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Term Insurance Age Limit – Term Plan for All Age Groups

Know in detail about the term insurance age limit & the importance of term insurance for all age groups.

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Term insurance plan is the basic form of life insurance that helps secure your family’s financial future in case something happens to you (the policyholder). It is, therefore, advisable that you purchase a term insurance plan early in your life – one that aligns with your lifestyle and varying financial goals. But, before buying a term plan you should be aware about the term insurance age limit in India.

Let’s check the term insurance age limit and understand more about term insurance for all age groups in India.

In Your 20s

Most salaried and self-employed individuals start their careers in their 20s and usually do not have many responsibilities. Some individuals, however, may have to pay back their education loan, support their family financially, or have other liabilities.

While falling into the term insurance age limit, having a term plan of 50 Lakhs or more will safeguard your dependents if something happens to you. For instance, term insurance of 50 lakhs will help your family pay off all the debts and saves themselves from any financial crisis.

Since you fit well into the term insurance age limit in your 20s, you can also avail of the best term insurance plan coverage at the lowest possible premiums payable.

For a 20 years old, non-smoking male, earning up to 5 lakh per annum, Max Life Smart Secure Plus Plan (UIN 104N118V02; Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan) with a life cover of 50 lakhs and a tenure of 40 years only costs Rs. 4,565 per year (inclusive of taxes) [1].

Along with the Max Life term plan for 50 Lakhs, you also get the option of selecting additional riders for critical illnesses, accidental cover, premium back option and future premium waiver in case of critical illness.

You should also know that the minimum age to buy term insurance may vary from one insurer to the other. 

In Your 30s

As you start a family in your 30s, it is the time when the responsibilities grow manifold. You may also have several financial liabilities, such as a house loan or car loan.

Buying a term plan for 50 Lakhs or 1 crore life cover in your 30s can help you meet your life goals. In case of your unfortunate demise, having a life insurance policy of 50 lakhs or 1 crore will help your family deal with the burden of loans and other financial liabilities.

If you think the premium of such a policy is out of your budget, opt for the one with lesser life cover, like term insurance for 20 Lakhs cover. Make sure you know well about the perks of buying it and term plan age limit.

Along with considering the term insurance age limit in India, you can also select the suitable payout option according to your lifestyle and existing debt.

In Your 40s

When you reach the age of 40 or above, you may have paid back most of your debts, such as education, vehicle, or home loan. However, there are other responsibilities like retirement planning or taking care of medical expenses that may still exist.

To fulfil such financial requirements, you need a comprehensive financial safety net in the form of a life insurance policy of 50 Lakhs or 1 crore life cover. As per the term insurance age limit criteria, it will help secure your family’s future and goals.

Term insurance for 20 Lakhs life cover or more can help you meet such requirements. In case any contingency strikes and you are not around to look after your family, the insurance coverage will provide the necessary financial protection to help your family steer clear of any financial instability.

Term Plan Age Limit Max Life Insurance

In Your 40s

When you reach the age of 40 or above, you may have paid back most of your debts, such as education, vehicle, or home loan. However, there are other responsibilities like retirement planning or taking care of medical expenses that may still exist.

To fulfil such financial requirements, you need a comprehensive financial safety net in the form of a life insurance policy of 50 Lakhs or 1 crore life cover. As per the term insurance age limit criteria, it will help secure your family’s future and goals.

Term insurance for 20 Lakhs life cover or more can help you meet such requirements. In case any contingency strikes and you are not around to look after your family, the insurance coverage will provide the necessary financial protection to help your family steer clear of any financial instability.

Term Plan Age Limit Max Life Insurance

Assuming you are 40 years old and a non-smoker. While choosing the Max Life Smart Secure Plus Plan (UIN: 104N118V02; Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan), you can opt for a cover of Rs. 50 lakhs with a 20-years term insurance plan by paying an annual premium of Rs. 10,241 The premium is slightly higher than buying the same in your 30s because your age now falls ahead of the midline of term plan age limit.

As you grow old, the premium payable may also increase due to an increased affinity to develop common lifestyle ailments. Therefore, you should purchase term insurance in your early years while knowing the right age limit for term insurance plans.

Already in Your 50s? Worry not!

The premium for term insurance plan increases significantly once you are of age 50 years or above. It is still advisable to purchase the best term insurance for a 50 year old in India. You are eligible for a term plan if your age falls within the maximum age limit for term insurance plans.

The life cover chosen within the maximum age for term life insurance purchase will help your loved ones pay off any unpaid debts that you may have incurred during your lifetime. Furthermore, it can also cover you against critical illnesses which may affect your health during the policy period. 

Make sure you read about maximum age for term insurance and the related benefits of buying term insurance for a 50 year old in India.

Protect Life Goals with Term Insurance Plans

Max Life Term Insurance plans offer financial protection to your loved ones and help maintain their current lifestyle. They also provide various benefits that can help achieve your loved one’s life goals, pay off any debts, and have the maximum age for term insurance capped at 60.

Some of our plans are:

Term Plan Calculator
Monthly /Monthly
Premium (inc GST)
Select Gender
Smoke / Tobacco
Select Your Age: Yrs
18 25 35 45 60
Select Cover Amount

Let us understand the rates of our term insurance plans with an example:

Specifications

Premiums payments for term insurance plans vary significantly for smokers as they have higher mortality rates and are more vulnerable to diseases.

The following table summarizes the premium payable for our term insurance plans:

  • Max Life Smart Secure Plus Plan (A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN: 104N118V02), Sum assured value: 50 lakhs
  • Term Insurance Plan period: mentioned against the premium, with maximum age limit for term insurance plans being 60 (75 for individuals who are 60 years old)

Age (years)

Annual term Policy Insurance period
(Non-smoker/Female)

RS

Annual term Policy Insurance period
(Smoker/Female)

RS

Annual term Policy Insurance period
(Non-smoker/Male)

RS

Annual term Policy Insurance period
(Smoker/Male)

RS

20

4,266 (40-year Term)

6,825 (40-year Term)

4,565 (40-year Term)

7,304 (40-year Term)

30

5,268 (30-year Term)

8,428 (30-year Term)

6,095 (30-year Term)

9,752 (30-year Term)

40

8,211 (20-year Term)

13,138 (20-year Term)

10,241 (20-year Term)

16,384 (20-year Term)

50

15,109 (10-year Term)

24,174 (10-year Term)

19,275 (10-year Term)

30,839 (10-year Term)

60

37,006 (15-year Term)

59,210 (15-year Term)

49,298 (15-year Term)

78,876 (15-year Term)

Note: All the term insurance plan premiums are inclusive of GST, and applicable taxes as per the law.

The term insurance premiums are as on 16th Aug, 2021 & subject to change without any prior information.

Some key takeaways from the term insurance plan instance:

1. For both genders, the term insurance plan premium increases with age. If you want to enjoy lower premium and other term plan benefits, buy the policy at a young age and consider the maximum age of term life insurance as well.

2. If you are a smoker, the term insurance plan will have higher premiums, irrespective of the term insurance age limit specified by an insurer.

3. It is good to quit smoking for better health and to have lower premiums on term insurance plans.

You can also use our online term insurance plan calculator to know premium, pre-defined term insurance age limit, and other term plan benefits.

Maximum age limit for term insurance Max Life Insurance

Some key takeaways from the term insurance plan instance:

1. For both genders, the term insurance plan premium increases with age. If you want to enjoy lower premium and other term plan benefits, buy the policy at a young age and consider the maximum age of term life insurance as well.

2. If you are a smoker, the term insurance plan will have higher premiums, irrespective of the term insurance age limit specified by an insurer.

3. It is good to quit smoking for better health and to have lower premiums on term insurance plans.

You can also use our online term insurance plan calculator to know premium, pre-defined term insurance age limit, and other term plan benefits.

Maximum age limit for term insurance Max Life Insurance

 Benefits Offered by Max Life Term Insurance Plans

1. You can purchase any term insurance plan having term insurance age limit up to 60 years of age

2. Our term plans offer some of the lowest possible premiums for significant insurance coverage up to 85 years of age. For instance, for a 28-years old non-smoking male, a life cover of Rs 1 crore (cover till 60 years of age) will have a premium payment of Rs 828 per month (including taxes), for the Max Life Smart Secure Plus Plan (A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN: 104N118V02)

3. Max Life term insurance plans help your family continue their lifestyle by providing the sum assured as per the payout method chosen at the time of policy purchase.

4. Term plan benefits also include tax-savings under Section 80C of the IT Act. Besides saving money on premium payment, the sum assured received by your family is also exempted from tax as per applicable tax rules under Section 10(10D).

You can avail of additional coverage with your term insurance plan by opting for riders – Max Life Waiver of Premium Plus Rider (UIN: 104B029V04, Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider) and Max Life Accidental Death and Dismemberment Rider (UIN: 104B027V03, Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider)

Depending on the term insurance age limit, you can purchase the best term plan for your family at an affordable rate of premium. At Max Life Insurance, we provide term insurance plans with additional riders to help cover contingencies, such as critical illnesses, permanent and partial disabilities. Also, the maximum age for term insurance plans we offer is 60 years, while the minimum age to buy term insurance is 18 years.

If you are speculating about term insurance age limit in India and other term plan benefits, read here to find out more about choosing

So, if you are wondering what the right time is to buy a term insurance plan, explore Max Life’s product catalogue that is available both online and offline.

Source:

 [1] https://www.maxlifeinsurance.com/term-insurance-plans/premium-calculator

Arn No : Aug21/Bg/20

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