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Ensuring the financial well-being of your family requires careful financial planning and a commitment to economic security. If you're uncertain about how to start this important financial planning, now is an ideal time to consider buying a term insurance policy worth Rs. 70 Lakhs. PNB Life Insurance offers a term insurance coverage of 70 Lakhs with affordable premiums, making sure that financial burdens won't put any pressure on you. Let's understand the PNB 70 Lakh Term Insurance in detail.
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PNB 70 Lakh Term Insurance Plan is designed to offer financial protection to your dependents/family in case of your unfortunate death. Hence, a 70 Lakh term plan offered by PNB Metlife Insurance helps by offering a cover amount of Rs. 70 Lakhs.
Term Plans
Let’s understand how this life insurance plan works with the help of this example:
You can go for a 70 Lac Term Insurance For 35 years old offered by PNB Life Insurance for a certain policy term, and the assigned claimant/nominee will receive a death benefit of Rs. 70 Lakhs in the case of your untimely demise. This term plan ensures your loved ones are financially stable during difficult times. With affordable premium rates and comprehensive life cover, the PNB 70 Lakh term insurance plan becomes a trustworthy choice for those looking to secure their family's future.
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Here are some of the reasons why you should buy PNB 70 Lakh Term Insurance:
High cover at low premiums: Most people consider 70 Lakh term insurance not very affordable, but that is not the case. When you buy term plan early in life (i.e. at an early age), you can get all the benefits of term insurance at a premium as low as Rs. 644 per month.
Additional Coverage Benefits: PNB 70 Lakh term insurance also provides enhanced coverage benefits with riders, such as accidental death benefits, terminal illness benefits, and waiver of premium riders.
Financial family support: PNB 70 Lakhs Term Insurance plans make sure that your dependents’ financial requirements are taken care of when you are no longer there with them. Moreover, the beneficiaries can use the death benefit to pay off loans/debts and other liabilities or use the payout for household/personal expenses.
Here is a list of factors that can help in determining if buying a 70 Lakh term plan is the right cover amount for you:
Your Annual Income: When assessing all the term insurance plans to buy the best term plan, it's smart to confirm that the cover amount is at least 10 times the annual income. For example, if your annual income is Rs. 3 Lakhs, your term life insurance plan should be at least Rs. 70 Lakhs. You can also use Policybazaar’s term policy calculator for a better estimate.
Current age: Age is crucial in determining the right cover amount for term life insurance plans. As people age, they become more prone to acquiring health issues, resulting in higher premiums. Thus, it is advisable to buy the PNB 70 Lakh term insurance plan at a younger age. This allows you to secure comprehensive and high coverage at comparatively lower premium rates, ensuring financial security for your loved ones while keeping the premiums affordable for an extended period.
Financial Dependents and Their Needs: Evaluating the financial stability of your dependents is essential in determining whether Rs. 70 Lakhs is the right coverage for you. You must consider the number of family members depending on you for financial support and also consider their future needs, such as education, marriage, etc. It is important to ensure that all your dependents' financial needs, especially those relying on your financial support, are appropriately addressed.
Pay off Loans/Liabilities: When buying a term plan, keep in mind all of your loans or debts, like home/car or education loans. A 70 Lakh term insurance policy is a good choice for policy cover because it gives you a reasonably high amount compared to other term plan choices, covering your important goals and needs.
Here are the benefits of PNB 70 Lakh Term Insurance:
Affordability: The premium rate of 70 Lakh term insurance is cost-effective, and if you buy term life insurance plan at a younger age, you can buy term plan at much lower premium rates.
Availability of Additional Benefits (Add-ons): The PNB 70 Lakh term insurance plan offers comprehensive coverage, and you can also enhance it with optional add-ons like critical illness, accidental death and waiver of premium riders. These additional riders are not mandatory but offer extra protection as needed. Make sure you will only be able to add these riders at the beginning of the policy, i.e. when you buy it.
Online Availability: You will be able to buy a PNB 70 Lakh Term Insurance plan online without visiting PNB’s branch/office or standing in long queues. However, with Policybazaar, you can buy easily from the comfort of your home and avail yourself of a 10% discount on buying plans online.
Flexible Payout Options: While most insurance companies offer the death benefit of term insurance plans in a lump sum, you can choose from 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: Another important benefit of buying the best term plan for 70 Lakhs is tax deductions per sections 80C and 10(10D) of the Income Tax Act, 1961.
Here is a list of all eligible people who can buy 70 Lakh Term Insurance:
Young individuals
Self-employed/Business Owners
People with Debts
Newly Married
Parents with children
Sole earning member
Step 1: Visit the 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 your smoking habits, your annual income, your 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 PNB plan from the list and pay using your preferred method of payment.
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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.
