Get ₹20 Lakh Term Insurance
A ₹20 Lakh term insurance plan is an affordable way to put dependable life cover in place early. It suits first-time buyers, young earners, and small families looking to step up from basic protection without a heavy premium.
₹20 Lakh term insurance is a pure protection plan that pays the sum assured to the nominee if the policyholder passes away during the policy term, helping a family manage everyday expenses and liabilities in a difficult time
Easy Claim Process
Quick Disbursals
Hassle-Free Purchase
High Claim Settlement Ratio
Zaroorat jaisi, policy vaisi
Apply for ₹20 Lakh Term Insurance in Minutes
OTP Verification
Please Enter OTP that has been sent to your registered
Mobile Number +91
Zaroorat jaisi, policy vaisi
Explore More Cover Plans
What is ₹20 Lakh Term Insurance?
A ₹20 lakh term insurance plan is a pure protection life insurance policy that provides a sum assured of ₹20 lakh to your nominee in the event of untimely demise during the policy term. It is one of the most affordable ways to ensure your family has financial support when they need it the most.
For many individuals and young families, ₹20 lakh coverage can help manage essential financial responsibilities such as household expenses, small loans, children’s education, and daily living costs. It is often chosen as a starter life insurance cover or as an additional policy alongside existing life insurance coverage.
What is ₹20 Lakh Term Insurance?
Why Buy ₹20 Lakh Term Insurance?
Buying a term insurance plan ensures that your family remains financially stable even if you are not around to support them. A ₹20 lakh cover can help manage essential expenses and liabilities while maintaining financial continuity.
Affordable Premiums
One of the main reasons people choose a 20 lakh term insurance plan is affordability. The premium for this coverage is relatively low compared to higher sum assured plans, making it accessible for young professionals and individuals starting their financial planning journey.
Financial Security for Family
The primary purpose of term insurance is to provide financial protection. In case of an unfortunate event, the sum assured helps your family manage household expenses, education costs, and other financial responsibilities without financial stress.
Tax Benefits
Premiums paid towards term insurance policies are eligible for tax benefits under Section 80C of the Income Tax Act, and the death benefit received by the nominee is generally tax-exempt under Section 10(10D), subject to prevailing tax laws.
Debt Protection
A ₹20 lakh term insurance plan can help cover outstanding loans such as personal loans, education loans, or small home loans, ensuring that your family does not inherit financial liabilities.
Peace of Mind
Knowing that your family has financial protection in place provides peace of mind and allows you to focus on long-term financial planning and wealth creation.
Benefits of ₹20 Lakh Term Insurance
A ₹20 lakh term insurance plan provides multiple financial protection benefits for individuals and their families.
The payout can replace lost income and help the family manage monthly expenses and essential financial commitments.
The sum assured can be used to repay outstanding loans or liabilities, reducing the financial burden on family members.
The claim amount can support children’s education expenses, ensuring their future plans continue without financial interruption.
The payout helps families maintain their current lifestyle and manage essential expenses even in difficult circumstances.
₹25 Lakh Cover for Everything You've Built
- Get a ₹25 lakh payout for your family with zero complications
- Affordable premiums that fit your monthly budget
Factors Affecting ₹20 Lakh Term Insurance Premium
The premium for a 20 lakh term insurance plan depends on multiple factors related to the policyholder’s profile and policy details.
How to Choose the Best ₹20 Lakh Term Insurance Plan
Choosing the right term insurance plan requires careful comparison and evaluation of multiple factors.
Always compare premium rates across plans to ensure affordability and long-term sustainability.
Always compare premium rates across plans to ensure affordability and long-term sustainability.
Features of Shriram Life’s ₹20 Lakh Term Insurance Plan
Shriram Life’s ₹20 lakh term insurance plan is designed to provide reliable financial protection with flexibility and affordability. The plan focuses on offering essential life cover with features that make policy management simple and convenient for policyholders.
Documents Required for ₹20 Lakh Term Insurance
Applying for a ₹20 lakh term insurance plan requires basic documentation for identity, address, income, and medical details. Keeping these documents ready helps speed up the application process.
Identity Proof
Identity Proof
- Aadhaar Card
- PAN Card
- Passport
- Voter ID
Address Proof
Address Proof
- Aadhaar Card
- Utility bills
- Passport
- Driving Licence
Income Proof
Income Proof
- Latest salary slips
- Form 16
- ITR for self-employed individual
Medical Reports
Medical Reports
Medical tests may be required depending on age, health history, and underwriting requirements.
Explore Other Term Insurance Plans by Shriram Life
While a 20 lakh term insurance plan is a great starting point, your coverage needs may grow over time. Depending on your income, financial responsibilities, and long-term goals, you can consider higher coverage options for stronger financial protection.
10 Lakh Term Insurance Plan
Term Insurance Plan
Ideal for basic coverage, this plan offers financial support for essential expenses at an affordable term insurance premium, making it suitable for first-time buyers.
25 Lakh Term Insurance Plan
Term Insurance Plan
This plan balances affordability and protection, offering a higher sum assured for individuals looking to strengthen their family’s financial safety net.
30 Lakh Term Insurance Plan
Term Insurance Plan
Suitable for individuals with growing financial commitments, this plan ensures enhanced coverage to handle larger expenses and future needs.
50 Lakh Term Insurance Plan
Term Insurance Plan
Designed for comprehensive protection, this plan offers a higher sum assured to cover major financial responsibilities such as loans, education, and long-term family needs.
Take the next step towards financial security
A simple step today can create lasting financial confidence. Get started in minutes.
Build your financial future with our calculators
Income tax calculator
Estimate your tax liability for FY 2026-27 across both regimes and plan your savings in minutes.
Savings Plan Calculator
See how regular contributions grow over time and find the monthly amount that meets your goal.
Retirement Calculator
Project the corpus you'll need for a comfortable retirement and check if you're on track.
HRA Calculator
Work out your house rent allowance exemption and how much tax you can save on rent paid.
FAQs
What protection does a ₹20 Lakh term insurance plan provide?
A ₹20 lakh term insurance plan provides financial protection to the nominee in case of the policyholder’s death during the policy term. The payout helps cover household expenses, loan repayments, education costs, and other financial responsibilities, ensuring that the family remains financially stable.
Who should consider buying a ₹20 Lakh term insurance plan?
Young earners, individuals with limited liabilities, married individuals, and people looking for supplementary life insurance coverage can consider this plan. It is suitable for those who want affordable life insurance protection.
Is ₹20 Lakh coverage enough for financial protection?
Coverage adequacy depends on income, financial responsibilities, loans, and the number of dependents. For some individuals, ₹20 lakh may be sufficient as basic coverage, while others may require higher coverage for complete financial protection.
What policy tenure should I choose for a ₹20 Lakh term insurance plan?
Ideally, the policy tenure should be selected until retirement age or until major financial responsibilities such as children’s education or loan repayment are completed.
Can the payout from a ₹20 Lakh term insurance plan support family needs?
Yes, the payout can help cover essential expenses such as rent, daily expenses, education costs, and loan repayments, helping the family manage finances during difficult times.
Are riders available with a ₹20 Lakh term insurance policy?
Yes, riders such as accidental death benefit, critical illness rider, and waiver of premium rider are commonly available with term insurance policies.
What happens if the policyholder outlives the policy term?
In most pure term insurance plans, there is no maturity benefit if the policyholder survives the policy term. However, some return-of-premium plans refund the premiums paid at maturity.
Can the coverage amount be increased after buying a ₹20 Lakh term plan?
Some plans allow increasing coverage at major life stages, such as marriage or childbirth, or you can purchase an additional policy to increase coverage.
How do I choose the right ₹20 Lakh term insurance plan?
You should compare premiums, check the claim settlement ratio, evaluate available riders, consider policy tenure, and choose a plan that matches your financial goals and affordability.
