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Term life insurance plans commonly come with a tenure length of 10,15,20 or 35 years. A 35 year term life insurance can be a valuable choice as it offers high coverage at low premium rates for a very long time. But is it the right choice for your requirements? Read on to know further about 35 year term life insurance plans in detail:
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Term insurance is a life insurance product that provides coverage for a fixed period of time i.e., the policy term. If the policyholder dies when the policy is in force, a death benefit is paid to the nominee/beneficiary of the policyholder. A basic term insurance variant has no cash value component which simply means that if the policyholder survives the policy term, the plan does not return any amount, with the exception of plans such as Term Return of premium, etc. Term insurance plans provide high life cover at low premium prices.
Example: Premium rates for 1 Crore term cover could be as low as Rs. 449 p.m. These fixed premium amounts can be paid at 1 time or at regular time periods for the entire policy term or for a limited term. The premium varies based on the type of premium payment method chosen by the insurance buyer.
As discussed, term plans come with different policy terms such as 15, 20, 35, 40 years. A 35-year term life insurance provides the longest coverage at inexpensive rates. By opting for the longest coverage option such as 35 years, you may protect your family’s needs. Let’s discuss in detail:
Note: Now that you know that what is term insurance plan you can easily buy a term plan for your loved ones.
Term Plans
35 Term Life insurance is a type of life insurance coverage that will pay out the death benefit if the policyholder dies within the 35-year policy term. 35 year term life insurance is one of the longest term insurance policies available. It is a simple and cost-effective way of securing one’s family from financial difficulties in the unfortunate event of death.
For example: for a 45-year-old male, a cover of Rs. 1 Crore for 20 years could cost around Rs. 30,000 per year whereas for a 30-year-old male, the same term cover for 35 years will cost Rs. 10,000 per year. With a 35-year term life insurance plan, you can easily provide comprehensive coverage to your loved ones at low prices even if you are not young and do not have a large amount of earnings. Moreover, it may also be easier to purchase term insurance coverage while you are healthy, active, and young.
In addition to this, the premium amounts paid towards the 35-year term insurance policy are eligible for tax deductions u/s 80C of the ITA, 1961 for up to Rs. 1.5 Lacs. Death benefits are also exempted u/s 10(10D) of ITA.
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If your children are young and you want coverage that lasts until they reach adulthood, then this can be a choice to consider.
Term plans are pure life insurance policies because there is no cash value component. It is specifically designed to provide your beneficiaries/nominees a payout in case of any unfortunate event during the policy term. Since no premium amounts are invested in the cash value of your policy, you can receive a large amount of benefit than permanent life insurance
It is a protection plan that works as an income replacement for the policyholder’s family after his/her death. 35 year term life insurance helps the retired policyholder to get a steady income even after retirement so that his/her family lives comfortably.
In case you have taken a home loan or other debts and you are worried about how your family will pay off if someday something happens to you. A 35 year term life insurance policy can pay off the principal amount and helps in reducing your family’s financial hardships.
Individuals in 35 years can pay the quotes for a longer duration with lower chances of illness to keep the premium rates low. While older persons are more vulnerable to diseases/illnesses and have to pay large amounts of premiums. At the time of buying 35 year term life insurance plans, always ensure your family’s current financial needs and lifestyle. In order to get a clear picture of why should you opt for 35 year term life insurance, we have prepared a table that illustrates different 35 year term plans offered by different insurers.
Enlisted below are the 70 lac term insurance plans for a 35-year policy term from some of the insurance companies:
| Name of the Insurer | 35 year Term Life 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 | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 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 | |
| Axis 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
Following is a list of benefits that you receive on purchasing a long tenure term insurance policy:
A 35 year term life insurance plan keeps you secured and protected for 35 years. So during this time, you do not have to worry about the financial requirements of your family in case of your absence.
A long-term insurance policy plays a very important role in your tax savings. You can get tax savings on the premiums paid u/s 80C of the Income Tax Act, 1961. Also, the death benefits of a 35 year term life insurance plan are free of taxes u/s 10(10D) of the ITA.
One of the benefits of a long tenure term insurance plan is the lowest possible premium prices. These plans generally come up with discounted premium prices as compared to a short-tenure term plan.
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
Most individuals buy term insurance cover for more than 35 years to ensure their children’s bright future and comfortable retirement. So at the time of selecting the coverage and term make sure that you consider inflation as a factor.
Note: Check out the term insurance plan in India and choose one that suits your requirements.
†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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