75 Lakh Term Insurance Plan

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.

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.

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.

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.

• Every insurer specifies minimum and maximum entry ages for each term insurance plan. These limits vary depending on the insurer and the specific product.
• The insurer specifies a maximum maturity age, which indicates the age until which life insurance coverage continues under the policy.
• Buying a term insurance policy at a younger age generally results in lower premiums because younger individuals typically present a lower mortality risk.

• Term insurance aims to compensate for an insured policyholder’s income for the nominee in case of death of the insured during the duration of the insurance period.
• Insurers assess the applicant's current income and financial profile to determine the appropriate sum assured and affordability of the policy.
• Applicants with stable and verifiable sources of income are generally more likely to qualify for higher sums assured, subject to the insurer's underwriting guidelines.
• Salaried as well as self-employed people are eligible to apply for life cover provided they have valid income documents.

• Prospective buyers must disclose all details related to their medical background, current health issues, surgical operations performed in the past, any medications they take, and the family medical history while filling up the proposal form.
• Depending on factors such as age, health history, lifestyle, and the chosen sum assured, the insurer may require a pre-policy medical examination.
• Providing complete and accurate health information helps ensure smooth underwriting and reduces the possibility of claim disputes in the future.

• The occupation of the person is evaluated by the insurer because some occupations carry a high risk for the individual.
• Individuals engaged in high-risk occupations such as mining, construction, aviation, or offshore operations may undergo additional underwriting and may be charged higher insurance premiums or be subject to specific policy terms.
• Lifestyle factors, including smoking, consumption of tobacco and drinking alcohol, are taken into account when assessing the person’s eligibility and premium rates.

• An Indian resident can obtain a term insurance plan worth ₹75 lakh by meeting the eligibility criteria set out by the insurer.
• Many insurers offer term insurance plans for NRIs and, depending on their underwriting guidelines, may also extend coverage to OCIs and PIOs.

• Proof of Identity: Aadhaar Card, Passport, Voter ID Card, Driving Licence or any other government-issued document which serves as proof of identity.
• Proof of Address: Aadhaar Card, Passport, Utility Bill, Driving Licence or other documents acceptable to the insurer.
• Proof of Age: Birth Certificate, Passport, Aadhaar Card, Class 10 Certificate or any other age-proof document acceptable to the insurer.
• Proof of Income: Recent salary slips, Form 16, Income Tax Returns (ITR), bank statements or audited financial statements as per the nature of employment of the applicant.
• PAN Card: Needed for purposes of identity verification and tax requirements.
• Passport-sized photograph recently taken: A recent photograph may be required as part of the policy application process.
• Medical reports (where applicable): Medical reports, if required by the insurer during underwriting.
• Additional documents (where applicable): Additional documents required by the insurer depending upon occupation, health, residential status of the applicant, etc.

• Meeting the basic eligibility criteria does not automatically guarantee policy approval.
• After the application and supporting documents are submitted, the insurer carries out the underwriting process, which may also include medical evaluation or additional document verification where required.
• In the process of underwriting, the company analyses the applicant's age, health condition, profession, income, and lifestyle.

• The primary purpose of term insurance is to replace the policyholder's income for their dependants.
• The sum assured should ideally be sufficient to help replace the financial contribution of the policyholder and support the family's future financial needs.
• People who have higher annual incomes will need to have higher life insurance cover to be able to cover the needs of their family financially.
• For single income earners, the amount of the sum assured should be sufficient to provide financial aid to the dependants until they become self-reliant.

• Mortgage.
• Car loan.
• Personal loan.
• Education loan.
• Business loan.

• Husband/Wife.
• Children.
• Parents in old age.
• Other members of the family who are financially dependent on the policyholder.

• Education of the children – school/higher studies.
• Marriage of the children.
• Living costs of the family.
• Medical costs.
• Retirement planning for the surviving spouse.
• Other financial requirements in the future.

• Savings bank accounts.
• Fixed deposit schemes.
• Mutual funds and other investments.
• Current life insurance covers.
• Group life insurance schemes offered by employers.
• Retirement savings.

• Inflation diminishes the value of money and makes it less capable of fulfilling future needs.
• Long-term policies should account for the rising cost of education, healthcare, and household expenses.
• A sum assured that is considered sufficient in the current period may turn out to be insufficient in the future because of inflation.
• Evaluating the impact of inflation may allow you to evaluate whether the sum insured for ₹75 lakh will be sufficient during the term of your insurance policy

• Young people who have just started their careers.
• People with average income levels.
• Families with low financial obligations.
• Those who have other life insurance policies or large financial assets.

• Getting married.
• Birth or adoption of a child.
• Buying a house on loan.
• Earning a lot of money.
• Establishing a new business enterprise.
• Taking up more financial responsibilities.

• **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 Axis 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.

• Sum assured – such as ₹75 lakh.
• Policy tenure.
• Frequency and period of premium payment.
• Rider benefits.
• Features and claims settlement procedure.

• Age.
• Income per year.
• Profession.
• Medical record.
• Habits.
• Residence.

• Age of the applicant.
• Sum insured chosen by the applicant.
• Duration of the plan.
• Type of premium.
• Whether an individual is a smoker.
• Health conditions.
• Riders.

• Personal information.
• Contact information.
• Job details.
• Income.
• Nominee information.
• Lifestyle information.
• Health condition.

• Identity proof.
• Address proof.
• Age proof.
• PAN Card.
• Proof of income through salary slips, Form 16, Income Tax Returns (ITR), or bank statements.
• Recent passport-sized photograph.
• Medical reports, if any.
• Additional documents that may be asked for during the underwriting process.

• Evaluate the health status of the insured.
• Help the insurer determine the applicable premium.
• Complete the underwriting process.

• Monthly
• Quarterly
• Half-yearly
• Annually
• Limited pay or single payment method, if available

• Sum assured
• Tenure of the policy
• Details of premium
• Nominee details
• Benefits of the rider
• Waiting period, exclusions, etc.