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Limited Pay for 10 Years is an option in a term insurance plan that is provided to the life assured where he/she pays a premium amount for 10 years. Simply put, in Limited Pay for 10 years’ life insurance, policyholders pay a premium in the first 10 years of ownership, but the benefits last for life.
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For example – Shilpa, 40 years of age purchases a term insurance cover for 20 years, with a limited payment option. She is expecting to get retire at 55 years of age and wishes to pay off all the premium dues in 10 years right from now. In such situations, Shilpa will be responsible for paying premiums only till the age of 50. After this, Shilpa is not required to pay anything. However, the plan coverage will continue for about 20 years.
So, this means that the assured receives full life coverage for the complete policy tenure, regardless of the period of premium payment. After the expiry date of the premium payment terms, the policyholder is not liable to pay any due payment to the insurer. The premium payment term is less than the entire policy term, thus increasing the flexibility of the insurance companies.
Note: Know more about what is term insurance first before reading this article.
Term Plans
This limited pay for a 10-year option is majorly beneficial for those who have a changing monetary condition, flexible salary/income, changeable working surroundings, and/or are near to the retirement age.
The selection of premium payment options depends on various aspects such as current financial condition, current liabilities, future income, and retirement plans. Before making a final selection of premium payment options, it is very important to understand the terms and conditions. A limited pay term for 10 years is flexible and customizable. Following are some of the term insurance benefits:
Premium payments end in a very short period – A policyholder is required to pay a premium for a limited period i.e. for 10 years. This simply means that you can pay all your premiums within your work-life before your retirement.
Decreases the lapsing of the policy – The limited pay for 10 years should be payable for a specified period, so you are not required to pay premiums prices on time for a longer tenure. You can pay a premium early and the chances of policy lapse reduce.
Tax benefits - Get the tax benefits on premiums paid under section 80C of the Income Tax Act, 1961. In this section, deductions up to Rs. 1.5 lakh is allowed from gross total income.
Planning for a high sum assured amount – If you are planning to buy a term plan at an early age, the premium prices will be comparatively lower due to the decreased chances of death risk when you are younger. By buying this plan early, you can complete all the required payments before your marriage and then you can think of other financial objectives.
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
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It is best to select the limited pay for 10-year plans if you are not sure about paying premiums for a longer tenure in your future. This particular option is suitable for the following individuals,
Short Career Span - Personals having a short career span such as sportspersons
Changeable working environment - If someone is working in an unpredictable environment such as the army.
Business owner - Business professionals or owners having a changeable income.
Retirement - Individuals who are near to the retirement age and want life coverage up to a higher age.
In all the above such situations, you can pay all your premiums during your daily going active life.
Nowadays, term insurance plans have become a necessity regarding unpredictable life events. You should always plan to buy early to secure the financial requirements of the family. However, these plans provide you the liberty to select the insurance product based on your convenience. The limited pay term for 10 years is one of the best options. Even with a limited payment tenure, you have the leverage to receive all the benefits ensured at the time of the policy term. This allows you to enjoy the longer coverage by paying for a short duration.
Note: Check out the best 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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