Is 60 lakh enough? The answer depends on your family’s needs, lifestyle, and future expenses. But there’s a simple formula to guide you.
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
Buying life insurance is a long-term decision. Get it right the first time by checking off some critical considerations.
Keep these in mind:
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 term insurance plan for 60 lakh?
Not all term plans are created equal. The best one fits your needs today and scales with your life tomorrow.
Checklist for the right plan:
Choose the right payout type:
Lump sum or staggered? Choose the one that suits your budget and needs.
Match policy term with your family goals:
20, 30, or 40 years? Choose the policy for matches your life goals.
Check for early exit or premium waiver options:
This adds flexibility.
Insurer’s service record:
Easy claims, good support, no red tape.
When should I buy the term insurance plan of 60 lakh coverage?
The earlier, the better. Your age and health directly impact the premium.
Ideal times to buy:
In your 20s/early 30s:
Premiums are lowest and lock-in period is longest.
Before marriage or parenthood:
Secure your family’s future before they even need it.
After income rise:
Reassess your insurance needs and upgrade your cover.
Secure your premium before your next birthday. Check plans now—no login needed.
Conclusion
A 60 lakh term insurance plan is more than a financial tool—it’s your family’s financial safety net. With affordable premiums, high protection, and flexible options, it’s the right time to act.
Get your personalised term plan quote, compare top insurers, or speak to an advisor—right here, right now.