Term Insurance Plan for 2 Crore Online in India

Rajveer, a 26-year-old professional, had retired parents as dependents and an annual income of ₹15 lakhs. He planned to marry in another 2-3 years and buy a house afterwards. Foreseeing future responsibilities, he bought a 2 crore term plan with a tenure of 20 years as a financial cushion for his dependents.

Unfortunately, at the age of 42, Rajveer suffered a cardiac arrest. At that time, he had a dependent wife, two kids, an outstanding home loan of ₹80,00,000, and dependent parents. Considering these liabilities and future significant expenses like the kids’ higher education, the sum of ₹2 crore was insufficient. Rajveer should have reevaluated his coverage once his responsibilities increased.

Choosing the right life coverage is essential for securing your financial future and providing peace of mind for you and your loved ones. What is that exact figure that you should choose to have a sufficient life coverage?

Let's find the answers:

Assess Your Life Goals

Understanding your life goals is the first step in choosing the right life coverage. Whether it's providing for your family, covering your children's education, or leaving a legacy, your goals will be the primary factor in deciding the type and amount of coverage you need.

Consider Your Financial Liabilities

Take into account your financial obligations, such as mortgages, loans, and any debts. The life coverage that you decide should be sufficient to cover these liabilities, ensuring your family doesn't inherit your financial burdens if anything happen to you.

At Digit, we don’t just talk about protecting families; we actually do it. In the last financial year, we paid ₹2.88 billion to families who lost a loved one. That’s a big jump from ₹351.52 million a few years ago, showing how much we have grown and how seriously we take our promise.

Every payout represents a family supported, a future safeguarded, and a promise fulfilled. We make sure claims are settled quickly and clearly, with zero confusion, so families don’t have to worry during tough times. 

At Digit, being financially strong isn’t just a goal; it’s how we earn your trust. Our solvency ratio has grown from 2.07 to 3.85, which means we are more than ready to keep every promise we make.

This number shows we have more than enough funds to pay claims and support families, even in tough times. In fact, our ratio is nearly double the required limit, giving you extra peace of mind.

Because when you choose life insurance, you are not just buying protection; you are trusting us with your family’s future. And we take that seriously.

Certain factors can lead to rejection when applying for a 2 Crore term insurance plan. Understanding these reasons can help applicants better prepare and address potential issues beforehand.

Suicide

Most insurance policies have a suicide clause, typically stating that if the insured commits suicide within a specified period (usually one or two years) from the policy start date, the claim will not be honoured. Also, If the insurance company suspects the application is an attempt to benefit from such circumstances, they may reject the policy.

Participation in Hazardous Activities

Individuals engaging in hazardous activities like skydiving, scuba diving, motor racing, and other high-risk sports are considered high-risk. Insurers may reject applications or charge higher premiums to cover the increased risk of death.

Self-Inflicted Injuries

Policies often exclude coverage for death due to self-inflicted injuries. If there's evidence that the applicant has a history of self-harm or attempted suicide, the insurer may deny coverage.

Criminal Activities

Death resulting from criminal activities such as involvement in illegal activities, participation in violent acts, or membership in criminal organisations is usually excluded from coverage. Insurers may reject applicants with a criminal record to mitigate risk.