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 104N118V05; 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) .
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.