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Popular for its low-risk investment, term insurance is steadily becoming one of the investment choices for salaried individuals to build a corpus. Purchasing term insurance is an easy process that can be done from the comfort of your home. All you need is a reliable internet connection and a smartphone. Since term insurance is a long-time investment, your premiums depend upon your age and multiple other factors.
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Note: Know more about what is term life insurance first before reading this article.
Term Plans
Statistics reveal that most term insurances in India are sold to individuals between 35 to 40 years. There could be several reasons for it but the most important one is that most people are placed at insecure jobs at this stage in life.
Listed below are a few reasons why people purchase term insurance as they approach retirement:
An increase in family responsibilities may force a person to think about his future more seriously.
Not everyone can enjoy a financially secure retirement, individuals might want to invest in the needs of their families.
Term insurance ensures debts are cleared, especially after they pass away. It can be another attractive perspective for a person to purchase term insurance.
There is no perfect time to purchase a term insurance policy. However, term insurance offers different benefits to people of different ages.
Some of them are listed below:
This is a time when most people graduate and do not have many responsibilities or liabilities. It is the best time to invest in term insurance, even though you might find it early to plan your retirement. However, the longer you are invested in term insurance, the more benefits you stand to gain.
Term insurance purchased at this stage of life will give more benefits as premiums are lower. You can stay invested in an insurance policy for a longer time, which automatically leads to a larger corpus.
Your 30s is a good time to invest in term insurance as the premiums are still on the lower side for a significantly high sum assured. Insurance companies offer discounts to individuals at this stage who follow a healthy lifestyle and do not suffer from long-term illnesses. The sum assured can also be used during financial distresses like untimely demise of the policyholder.
Purchasing term insurance in your early 40s can help put your family in a financially secure place. As the expenses rise with increased responsibilities, the importance of a financial back up soon arises. Term insurance helps you achieve this goal. If you have a good lifestyle and health, the premiums may remain lower for a higher sum assured.
If you have already hit the half-century mark and are yet to purchase any form of term insurance, this might be the right opportunity. Premiums begin to climb steeply henceforth where you may find it difficult to purchase a simple term insurance plan.
Term insurance at this stage will give you the added benefit of adding special riders to your insurance plan like critical illness riders. A term plan can help fight many financial uncertainties of life and helps lower the financial burden during adversities.
Investing in term insurance also comes with its set of benefits in terms of tax returns. This is also a stage in your life when you might still fall prey to uncertain circumstances. For example, a critical illness or untimely demise of the bread earner. A term insurance plan at this stage will safeguard you and your family from any such events.
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Purchasing a term insurance policy is a long-term investment that creates a financial backup for your family. Once you purchase the policy, keep your nominee or beneficiary informed about the policy status. It helps ensure financial security in case of your untimely demise.
Another aspect that you must keep in mind when purchasing a term policy is to be completely honest when asked about your income and expenses. This way, your insurance company can provide you with a plan that is best suited to your financial requirements.
Note: Check out the best term life insurance in India and choose one that suits your requirements.
˜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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