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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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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.

one crore term plan
plus

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

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 benefits 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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