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In the face of life's unpredictability, it's essential to be proactive about the future, particularly for the well-being of our loved ones. Opting for a 70 lakhs term insurance policy is a reliable strategy to safeguard your family's financial stability in your absence, offering a comforting sense of security.
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Max Life Insurance 70 Lakh Term Insurance Plan is the pure form of life insurance, offering financial help to the policyholder’s family members in case of his/her unforeseen death. Therefore, a 70 lakh term plan offered by Max Life offers life coverage (i.e., called death benefit) of 70 lakhs for a specified tenure.
Let’s say you buy a best-term insurance plan for 70 Lakhs offered by Max Life Insurance. An individual stated as the nominee/beneficiary gets a death benefit of Rs. 70 Lakhs in case of untimely death. So, by purchasing a Max life insurance 70 lakhs term insurance plan, you can ensure your dear ones have financial support in your absence. With this plan, you can get high coverage at low premium rates.
Note: Know what is term plan first and then buy a term plan for your loved ones.
Term Plans
Comprehensive coverage: Acquiring a Max Life Insurance 70 lakhs term insurance plan comes with a significant advantage – extensive life coverage. With 70 Lakh term insurance, a substantial sum, buying the term plan ensures ample financial support for your family, offering flexibility in utilising the death benefit for various needs such as household expenses, utilities, education, loans, and more.
Affordability: Apart from providing extensive coverage, a 70 lakhs term insurance plan is also cost-effective. Contrary to the misconception that term insurance premiums are costly, they are, in fact, quite affordable. For example, securing the 70 lakhs term insurance plan at a young age can be achieved with a modest monthly premium of Rs.1340.
Availability of Additional Covers: Most insurance companies now allow policyholders to enhance their 70 lakh term insurance plan by selecting additional covers. This enables you to expand the life coverage by choosing riders such as critical illness, accidental death*, return of premium variant, permanent disability, and other options.
Long-term coverage: With its extended coverage and financial stability, a 70 lakhs term insurance plan allows you to save for a longer tenure.
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Coverage Tenure: A 70 lakhs term insurance plan operates by providing life coverage for a specified duration. This period, known as the policy term, ensures that your family is financially protected during that time frame.
Premium Payments: You must make regular premium payments to keep the policy active. These payments are usually made monthly, annually, or according to the selected payment frequency. Failure to pay premiums may result in the policy's termination.
Death Benefit: In the unfortunate event of the policyholder's demise during the active term, the insurance company pays out the predetermined sum assured, which in this case is 70 lakhs, to the nominee or beneficiaries.
Survival Benefits: Unlike some insurance plans, term insurance typically does not offer survival benefits. If the policyholder survives the entire policy term, there is no maturity benefit unless the plan includes a Return Of Premium Variant.
Add-On Covers: Policyholders have the option to enhance their coverage by adding riders like critical illness, accidental death, return of premium variant, and permanent disability, tailoring the plan to specific needs. Understanding these aspects helps individuals make informed decisions about acquiring and managing a 70 lakhs term insurance plan.
Note: It is suggested to calculate the term plan premium on the term policy calculator online tool by Policybazaar before buying.
Determining the right amount of coverage for a life insurance policy involves considering several factors. Here are the key considerations:
Income Replacement: Evaluate how much of your income is essential for supporting your family's lifestyle and meeting financial obligations. Life insurance coverage should ideally replace this income in the event of your demise.
Liabilities and Debts: Consider any outstanding loans, mortgages, or other debts. Life insurance coverage should be sufficient to settle these financial obligations so your family isn't burdened.
Future Expenses: Consider future expenses, such as children's education, marriage, and other significant life events. The life insurance coverage should provide funds to meet these anticipated financial needs.
Standard of Living: Assess the standard of living you wish your family to maintain in your absence. The life insurance coverage should be enough to sustain their lifestyle, cover daily expenses, and address unforeseen challenges.
Inflation: Factor in the impact of inflation on future expenses. The coverage amount should consider the rising costs of living over time.
Age and Health: Your age and health condition influence the premium costs. It's essential to balance an affordable premium and an adequate coverage amount.
By carefully assessing these factors, individuals can reach a coverage amount that aligns with their unique financial circumstances and provides comprehensive protection for their loved ones.
Step 1: Visit Policybazaar and go to the Term Insurance
Step 2: Fill in the basic details such as Name, Date of Birth, and contact number and then click ‘View Plans’.
Step 3: Answer the questions about Smoking habits, annual income, type of occupation, and educational qualification.
Step 4: After submitting all the information, a list of all available 50 Lakh term insurance plans will be displayed.
Step 5: Choose the plan that suits your financial needs and proceed to pay.
Note: Check out the best term life insurance in India and choose one that suits your requirements.
Note: You should also check the term life insurance benefits if you are planning to purchase the term insurance plan.
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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.
