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Are you looking to buy a 70 lac term insurance for 35 years old, but aren't sure what term insurance really is? Can't understand how it will benefit you or how the tax exemptions? Don't fret, on this page, we explain term insurance, how it works, provide quotes of some of the leading insurers in the country, tax exemptions, et all. So read ahead and find the answers to all your questions, even the ones you haven't thought of yet!
To put it simply, term Insurance, also known as life Insurance, is a financial cover that an individual can buy for his/her loved ones, in case of the individual's accidental death.
In India, the Life Insurance Contract legally binds the life insurance policy providers to pay a pre-determined sum to the policyholder's nominee, on his/her accidental death. This amount, known as the ‘sum assured', is built on the premiums that the insured pays, along with the interest and bonuses (if applicable) added by the insurer. To clarify further, if a policy reads "70 lac life insurance policy for 35 years old", it means that the sum assured in that policy will amount to 70 lac. Enlisted below are premium quotes from some of the leading providers of life insurance policies:
Buying a life insurance policy offers you many additional benefits. Under Section 80C of the Income Tax Act 1961, buying a life insurance policy makes you eligible for a tax exemption of up to Rs 1.5 lakh. In fact, even the sum assured you receive as death benefit or maturity benefit is tax exempted under section 10(10D). So, even if you buy a 70 lac term insurance for 35 years old, and your premium amount is less than 10% of the sum assured, i.e. Rs. 7 Lac, then you no taxes will be levied and you will receive the whole of sum of Rs 70 lac without any tax cuts. Furthermore, many life insurance policies offer a survival benefit, if the policyholder survives the policy term.
Needless to say, the biggest argument in favour of term insurance policies is the assurance that even if you aren't around, your family will not have to worry about their financial security. Having a policy of a 70 lac life insurance for 35 years old can be very beneficial in today's age of rising costs.
Ensure that you're ready to tackle any disaster that comes your way with the best life insurance policy for you. The smartest way to buy a term insurance policy is by comparing different insurance plans on an insurance aggregator website like Policybazaar. On such sites you can great policies like a 70 lac term insurance for 35 years old. What are you waiting for? Do your homework and practically list out your requirements to ensure that you know exactly what you need from your policy.