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5 Benefits of Buying Long- term Term Insurance

Recently the investment trend has changed drastically. Nowadays people get married in a later age, have kids even later. On the top of it, there are long-term home loans that completely roll over the retirement age. However, the liabilities and responsibilities towards your dependents do not necessarily end once you are 60 years old or retired.  For this reason, most of the people these days opt for longer-term insurance plans.

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However, the choice of policy duration rests with you. You can opt for any policy term as per your requirement. Considering the fact that term insurance plans provide death benefit post the death of the policyholder during the policy term, that’s why it makes sense to buy long-term coverage for young applicants.

Nowadays, term insurance companies in India provide term insurance plans that offer coverage till 85 or 100 years. If you are the only breadwinner in your family and want to secure the future of the loved one's post of your demise then you can consider buying a long-term term insurance plan.

However, before that, you need to understand how to choose the best term insurance plan to meet your long-term financial goals and the disadvantages of buying the same. Check out this quick guide.

Below are Some of the Ways to Choose an adequate Long-Term Insurance Plan:

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Policy Duration

When buying term-insurance it is a pre-requisite to consider the term for which the policy coverage will last. The policy term usually varies from one insurance provider to another. So, make sure that you choose a time period that works as per your financial condition, age, and future financial goals.

Longer duration term insurance plans are usually better than the shorter duration term insurance plans, as the tenure lasts longer, which means more savings.

Compare Term Insurance Policy Premiums

When choosing term insurance for the long term, select the option that caters best to your dependents future needs. There are a myriad of term insurance plans that are available in the market but you need to find one that works the best for you.

Since you are investing in a long-term plan, it is important to compare different term insurance plans from top insurance companies in India and then make the payment.

Note: It is suggested to calculate the term plan premium on the term insurance premium calculator online tool by Policybazaar before buying.

Considering Income

One most important that you need to be sure of is your paying ability to pay-off the policy premium for the next 50, 60 or 70 years. So, ponder upon your current income, possible increments, savings, inflation, and future scope of income growth to be able to meet the premium cost let’s say after say 30 years. Therefore, make sure that your annual income is enough to be able to continue with the policy. Else, you can avoid a plan with too high term insurance premium rates.

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Health Condition and Age Factor

These are small but important factors that an applicant needs to consider. When buying a term plan you must mull over your age and health condition. However, it makes sense to invest in the long-term at a young age if you want to ensure higher savings in future.

So, before you choose a term insurance plan you should consider your age and any health condition that you are suffering from. Because a person with serious health conditions, might not be eligible to buy a term plan for a longer duration.

Future Financial Goals

Most of the people buy term insurance cover for more than 40 years to ensure that they are able to fund their child’s marriage, child’s higher education cost, have comfortable post-retirement years and so on. So, while you select the term and coverage amount make sure that that you factor in the inflation as well.

Taking an example of the soaring education costs, the fees of B.Tech Course the costs Rs. 10 lakh now would cost Rs. 42 lakhs after 15 years. So you need to choose the sum insured, policy duration that would help your dependents lead the dame lifestyle even when you are not around. 

Seek Financial Advice

You can seek insurance advice from a professional before you get yourself into a long-term commitment of paying a premium for a term insurance plan for the selected duration. Analyze all the pros and cons before you actually make the payment. You can ask the experts to take you through different plans and their premium rates and duration and help you select the one as per your requirements.  

The Cons of Buying Long-term Term Plans

Naturally, longer coverage tenures would mean paying premium for a more years, as you need to pay it regularly throughout the policy duration. But then again, is it feasible to pay the premium for such long tenures?

Buy a long-term term insurance plan would mean paying off regular premiums for the entire duration to keep the policy in force. And, it can be disadvantageous for the below-mentioned reasons:

Note: Know what is term insurance first and then buy a term plan for your loved ones.

Liability to Pay Premium Post-retirement

If you choose a longer duration term plan that promises coverage up to 85 or 100 years, the premium would be an added expense post your retirement also. You will be liable to pay the premium till the policy term i.e. 85 or 100 years of your age. So, it can be difficult for you to pay premium regularly especially when you do not have a regular earning.  

Higher Chances of Policy Lapse

In cases where the premium needs to be paid for such a long tenure, there is a higher probability of you inadvertently missing a payment during the retirement years. Non-payment of the premium would mean policy lapse. And all the year that you have been paying would be lost, along with the coverage benefits. So, make sure that it is a well-thought decision.

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In a Nutshell

The above-mentioned parameters would help you select an adequate term insurance plan for longer tenure. You can now secure your family without worrying about future payments once you are sure while purchasing the policy. You can check out some of the best long-duration term plans on our site, compare them on the basis of the above factors and make an informed choice.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.


Premium By Age

˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com  in the first 6 months of FY 24-25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

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