70 Lac Term Insurance For 35 Years Old

Are you looking to buy 70-lac term insurance for 35 years old, but aren't sure what term insurance is? Can't understand how it will benefit you or how the tax exemptions? Don't worry, on this page, we explain term insurance, how it works, provide quotes of some of the leading insurers in the country, tax exemptions. So read ahead and find the answers to all your questions, even the ones you haven't thought of yet!

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What does 70 Lac Term Insurance For 35 Years Old Mean?

To put it simply, the 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. It provides coverage for a definite period. Term insurance plans offer high coverages at low premium rates. The premium rates of term insurance are comparatively lower than other types of insurance plans. Term insurance premium offers tax-saving benefits on the premiums paid under section 10(10D) of the Income Tax Act, 1961. 

How Does It Work?

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 lacs. For example, the premiums for Rs. 70 lac term insurance cover could be as low as Rs. 400 per month. These are the fixed premium amount that is required to be paid at one time or regular intervals for the complete policy term or for the limited time. The premium varies on the basis of the type of premium paying mode selected by the policyholder. 

Why Rs 70 Lac Term Insurance For 35-Year-Old? 

Individuals in 35 years of age can pay the premium for longer tenure with lower chances of illness in order to keep the premium prices low. While older individuals are more susceptible to illnesses/diseases and have to pay higher premiums. Buy a right 70 lac term insurance that offers appropriate add-on benefits such as riders to enhance the existing cover. While availing of 70 lac term insurance plans, always make sure of the family’s current financial requirements and buy the right term plan with the right sum assured. To get a clear idea of why 70 lac term insurance is suitable for a 35-years individual, we have prepared a table having different plans offered by different insurance companies describing the features and the premium prices of the plan. 

Enlisted below are features and premium rates of Rs. 70 lac term insurance from some of the leading providers of life insurance policies:

Rs 70 Lac Term Insurance Plan 

Policy Term 

Minimum and Maximum Entry Age 

Rider Benefits 

Maturity Age 

SBI Life Smart Shield 

Minimum – 5 years 

Maximum – 80 years minus entry age 

18 years to 60 years 

Accidental Death Benefit Rider and Accidental Total and Permanent Disability Benefit Rider 

80 years 

ICICI Prulife iProtect Smart 

For Single pay – 5 years to 20 years 

18 years to 65 years 

Permanent Disability due to accident, Accidental Death Benefit 

Max Life Smart Term Plan Online 

40 years 

18 years to 65 years 

Accidental Cover 

Maximum – 85 years 

LIC Tech Term Plan 

10-40 years 

18 years to 65 years 


Maximum – 80 years 

Aviva i-Life Total 

For Protect – 10-57 years 

For Protect Plus – 10 – 57 years 

Protect Assured – 15 – 30 years 

Protect Income – 10 – 57 years

Minimum – 18 years 

Maximum – 65 years for Protect income and protect plus 

Critical illness rider, permanent total disability, and inbuilt terminal illness cover rider benefit 

With Riders – 70 years 

Without Riders – 75 years 

Disclaimer – Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer. 

  1. SBI Life Smart Shield 

    SBI Life Smart Shield is a non-linked and non-participating individual life insurance plan that provides financial protection at low premium rates. The premium paid by a 35-year individual for a sum assured Rs. 70 lac term insurance is Rs. 806. The premium payment term and policy term are 10 years. Let’s understand the features of this plan: 

    • It offers 2 plan options to give you freedom from any other responsibilities 
    • The plan offers a discount on availing high sum assured 
    • It also rewards you for maintaining a good and healthy lifestyle. 
    • Customization option is also available under this plan. You can customize your coverage from a wide variety of additional benefits such as Accidental death benefit rider accidental total and permanent disability rider. 
  2. ICICI Prulife iProtect Smart 

    ICICI Prulife iProtect Smart provides you the flexibility to customize your plans as per your financial requirements and objectives. ICICI Pru Life iProtect offers Rs 70 lac term insurance cover at Rs 1549 per month for 35 years of an individual. This coverage is for 25 years and the premium payment term is 10 years. Here’s a quick laydown of all the features: 

    • The plan provides enhanced protection against terminal illness, death, and disability 
    • Option to select accidental death benefit and accidental critical illness benefit 
    • If you are a non-smoker, you can get special premium rates 
    • The plan offers flexibility in choosing premium payment mode – at one time, for a limited time, or for throughout the policy tenure 
    • Tax benefits are applicable under this plan 
    • The plan offers low premium rates for women 
  3. Max Life Smart Term Plan Online 

    Max Life Smart Term Plan offers Rs 70 lac term insurance at Rs. 1160 per month for 35 years of an individual. This coverage is for 25 years i.e., till 60 years of age. Apart from this, the plan offers various other benefits and features: 

    • The plan offers coverage till 85 years of age 
    • Flexibility to customize your plan as per your needs 
    • It also offers coverage against death, disability, and critical illness
    • Availability of accidental rider benefit 
    • Upon surviving the policy tenure, you are eligible for the return of premium. 
  4. LIC Tech Term Plan 

    LIC Tech term plan is a non-linked basic and pure protection term plan that provides Rs. 70 lac term policy coverage along with the number of following features: 

    • The minimum and maximum entry ages are 18 years and 65 years respectively. 
    • The maximum maturity age is 80 years 
    • The plan offers various rider benefits. 
    • Option to receive death benefits in installments 
    • A grace period of 30 days is allowed under this plan for regular and limited payment of premium. 
  5. Aviva i-Life Total Plan 

    Aviva i-Life Total plan offers a minimum SA (sum assured) of Rs.50 Lakhs and no limit on the maximum sum assured amount. This Rs. 70 lac term insurance plan provides you comprehensive and wide coverage at lower premium rates. Here are some of the features of this plan 

    • The plan comes with an option of 4 variants – Protect, Protect assured, protect plus and Protect income. 
    • Protect plan offers death coverage and inbuilt coverage of terminal illness 
    • Protect assured option provides a sum assured amount in case of death or 120% of the premium amount that is paid till the maturity. 
    • Protect Plus has an option of providing accidental death compensation along with a double amount of sum assured. 
    • Protect Income gives you a monthly income for the dependants in the family at the time of your death. 

Why Buy 70 lac Term Insurance from Policybazaar? 

It is completely safe to purchase a term insurance policy online in India. If you are buying a term plan online, you can simply visit the policybazaar’s website to select the right plan for you and your family. 

  1. Get High Cover at low premium rates 

    You can get a high-value life cover worth Rs. 70 lacs from a term insurance plan by paying low premium rates in comparison to other plans. 

  2. Protect your loved ones from debts, loans, and responsibilities 

    Term insurance plans offer financial security and stability for the entire family against any loans, debts, and other liabilities in case of an untimely demise of the sole earner of the family. 

  3. Buy Early and Save More 

    Term plans are cost-effective and pocket-friendly. When you are young, the premium rates are comparatively lower. The premiums are lesser at early ages as compared to the older person having any or diagnosed with any pre-existing illnesses. It is always advisable to start investing early and pay the fixed amount for the long run. 

  4. Additional Protection 

    Also, you can get the optional cover for critical illness, accidental death, and waiver of premium which protects you from income loss associated risks. 

  5. Whole Life Cover 

    Some term insurance plans also offer coverage for a lifetime of up to 100 years 

  6. Tax Benefits 

    Get the tax benefits on premiums paid as per the prevailing laws of the Income Tax Act, 1961. 

Who Should opt For It? 

With the increase in age of the policyholder, the premium prices also increase. It is a smart decision to buy a term plan at an early age. If you have any dependents in your family, then it is always suggested to buy at least a Rs 70 lac term insurance cover. But how to know about the premium amount that is required to be paid at regular intervals? So, to determine the premium prices of Rs 70 lac term insurance plans, you can use the term insurance premium calculator. 

70 lac term insurance plan is an ideal selection for anyone who wants their family to be protected in any situation. If you are the sole earning member of the family, Rs. 70 lac term insurance will surely help you provide financial support to your family. It is suitable for working individuals between the age of 25 to 35 years of age and also for the individual who is a sole-earning member of the family. The plan includes the policy term of 30 years and above and is specifically designed for people having income between 5 to 7 lakhs. It is always advisable to check the benefits, features, and the policy’s terms and conditions before making a purchase. These plans are majorly available at relatively low premium amounts for Rs. 70 lakh Term insurance plans and are available both online and offline. 

What are the Applicable Tax Exemptions?

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 a 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 no taxes will be levied and you will receive the whole of the 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.

*Tax Benefit is subject to changes in tax laws. Standard T & C apply 

How To Apply For 70 Lac Term Insurance Plan?  

Policybazaar follows a very simple and hassle-free process to buy term insurance online. Here’s a step-to-step guide: 

  • Visit the Policybazaar.com website 
  • Select Term insurance plans. 
  • Enter the required details such as gender, name, date of birth, and phone number and click on ‘View Free Quotes’
  • Then, you are required to enter other personal details like smoking habits, annual income, occupation, and education. 
  • Then select a tab ‘Check my Eligibility’
  • The next window will show you several options of term insurance plans offered by different insurers. Check the features, benefits, and terms and conditions of the plan. 
  • Then buy a suitable plan that suits your financial requirements 

You can also buy Rs. 70 lac term insurance for 35-year-old by an insurance company’s website. 

Step 1 – Calculate the term insurance cover requirement and decide the mode of paying premiums 

Step 2 – Enter the required details from such as occupation, location, and educational requirements. 

Step 3 – Customize your term insurance plan as per your requirements. You can choose a sum assured of 70 lac or more than that for a 35-year-old. 

Step 4 – You can also add additional benefits such as waiver of premium, increased sum assured for accident death that might protect your family financially in case of your absence. 

Step 5 – Pay the premium by filling the proposal form. The Proposal form is comprised of detailed questions about your professional, personal lifestyle, and medical history. 

Step 6 – Along with the proposal form, submit the following documents to the respective insurance company. 

  • KYC Documents 
  • Aadhar Card Details 
  • ID and Address Proof 
  • Medical reports 
  • Bank Statements and salary slips having your income details 

To Sum Up!

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 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 websites, you can great policies like 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.

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