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A 100-year term plan is a type of life insurance plan that provides financial coverage for a period of 100 years. This plan is designed to provide coverage for the entire lifetime of the life assured.
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Note: Know more about what is term insurance first before reading this article.
This plan provides long-term financial security for the life assured and their beneficiaries. In the event of the life assured's death, the policy will pay out a death benefit to the nominees. This benefit is used to cover a number of expenses, such as funeral costs, outstanding debts, and living expenses. Also, it includes a savings component, which allows the policyholder to accumulate cash value over time. This cash value can be used to supplement retirement income or to cover unexpected expenses.
Term Plans
| Name of the Insurer | Plans in India for 100 Year Term Insurance Plans 2024 | 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 | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 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
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If you are the sole bread earner for your family and want to ensure that they will have financial security after your death, you should think about purchasing a long-term term insurance plan, which is a term plan up to 100 years. Below are some more benefits of purchasing a long life term plan:
Whole Life Cover: You are covered by the policy for 99 years, and as a result, you are offered long-term protection for your family. Even in old age, you may have financial responsibilities, and a whole life cover will aid to these responsibilities.
Tax Benefits: The maturity amount is not taxable under Section 10(10)(D), and the insurance premiums paid are eligible for deductions, up to Rs. 1.5 lakh, under Section 80C.
Level Premium: Your premiums stay the same during the policy's term, giving you the advantage of a cost that won't increase over time. Also, you know exactly how much the premium will be, so you can manage your expenditures accordingly.
Policy Duration: While purchasing term or life insurance, it is necessary to take into account the length of the policy's coverage period as it results in better savings. The policy term varies depending on the insurance company. Therefore, you must be sure to select a time span that is appropriate for your financial situation, age, and future financial goals.
Compare Term Insurance Policy Premiums: While choosing term insurance for the long term (in this case, for long life), compare policy premiums and select the one that meets the demands of your dependents for the future. Policybazaar gives a comparison of the insurance companies offering great insurance plans, so that you can choose the policy.
Consider Income, Health Condition and Age: The most important criteria that you need to be sure of is your ability to pay-off the policy premium in the next 50, 60 or 70 years with a static or increasing income source and good health condition. Hence, you should consider your age and any health conditions before choosing a long life term insurance plan, as well as whether or not your annual income would be sufficient to allow you to keep up with the policy.
Get Financial Advice: Before paying for the long life term insurance plan, you must carefully examine all the conditions and regulations. Additionally, you may turn to Policybazaar for the term insurance plan comparison, or you can ask the experts to take you through the available plans, premium rates, and terms and help you choose the one that meets your needs.
If you want to be insured for the rest of your life, a life insurance plan for 100 years is a suitable option. Once the policy is in effect, the insurance provider gives your dependents a guaranteed death benefit regardless of when you pass away. Therefore, make an informed decision as your family could be dependent on your financial decisions for their sustenance.
†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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