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Securing your family's financial future demands thoughtful financial strategizing and a focus on economic stability. If you're unsure how to initiate this process, now is an optimal time to contemplate purchasing a 70 Lakh term insurance policy. ICICI Life Insurance presents a 70 Lakh term insurance plan with budget-friendly premiums, ensuring you aren't overburdened with financial stress. Let's discuss more about ICICI 70 Lakh Term Insurance here.
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ICICI 70 Lakh Term Insurance Plan is designed to offer financial security to your loved ones in case of your untimely death. Therefore, a 70 Lakh term plan offered by ICICI Prudential Life Insurance provides a sum assured of Rs. 70 Lakhs, which can also be called a ‘death benefit.’
Term Plans
Let’s understand how this life insurance plan works with the help of this example:
You can select a 70 Lac Term Insurance For 35 years old from ICICI Life Insurance for a certain policy duration, and the assigned nominee will get a death benefit of Rs. 70 Lakhs, in the unfortunate event of your demise. This term plan ensures your loved ones are financially stable during challenging times. With affordable premium rates and comprehensive life cover, the ICICI 70 Lakh term insurance plan becomes a dependable choice for those looking to secure their family's future.
Here are the reasons why you should buy ICICI 70 Lakh Term Insurance:
High cover at low premiums: Most individuals consider 70 Lakh term insurance not to be very pocket-friendly, but that is not true. When you start early, you can get all the benefits of term insurance at a premium as low as Rs. 570/month.
Additional Coverage Benefits: ICICI 70 Lakh term insurance comes with enhanced coverage benefits such as accidental death benefits, terminal illness benefits, and waiver of premium riders.
Financial family support: ICICI 70 Lakhs Term Insurance plans make sure that your dependents’ financial needs are taken care of even when you are no longer alive. Moreover, the nominees can use the death benefit to pay off loans, debts, and liabilities or use the payout for household expenditures.
Here is a list of some factors that can help determine if buying a 70 Lakh term plan is the right choice:
Your Annual Income: When evaluating all term plans to buy the best term life insurance in India, it's smart to confirm that the coverage amount is at least 10 times your annual income. For instance, if your yearly income is Rs. 5 Lakhs, your term plan should be at least Rs. 70 Lakhs. So, you can use Policybazaar’s term policy calculator.
Current age: Age is a critical factor in determining the appropriate coverage for term plans. Individuals become more susceptible to health issues as they age, resulting in higher premiums. Hence, purchasing the best 70 Lakh term insurance plan at a younger age is advisable. This allows you to secure comprehensive and high coverage at lower premium rates, ensuring financial security for your loved ones while keeping the premiums affordable for an extended period.
Financial Dependents and Their Needs: Assessing the financial stability of your dependents is crucial in determining if a 70 Lakh term insurance policy offers appropriate coverage. Consider the count of family members relying on you for financial support, and also contemplate their future needs such as education, marriage, loans, etc. It is essential to ensure that the financial requirements of all your dependents, particularly those depending on your financial support, are properly addressed.
Pay off Loans/Liabilities: When buying a term plan, remember if you have any loans or debts, like home, car or education loans. A 70 Lakh term insurance policy is a great choice because it gives you a good amount compared to other plans, covering your needs well.
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Here are the benefits of ICICI 70 Lakh Term Insurance:
Cost-Effectiveness: The premium rate of 70 Lakh term insurance is affordable, and if you buy term plan at a younger age, you can get this plan at low premium rates.
Availability of Additional Benefits (Add-ons): ICICI 70 Lakh term insurance plan provides comprehensive coverage, and you can also enhance it with optional add-ons like critical illness, premium waiver, and accidental death riders. These additional riders are not mandatory but offer extra protection as needed.
Online Availability: You can easily buy ICICI 70 Lakh Term Insurance plan online without visiting ICICI’s branch or office or by standing in long lines. With Policybazaar, you can also get a 10% discount on buying plans online.
Flexible Payout Options: While most insurance companies usually offer the death benefit of term insurance plans in a lump sum, you can choose from amongst multiple payout methods. For example, you may choose a combination of a lump sum and monthly income payout, providing better control over managing your expenses.
Tax Benefits: Another important benefit of buying best term plan for 70 Lakhs is tax deductions as per section 80C and 10(10D) of the Income Tax Act, 1961.
Here is a list of all eligible people who can buy 70 Lakh Term Insurance:
Young individuals
Self-employed/Business Owners
Newly Married
Parents with children
Sole earning member
People with Debts
Step 1: Visit 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 Tobacco/Smoking habits, annual income, type of occupation, and your qualifications.
Step 4: After submitting all the information, a list of all available 70 Lakh term insurance plans will be displayed.
Step 5: Choose the ICICI plan from the list and 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
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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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.
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