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HDFC 70 Lakh Term Insurance

Securing your family's financial future requires careful financial planning and focusing on monetary security. If you're unsure how to start the process, now is a good time to consider buying a 70 Lakh term insurance plan. HDFC Life Insurance provides a 70 Lakh term insurance plan with affordable premiums and doesn’t overburden you with financial stress. Let's understand more about HDFC 70 Lakh Term Insurance here.

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What is a HDFC 70 Lakh Term Insurance Plan? 

HDFC 70 Lakh Term Insurance Plan is specially designed to offer financial protection to your loved ones in case of your untimely demise. Therefore, a 70 Lakh term plan offered by HDFC Life Insurance provides a sum assured/life cover of Rs. 70 Lakhs, which can also be called a ‘death benefit.’

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

How Does HDFC 70 Lakh Term Insurance Works? 

Let’s understand how this life insurance plan works with the help of an example: 

You can choose a 70 Lac Term Insurance For 35 years old from HDFC life insurance for a specific policy term, and the assigned nominee/beneficiary will receive a death benefit of Rs. 70 Lakhs, in the unfortunate event of your death. This term insurance plan ensures your loved ones have a financial safety net for support during challenging times. With its affordable rates and comprehensive life cover, this 70 Lakh term insurance plan becomes a dependable choice for those looking to secure their family's future.

Why Buy HDFC 70 Lakh Term Insurance? 

Here are the reasons why you must buy HDFC 70 Lakh Term Insurance:

  • High cover at low premiums: Most individuals consider 70 Lakh term insurance not to be very pocket-friendly, but that is not true. When you start early, you can get all term insurance benefits at a premium as low as Rs. 623/month. 

  • Additional Coverage Benefits:  70 Lakh term insurance comes with enhanced coverage benefits such as accidental death benefits, terminal illness benefits, and waiver of premium riders. 

  • Financial family support: HDFC 70 Lakhs Term Insurance plans ensure that your loved ones’ financial needs are cared for even when you are not around. Also, the death benefit can be used by the nominees to pay off loans, debts, and liabilities or use the payout for household expenditures. 

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How to Determine the Right Coverage Amount? 

Here is a list of some factors that can help determine if buying a 70 Lakh term plan is the right choice: 

  • Your Annual Income: When considering a term plan, it is wise to ensure that the coverage amount is at least 10 times your annual income. For instance, if your yearly income is Rs. 5 Lakhs, your term plan should be at least Rs. 70 Lakhs. So, you can use Policybazaar’s term insurance calculator.

  • Current age: Age is a key factor when deciding the appropriate coverage for term plans. Older people are more prone to health issues, resulting in higher premiums. Therefore, it is advisable to buy the best 70 Lakh term insurance plan at a younger age and receive comprehensive and high coverage at lower premium rates. This ensures financial security for your loved ones and keeps the premiums affordable for an extended period. 

  • Financial Dependents and Their Needs: Evaluating the financial stability of your dependents is essential in deciding if a 70 Lakh term insurance policy provides sufficient coverage. Take into account, for the number of family members who depend on you for financial assistance, and think about their future requirements also, such as education, marriage, loans, etc. It is crucial to guarantee that the financial needs of all your dependents, especially those reliant on your financial support, are appropriately met.

  • Pay off Loans/Liabilities: When buying a term insurance plan, remember any loans or debts you have, like home, car, or education loans. A 70 Lakh term insurance policy is a good choice because it gives you a good amount compared to other plans, covering your needs well. 

What are the Benefits of HDFC 70 Lakh Term Insurance? 

Here are the benefits of HDFC 70 Lakh Term Insurance:

  • Cost-Effectiveness: The premium rate of 70 Lakh term insurance is affordable, and if you buy the plan at a younger age, you can get this plan at low premiums. 

  • Availability of Additional Benefits (Add-ons): A 70 Lakh term insurance plan provides comprehensive coverage, and you can enhance it with optional add-ons like premium waiver, critical illness, and accidental death riders. These riders are not mandatory but offer extra protection as needed. 

  • Online Availability: You can easily buy a HDFC 70 Lakh Term Insurance online without visiting any insurer's branch/office or standing in long lines. With Policybazaar, you can also get a 10% discount on buying plans online. 

  • Flexible Payout Options: While most insurance companies usually offer the death benefit of term insurance plans in a lump sum, you can choose from amongst multiple payout methods. For example, you may choose a combination of a lump sum and monthly income payout, providing better control over managing your expenses. 

  • Tax Benefits: One important benefit of buying the best term insurance plan for 70 Lakhs is tax deductions as per section 80C and 10(10D) of the Income Tax Act, 1961. 

Who Should Opt for HDFC 70 Lakh Term Insurance?

Here is a list of all eligible people who can buy 70 Lakh Term Insurance:

  • Young individuals 

  • Parents with children 

  • Newly Married

  • Sole earning member 

  • People with Debts 

  • Self-employed/Business Owners 

How do you buy HDFC 70 Lakh Term Insurance from Policybazaar?

Step 1: Visit official website of Policybazaar and click on ‘Term Insurance’ 

Step 2: Fill in your basic details like Name, DoB, and contact number and then click on ‘View Plans’. 

Step 3: Answer the questions about Tobacco/Smoking habits, annual income, type of occupation, and your qualifications. 

Step 4: After submitting all the information, a list of all available 70 Lakh term insurance plans will be displayed. 

Step 5: Choose the HDFC plan from the list and pay. 

FAQs

  • Q. What is HDFC 70 Lakh Term Insurance Plan?

    Ans: HDFC 70 Lakh Term Insurance Plan is designed to provide financial protection to your loved ones in the event of your untimely demise. It offers a sum assured or life cover of Rs. 70 Lakhs, commonly known as the 'death benefit.'
  • Q. How Does HDFC 70 Lakh Term Insurance Work?

    Ans: This plan provides a death benefit of Rs. 70 Lakhs to the assigned nominee in case of your demise. It ensures your loved ones have a financial safety net during challenging times with affordable premiums and comprehensive coverage.
  • Q. How to Determine the Right Coverage Amount for your term insurance plan?

    Ans: Factors like annual income, current age, financial dependents and their needs, and outstanding loans or liabilities play a crucial role in deciding the appropriate coverage amount for your term insurance plan.
  • Q. What are the Benefits of HDFC 70 Lakh Term Insurance?

    Ans: Here are some of the benefits of HDFC 70 Lakh term insurance plan:
    • Cost-effectiveness with affordable premiums.
    • Availability of additional benefits through optional add-ons.
    • Online availability for easy purchase without visiting an insurer's office.
    • Flexible payout options and tax benefits under section 80C and 10(10D) of the Income Tax Act.

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