Term Insurance Age Limit

Term Insurance Age Limit

Term life insurance is a kind of life insurance plan that offers financial protection in the event of the death of the policyholder. It is a life insurance policy that provides financial protection and coverage to the policy beneficiary if the insured dies within the term insurance plan's active period. Term plans, in essence, provide comprehensive financial security and protection to the insured's loved ones in the case of an unanticipated occurrence. If the insured dies within the duration of the insurance policy, a death benefit is paid out to the insured's policy nominee in accordance with the policy's terms and conditions.

Term insurance plans don't only give financial stability and safety to the insured individual's family, but they also help them fulfil future requirements such as their children's schooling and marriage, among other things. Some insurance firms also offer permanent or partial disability coverage, which protects the policyholder's long-term income.

A term insurance plan is one of the simplest life insurance policies that aid in providing a form of security to your family in your absence. This is why it's always a good idea to get a term insurance plan early on in your life. However, before you go ahead and purchase a life insurance plan for yourself, it's important to know the term life insurance age limit in our country.

Let's discuss the term insurance age limit and try to learn more about the ideal term insurance plans for all age groups.

If You're in Your 20s

Most working professionals take the first step in their careers while they're in their 20s. While most of us don't have many financial responsibilities in our twenties, some of us might have to cater to a few obligations like paying back education loans, taking care of our families etc. At this time, a term insurance plan for 50 Lakhs or more would be sufficient for your family to cover your expenses in case something happens to you. However, this is an average estimate and the actual amount varies in accordance with individual cases.

In addition, since you easily meet the term insurance age limit in your 20s, you can get your hands on the best term insurance plans at the most affordable premium costs. This would make it easier for you to invest in additional riders to cover accidents, death, disabilities, and critical illnesses. Moreover, you can also opt for a premium waiver option that allows waiver of premium in case of permanent disability or critical illnesses.

If You're in Your 30s

Most people think about starting a family in their 30s. This is when the responsibilities increase manifold, and you're required to think about your spouse and your child in addition to yourself and your parents. Your financial liabilities also increase after you invest in assets like a home or a car.

At this time, a term plan for at least 80 Lakhs to 1 Crore should be sufficient as it would help you in meeting your life goals and protect your family against the burden of debt in case of your untimely demise. However, this is an average estimate and the actual amount varies in accordance with individual cases.

Riders also become more important for people in their 30s as they make sure if anything unforeseeable happens to them, their dependents don't have to bear the brunt and face no financial obstacles.

If You're in Your 40s

Once you attain the age of 40 or above, you have most likely cleared all your debts like home loans, education loans, or vehicle loans. However, you might still have certain financial obligations such as retirement planning, taking care of your child's future, or ascertaining medical security.

To meet these financial requirements, a comprehensive financial safety net of 50 Lakhs to 1 Crore might be needed. However, this is an average estimate and the actual amount varies in accordance with individual cases. These plans will provide your family with the necessary protection in case of unforeseeable circumstances and keep financial instability at bay.

However, it's important to remember that as you grow older, the premium amount gets increased significantly. This is why opting for a return of premium plan is a good idea. This is because in case you survive the term of the policy, you're able to get a refund on your premium amount. Please note that TROP entail higher rates of premium.

If You're in Your 50s

Once you reach the age of 50, the premium for a term insurance policy will skyrocket. It is still prudent to obtain the best term insurance for a 50-year-old in India. If your age falls under the maximum age limit for term insurance policies, you are eligible for a term plan.

The life insurance purchased within the life insurance age limit would assist your loved ones in repaying any outstanding obligations you may have accumulated throughout your lifetime. Additionally, it can protect you against severe illnesses that may impair your health during the term of the policy if the appropriate rider is purchased.

Ensure to check out the maximum age for term insurance and the associated advantages of obtaining term insurance for a 50-year-old in India.

Disclaimer:

The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale

Consult with your financial advisor before making any decisions on insurance purchase.

Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time

Suggested Plans

Bharti AXA Life Flexi Term Pro

  • A Non-linked, Individual, Non-participating Pure Risk Premium Life Insurance policy
  • The plan offers two options: Without Return of Premium and With Return of Premium
  • Under the Without Return of Premium variant, you have the option between Single Life cover or Joint Life Cover i.e., cover for your spouse under the same policy.
  • Flexibility in policy and premium payment terms

Bharti AXA Life Smart Jeevan

  • Affordable premiums
  • Offers 100% return of premiums paid till the end of Policy Term as maturity benefit.
  • Life Insurance covers to ensure that you are adequately protected.
  • Ease of purchase as no lengthy underwriting procedures are involved.
  • Tax benefits

Bharti AXA Life Grameen Jeevan Bima Yojana

  • Non-Linked Non-Participating Life Term Micro Insurance Plan
  • Flexibility to opt for two plan options: Pure Protection Plan Option, Protection with Return of Premium Option
  • Flexibility in Policy Term/Premium Payment Terms
  • No medical examination
  • Tax benefits

Frequently Asked Questions (FAQs)

Can I get a term insurance plan if I have crossed the age of 50?

Yes, you can surely get a life insurance plan even if you've crossed the age of 50. Ensure to check out the maximum age for term insurance and the associated advantages of obtaining term insurance for a 50-year-old in India.

Do term insurance premiums go up as I grow older?

Yes, premium costs go up with age. This is why it's advisable to buy a life insurance plan early on in life.

What are insurance riders?

Riders are the extra benefits that can be added to your insurance policy to increase its effectiveness. Riders, such as critical illness cover, accidental death cover, etc., are incredibly beneficial. However, riders are not mandatory and available at additional cost.

Get Quote