Safeguarding the financial well-being of your family starts with financial planning and a commitment to secure them for the future. If you're uncertain about how to begin the process, this is the right moment to buy the best 75 lakh term insurance policy. PNB Life Insurance has cost-effective term insurance plans offering 75 lakh term insurance, ensuring financial protection against unforeseen life events. This article discusses all about PNB 75 Lakh Term Insurance so that you can make an informed decision.
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PNB 75 Lakh Term Insurance Plan is designed to offer financial protection to your dependents/family in case of your unfortunate death. Hence, a 75 Lakh term plan offered by PNB Metlife Insurance helps by providing a life cover/sum assured of Rs. 75 Lakhs.
Term Plans
Let us understand how this life insurance plan works with the help of this example:
You can choose a 75 Lakh Term Insurance plan from PNB Metlife Insurance for a definite policy term, and the assigned beneficiary will get a death benefit of Rs. 75 Lakhs in the event of your unfortunate death.
Providing a financial safety cushion for your loved ones in tough times like illness or death, the PNB 75 Lakh Term Insurance Plan can be referred to as a dependable option. With reasonable premium rates and comprehensive life coverage, it is an ideal choice for those aiming to protect their family's future.
Here are the reasons why you should buy PNB 75 Lakh Term Insurance:
Comprehensive coverage at affordable premiums: PNB 75 Lakh term insurance is a plan that will be of less burden to you. Moreover, starting off the plan at an early age lets you enjoy its benefits with premiums as affordable as Rs. 644/month.
Added Coverage Advantages: PNB 75 Lakh term insurance offers extended coverage benefits, including features like accidental death benefits, terminal illness benefits, and premium waiver riders.
Financial support to family: PNB 75 Lakh Term Insurance plans guarantee the accomplishment of your loved ones' financial needs in your absence. Moreover, the death benefit can be utilized by the nominees to settle loans, debts, and liabilities, or to cover household expenditures.
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Here is a list of some factors that can help determine if buying a 75 Lakh term life insurance plan is the right choice for you:
Your Annual Income: When assessing all the term plan options to buy the best term life insurance in India, it's smart to make sure that your cover amount is a minimum of 10 times your yearly income. For example, if your annual income is Rs. 5 Lakhs, your term plan should be at least Rs. 75 Lakhs. You can easily use Policybazaar’s term policy calculator for better results.
Current age: Age plays a crucial role in determining the suitable coverage for your term life insurance plans. As individuals age, they become more prone to facing health issues, leading to an increased premium rate. Therefore, it is recommended to invest in the optimal 75 Lakh term insurance plan at a younger age. This strategy allows you to obtain extensive and high coverage at lower premium rates, ensuring financial security for your loved ones while maintaining affordable premiums for an extended period.
Financial Dependents and Their Needs: Evaluating the financial well-being of your dependents is essential to assess if 75 Lakh term insurance policy fits your goals and needs. Take into account the number of family members depending on you for financial support and carefully consider their future needs, such as education, marriage, loans, etc. It is crucial to guarantee that the financial needs of all your dependents, especially those relying on your financial support, are comprehensively addressed.
Pay off Loans/Liabilities: When buying a term plan, be sure to evaluate any existing loans or debts, such as home, car, or education loans. Opting for a 75 Lakh term insurance policy proves advantageous as it delivers comprehensive life coverage, effectively catering to all your requirements.
Here are the benefits of PNB 75 Lakh Term Insurance:
Cost-Effectiveness: The premium rate of 75 Lakh term insurance is affordable, and if you buy term plan at a younger age, you can get this plan at low premium rates.
Added Benefits with Base Cover (Add-ons): With the PNB 75 Lakh term insurance plan offering comprehensive coverage for the security of your loved ones, you have the option to enhance it with extra add-ons like critical illness, premium waiver, and accidental death riders. While not mandatory, these riders provide additional protection against different risks that are tailored to your specific needs.
Convenient Online Purchase: Buying the PNB 75 Lakh Term Insurance plan online is convenient and hassle-free, eliminating the need to visit PNB's branch or office or stand in long lines. Additionally, through Policybazaar, you can enjoy a 10% discount when buying term plans online.
Flexible Payout Options: Unlike most insurance companies that usually provide the death benefit of term insurance plans as a lump sum, you can choose from various payout methods. For example, you can opt for a combination of a lump sum and monthly income payout, giving you better control over managing your expenses.
Tax Benefits: Another significant benefit of acquiring the best term plan for 75 Lakhs is eligibility for tax deductions under section 80C and 10(10D) of the Income Tax Act, 1961.
Here is a list of all eligible people who can buy 75 Lakh Term Insurance:
Young individuals
Self-employed/Business Owners
People with Debts
Newly Married
Sole earning member
Parents with children
Here are the steps to buy PNB 75 Lakh Term Insurance from Policybazaar:
Step 1: Go to the 'Term Insurance' after visiting Policybazaar's official website.
Step 2: Provide your basic details like Name, Date of Birth, and contact number, then click on 'View Plans'.
Step 3: Answer all the necessary questions about your smoking habits, annual income, occupation type, and educational qualifications.
Step 4: Choose 75 Lakhs as your life cover
Step 5: Once all your details have been submitted, a list of the best term insurance plans will be shown to you.
Step 6: Select the PNB plan from the list and proceed to payment using your preferred mode.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.