Buying a high-value term insurance plan is a long-term commitment. It ensures the family receives financial support in the event of the life assured's death, helping them manage daily expenses, loans, and future goals. Looking for the best ₹2 crore term insurance plans in India can be a practical choice for individuals with moderate to high income, offering structured protection for their loved ones.

Why Choose a ₹2 Crore Life Cover?

In an era of increasing living costs, a ₹1 Crore cover may no longer be sufficient for a person in their 30s. A ₹2 Crore sum assured is designed to act as:

Goal Security: It ensures that your children's higher education and other life goals remain financially reachable.

Key Points to Consider Before Choosing a ₹2 Crore Term Plan

Choosing the right plan means balancing coverage, features, and reliability to effectively protect your family.

Know Your Needs: Ensure the cover is sufficient for your family’s daily expenses, loans, and future goals, such as education. A good benchmark is 10–15 times your annual income.

Compare Features: Look for optional riders (like Critical Illness), reliable claim settlement, and flexible payout options.

Pick a Trusted Insurer: Choose a company with a strong track record and IRDAI compliance. High claim settlement ratio and solvency indicate reliability.

Read the Fine Print: Understand what’s covered, exclusions, waiting periods, and lifestyle-related clauses to avoid surprises.

Noted Term Insurance Providers in India

When searching for the best ₹2 crore term insurance plans in India, Bajaj Life Insurance is a significant contender. Known for its customer-centric approach, the company offers tailored solutions to every individual.

Key Performance Indicators

A critical factor in choosing an insurer is its ability to settle claims. Bajaj Life Insurance has demonstrated strong performance in this area:

Claim Settlement Ratio (CSR): The company achieved an individual death CSR of 99.29% for FY 2024-25, reflecting a high level of reliability for policyholders.

Solvency Ratio: As of March 31, 2025, the company maintains a robust solvency ratio of 359%, well above the regulatory requirement of 150%. This indicates a strong financial capacity to meet long-term obligations.

Factors Affecting Premium Rates

The cost of a ₹2 crore term insurance plan varies based on several factors:

Age and Health: Younger and healthier applicants typically pay lower premiums.

Policy Term and Coverage Amount: Higher coverage or longer terms usually increase the premium.

Lifestyle Choices: Smoking or tobacco use can raise the cost.

Being transparent about your health and habits ensures your claim is not rejected later.

How to Buy a Term Insurance Plan?

Buying a term plan is now a streamlined process. You have two main routes.

Online vs. Offline

You can buy a policy online or visit a branch (the offline route). However, buying online can be faster and more affordable. Online plans may lower your premium. Plus, you can compare plans side by side.

Step-by-Step Guide

Research: Use online calculators to estimate the premium for a ₹2 crore cover based on your age and smoking habits.

Select a Plan: Choose the insurer and the plan that best meets your needs. Add any riders if required.

Fill the Form: Complete the proposal form accurately. Declare your health status and lifestyle habits honestly.

Upload Documents: Submit the KYC and income proof documents (PAN, Aadhaar, ITR/Salary Slips).

Medical Test: For a high sum assured, the insurer may ask for a medical check-up.

Pay Premium: Once your proposal is accepted, pay the premium to activate the policy.

Conclusion

A ₹2 crore term insurance plan is a financial protection tool; it is a commitment to providing for your family's future. It is intended to cover liabilities, education costs, and living expenses, acting as a financial guardian. Assess your finances, compare options, and choose a provider that aligns with your financial protection goals.