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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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
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.
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.
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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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
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
˜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.