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Every person wants to provide for their families, especially during times of adversities. With a term insurance plan, you can secure the financial future of your family even after your unfortunate demise. It is recommended to purchase your life insurance term plan in the early years of your life or as soon you deem it fit.
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Note: Know more about what is term insurance first before reading this article.
Buying a term insurance plan in your 30s, 40s, or even 50s and later is an excellent step to secure your family's future. Different insurance companies offer varied life insurance term plans for people of all ages. After researching all of them, you can find the most reasonable term plan for you and your family.
Term Plans
Starting term plans with your career is inarguably the best way to secure a wealthy and happy future. With countable responsibilities on your shoulders, all you have is the huge pressure of building a bright career. For such a young age group, a life term plan of 50 Lakhs or greater becomes a safety net that helps the family take care of the debts. In your 20s, the mortality risk or rate is low thereby attracting lower insurance premiums.
Let us take a look at a few term insurance plans for salaried or self-employed individuals in their 20s:
The term insurance plan by Aegon Life Insurance Company is comprehensive for individuals in their 20s as it offers up to 94% claim at a premium of Rs 7,379.
The iterm insurance plan by Aviva Life Insurance Company offers you an insurance policy with up to 84% claim at a premium of Rs 7,886.
Under the Max Life Smart Secure Plus Plan, you can avail of a life insurance cover of Rs 50 lakh with only a 40 years tenure and pay Rs 4,565 yearly.
Under the iSelect term plan by Canara HSBC Oriental Bank of Commerce, you can get an insurance plan at a premium of Rs 7,379 with a 94% claim settlement ratio.
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It's in the 30s when an individual's responsibilities grow. Starting your family along with other liabilities such as car or mortgage loans is challenging. A salaried or self-employed individual in their 30s should always seek a great term plan for their family's future.
It is a perfect time for insurance investments because with increased responsibilities, people also have higher earnings than in their 20s. Such a life plan will ensure that your family will not suffer from any financial burden even when you are there for them.
Let us explore some term insurance plans for salaried or self-employed individuals in their 30s:
The Flexi Term insurance plan by Bharti AXA Life Insurance Company might be a good option for your term plan as it offers up to Rs 10,384 premium with an 87% claim settlement ratio.
iRaksha Supreme Policy by AIA Life Insurance Company offers insurance policies at a premium of Rs 10,695 with a 90% claim settlement ratio.
Term Plan Plus Policy by Axis Max Life Insurance can be significantly beneficial for you in your 30s as the policy offers an insurance policy at Rs 10,384, and that too with a 94% claim settlement ratio.
People start planning for their retirement goals usually in their 40s while considering all assets and liabilities. While the affordability for an insurance plan gets slightly lower, opting for the most practical term insurance plan for your future is still a no-brainer.
Let us look at some of the term insurance plans for salaried or self-employed individuals in their 40s:
The Mylife+ Term Plan by Edelweiss Tokio Life Insurance Company can be a reasonable choice for a term plan in your 40s as the policy offers an insurance plan at Rs 12,827 premium with an 84% claim settlement ratio.
Exide Life Insurance Company's Elite Term Plan is one of the best term plans for the 30s as it offers insurance term plans at Rs 14,343 premium with a 91% claim settlement ratio.
The iSurance Flexi Term Investment Policy by IDBI Federal Life Insurance company is another great life insurance plan in your 30s as the policy offers insurance with an 87% claim settlement ratio at the premium of Rs 14,089.
It is important to mention that the higher you age, the higher the premium goes. You can choose any of the term insurance plans available online that offer the highest coverage under your affordability window.
It is wrong to think that term plans are of no use when opted in your 50s or age above. A salaried or self-employed individual should also seek a reasonable insurance term plan even when they are in their 50s.
Although the premium price increases significantly, covering your family's future with an adequate insurance term plan is a must. Insurance companies have a maximum age limit for their policies. However, if you fall under the limits set up by the insurance company, you are 100% eligible for buying. It will help secure your family from the financial burden during an uncertain event in the years to come.
A term insurance plan is the best way to protect your family's future in case you are not present for them. The term insurance will help your family pay all the financial debts, such as car loans or mortgage loans, and help with illness treatments.
An individual can start a term insurance plan and look after their family at any age. It is never too early or never too late. Whether in your 20s, 30s, 40s, 50s, or older, start your term insurance plan and ensure a safe and secure future for your family with no financial burden.
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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