Getting adequate term insurance is among the wisest decisions you can make for your loved ones. A sufficiently large sum assured allows your family to meet financial goals, maintain a lifestyle and have complete peace of mind when you are not around. Here is a detailed look at why you should buy a term cover of ₹3 crores.
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A term insurance plan is a pure protection life plan that pays out the sum assured to your nominee in case of your unfortunate demise during the policy tenure. The sum assured paid to your nominees ensures your loved ones are not financially burdened in your absence. Premiums in term plans are very low—just a tiny fraction of the insurance cover.
A 3 Crore Term Insurance is a life insurance policy that gives your family a cover of 3 Crore rupees if you pass away during the policy term. You pay a fixed premium every month or year to keep the plan active.
This type of term insurance plan is helpful for people who want high coverage at a low premium. The amount can support your family’s major expenses, such as your home loan, children’s education, daily lifestyle costs, and future financial needs.
In simple words, a 3 Crore Term Insurance Plan offers significant financial protection of 3 crore so that your family can continue living without financial worries in your absence.
The money can help your family maintain the same lifestyle and meet all financial goals without compromising after you are gone.
Let us understand this better with Raj’s example:
Raj, at the age of 35, was the sole earning member of a family of four with two school-going kids. He had taken out a home loan of ₹50 lakhs. Raj had also purchased ₹3 crore term insurance for 20 years to ensure his family stayed financially secure if anything happened to him.
Unfortunately, Raj met with a fatal accident at the age of 41. His term policy paid the ₹3 crore claim amount to his nominee. This money helped:
✔ Clear the pending home loan immediately
✔ Created fixed deposits to earn monthly interest income
✔ Paid for children’s higher education and wedding
✔ Allowed Raj’s family to maintain the same lifestyle
So, ₹3 crore was an adequate corpus to enable the financial independence of Raj’s family after his sad demise at a young age.
Why ₹3 Crore is Ideal for a Middle-Class Professional - Reeta Sharma
Financial Cushion: Reeta, a 32-year-old professional, has a ₹3 crore plan that helps ensure her family's lifestyle and essential needs are met in her absence.
Debt Protection: It clears existing debts, such as mortgages and personal loans, easing the family's financial burden.
Education & Future: The sum assures funds for children’s education and future milestones.
Why ₹3 Crore is Ideal for a High-Income Executive - Gokul Das
Lifestyle Maintenance: Gokul, a 42-year-old high-income executive ₹3 crore, ensures the family’s high standard of living is preserved.
Extensive Liabilities Coverage: It covers major liabilities, including large home loans and business investments.
Future Financial Goals: Supports long-term goals such as setting up trusts, charitable donations, and securing premium education.
Why ₹3 Crore Term Plan is Ideal for a Small Family (3-4 members) - Karna Desai
Adequate Coverage: Karna’s ₹3 crore plan ensures his small family can maintain their lifestyle and meet essential needs.
Future Expenses: It covers educational and future expenses, providing financial stability for his spouse and one child.
Emergency Funds: The sum assured acts as a substantial emergency fund, covering unexpected costs and ensuring security.
Why ₹3 Crore Term Plan is Ideal for Large Family (5 or more members) - Rita Sharma
Comprehensive Coverage: Rita’s ₹3 crore plan provides extensive coverage to support her large family and ensure all dependents are cared for in her absence.
Educational Support: It covers the educational expenses for multiple children and supports their future needs.
Long-Term Security: This position ensures long-term financial security by handling household expenses and the large-scale needs of a big family.
A ₹3 Crore Term Coverage is well-suited to a large population. It strikes a balance that isn't excessively high or too low.
Purchasing term insurance comprises a few simple steps:
First, determine the sum assured you need based on income, expenses, loans, and your family’s financial goals. Then, riders can opt for enhanced protection.
Next, use the term plan premium calculator to determine the yearly costs payable. Then, compare quotes online from top insurers. You can use an online term insurance calculator to estimate premiums.
You may need to undergo prescribed medical tests to confirm your health status.
Pay renewal premiums on time for uninterrupted coverage. By doing so, your nominee will receive the total sum assured whenever a claim arises during the policy term.
The Sum Assured in term insurance is the amount your family will receive if you pass away during the policy period. It is the most important part of a term plan because it decides how much financial support your loved ones will get. If you choose a higher sum assured, your family can manage big expenses like home loans, children’s education, daily costs, and future goals without stress. If the sum assured is too low, it may not be enough to cover these needs.
Reasons why sum assured is important:
In short, choosing the right sum assured in term insurance means your family will have enough money to live comfortably, even if you are not there. So, apart from a 3 crore term plan, you can also check other coverage options and choose the one that suits you best.
The best way to choose the right 3 Crore Term Insurance plan is to look at important things like the claim settlement ratio (CSR), the right policy term, premium amount, extra benefits, and how easy it is to buy and manage the plan.
Here are a few simple tips to help you decide:
Choose a company with a high claim settlement ratio. It shows that the insurer pays out claims on time.
Select a term that covers you till your retirement or your family’s financial goals are met.
Compare premiums from different insurers. Make sure the cost fits your budget.
Some plans allow you to increase or decrease coverage later. This helps if your life situation changes.
Look for features like critical illness cover, accidental death benefit, or free will creation.
Choose a plan with a smooth and digital claim process for your family’s convenience.
An online plan is faster to buy, manage, and update, as no paperwork is needed.
Here are the benefits of purchasing term cover of ₹3 crores:
A sum of this size allows your family to meet all monetary needs, such as children’s education, wedding expenses, outstanding debt repayment, retirement planning, and maintaining the same lifestyle as before. It ensures their complete financial independence.
The claim payout allows fulfilling not just one but multiple needs simultaneously. Your family gets absolute financial freedom.
Term insurance charges extremely economical premiums despite the sizable life cover offered. The annual premium for ₹3 crore may range from ₹7,000 to ₹15,000, depending on age and policy term. Also, pricing and features are standardised across companies for easy comparison, so costs are nominal for this high-risk protection.
You can claim deductions under Sections 80C and 80D on premiums paid towards a term policy. Even the large claim amount received as a death benefit is exempt from tax under Section 10(10D).
You can customise your term insurance according to your specific needs regarding policy terms, premium terms, payout modes, riders, etc.
Today, the entire policy application, approval, and claims process happens online. You must fill out the details, upload KYC documents, and undergo a medical checkup at home.
When you choose a term insurance plan, it’s important to explore different options. ACKO Term Life Insurance offers instant policy adjustments, flexible coverage options, cost efficiency, stable premiums, a 100% digital process, and even free will creation.
Here are some key features that make the ACKO Life Flexi Term Plan stand out:
| Feature | ACKO Advantage | Traditional Plans |
| Claim Settlement Ratio | 99.38%* | Varies from 95-98% |
| Policy Adjustments | Instant changes via app | Often requires paperwork |
| Coverage Flexibility | Increase or decrease coverage anytime | Usually restricted to life events |
| Cost Efficiency | Up to 40% savings | Higher premiums |
| Premium Stability | Age-wise premiums remain fixed | May increase with inflation |
| Digital Experience | 100% online process | Often requires offline steps |
| Free Will Creation | Yes | Generally not offered |
Follow this simple process to purchase a term insurance plan offering ₹3 crores coverage:
Check whether ₹3 crore is the appropriate sum based on your annual income, living expenses, outstanding liabilities, loans, children's academic/marriage costs, and your family's inflation-adjusted future goals.
For instance, if your current annual income is ₹30 lakhs, the ideal term cover is ₹3 crore to ₹5 crore under the human life value approach.
Next, use an online term plan premium calculator to compare quotes from leading insurance providers. You can get quotes based on age, sum assured, policy term, premium payment term, and smoker/non-smoker status.
Narrow down plans charging the most competitive premiums with maximum benefits.
Analyse important aspects like claim settlement record, policy term flexibility, service quality and speed, network hospital count, premium rates, etc., and shortlist the most suitable insurer. Check out ACKO’s unique term plan, ACKO Life Flexi Term Plan.
Complete the online application form by sharing basic personal, income, family, and health details. Before submitting the form, cross-check policy features.
Finish KYC verification by uploading proof of identity and address. Pay the first premium via net banking, cards, EMI, etc., to instantly activate the policy.
To continue your coverage, pay renewal premiums regularly before the due date. The premium term can be single or limited throughout the policy term.
The ACKO Term Insurance Plan offers many unique benefits that are helpful for individuals looking for flexible and reliable life cover. Here are some of the main reasons why you should choose the ACKO Life Flexi Term Plan:
ACKO offers competitive premium rates, making term insurance more affordable.
ACKO offers valuable term insurance riders, such as the ACKO Life Critical Illness Benefit Rider, the ACKO Life Accidental Death Benefit Rider, and the ACKO Life Accidental Total Permanent Disability Benefit Rider.
ACKO provides a seamless online experience for purchasing and managing policies.
ACKO offers a smooth and quick claim process, so families receive financial support without any hassle. ACKO has a solid claim settlement ratio of 99.38%*.
You can easily customise your term insurance with riders.
With ACKO, what you see is what you pay. It’s fully transparent, with no hidden fees or surprise costs. Check out ACKO term insurance reviews to learn more.
The ACKO Life Critical Illness Benefit Rider covers 21 critical illnesses, including cervical cancer, breast cancer, ovarian cancer, fallopian tube cancer, and many others. Here is the complete list of covered critical illnesses:
Opting for a term plan with sufficient coverage of ₹3 crore ensures complete financial security for your dependents in case of your untimely demise. A high sum assured allows simultaneously fulfilling multiple big-ticket family goals while maintaining the current lifestyle. It can prove highly prudent for young parents, sole breadwinners, and working professionals with significant outstanding liabilities. Compare quotes using a term plan calculator before choosing a flexible term policy.
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Reviewed by Vaibhav Kumar Kaushik 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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