As we get married and then have kids, we try our best to give them the best life possible. And this is why we strive hard to give our 100% in our work and get good growth so that we can support our family whenever they need us. However, not all of us are so fortunate that we can grow old with the rest of our family. Many of us leave the world way before time. How about the family, especially if all the members are dependent on those people. Well, when the only breadwinner of the family dies suddenly, it becomes quite challenging for all the members. There are instances when the family has to struggle a lot and even compromise on their happiness as they do not have that kind of money anymore. If you do not want that to happen with your family when you are gone, you should invest your money into a term insurance policy.
Cheapest term insurance plans for your age
If you are looking for the cheapest term insurance plans that are apt for your age and stage in life, then this piece of information is important for you. To know about the options, keep reading.
On your 20s
This is the age range when you are more focused on building your career than thinking about making a family. Therefore, you should consider some of the factors while buying a term insurance policy.
- The risk or mortality rate is lower in this age range; thus, the premium to be paid is also lower.
- Some policies offer coverage up to INR 50 lakh, while the premium is around INR 3776 per annum.
Term Insurance policies for people in their 20s
- The Aegon Life Insurance offers an iTerm Plan for which you would be required to pay a premium of INR 7497. The claim settlement ratio of the company is 94%.
- Canara HSBC Oriental Bank of Commerce Life Insurance offers an iSelect term plan for which you have to pay a premium of INR 7379. The claim settlement ratio of this company is also 94%.
- The iterm Smart Policy offered by Aviva Life Insurance enables the policyholders to pay a yearly premium of INR 7886. The claim settlement ratio of this life insurance company is 84%.
On your 30s
The Thirties is the age range when you get married and also have children. This is also the age range when you take loans. Your responsibilities start increasing. The factors to be considered while buying a term plan in this age range are.
- This is the right time to buy a term insurance plan as if something happens to you, the sum assured from the term plan will help your family to take care of their needs.
- If you have taken a loan, your family can pay off the amount with the help of the sum assured amount that gets from the term plan, in your absence.
- You can opt for the monthly income option. The lump-sum payout surely helps in settling the loan amount or any kind of debt but the monthly income option will help the family to avail of the amount as an income.
Term Insurance policies for people in their 30s
- The Online Term Plan Plus Policy offered by Max Life Insurance enables the policyholders to pay a premium of INR 10,384. The claim settlement ratio is 94%.
- Tata AIA Life Insurance offers iRaksha Supreme Policy and the premium to be paid for this is INR 10,695. The claim settlement ratio of the company is 90%.
- The Flexiterm Plan offered by Bharati AXA Life Insurance can be bought by people in their 30s, and the premium rate is INR 10,384. The claim settlement ratio is 87%.
Like these two, there are several term insurance policies for people in their 40s, 50s, and even 60s. To know more about those plans, you can visit the website of IIFL today.