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What Our Plans Cover
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Death benefit of ₹2 crore to the n...
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Terminal illness acceleration on m...
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Choice of lump sum
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Optional critical illness rider
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Optional accidental death benefit...
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Optional waiver of premium on tota...
Who Can Consider This Plan?
- Entry age typically 18 to 65, with cover ceasing between 60 and 85
- Demonstrable income — the sum assured must be justified by earnings
- Full disclosure of health, smoking, alcohol use and family medical history
- Medical examination, usually required above a threshold age or sum assured
- Indian resident or NRI, subject to the insurer's country rules
What May Not Be Covered?
- Suicide within the first twelve months
- Death from material facts concealed at proposal stage
- Sum assured above what income and financial underwriting support
- Undeclared hazardous occupations and pursuits
- Any survival or maturity benefit — this is pure protection
Always check the policy wording before you commit.
Why Choose Wealth & Covers?
- Expert advice to choose the right plan
- Plans from leading insurance companies
- Hassle-free process and documentation
- End-to-end support, including claim assistance
- Dedicated relationship manager
Our Insurance Partners
- Star Health Insurance
- Care Health Insurance
- Niva Bupa Health Insurance
- HDFC ERGO
- ICICI Lombard
- Bajaj Allianz
We represent multiple providers to help you find the most suitable option at the best price.
- Expert Guidance Personalised advice from experienced insurance professionals.
- End-to-End Support From choosing the right plan to claim assistance, we are with you always.
- Claims Assistance Hassle-free claim support to ensure you get what you deserve.
- Transparent Process Clear information, easy documentation and a hassle-free experience.
Overview
Two crore has become a common benchmark for term cover among urban salaried professionals, and for a household with a metro home loan, private schooling and a single primary earner, it is often a realistic rather than a generous figure.
At this level the buying process changes. Insurers apply financial underwriting as well as medical underwriting: you must demonstrate income that justifies the cover, usually through filed returns and Form 16, and the sum assured is capped at a multiple of your earnings. A twenty-five-year-old earning six lakh will not be issued two crore regardless of willingness to pay.
The premium, though, surprises people in the other direction. For a healthy non-smoker in their early thirties, two crore of cover typically costs less per month than a family's monthly grocery bill.
Who should consider it
Urban professionals with an annual income upwards of roughly fifteen lakh, a home loan, and children whose education has to be funded. Single-earner households where the loss of that income would be immediate and total.
Also anyone whose existing cover was set years ago at a figure that no longer reflects their liabilities. A five-year-old sum assured chosen before a home loan is a common and serious shortfall.
Benefits
- A sum assured large enough to clear a metro home loan and still fund education
- Cost per lakh of cover falls as the sum assured rises
- Structured payout options — lump sum, monthly income, or both
- Riders can add critical illness and accidental death at this scale meaningfully
- Premium under Section 80C; death benefit tax-free under Section 10(10D)
- Financial underwriting at this level produces a well-documented, robust policy
What is covered, and what is not
Read the right-hand column first. It is the one that decides whether a claim is paid.
Typically covered
- Death benefit of ₹2 crore to the nominee
- Terminal illness acceleration on most plans
- Choice of lump sum, staggered monthly income, or a combination
- Optional critical illness rider, often up to a defined proportion of the cover
- Optional accidental death benefit rider
- Optional waiver of premium on total disability
Typically not covered
- Suicide within the first twelve months
- Death from material facts concealed at proposal stage
- Sum assured above what income and financial underwriting support
- Undeclared hazardous occupations and pursuits
- Any survival or maturity benefit — this is pure protection
- Death during a lapse in cover
Inclusions and exclusions vary between providers and between plans from the same provider. The wording in your own policy document is what governs — we will walk you through it before you buy.
How it works with us
- 1 We work out the cover, before the plan Income, liabilities, dependants and the years they need supporting. The sum assured is the decision; the brand is a detail.
- 2 Underwriting reality check Health, occupation, smoking and family history decide who will accept you and at what price. Better to know now than after a rejection.
- 3 Two or three quotes with the claim record attached Premium matters, but so does the insurer's claim settlement history and how it treats early claims.
- 4 Proposal, medicals and financial underwriting Medicals are arranged at home. For larger cover the insurer will also want income proof — we prepare that file properly.
- 5 Policy issued, and your family knows where it is A term plan nobody can find is a term plan that does not pay. We make sure the nominee has the details.
Important considerations
The things a brochure tends to leave out. Read these before you decide.
- Two crore is a benchmark, not an answer. Work out what your household actually needs — outstanding loans plus education plus capital to replace your income — and buy that number, whether it is one crore or four.
- Financial underwriting means the sum assured must be justified by demonstrable income. Keep two or three years of filed returns ready; incomplete income documentation is the most common cause of delay at this level.
- Full medicals are standard here. Complete them honestly — at this sum assured, the insurer will investigate an early claim thoroughly.
- Consider how the money should reach your family. A lump sum assumes financial confidence; a monthly income option can protect a family that would struggle to manage two crore at once.
- Buying two crore at thirty and two crore at forty-two are very different propositions. The premium roughly doubles, and the health that makes you insurable is less certain.
Documents required
- Completed proposal form with full health and lifestyle disclosure
- Identity proof — Aadhaar, passport or PAN
- Address proof
- PAN card, mandatory for life insurance
- Income proof — salary slips, Form 16 or filed returns
- Bank statements, for larger sums assured
- Medical reports, arranged by the insurer
- Recent passport-size photograph
Frequently Asked Questions
What income do I need to be approved for ₹2 crore?
Broadly fifteen lakh a year or more, though insurers differ and the multiple applied varies with age — younger applicants are generally allowed a higher multiple of income. You will need filed returns or Form 16 to demonstrate it.
Is ₹2 crore too much cover?
It depends entirely on your liabilities. For a household with a metro home loan, two children in private school and one earner, it is often a realistic figure rather than a generous one. For a young single earner with no dependants and no debt, it is more than the need justifies.
Why is the premium lower per lakh at this level?
Because a large part of an insurer's cost is fixed per policy rather than per rupee of cover. Spreading that across a larger sum assured reduces the cost per lakh, which is why doubling cover rarely doubles the premium.
Will I need a medical test?
Almost certainly, and a full one. At this sum assured, insurers examine both health and finances closely. That thoroughness works in your family's favour later — a well-underwritten policy is a policy that is harder to contest.
Should the payout be a lump sum or a monthly income?
Consider who receives it. A lump sum offers flexibility and assumes financial confidence. A staggered monthly income protects a family that would find managing a very large sum difficult. Many buyers choose a partial lump sum to clear the loan, with the balance as income.
Want a shortlist instead of a catalogue?
Tell us the situation and an advisor comes back with two or three options that actually fit — and names what each one gives up.