SBI Life 70 Lakh Term Insurance

Many people are confused about the ideal life cover amount and the best term insurance company to buy term plan from. Therefore, to help you make an informed decision, here is a list of benefits of buying an SBI 70 lakh term insurance. These plans are available at low premiums and provide suitable cover for your family in their time of need.

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₹1 Crore Life cover starting from ₹478/month⁺

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What is an SBI 70 Lakh Term Insurance?

SBI Life 70 Lkah term insurance is an insurance plan that offers a life cover of 70 lakhs to the nominee in case of the policyholder’s death during the policy term. This large amount can help your family pay off any remaining loans or take care of financial needs like rent or child’s fees.

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 SBI 70 Lakh Term Insurance Work?

Let us understand how an SBI life 70 Lakh term insurance works using an example:

Suppose Raman is the main breadwinner of the family and is the financial support of his wife. He buys an SBI 70 Lakh term insurance to ensure his wife’s financial stability in his absence. If Raman suffers an untimely death in the 5th policy year, the insurer will payout the life cover of 70 Laksh to his wife. His wife can then use the sum assured to take care of her needs and liabilities.

Why Buy SBI Life 70 Lakh Term Insurance Plan?

You should buy an SBI 70 Lakh term insurance plan for the following reasons:

Large cover at low premiums: With SBI term insurance, you can get a large life cover at affordable premiums.
Cover Against Eventualties: You can add cover against eventualities like critical illnesses, terminal illnesses, accidental death, accidental total permanent disability, and hospicare benefits to the base plan at nominal premiums.
Pay off Loans and Liabilities: Your family can use the benefit payout to pay off the remaining loans and debts like home or car loans in your absence.

What are the Benefits of Buying SBI 70 Lakh Term Insurance?

Here is a list of benefits of buying SBI Life 70 lakh term insurance in India:

Low Premiums: Term insurance plans are the most affordable type of life insurance, as the premiums for term plans start as low as 473 per month.
Online Purchase: You can easily buy term insurance online from the comfort of your home and get upto 10% discounts.
Rider Availability: With term insurance riders, you can enhance the base cover of a term plan at nominal premiums.
Payout Options: You can choose the most suitable payout option applicable for your family at the time of buying term plan.
Tax Benefits: Term insurance plans offer tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961.

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Who Should Buy SBI Life 70 Lakh Term Insurance?

The following individuals can consider buying different types of SBI life insurance in India:

People who are young
People who are married
People who have kids
People who have existing loans and liabilities
Self-employed or business owners

How to Buy SBI 70 Lakh Term Insurance in India?

Here is how you can buy SBI life 70 Lakh term insurance online in India:

Step 1: Visit the term insurance page on Policybazaar’s website

Step 2: Fill in the required details like name, date of birth, mobile number, and gender

Step 3: Click on “Check your Premium Now”

Step 4: Select suitable options like educational qualifications, annual income, smoking habits, and occupation type

Step 5: Choose the most suitable SBI 70 lakh term insurance and proceed to pay

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FAQs

Q: What is 70 lakh life insurance in SBI?

Ans: 70 lakh term or life insurance in SBI Life Insurance company is a type of insurance that offers 70 lakh as a death benefit to the nominee in case of the policyholder’s death during the policy term.
Q: Is SBI Life term insurance good?

Ans: Yes, SBI Life Insurance is one of the top insurers in the country offering insurance solutions to fit the needs of people from all backgrounds. You can easily compare and select the most suitable SBI 70 lakh term insurance to financially secure your family in case of an eventuality.
Q: Is 70 lakh term insurance enough?

Ans: The life cover enough to cover your family’s financial needs depends on your individual needs and your family’s potential needs in your absence. You can use a human life value calculator to get an estimate of the right life cover for your family. For example: Karan, who is 25 years old and earns 2,80,000 per annum, can buy an SBI 70 lakh term insurance to financially secure his family.
Q: Which is better LIC or SBI Life Insurance?

Ans: Both LIC and SBI are good insurance companies to buy term insurance from. You can compare the available plans from both these insurers to find the one that fits your needs the best.
How to calculate the term insurance premium online?

Ans: You can easily calculate the term insurance premium online by using the term policy calculator online tool
What are the benefits of term life insurance?
Ans: Here are 4 common term life insurance benefits:
- Low premium rates
- Tax Benefits
- Death Benefit
- Long term coverage
What are the key features of term life insurance?
Ans: Below mentioned are the key features of a best term life insurance in India:
- Affordable premium rates
- Long-tenure life protection
- Easy to understand and buy
- Riders availability
- Whole life protection
- Tax benefits
What are the key features of a best term insurance plan in India?

Ans: Let's understand what is term plan here. Term insurance offers financial protection for a certain period to the policyholder, thereby, offering a lump sum payout if the policyholder unfortunately passes away during the policy term.

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˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 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

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

+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.

˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.