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Term insurance is one of the most essential products in everyone’s financial portfolio, as it provides financial protection to your family. A 30-year term insurance plan ensures that your family is protected for a policy term of 30 years, during which in case of your unfortunate demise, the insurer will pay the selected sum assured to your family.
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A 30 year term life insurance plan is a term insurance plan that provides coverage to the family of the policyholder in case of his/her untimely demise. To ensure continued protection, the policyholder has to make premium payments as per their suitability for the entire premium pay tenure. The 30 year term insurance plans have a policy term of 30 years and provide a benefit amount to the family of the life assured in case he/she suffers an untimely death within these 30 years.
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Here is a list of benefits of buying a 30 year term insurance plan in India:
Affordable Premiums: The premiums for a 30 year term insurance are much more affordable than any other types of life insurance. Buying a term plan for 30 years ensures that your family’s financial security without straining your budget.
Financial Protection for Family: A 30 year term insurance provides long term financial protection for family by paying the selected sum assured on the death of the policyholder. This ensures that your family is financially secure in your absence.
High Coverage: Term insurance with 30 year policy terms offers a large sum assured up to 20 crores at affordable premiums starting at just ₹487 per month for a 1 crore term insurance plan.
Flexible Policy Details: With a 30 year term plan, you can customise the policy details like the sum assured, premium pay options, payout options as per your suitability. You can also add the available riders to the base term insurance plan for enhanced security.
Peace of Mind: A term plan provides the peace of mind of knowing that your family will be financially secure and will be able to take care of their needs even in your absence.
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You need a 30 year term life insurance plan for the following reasons:
Income Replacement: In case you are the main breadwinner of your family, the family may financially suffer in your absence. A 30 year term insurance payout can act as an income replacement for your family and receive regular income even after your demise.
Pay off Loans and Debts: A 30 year term insurance payout can help your family pay off all the remaining loans and debts like home loans and credit card debts that you may leave behind.
Legacy for Loved Ones: With a 30 year term life insurance, you can create a financial legacy for your kids and grandkids by opting for a plan with large life cover. The life insurance payout can help your kids fulfil their future goals like paying for their higher education and more.
A 30 year term insurance plan is ideal for individuals who want to secure their loved ones with a large life cover at affordable premiums. Here is a list of factors you should consider when determining if a 30 year term plan is right for you or not:
Age and Life Stage: You should always consider your age and life stage at the time of buying the term policy. A 30 year term insurance may be better suited for individuals in their 20s and 30s, as these plans will provide coverage till the time usually people retire. This way, if you buy a plan to cover you till your retirement age, you will not have to pay the premiums in your non-earning years.
Future Goals: Your and your family’s future goals can also be fulfilled with the term insurance payout. For example, if you have an outstanding home loan or business loans that may befall on your family’s shoulders, the term insurance payout can help your family pay off these remaining loans.
Family Needs: Your family’s needs can help you determine the right cover amount at the time of buying the plan. For example, if you pass away during the policy term, your child can use the benefit amount to pay for their wedding or fund their business endeavours.
Here are a few factors that you should consider when buying the right 30 year term life insurance for yourself:
You should firstly think about your financial responsibilities, such as your children's education, any debts, and your spouse's financial needs. This will help you decide how much coverage is enough to protect your loved ones in case something happens to you. You can also use the human life value calculator as it gives you the life insurance cover amount you are eligible to buy.
While term life insurance is usually affordable, premiums can vary depending on coverage, riders, and your age. Make sure you pick a policy that fits within your budget without affecting your other financial goals. Comparing premiums from different providers can help you find the best deal.
Many policies let you add extra coverage with term insurance riders, which offer additional protection for a small cost. Riders can cover things like critical illness or accidental death, providing extra security for your family.
It’s important to choose a life insurance provider with a strong reputation. Look for a company with a high claim settlement ratio, as this ensures they are reliable when it comes to paying claims. Customer reviews and satisfaction can also give you a good idea of their service quality.
Term insurance provides long term cover, and it might be helpful to talk to a professional, like an insurance advisor. They can guide you based on your personal situation, like age, income, health, and family needs, helping you choose the right policy that aligns with your financial goals and ensures your family’s future security.
Here is how you can buy a 30 year term plan from Policybazaar:
Step 1: Visit the term insurance page of Policybazaar
Step 2: Fill in your name, gender, contact information, and date of birth
Step 3: Select the right occupation type, annual income, smoking habits, and educational qualifications
Step 4: Choose the ideal cover till age and other policy details to fit your needs
Step 5: Buy the best term insurance plan and proceed to pay
A 30 year term life insurance is an affordable insurance plan that provides large life cover for a long policy tenure. These plans not only offer financial security, but also provide peace of mind, knowing that your family will be financially protected in your absence. You can also claim tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the IT Act, 1961.
˜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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