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Term Insurance Plan for 40 Years Age

Age is just a number and it should not be a factor for you to stop pursuing your dreams. And it becomes very difficult to fulfill dreams when you are stressed because of a number of reasons. Family’s financial security is one of those! Therefore, do not delay when it comes to buying term insurance and have your loved ones secured so that you can lead a tension-free life and live your dreams without anything holding you back.

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Term insurance is an important part of financial planning, especially for individuals who are 40 years old. At this age, you may have financial responsibilities such as children’s education and loan/debt payments. Therefore, it is crucial to have a term insurance plan that provides financial security to your dependents in case of your unforeseen death.

In this article, we will learn the importance of having term insurance for people in their mid ages, the different types and the term plans available for them.

Term plans for 40 years age

Name of the Insurer	Life Insurance Plan for 40 years old	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

*Note: The table is made in reference to a 41 year old non-smoking male earning a salaried income of 40 Lakhs per annum, choosing Rs. 1 Crore life cover for 30 years.

*Note: Before buying a term plan, make sure to familiarize yourself with what is term insurance.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

Why is Term Insurance Necessary When You Are 40?

Life is full of unexpected scenarios. And term insurance is one way to make sure that these situations don’t affect your family and yourself in a financial way. Below mentioned are some of the reasons why a person in his/her 40s needs to have term insurance:

Helps Secure Your Family

As a person in your 40s, you have responsibilities towards your family or dependents. Therefore, term insurance will make sure that your family is not left empty handed or in financial distress when you are no more. Term insurance, being the most affordable and efficient form of life insurance, will help you enjoy high cover with very affordable and low premium rates. Moreover, your family will be able to maintain their standard of living after your death with the money they receive as a death claim.
Offers Protection Against Debt or Loans

If you have any existing debts or loans, your family will have to take the additional burden of repaying it after your death. Therefore, a term insurance can take care of it as the sum assured that your family will receive will help them to repay the loan or debt.
Affordable and Easy to Buy

Term insurance is the most affordable life insurance and is most convenient because of its straightforward features. It only provides death benefits and has high life cover for relatively low premium rates. You can choose any loved one of yours, or a dependent as the nominee and make sure that they are secured for the rest of their life.

*Note: Use the term insurance calculator to determine the premium for your preferred term plan.

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Types of Term Plans Available for a 40 Year-old Person

Below mentioned are some of the term insurance types that are available for a 40-year old person:

Regular Term Insurance Plan

Regular Term insurance is the most reasonably priced and efficient form of life insurance available. It provides death benefits to the nominee after the death of the policyholder.
TROP Plan

Term Return of Premium (TROP) plans offer maturity benefits and return the total premiums paid to the policyholder if he/she outlives the policy term.
100% Refund of Premium at No Cost Term Plan

There is 100% refund of premium plans at no cost if the policyholder outlives his policy term in this plan. These are more affordable than TROP plans but not as much as the regular term insurance plans.

*Note: There are riders available on all term plans, such as accidental death benefit cover, critical illness cover, etc. which can be opted while buying term plans. Under these riders, the policyholder gets added benefits depending on the rider he chooses.

Points to Consider Before You Buy Term Insurance at 40

When you plan on buying a term insurance plan, below mentioned is a list of few things that you must know:

You are never too late to buy term insurance

Term insurance is very affordable and therefore, people of any age group can purchase it. However, it is advised that you must buy a term plan at an early age as you pay lower premiums when you’re young, you will avail the same benefits even if you buy in your 40s.
Health considerations

The healthier you are, the lower your premium rates will be. If you have a healthy body with no diseases, you can avail lower premiums as there is a low chance of your death in comparison to a person who has diseases or is not healthy enough. Not a bad deal, as this is your chance to stay fit and pay less premiums!
Calculate your debts carefully

It will become quite difficult for your family to repay the debts and loans that you had taken when you were alive. Therefore, calculate all your debts carefully before you purchase a sum assured for your loved ones so that they are not low on money when they pay the debts and at the same time, have enough to maintain their standard of living.
Term Insurance is a great savings method

The TROP (Term Return of Premium) is a form of term insurance that allows you to get back all your premiums after your policy term is over. In this way, you have not only secured your loved ones by buying term insurance, but also saved money for the future.

*Note: Term insurance benefits lets individuals to buy term plan, ensuring protection for their family and dear ones.

*Note: It's important to assess and compare the term insurance plan in India through Policybazaar's comparison engine to find the most suitable one for your needs.

How to Buy Term Insurance Plans?

Below mentioned are the ways to buy the term insurance plans that suit your requirements:

Step 1: Visit Policybazaar’s Term Insurance Page
Step 2: Submit your details, like Name, Phone Number and DOB and then click on “View Plans”
Step 3: Enter your occupation type, educational qualifications, yearly income and smoking preferences.
Step 4: You can compare from among the numerous insurers that appear and select
Step 5: Proceed to make your payment through your preferred mode, such as debit, credit or net banking

*Note: Ensure the financial security of your loved ones by investing in the term insurance for 1 crore.

Wrapping it up!

Whether 24 or 40, term insurance is always a right choice, no matter whatever the age is! Prioritizing your loved ones’ lives and financial security isn’t based on age limits. Policybazaar can help you choose the most suitable term plan from over 15 insurance companies. Therefore, buy a term insurance and see yourself live a life without stress and constraints.

FAQs

Should you buy a term insurance plan beyond the age of 40?

Ans: Yes, it is never too late to purchase term life insurance: It is true that the earlier you acquire insurance, the lower your rates will be. With increasing age comes a rise in the chance of mortality, and hence an increase in premium rates.
Can I buy two term plans?

Ans: Yes, you can choose more than one plan, but you must understand the terms and conditions of each plan thoroughly. Consumers select term insurance plans since they have low premium rates. Holding numerous term insurance plans entitles you to a variety of benefits.
How much term insurance should I purchase?

Ans: In general, insurance experts advise that your term insurance coverage should be at least 15 to 20 times your current yearly salary. Hence, if your present yearly income is 10 lakhs, it would be sensible to invest in a term plan worth 2 crores.
What is the appropriate age for a term plan?

Ans: People should not wait to purchase term insurance until they are in their 60s. As a result, the 20s and 30s are the optimal ages to get term insurance. The premiums are lower, and it will financially protect the family. The best aspect is that your investment may qualify for tax breaks.