75 Lakh Term Insurance Plan In India 2025

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Keep these Documents Handy
Photo	Colored Photo
PAN Card	PAN Card/ Form 60
Age proof (Any one)	Passport Aadhar card Driver’s License Birth Certificate Baptism Certificate of PAN card
Income documents (Any one)	Last 6 months Bank statement with salary credit Form 16 Last 3 years ITR with Computation of Income (COI) Last 3 months salary slip + Last 6 months bank statement showing salary credited
Address proof/ID proof (Any one)	Passport Aadhar card Voters ID Driver’s License

^*Above illustration is for Bajaj Allianz Life eTouch- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan(UIN:116N172V04) considering Male aged 22 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term(PPT)– 30 years | Sum Assured opted is Rs. 5,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 18,038. 2nd Year onwards premium Rs. 19,257. Total Premium Paid is Rs. 5,76,491 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 45, Income Payout Percentage: 55) | Premium shown above is inclusive of Online Discount only 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 carefully before concluding a sale. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.

^**The output generated through calculator are on the basis of the data inputted by you and is being provided to you solely for your reference purpose and not to be construed as investment advice. Please seek independent advice from your insurance consultant before making any investment decisions. While proper caution has been taken in designing this calculator, Bajaj Allianz Life Insurance Co. Ltd. assumes no liability for the accuracy of the information and data provided in this tool.

^##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 Benefits up to ₹ 14,000 per year

S No.

Value Added Service

Frequency

Cost (₹)

Doctor Teleconsultations

Consultation per month
= 24 consultations per year

Average cost per session = ₹500
Total cost per year = ₹500 * 2 * 12 = ₹1200

Network Discounts
Medicines (M) - 10%, Lab Booking (L) - 10%,
In-Patient Hospitalization (P)- 5%,
Out-Patient Consultation (O) - 10%

Throughout the year

Assumption - Total Expenses of these throughout the Year	Total Discounts that can be availed throughout the year
M - ₹5,000	₹500
L - ₹5,000	₹500
O - ₹5,000	₹500
P - ₹10,000	₹500

Total per year as per assumptions

₹ 14,000

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

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

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Written ByShruti Gujarathi

AboutShruti Gujarathi

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, with deep expertise in insurance domain.

Reviewed ByRosy Pathak

AboutRosy Pathak

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.

What is a ₹75 lakh Term Insurance Plan?
Benefits of ₹75 Lakh Term Insurance Plan
How does a ₹75 lakh term insurance plan work?
Term Insurance Plans from Bajaj Allianz Life
Who Should Opt for ₹75 lakh Term Insurance?
How do you choose the right ₹75 lakh term plan?
Factors Affecting the ₹75 lakh Term Insurance Premium?
How to Buy a ₹75 Lakh Term Insurance Plan?
Why Bajaj Allianz Life Insurance ?
Conclusion
FAQs

What is a ₹75 lakh Term Insurance Plan?

A ₹75 lakh term insurance plan is a life insurance policy that gives a life cover of ₹75 lakhs for the selected policy tenure . If the life assured dies, the nominee receives ₹75 lakhs as a death benefit, subject to terms and conditions. This type of cover can help ease the financial pressure on a family and can be useful for bearing certain expenditures, such as household expenses, loans, or children's education.

Benefits of ₹75 Lakh Term Insurance Plan

Feature	Description
Financial Security	A ₹75-lakh term insurance plan can help protect the financial security of the family if the insured is the sole breadwinner and dies unexpectedly.
Meet Financial Liabilities	A ₹75-lakh term insurance plan help meet your financial liabilities and pay your outstanding loans, if any and expenses like children's education and marriages.
Extended Coverage	Some term insurance plans may also cover critical illnesses and disability as inbuilt coverage, or it can be added to the term plan through riders to get extended coverage in times of need.
Flexibility	Term insurance plans offer flexible terms and conditions, allowing you to select the policy tenure and customize coverage options based on your insurance needs. Some plans might also have the option to receive the death benefit as a lumpsum, as monthly instalments, or a combination of both, as per your financial requirements.
Tax Benefits	Term insurance plans offer tax deductions of up to ₹1.5 lakhs per annum U/S 80C of the Income Tax Act for premiums paid for the policy^[1] subject to certain conditions under old tax regime. The death benefit received is also tax free^[2]. Further, the maturity benefit (i.e., the return of premiums) under the Return of Premium Term plan is exempt from tax under Section 10(10D), subject to certain conditions^[1].
Payout Options	Term insurance plans offer various payout choices for the nominee. In the case of a claim, the payout can be: Lump sum: The full ₹75 lakhs is paid at once. Regular payout: A fixed amount is paid regularly for a certain period. Combination: Part of the cover is paid as a lump sum, and the rest in periodic instalments. You can select the payout option depending on your family’s future financial needs.
Add Riders to Your Plan	To enhance the scope of your 75 lakhs term insurance plan, you can add optional benefits called riders at an additional nominal premium. Some commonly available riders include: Accidental death benefit rider Critical illness benefit rider Waiver of premium rider

How does a ₹75 lakh term insurance plan work?

A ₹75 lakh term insurance plan provides a sum assured of ₹75 lakhs, offering the flexibility to customise the plan by choosing the policy tenure, premium payment term, payment frequency, and optional riders. The premium is calculated based on these choices, along with your age and health conditions, and other risk factors.

You pay premiums according to the selected terms and frequency. If the life assured happens to pass away during the policy tenure, ₹75 lakhs is paid out as the death benefit to the nominees, subject to policy terms & conditions. Further, some term plans offer whole life coverage, i.e., 99 or 100 years of age, providing whole life coverage.

However, if the life assured survives the term, no maturity benefit is provided under standard plans. Whereas, if the Return of Premium option is chosen, the paid premiums are refunded as maturity benefits. By paying an additional premium, one can also enhance the coverage through optional add-ons/riders, such as an accidental death benefit. In the event of death/disability suffered by the life insured as covered by the rider, the rider's benefits would be paid in addition to the sum assured of the plan.

Term Insurance Plans from Bajaj Allianz Life

Who Should Opt for ₹75 lakh Term Insurance?

A 75 lakh term insurance plan is a type of life insurance plan suitable for individuals who have dependents and want to protect their family’s financial future with a sum assured of Rs 75 Lakhs . The following people can opt for a term insurance:

Primary earners in a household want to make sure their family has the financial stability to continue even after their death.
Individuals with loans or debt, such as personal loans, or education loans. Their dependents can use the said payout to pay off these liabilities.
Parents who want to secure their child’s future education and marriage expenses with the said amount.
Individuals planning retirement to ensure their spouse and family’s future is protected with the said amount even after they are gone.

How do you choose the right ₹75 lakh term plan?

When choosing the right ₹75 lakh term plan, consider the following factors:

Premium Charged

Compare premiums across various ₹75 lakh term plans. Assess the premium charged for the plan to find the most cost-effective option.
Ease of Claim Settlement

Check the claim settlement ratio of the insurance company. A high claim settlement ratio typically indicates that the insurer is efficient in settling claims.
Comprehensive Protection

A 75 lakhs term plan offers a death benefit of 75 lakhs. However, depending on the plan, you can also choose additional riders like critical illness benefit rider, accidental death benefit rider etc at an additional nominal premium to enhance coverage under the plan.

Factors Affecting the ₹75 lakh Term Insurance Premium?

Several factors affect the amount of the premium of ₹75 lakh Term Insurance. These include the following^[3]:

Your age

The premium of the insurance plan is higher for older individuals, and it increases as one ages since they have a higher mortality risk. Younger individuals benefit from lower premiums as they are less likely to make a claim.
Gender

Premiums for women are generally lower than those for men. Women have a longer life expectancy, leading to lower mortality risk and, thus, lower premiums^[4] .
Health Status

Individuals having pre-existing medical conditions or a family history of illnesses might be charged higher premiums. Insurance companies assess health through medical examinations and pre-check-ups.
Occupation

Jobs which are dangerous in nature or that involve high risk, such as those in aviation, mining, defense, or construction, may lead to increased premiums due to the higher risk of accidental death.
Lifestyle Choices

Smokers, individuals consuming alcohol, and those having unhealthy lifestyles often face higher premiums. Smoking is associated with an increased risk of life-threatening diseases, thus increasing the premiums.
Optional Riders

Optional riders, such as critical illness coverage or accidental death benefits, enhance the coverage of the plan but also increase the premium.

These add-ons provide extra benefits beyond the base term insurance policy.

How to Buy a ₹75 Lakh Term Insurance Plan?

To buy the ₹75 lakh cover from an insurance company, simple steps need to be followed:

Understand your insurance needs
Check basic eligibility
Compare plans
Choose policy details like policy term, premium paying term, sum assured, etc
Fill out the proposal form6. Complete medical tests (if required)
Proposal form is reviewed by the Insurer and acceptance/rejection is communicated by the Insurer8. If proposal i is accepted, pay the premium

99.29%

Claim Settlement Ratio^~

1 Day

Get 1 Day Claim Approval^%

AAA

Stable Rating by CARE^$$

₹1,31,052 Cr

Assets Under Management (AUM)^***

3.58 Cr

Number of Lives Covered^##

359%

Solvency Ratio of 359%^{^^^}

Disclaimer:^~Individual Death Claim Settlement Ratio for FY 2024-2025 | ^%99.29% of non-investigative individual claims approved in one working day for FY 2024-25. 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. 96% of non - investigative claims notified were processed within one day in FY’25 | ^$$For details refer to press release published by CARE | ^***All figures as on 30 June, 2025 | ^{^^^}Solvency ratio 359% as at 31 March 2025 against IRDAI mandated 150% | ^##Individual and group, as on 30 June, 2025.

Conclusion

Opting for a ₹75 lakh term insurance plan is a smart decision to safeguard the future financial stability of your family. The coverage can ensure a safety net whether you're just starting out your career, planning a family, or approaching retirement. It can ensure that your loved ones are shielded and protected from financial strain in your absence, offering much-needed peace of mind and empowering them to achieve their long-term financial goals without worries..

Frequently Asked Questions

1. Are there eligibility criteria for opting for a ₹75 lakh term insurance plan?

Yes, there are eligibility criteria for opting for a ₹75 lakh term insurance plan. The life assured must meet the eligibility criteria of the plan, which typically includes factors such as age etc.

2. What happens at the end of the policy term of a ₹75 lakh term insurance plan if the life assured survives the policy term?

If the ₹75 lakhs term insurance plan is a standard term plan, no maturity benefit would be payable at the end of the policy term. However, if it is a return of premium plan, the premiums paid for the plan would be refunded as a maturity benefit at the end of the policy term.

3. Can I surrender or cancel my ₹75 lakh term insurance plan?

Yes, you can cancel or surrender your ₹75 lakh term insurance plan. If it's a pure term plan, you won’t receive any return of premium . However, if it’s a return of premium (TROP) policy, you will get a surrender value (subject to the terms and conditions of the plan) which is a portion of the premiums paid till the surrender date. Always check your policy terms before cancellation.

4. What if I miss paying my Term Insurance premium on time?

If you miss the premium payments of the ₹75 lakhs term insurance plan, you can pay the premiums within the grace period. Grace Period is the additional time given for payment of premium after the due date. It is 15 days where premium is paid in for monthly instalments and 30 days where premium is paid in yearly, half yearly and quarterly instalments. ^[5]. However, if you happen to fail to pay the premiums even during the grace period, your policy will lapse.

5. Is a medical examination required to apply for a ₹75 lakhs term insurance plan?

Yes, some insurers may require a medical examination. They assess the health conditions and pre-existing illnesses of the assured to check the risks associated before issuing the term plan.

6. What tax exemption will I get on a ₹75 lakh term insurance plan?

Premiums paid are eligible for tax deductions under Section 80C (for old tax regime), and in case of death benefit will be exempt under Section 10(10D) of the Income Tax Act, subject to terms and conditions therein.

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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.

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: Medicines (M) - 10% Lab-test booking (L) - 10%	Throughout the year	Assumption – Total expense on these services throughout the year	Total discounts that can be availed throughout the year
M - ₹ 5,000	₹ 500
L - ₹ 5,000	₹ 500
Total per year as per assumption	₹ 31,000

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Claim Settlement Ratio of 99.29%^~

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₹ 75 Lakh Term Insurance

What is a ₹75 lakh Term Insurance Plan?

Benefits of ₹75 Lakh Term Insurance Plan

Financial Security

Meet Financial Liabilities

Extended Coverage

Flexibility

Tax Benefits

How does a ₹75 lakh term insurance plan work?

Term Insurance Plans from Bajaj Allianz Life

Who Should Opt for ₹75 lakh Term Insurance?

How do you choose the right ₹75 lakh term plan?

Premium Charged

Ease of Claim Settlement

Comprehensive Protection

Factors Affecting the ₹75 lakh Term Insurance Premium?

Your age

Gender

Health Status

Occupation

Lifestyle Choices

Optional Riders

How to Buy a ₹75 Lakh Term Insurance Plan?

Why Bajaj Allianz Life Insurance ?

Claim Settlement Ratio~

Get 1 Day Claim Approval%

Stable Rating by CARE$$

Assets Under Management (AUM)***

Number of Lives Covered##

Solvency Ratio of 359%^^^

Frequently Asked Questions

1. Are there eligibility criteria for opting for a ₹75 lakh term insurance plan?

2. What happens at the end of the policy term of a ₹75 lakh term insurance plan if the life assured survives the policy term?

3. Can I surrender or cancel my ₹75 lakh term insurance plan?

4. What if I miss paying my Term Insurance premium on time?

5. Is a medical examination required to apply for a ₹75 lakhs term insurance plan?

6. What tax exemption will I get on a ₹75 lakh term insurance plan?

Customer Speaks

Term Insurance Guide

Articles

Calculators

Podcasts

Videos

Types Of Term Insurance Plans In India

Rider Benefits under Term Insurance

What Are The Documents Required For Term Plan?

Benefits of Term Insurance

Underinsurance Calculator

Fixed Deposit Calculator

NPS Calculator

SIP Calculator

Retirement Preparedness Score Calculator

Child Education Planning Tool

Term Insurance Calculator

Claim Settlement Ratio^~

Get 1 Day Claim Approval^%

Stable Rating by CARE^$$

Assets Under Management (AUM)^***

Number of Lives Covered^##

Solvency Ratio of 359%^{^^^}