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Tata AIA 70 Lakh Term Insurance

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 plan worth Rs. 70 Lakhs. Tata AIA Life Insurance offers a term insurance coverage of 70 Lakhs with affordable premiums, ensuring that financial burdens won't pressure you. Let's understand the Tata AIA 70 Lakh Term Insurance in detail.

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What is the Tata AIA 70 Lakh Term Insurance Plan? 

Tata AIA 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 Tata AIA Life Insurance helps by offering a cover amount of Rs. 70 Lakhs.

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 Tata AIA 70 Lakh Term Insurance Work? 

Let’s understand how this life insurance plan works with the help of this example: 

Ramesh bought a 70 Lac Term Insurance For 35 years old plan offered by Tata AIA Life Insurance for a certain policy term, and the assigned nominee (his loved one) will get a death benefit of Rs. 70 Lakhs, in the unfortunate case of his demise. This term insurance policy guarantees Ramesh’s dependent's financial stability during challenging situations. 

Offering budget-friendly premium rates and high life cover, the Tata AIA 70 Lakh term plan is one of the most reliable term plan options for those willing to protect their family's future.

Why Buy Tata AIA 70 Lakh Term Insurance? 

Here are some of the reasons why you should buy Tata AIA 70 Lakh Term Insurance:

  • High cover at low premiums: Most people consider 70 Lakh term insurance to be a plan with very high premiums, but that is not the case. When you buy term plan early in life (i.e. at an early age), you can avail of all the benefits of term insurance at a premium as low as Rs. 533/month. 

  • Additional Coverage Advantages: The Tata AIA 70 Lakh term insurance plan extends its coverage with additional benefits through riders, including accidental death benefits, terminal illness benefits, and waiver of premium riders.

  • Supporting Your Family Financially: The Tata AIA 70 Lakh Term Insurance plan ensures that the financial needs of your dependents are met when you are no longer there for them. Moreover, the nominees can use the death benefit to settle loans/debts and other expenses or allocate the payout for household/personal expenses.

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How to Determine the Right Coverage Amount? 

Here is a list of factors that can help determine if buying a 70 Lakh term plan is the right cover amount for you: 

  • Your Annual Income: When selecting a term insurance plan, it's smart to ensure the coverage is at least 10 times your yearly earnings. For instance, if you earn Rs. 3 Lakhs annually, aim for a term life insurance plan of at least Rs. 70 Lakhs. You can also use Policybazaar’s term insurance calculator for a better estimate.

  • Current age: Your age plays a big role in deciding how much coverage you need regarding term insurance. As you age, the chances of health problems increase, leading to higher insurance premiums. That's why getting the Tata AIA 70 Lakh term insurance plan is a good idea when you're younger. Doing this helps you get comprehensive coverage at lower rates, making sure your loved ones are financially secure and keeping your premiums affordable for a long time.

  • Financial Dependents and Their Needs: Checking how financially secure your dependents are is crucial when deciding if Rs. 70 Lakhs is the right coverage for you. Consider how many family members rely on you for financial support and consider their future needs like education, marriage, etc. It's very important to ensure all the financial needs of your dependents, especially those who depend on your support, are properly taken care of.

  • Pay off Loans/Liabilities: When buying a term life insurance plan, keep a track of all 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 fairly high amount compared to other term life insurance plan options, covering your life goals. 

What are the Benefits of Tata AIA 70 Lakh Term Insurance? 

Here are some of the benefits of Tata AIA 70 Lakh Term Insurance:

  • Affordability: The cost of a 70 Lakh term insurance premium is reasonable, and if you buy term plan at a younger age, you can secure it at much lower rates. You can buy the Tata AIA 70 Lakh Term insurance plan for as low as Rs. 533/month.

  • Additional Benefits with Optional Add-ons: The Tata AIA 70 Lakh term insurance plan provides high life cover and also allows you to enhance it with optional add-ons like critical illness, accidental death, and waiver of premium riders. While these extra riders are not mandatory to be applied to the base plan, they offer additional protection against multiple risks. It is important to note that you can only add these riders at the beginning of the policy, i.e., during the initial purchase.

  • Convenient Online Purchase: Buying a Tata AIA 70 Lakh Term Insurance plan online is hassle-free, eliminating the need to visit Tata AIA's branch or wait in long queues. With Policybazaar, you can easily make the purchase from the comfort of your home and enjoy a 10% discount on online term plan purchases.

  • Flexible Payout Options: Unlike many insurance companies that provide the death benefit of term insurance plans as a lump sum, you have the flexibility to choose from various payout methods. For instance, you can choose the combination of a lump sum or the monthly income payout option, eventually giving you better control over managing your expenses.

  • Tax Benefits: Another significant benefit of acquiring the best term plan for 70 Lakhs is eligibility for tax deductions under sections 80C and 10(10D) of the Income Tax Act, 1961.

Who Should Opt for Tata AIA 70 Lakh Term Insurance?

Here is a list of all eligible people who can buy 70 Lakh Term Insurance:

  • Young individuals

  • Self-employed/Business Owners

  • People who have outstanding loans/debts 

  • Newly Married Individuals

  • Parents with children 

  • Sole earning member of the family

How do you buy Tata AIA 70 Lakh Term Insurance from Policybazaar?

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 necessary information, a list of all available 70 Lakh term insurance plans will be displayed. 

Step 5: Choose the Tata AIA plan from the list and pay using your preferred payment method.

FAQs

  • Q: What is a Tata AIA 70 Lakh Term Insurance Plan?

    Ans: Tata AIA 70 Lakh Term Insurance Plan is designed to provide a financial safety net for your loved ones in the event of your untimely demise, offering a sum assured or 'death benefit' of Rs. 70 Lakhs.
  • Q: Why Buy Tata AIA 70 Lakh Term Insurance?

    Ans: You must buy a Tata AIA 70 Lakh Term Insurance plan to get high coverage at low premiums and additional benefits like accidental death coverage, terminal illness benefits, and waiver of premium riders.
  • Q: Who Should Choose Tata AIA 70 Lakh Term Insurance?

    Ans: Tata AIA 70 Lakh Term Insurance is a great choice for young individuals, self-employed/business owners, newly married couples, parents with children, single earning members, and individuals with debts.
  • Q: What are the key benefits of Tata AIA 70 Lakh Term Insurance?

    Ans: The key benefits of Tata AIA 70 Lakh Term Insurance are affordability, additional benefits through optional add-ons, online availability for easy purchase, flexible payout options, and tax benefits under sections 80C and 10(10D) of the Income Tax Act.
  • Q: How do you determine the right coverage amount?

    Ans: When evaluating the right cover amount, you must consider factors like annual income, age, financial dependents, future needs, and outstanding loans. You can easily use Policybazaar’s term insurance calculator for accurate calculations.

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