Term Insurance Plan for All Age Group
Table of Contents
A term insurance plan is a standard life insurance policy that helps in protecting the financial future of your family in the event of untimely death of the policyholder. Therefore, it is suggested to buy a term insurance plan in the early stage of your life----an insurance plan that lines up with your lifestyle and diverse financial objectives. However, before purchasing a term insurance plan, you need to know about the term insurance age limit in India.
Let us understand the term insurance age limit and regarding term insurance plans for all age groups in India.
When You are in Your 20s
This is the time when generally most of the self employed and salaried people begin their career and do not have many financial responsibilities on their shoulders. However, some people may have to offer financial support to their family, pay back education loans or have other liabilities to pay.
People, who fall into this term insurance age limit, should have a term plan with sum assured at least around 50 Lakhs in order to financially protect their dependents in their absence. Alos, at this time, you can avail best term insurance coverage at a lower premium rate.
When You are in Your 30s
This is the age when most people prefer getting married and start their family life, thus, leading to an increase in responsibilities. It is also possible that you may be having various financial liabilities like car loan or house loan. Purchasing a term insurance plan cover of around Rs 50 Lakhs or 1 Crore cover can help you in meeting your financial objectives in life. In the venet of your untimely demise, a life insurance cover of Rs 50 Lakh or 1 Crore can help your family in dealing with various financial obligations.
In case you think that you would not be able to pay a premium for such an insurance plan, then consider purchasing a lesser cover, such as term insurance for Rs 20 Lakh. ALos, ensure that you are well aware of the advantages of it and the term plan age limit.
Also read - Everything You Need To Know About Term insurance Plan
When You are in Your 40s or 50s
At this stage of life, it is possible that you might have paid most of your financial liabilities and debts like home, vehicle or education loan. However, there are various other responsibilities such as planning for retirement, taking care of any health related expenses that may still be present. In order to meet these financial needs, one requires a comprehensive financial safety net in the form of a life insurance cover of Rs 50 Lakh to Rs 1 Crore. According to term insurance age limit criteria, this would help you in securing the future goals of your family financially.
As you start getting old, the insurance premium payable also increases due to the rise in developing common life related diseases. Thus, it is advisable to buy a term plan during your early years in life while knowing about the correct age limit for your term insurance policies.
You may also like to read - Term Insurance - Tax Benefits
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
