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Age is just a number when it comes to taking care of your family and seeing them secured and free from financial obligations. And if you happen to be the sole earner of the family, then it becomes mandatory that you have life insurance for the protection of your loved ones. Although the age to buy life insurance is quite flexible in India, you must keep in mind that most insurers do not allow the purchase after a certain age. In this article, we will know the maximum age limit for buying life insurance in India, the common misconceptions one must avoid, and why an early purchase is recommended.
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Life Insurance Age Limit is referred to the age within which you can purchase life insurance as a policyholder for yourself or your loved ones/dependents. Usually, the age limit varies between 18 years to 65 years, 18 being the minimum and 65 being the maximum age. However, different insurance companies impose different age limits, as per plans.
It is often advised that you must buy life insurance when you are in your 20s because in that age period, you are less prone to diseases and therefore, there is a low risk of your death. Under such circumstances, you are required to pay lower premiums for high life cover.
Term Plans
The maximum age to purchase most life insurance plans in India is 65 years, post which you are not permitted to buy any new plan. However, you can still choose riders to cover for a specific risk up to the age of 99-100 years, depending on the type of rider that you choose. Let’s understand this with an example:
Mr. Nilesh, a 52 year old non smoking man, with salaried income of Rs. 30 Lakhs per annum, pays Rs. 3,847 for a term plan that he purchased for his family. He chose a life cover until 75 years of age, and will pay the same premium until the policy term ends. However, he can purchase a different plan with higher maturity age, but he cannot buy any plan after turning 65, as that is the maximum age limit to purchase a plan.
Life Insurance is an assurance that you and your loved ones will have no financial constraints in the near future. And therefore, it is beneficial to have your family secured while you’re younger, so that you can enjoy peace of mind early in life. Let’s look at some of the reasons why you must purchase life insurance at a young age:
You must not wait to turn 40 to buy life insurance. While you are younger, you get the opportunity to pay low premiums and receive high life cover, as you are not as prone to health issues as someone older than you is. Moreover, you will be able to pay the same premium for the rest of your life, or until the plan term ends.
It’s never too early to care about family. When you’re young, you have a lot of commitments, like higher education, career settlement, marriage preparation, etc. And, amongst all these activities, what’s left behind are your parents or dependents who you take care of. Therefore, it is beneficial to secure them as well as yourself from unexpected events and get life insurance plans early on.
The sooner you purchase the life insurance planm the longer you receive coverage, and at much less price. You can easily buy a 30-year plan (or longer, as per your interest) and be peacefully assured that you can protect your family and yourself at times of uncertainties for a longer period of time.
A very significant advantage of buying life insurance early in life is that you receive tax benefits for up to Rs. 1.5 Lakhs every financial year, under Section 80C and 10(10D) of the Indian Income Tax Act.
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Below mentioned are some of the inclusions in life insurance plans:
The three terms of premium payment are Single payment, Regular payment and Limited payment. You can opt for any one of these payment terms to pay your premiums.
The modes of premium payment include Monthly, Quarterly, Half-yearly and Annually. With such flexible modes of payment, it becomes easier for you to choose among the various options available and pay at ease.
With life insurance, you can enjoy payout of death benefit as well as maturity benefits if you are able to outlive your policy term.
Below mentioned are a few things to remember before you buy a life insurance plan:
Choose a plan that best meets your needs, such as your savings goal, policy term, etc.
Compare the features of multiple insurance companies' plans before settling on one to get an understanding of every benefits available.
To make the right choice on which insurance company to buy a plan from, always examine the Claim Settlement Ratio (CSR) of different insurance companies, as published by IRDAI, and compare their CSR for five consecutive years.
Ensure that the information provided to the insurance company during the policy purchase is correct and up to date.
Always tell your insurance company if your lifestyle practices or habits change significantly. For example, if you begin smoking or engage in practices something that is hazardous to health.
Always be sure to pay your premiums on time to prevent policy lapsation.
Although you cannot buy life insurance after a certain age, it is best to have it purchased whenever you can. In order to safeguard your family from financial stress, it is wise to select the best plan from amongst all the available options and buy it. Policybazaar, in this case, helps you compare among 15+ insurers in the country so that you can choose the best plan which suits your preferences and secure your loved ones.
†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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