- High coverage at a low premium
- Financial protection for your family’s future
- Tax benefits up to Rs. 46,000`` under Section 80C and 10(10D)
- Dedicated claim assistance
- Customisable plans to suit your needs
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In summary
A Rs. 60 lakh term insurance plan provides a Rs. 60 lakh payout to the nominee if the life assured dies during the policy term, subject to the policy terms and conditions. It can help cover household expenses, outstanding loans and future financial goals.
- Policy term: Term insurance plans may offer policy terms ranging from 10 to 40 years, depending on the insurer and plan.
- Coverage benchmark: You may consider 10–15 times your annual income as a starting point when assessing your life cover needs.
- Rs. 60 lakh cover: A Rs. 60 lakh cover may help replace your income for 10–15 years, depending on your family's financial needs and liabilities.
- Premium: Premiums depend on factors such as age, health, lifestyle, sum assured and policy term.
- Optional riders: Riders may provide additional protection, depending on the plan and your requirements.
- Tax benefits: Eligible premiums and policy benefits may qualify for tax deductions or exemptions, subject to applicable tax laws and conditions.
A Rs. 60 lakh cover may be suitable if it adequately covers your family's liabilities, regular expenses and future goals. Assess your financial responsibilities before choosing the sum assured.
What is a 60-lakh term insurance plan?
Importance of term insurance
A 60 lakh term insurance plan is a pure life cover that provides your family with a payout of Rs. 60 lakh in case something happens to you during the policy term. It’s not a savings or investment policy—it’s protection with purpose.
Because there are no maturity benefits, the premium is much lower compared to other insurance types. You can start young, lock in a low premium, and relax knowing your family’s future is financially secured.
Want to see what your premium might be? Check plans of 1 crore term insurance, starting at Rs. 14/day* and get quotes online at just a few clicks.
Why should you buy a Rs. 60 lakh term insurance plan?
Here’s why it’s a smart move:
Low cost, high cover:
Affordable premiums can get you coverage that lasts decades.
Covers major life goals:
Funds for your child’s education, home loan EMIs, and everyday living.
Peace of mind:
Once it’s done, it’s done. You’ve secured your family's financial future.
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Why do you need a 60-lakh term insurance plan?
Top reasons:
Replace income for 10–15 years:
Ensure your family doesn’t compromise on needs or dreams.
Repay liabilities:
Settle home loans or other debts without worry.
Future-proof education goals:
Give your child a shot at the best, without interruption.
Secure a financial legacy:
Leave behind more than memories.
How does a 60-lakh term insurance plan work?
You can customise the policy according to your life stage, financial goals, and affordability.
Here’s a quick breakdown:
- Select sum assured: Rs. 60 lakh
- Choose policy term: 10–40 years
- Pay fixed premium: Premiums are lower for a non-smoker and for those with healthy lifestyle habits
- Get add-ons: Critical illness, accidental death, waiver of premium, etc.
- Nominee receives payout: In case of death during policy term
What are the benefits of buying a term insurance plan for 60 lakh coverage?
Choosing a 60 lakh term insurance plan isn’t just a financial decision—it’s a promise of care, stability, and peace for your family’s future.
What makes it worth it?
More coverage, less cost:
You get a high sum assured for a surprisingly low premium—ideal for smart budgeting.
No premium surprises:
Once set, your premium stays the same throughout your policy term.
Tax benefits:
You may be eligible to claim deductions of up to Rs. 1.5 lakh per year under Section 123 of the Income Tax Act 2025 if you have opted for the old tax regime, as per prevailing tax laws another reason to start investing early.
Tailored protection:
Add optional benefits like critical illness or accidental death cover based on your life stage and goals.
Hassle-free claims:
Most insurers now offer a simple, online claim process—easy for your family when they need it the most.
Note: Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors.
How do you determine the right coverage amount in term insurance?
Start by calculating:
10–15 times your annual income:
A good benchmark for long-term replacement.
Outstanding loans or debts:
Home loan, car loan, or business liabilities.
Future goals:
Education, marriage, healthcare.
Daily expenses x number of years:
Multiply monthly spending with estimated dependent years.
Not sure what amount fits your life? Fill in a few details to check term insurance plans available for you and Get Quote – all in a few seconds.
Factors to consider before buying a term insurance plan of 60 lakh coverage
Term that matches your goals:
Align with your retirement age or youngest child’s independence.
Affordability:
Pick a plan you can comfortably maintain.
Company credibility:
Look at claim settlement ratio, customer feedback.
Add-on riders:
Customise based on health or lifestyle risk.
Online vs offline:
Buying online can save 20–30% on premium.
Get curated plan options and price comparisons straight on your mobile screen. Just verify your number to Get Quote!
How do you choose the right Rs. 60 lakh term insurance plan?
- Sum assured: Check whether Rs. 60 lakh is sufficient for your income, debts and future goals.
- Policy term: Choose a policy term that matches your financial responsibilities and your dependants' needs. Term plans may offer coverage for 10–40 years, depending on the insurer and plan.
- Premium: Compare the final premium offered after underwriting.
- Payout option: Select a payout structure that suits your nominee's financial needs.
- Riders: Add only relevant optional benefits.
- Insurer: Review claim settlement information, policy terms and customer service.
- Exclusions: Read the policy wording to understand circumstances where the cover may not apply.
When should I buy the term insurance plan of 60 lakh coverage?
You may consider buying or reviewing cover:
- In your 20s or early 30s: To secure long-term protection earlier.
- Before marriage or parenthood: To account for new financial dependants.
- After taking a home loan: To consider outstanding liabilities.
- After an income increase: To reassess whether Rs. 60 lakh still provides adequate cover.
- Before major financial commitments: Such as children's education or other long-term responsibilities.
Review your cover when your income, liabilities or family responsibilities change.
Conclusion
A Rs. 60 lakh term insurance plan provides Rs. 60 lakh life cover during the selected policy term and may help your family manage household expenses, liabilities and future financial goals.
Compare the required cover, policy term, premium, payout options and relevant riders before choosing a plan. Rs. 60 lakh should be treated as a starting cover amount to assess against your actual financial responsibilities, rather than a suitable amount for every individual.
Get your personalised quote by compare plans from different insurers through Bajaj Finance Insurance Mall and choose the one that suits you the most.
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Frequently asked questions
60 lakh term insurance
What exactly is a 60 lakh term insurance plan?
A Rs. 60 lakh term insurance plan provides Rs. 60 lakh life cover during the selected policy term. If the life assured dies during the policy term, the nominee receives the applicable payout, subject to the policy terms and conditions. A standard term plan generally does not provide a maturity payout if the life assured survives the policy term.
How is the premium for a 60 lakh term insurance policy determined?
The premium depends on factors such as your age, health, lifestyle, sum assured and policy term. Smoking status and medical history may also affect underwriting and the final premium. The Rs. 60 lakh cover amount alone does not determine the premium.
Are there any tax benefits for purchasing a 60 lakh term insurance plan?
Eligible premiums may qualify for tax benefits under applicable provisions, subject to the relevant conditions and tax regime. Premium deductions may be available up to Rs. 1.5 lakh per year under Section 123 of the Income Tax Act 2025, as applicable. Death cover also qualifies for tax exemption under applicable provisions.
Do I get any money back from a 60 lakh term insurance policy if I outlive the policy term?
A standard term insurance plan generally does not provide a maturity payout if you survive the policy term. However, some plans offer a Return of Premium option that may return eligible premiums on survival, subject to the policy terms and conditions.
What optional benefits or "riders" can be added to a 60 lakh term insurance plan?
Depending on the plan, you may be able to add optional riders such as Critical Illness Benefit, Accidental Death Cover, Accidental Total Permanent Disability Benefit or Waiver of Premium Benefit. Rider availability, eligibility and additional premiums depend on the insurer and selected policy.
How much income should I have to buy a 60 lakh term insurance plan?
There is no fixed minimum income required to buy a Rs. 60 lakh term insurance plan. Insurers assess your income, age, occupation, existing liabilities, and ability to pay premiums before approving your application. The sum assured should be suitable for your financial profile and protection needs.
Is a 60 lakh term insurance plan enough for a family?
A Rs. 60 lakh term insurance plan may be sufficient if your family's living expenses, outstanding loans, and future goals can be comfortably covered by this amount. If you have higher income, multiple dependants, or large financial commitments, you may consider a higher cover for better financial protection.
