Term Insurance Age Limit – Term Plan for All Age Groups

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, Axis Max Life Smart Secure Plus Plan (UIN 104N118V10; Non Linked Non Participating Individual Pure Risk 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 a 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.

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.

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.

Axis 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:

• Axis Max Life Term Plan with Return of Premium (Axis Max Life Smart Secure Plus Plan – UIN: 104N118V10) (upon policyholder’s selection of Premium Back Variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan)
• Axis Max Life Accelerated Critical Illness (ACI) Benefit (Can be taken along with Axis Max Life Smart Secure Plus Plan UIN: 104N118V10)
• Axis Max Life Smart Total Elite Protectin Term Plan (UIN: 104N125V07; Non-Linked, Non-Participating Individual Pure Risk Life Insurance Plan)