Offline

There are two modes through which you can buy a term insurance plan One is the online mode wherein you can visit the insurance company’s website or an online marketplace, find the policy, 

Read More
What Are The Documents Required For Term Plan?

For some people, term insurance may offer life cover at an affordable  premium, when compared to other  types of life insurance. Having term insurance may ensure that in case you lose your

Read More
Term Insurance Tax Benefits

A term insurance policy is a protection-oriented life insurance policy  that can help create a secured financial corpus for the family in the case of the life insured’s untimely demise. It also helps prepare the family for unplanned

Read More
Bajaj Allianz Life Insurance Security
Bajaj Allianz Life is a trusted insurance partner Reviewed by Life Insurance Experts
Bajaj Allianz Life is a trusted insurance partner

At Bajaj Allianz Life, we are here to support you in building a secure and worry-free financial future. With over 24 years of experience, we provide a variety of life insurance plans, including protection, retirement, savings, investment and health, to meet your unique needs.

Disclaimers:
Plus Symbol
Minus Symbol

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.

X
Disclaimer

*Above illustration is for Bajaj Allianz Life eTouch II- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N198V01) considering Male aged 23 years | Non-Smoker Preferred | Annual Income =>Rs. 15,00,000 per annum | Indian Resident | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 3,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 9,753. 2nd Year onwards premium is Rs. 10,572. Total Premium is Rs. 3,16,341 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage : 40, Income Payout Percentage : 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and 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. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

##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.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

%Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^Get Free Health Management Services upto Rs. 31,000 per year

Health Management Services Frequency Cost (₹)
Doctor Insta-Consultations 3 consultations per month = 36 consultations per year Average cost per session = ₹ 500
Total cost per year = ₹ 500 * 36 = ₹ 18,000
Health Coach (Diet & nutrition consultations) 1 consultation per month = 12 consultations per year Average cost per session = ₹ 500
Total cost per year = ₹ 500 * 12 = ₹ 6,000
Emotional Wellness (Psychologists consultations) 1 consultation per month = 12 consultations per year Average cost per session = ₹ 500
Total cost per year = ₹ 500 * 12 = ₹ 6,000
Network discounts: Throughout the year Assumption – Total expense on these services throughout the year
Medicines (M) – ₹ 5,000
Lab-test booking (L) – ₹ 5,000
Total discounts that can be availed throughout the year:
M – ₹ 500
L – ₹ 500
Total per year as per assumption ₹ 31,000

Note: The above mentioned costs are based on estimated average market price for respective services. T&C apply.

Doctor Insta-Consultations and Health Coach Services are unlimited and the above numbers are assumed only for the purpose of calculation of the yearly benefit.

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

X
Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

X
Disclaimer

*Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V01) considering Male aged 25years | 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. 5,092. 2nd Year onwards premium Rs. 5,520. Total Premium Rs. 1,65,172 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and 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. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

##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.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

$Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws

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

X
Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*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.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


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

Bajaj Allianz Life Term Insurance with tax benefit up to Rs 46,800

Buy Term Insurance
Bajaj Allianz Life Term Insurance with tax benefit up to Rs 46,800*
99.23% Claim Settlement Ratio~
Premium Holiday1
Buy Term Insurance

Disclaimer
BJAZ-OT-EC-08288/24

close
X
Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

X
Disclaimer

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.

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

 

close Button
GET LIFE COVER & SAVE TAXES UPTO ₹46,800$$
Upto 16% Discount on first year premium3
>Get ₹1 Cr Term Plan @ ₹15/day^2
>Get ₹2 Cr Term Plan @ ₹21/day^3
close
Ask for an Agent
Sign up for personal visit and tailored advice from our expert agents