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It's always a good idea to buy term life insurance, regardless of age and time. Even if you're in your mid 30s, getting term insurance will give you peace of mind. At this age, you may have financial responsibilities like your child's education or paying off loans. So, for a 35-year-old individual, opting for a term insurance coverage of 70 Lacs can offer significant financial security for your loved ones in case something unexpected happens to you. This article will discuss about why 35 year old people should go for term insurance and if 70 Lac is a good policy cover for them.
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A person of 35 years age must have a lot of financial responsibilities over his shoulder and therefore, a sum assured of 70 Lac is a good term insurance policy cover. So, if the policyholder passes away during the term of the policy, their nominees/beneficiaries would receive a sum assured of 70 Lac. The term insurance policy provides financial protection and security to the family or dependents in the event of the life assured's death during the specified term of the policy.
Let’s understand this with the help of an example:
Manish is a 35 year old non-smoking male, who is earning a salaried income of Rs. 9 Lac per annum. He has chosen Rs. 70 Lac as life cover for 30 years and is paying a monthly premium of Rs. 1,088. If Manish unfortunately passes away during the policy term, his family will receive the death benefit, and it will help them stay financially secure for the rest of their lives.
Term Plans
Enlisted below are the 70 Lac term insurance plans for a 35 year old:
| Name of the Insurer | 70 Lac Term Insurance Plans | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Click 2 Protect Super | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Max Life Insurance Company Limited | Max Life Smart Total Elite Protection | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Promise | 776 | 18-65 years | 100 years |
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
**The table shows results of term insurance plans searched for a 35-year-old non-smoking male with an annual income of 9 Lac.
Waiver of Premium - If you become disabled due to an accident, you won't have to pay any more premiums for the policy.
Terminal Illness benefit - If you are diagnosed with a terminal illness, you will receive the full coverage amount from the insurance.
Life stage benefit - You have the option to increase the coverage amount when major life events occur, such as getting married or having your first or second child.
Tax benefit - You can save up to Rs. 46,800 on taxes each year under Section 80C. Additionally, the returns you receive when the policy matures are completely tax-free.
Smart Exit Benefit - You have the option to exit the policy, and in return, you will receive a refund of all the premiums paid (excluding GST). The policy will be terminated after the exit.
Terminal illness Benefit - If you are diagnosed with a terminal illness, you will receive a payout of 100% of the Sum Assured (up to 2 Crore) from the insurance.
Tax Benefit - You can save up to Rs. 46,800 on taxes each year under Section 80C. Additionally, the returns you receive when the policy matures are completely tax-free.
Extend your policy term at maturity - When your policy term ends, you have the flexibility to extend it for additional periods, up to a maximum of 5 times. To do so, you will need to pay an extra premium.
Terminal Illness Benefit - If you are diagnosed with a terminal illness, you will receive a payout of 100% of the Sum Assured (up to 1 Crore) from the insurance.
Tax Benefit - You can save up to Rs. 46,800 on taxes each year under Section 80C. Additionally, the returns you receive when the policy matures are completely tax-free.
Flexible Premium Payment Terms - You have the option of paying your premium in either regular, limited or similar PPT.
Terminal Illness Benefit - If you are diagnosed with a terminal illness, you will receive a payout of 75% of your life cover amount from the insurance.
Free health check-up - You are entitled to a complimentary health check-up every year throughout the duration of your policy.
Tax Benefit - You can save up to Rs. 46,800 on taxes each year under Section 80C. Additionally, the returns you receive when the policy matures are completely tax-free.
Terminal Illness - If the policyholder is diagnosed with a severe illness, the full life coverage amount will be paid immediately instead of waiting until their passing.
Waiver of Premium - If the insured person becomes permanently disabled or diagnosed with a severe illness, they won't have to pay future premiums. The life coverage will remain in effect as usual.
Early exit benefit - Between the ages of 60-62, the policyholder can choose to surrender their policy. They will receive a refund of all the premiums paid (excluding GST), and the policy will end. This option is available if the policyholder is currently under 45 years old, and the policy term is 35 years or longer, with coverage until the age of 68 or older.
Tax benefit - You can save up to Rs. 46,800 on taxes every year under Section 80C. Additionally, the returns you receive upon maturity of the policy are 100% tax-free.
Life is unpredictable, and term insurance can help safeguard your family and yourself from the financial impact of unexpected circumstances. Here are some reasons why a 70 Lac term insurance plan is important for someone who is 35 year old.
Protecting Your Family - When you turn 35, you are likely to have responsibilities towards your family or dependents. The 70 Lac term insurance plan ensures that your loved ones won't face financial burdens when you're no longer around. It offers substantial coverage at affordable premiums, allowing your family to maintain their standard of living with the death benefit they receive.
Adequate Coverage: A term insurance coverage of 70 lakhs ensures that your family is adequately protected financially, even in your absence. It can help them meet various expenses, including daily living costs, outstanding debts, education expenses, and future goals.
Affordable Premiums: Term insurance offers a cost-effective way to obtain high coverage amounts. As a 35-year-old individual, you can secure a sizable coverage of 70 lakhs at a relatively affordable premium, providing immense value for your money.
Long-Term Planning: Opting for a term insurance plan for a longer duration, such as 30 or 35 years, ensures that your family remains protected throughout your working years and beyond. It offers stability and financial security for the long term.
Income Replacement: A 70 lac term insurance coverage can act as a replacement for your income, ensuring that your dependents can sustain their lifestyle and meet their financial needs even without your regular income support.
Securing Against Loans or Debts - If you have existing loans or debts, your family would have to bear the responsibility of repaying them after you pass away. The 70 Lac term insurance plan can ease this burden by providing a death benefit that can be used to settle those obligations.
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It is completely safe to purchase a term insurance policy online in India. If you are buying an online term plan, you can simply visit the policybazaar’s website to select the right plan for you and your family.
Get High Cover at low premium rates : You can get a high-value life cover worth Rs. 70 lacs from a term insurance plan by paying low premium rates in comparison to other plans.
Protect your loved ones from debts, loans, and responsibilities : Term insurance plans offer financial security and stability for the entire family against any loans, debts, and other liabilities in case of an untimely demise of the sole earner of the family.
Buy Early and Save More : Term plans are cost-effective and pocket-friendly. When you are young, the premium rates are comparatively lower. The premiums are lesser at early ages as compared to the older person having any or diagnosed with any pre-existing illnesses. It is always advisable to start investing early and pay the fixed amount for the long run.
Additional Protection : Also, you can get the optional cover for critical illness, accidental death, and waiver of premium which protects you from income loss associated risks.
Whole Life Cover : Some term insurance plans also offer coverage for a lifetime of up to 100 years
Tax Benefits : Get the tax benefits on premiums paid as per the prevailing laws of the Income Tax Act, 1961.
Here are the steps to buy the 70 Lac Term Insurance plan:
Step 1: Visit Policybazaar and go to Term Life Insurance
Step 2: Provide your basic details like Name, Date of Birth, and Contact Number.
Step 3: Fill in additional information, such as smoking habits, annual income, qualification, and occupation type. Click on 'View Plans'.
Step 4: Select ‘70 Lac’ in the Life Cover Option
Step 5: Choose the most suitable plan from the list of available insurers.
Step 6: Enter your full name, email address, occupation, annual income, and qualification.
Step 7: Provide your pincode, city, and nationality.
Step 8: Select your preferred plan options and proceed to make the payment.
Step 9: Choose a convenient payment option to pay the required premium and complete the purchase.
Choosing a 70 lac term insurance plan at the age of 35 can be a wise decision to secure your family's financial future. It offers substantial coverage at affordable premiums, ensuring that your loved ones are protected financially in the event of your untimely demise. However, it is crucial to carefully assess your specific needs, financial obligations, and future goals while selecting the coverage amount. Consult with insurance professionals to understand the available options, compare policies, and choose a term insurance plan that meets your requirements. By opting for a 70 lac term insurance plan, you provide your family with the necessary financial safety net and peace of mind in times of adversity.
†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
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