If you are looking for life insurance coverage with a high sum assured, a 70 Lakh Term Insurance might be for you. Ultimately, the 70 lakh term plan is a pretty useful insurance offering for anyone working towards establishing a safety net for the post-retirement years. And with the growing acceptance of the idea of buying insurance for retirement, this might just turn out to be an investment that pays off in time.
Term life insurance is a legal contract binding an insurance provider and a policyholder, where the former offers life coverage to the insured and provides a pre-determined sum as a payout if he or she dies within the policy period. The latter, in turn, offers regular premium payments to the insurance provider in exchange for the coverage.
The death benefit, which is also known as ‘sum insured’, is built on the amount of premium that is paid by the policyholder, along with any applicable and relevant bonus and interest amounts. Therefore, if a life insurance plan says “70 Lac Term Insurance”, the amount of death benefit will be equal to INR 70 lakhs. However, the premium amount of this policy could be flexible as the insurance provider wants. These premium amounts are fixed values that the policyholder needs to pay in a single amount or in regular intervals for the policy-specified term. The amount of premium also varies depending on the type of paying mode set by the policyholder.
Premium charges rise in direct proportion to the insured's age. Purchasing a term policy at a young age is a wise move. When you have any financial dependents in your household, it is always recommended that you get a minimum of 70 lac term insurance policy. But how do you find out how much premium you have to pay at periodic intervals? You may use the term insurance calculators to calculate the premium rates of the best term insurance plans of 70 lakhs.
A 70 lac term insurance policy is an excellent choice for anyone who wishes to safeguard their household in any scenario. If you're the sole earner in the household, INR 70 lakh in death benefits can undoubtedly assist you in providing financial assistance to your household. It is appropriate for working adults between the ages of 25 years and 35 years, as well as for the one who is the sole earner in the household. The policy has a policy duration of 30 years or more and is particularly intended for persons with an annual income of INR 5 lakhs to 7 lakhs. Before committing to an insurance purchase, it is best to review the advantages, features, and current policy conditions and limitations.
Individuals under the age of 35 can pay a lesser premium rate for a lengthier term with a lower risk of disease in order to maintain premium rates down. At the same time, older people are more vulnerable to illnesses and must pay greater rates. You can choose from the best term insurance plans of 70 lakhs that will include relevant add-on features like riders to supplement the current coverage. When purchasing 70 lac term insurance policies, carefully consider the family's present financial needs and choose the appropriate term policy with the appropriate sum insured.
Here are the benefits offered by the best term insurance plans of 70 lakhs coverage:
70 lakhs in sum assured amount. This is highly beneficial to the insured. By getting a 70 lac term life insurance plan, you can replace your current income-earning capability. You are provided with an assured sum for all your future requirements, like medical expenses and education for your children and family members. The payment schedule of this policy is also flexible, and one can adjust the amount which covers various needs of their life. The term of insurance will take care of any emergency situation, which might arise in the future.
One of the most effective ways to get life coverage is through term life insurance, wherein you can take a high sum insured with fixed premium amounts. A good rule of thumb is that when it comes to insurance, the earlier you get your insurance tenure taken care of, the better it will be for you. By taking a 70 lac term life insurance plan at an earlier age, preferably in your thirties, you can get the advantages of a low premium amount for a high sum insured.
Section 80C of the Income Tax Act offers tax deductions up to a limit of INR 1.5 lakhs on premiums paid on life insurance plans. Apart from that, Section 10 (10D) of the Income Tax Act makes death benefits received from term life insurance products like the 70 Lac Term Insurance policy completely tax-free, given that certain conditions are fulfilled.
In the end, keeping in mind these advantages and benefits described above, a 70 lac term insurance coverage plan might be just what you need to ensure that a significant portion of your wealth accumulates in your retirement years.
Taking a life insurance policy is a way to plan for the future. This is especially true when one considers getting an early-term life insurance plan. The benefit of taking an earlier term life policy is that the premium rates are lower, and that premium amount remains fixed for the rest of your insurance tenure.
So, the 70 lacs term insurance plan from a dependable source like the LIC term insurance makes a lot of sense for people who have made good income and savings throughout their life and feel that they don't need to depend on pension plans or any other form of social security when it comes to retirement. It's a dependable insurance policy with reasonable premiums and a high payout amount that can come in handy for a variety of purposes within the realm of retirement.
