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We already know the innumerable benefits of buying term insurance for ourselves as well as our loved ones. However, there is a certain condition attached to buying a term plan – your age. Yes, as you grow older, it can become difficult, in fact nearly impossible after a time, to buy term insurance. This blog details more about the term insurance age limit.
A lot of people interested in buying term insurance ask, “Up to what age can we buy the term plan? Is there an term insurance age limit to buying term insurance?” The answer is yes. All term insurance plans have a specific age limit after which buying the policy is not permissible.
Term insurance policies have certain specific eligible age criteria that define the minimum and maximum age limits for entry into the plan.
Most plans generally provide an age range of 18-65 years for buying term insurance (however this criteria may vary between different plans and it’s a good idea to check with your insurer before buying). That said, the minimum age for buying a term insurance plan is always 18 years, regardless of the maximum limit. This means that one needs to be an adult in India in order to purchase term insurance.
Now, coming to the age defined by insurance companies after which buying term insurance is not possible. Most insurers cap the age limit at 65 years (here again, this limit may vary from one insurer to another so always check). Also, there are some term insurance policies which can still be purchased after the age of 65 years.
How is that possible, you’d think! Well, these are special kinds of term insurance plans specifically designed for the elderly to help them sail through old age with ease. Such plans are known as Term Plans for Senior Citizens. They are meant to offer the benefits of insurance to the elderly past 60 years of age.
Now that we know that there is a term insurance age limit, it only makes sense to buy this plan at an early stage of your life. This is because when you’re younger, it would be much easier to buy term insurance without difficulty and it would be helpful as well. Let us look at some of the key benefits of purchasing life term insurance early on:
We learned above the maximum term insurance age limit purchase. Now let us quickly understand the maximum age limit up to which the policyholder can opt for risk coverage from the insurer.
While the term insurance age limit is only 65 years, after which it is not permissible to purchase a standard term insurance plan, one can still opt for coverage of risks as part of the term plan up to at least 99 years old.
Some insurance companies do provide risk insurance coverage to senior citizens for longer and therefore it is important to check with your insurer about the same while purchasing a term plan (even though early on in life).
While we are discussing the subject of term plans and the term insurance age limit for both purchase as well as risk coverage, it would be helpful here to list out some of the best insurers offering term plans to individuals:
|Name of the Insurer||Name of the Plan||Claim Settlement Ratio (CSR) of the Insurer||Sum Assured Range Offered||Sample Premium to be Paid Per Annum (calculated for a male aged 30 years with an annual income of Rs. 500,000)|
|Aditya Birla||Life Shield Plan||98.04%||Rs. 50,00,000 – no limit||Rs. 5,591|
|Edelweiss Tokio||Total Protect Plus||97.01%||Rs. 25,00,000 – no limit||Rs. 4,902|
|HDFC Life||Click 2 Protect Life||98.01%||Rs. 50,00,000 – no limit||Rs. 7,185|
|Bajaj Allianz||Smart Protect Goal||98.48%||Rs. 50,00,000 – Rs. 10,00,00,000||Rs. 7,348|
|ICICI Pru||iProtect Smart||97.90%||Rs. 50,00,000 – no limit||Rs. 8,021|
Term life insurance is an absolute necessity for a major section of the population in India. However, the insurance sector regulates the entry age for the plan to save insurers from providing risk coverage to the elderly who are at high risk healthwise. Secure your future today. Buy term insurance for you and your loved ones for financial stability both in the present and the future.
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If you happen to outlive the tenure of your term plan, the coverage of your policy ends. In this case however, you can either convert the plan to permanent life insurance before its expiry or buy a new plan. In addition, you may also choose to continue using the policy without coverage benefits.
Upon the expiry of your term life insurance term, the benefit of life insurance cover also ends.
Generally, the longest time period for which most insurers grant term insurance is 40 years.
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