Low Price Term Insurance for All Age Groups in India 2024

What are the Cheapest Term Insurance Plans for all Age Groups?

Here is the list of the cheapest term life insurance in India for people of all age groups:

* You can refer to the term insurance premium calculator to get an estimate of the accurate premium amount you would need to pay for the desired life cover.

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

What are the Benefits of Buying the Cheapest Term Life Insurance in India 2024?

Let us take a look at the benefits of buying the cheapest term insurance plan for people of all ages:

• Financial Security: With the lowest term insurance plan, you can secure the financial future of your loved ones in the event of your untimely death during the policy tenure. These plans pay out the sum assured to the nominee of the policy, who can use the amount to take care of their financial expenses in the absence of the main income earner, like paying for rent, fees, and other monthly expenses.

• Additional coverage with Riders: The cheapest term life insurance plan offers a variety of riders that allow the policyholders to enhance their base coverage at nominal premiums. Some of the important term insurance riders available are critical illness rider, terminal illness rider, accidental death rider, accidental total permanent disability, waiver of premiums rider, and hospicare rider.

• Save on Premiums: By opting for the cheapest term plans, you can save the additional amount you would have paid on the expensive premiums. You can use this extra savings to pay for your goals and fulfil your lifelong dreams.

• Life Cover Enhancement: You can increase your base sum assured at different life stages in your life, like marriage, childbirth, or home loans, with the cheapest term life insurance plans. You can increase the sum assured by 50% on marriage, by 25% on childbirth, and by another 25% on home loans. The exact amount may vary for different insurers therefore, always refer to the policy’s T&Cs for a better understanding.

• Survival Benefits: With the cheapest term plan with return of premium, you will receive the entire premiums at the end of the policy term only if the policyholder outlives the policy tenure. The returned amount will include tax deductions, admin charges, and other applicable charges.

• Tax Benefits: You can avail of the applicable term insurance tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961.

Important Features of The Term Life Insurance Policies

The features of the policy include:

• High Sum Assured at Affordable Premiums
  Term insurance plan is one of the cheapest life insurance in India, and thus, the policyholders can secure a large life cover at affordable premiums. For example, you can buy term plan of 1 Crore life cover at just Rs. 525, payable monthly. The best way to secure a large life cover at affordable premiums is to buy the lowest premium term plan at an early age, as the premium rates increase with age.

• Entry Age
  The minimum age of eligibility for this term insurance policy is 18 years, while the maximum age is 65 years. With this plan, the premium increases with the age of the insured person. Therefore, to enjoy its maximum benefits, you should consider investing at an early age itself.

• Easy Customisation
  With the cheapest term life insurance, you can choose and customise the details of the plan as per your needs. For example, if you need a term plan to cover you only for 30 years, you can easily select the policy term as 30 years and buy the suitable plan. You can customise the plan on the basis of the policy term, premium payment term and modes, riders, and sum assured.

• Long Term Coverage
  Most term insurance plans have policy terms starting from the age of 5 years and can provide coverage till the age of 99 or 100, depending on the specific policy’s T&Cs. This way, you can financially secure your loved ones for the long term.

• Multiple Payout Options
  With the cheapest term plan, you can choose the most suitable payout option in case of your untimely death. You can select the benefit amount to be paid in a lump sum, monthly income, lump sum + monthly income, or increasing instalments. By opting for the monthly income or increasing instalments, you can ensure your family’s income replacement in the event of your unfortunate death.

What is the Right Time To Get a Term Insurance Policy? 

• Is It In Your Twenties?
  The twenties are a time when you are starting your life. There are fewer responsibilities, but the pressure of building your career is paramount. Following are the few factors you should consider before choosing to buy the cheapest term insurance plan:

  • Most people don’t have a lot of dependants other than dependent parents. Thus, with the lowest term insurance, you can get the required cover amount at affordable premiums.

  • This is the age when you have the pressure of paying off your education loan. With term insurance, you can ensure that your debts will get paid off if any unfortunate event is to happen.

  • Since the mortality rate or risk is low during this period, the premium for the insurance is much lower.

  • Some of the premium rates are as low as Rs. 525 per month, for coverage of up to Rs. 1 Crore.

*Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

• Are Your Thirties The Right Time To Get A Term Life Insurance?
  The thirties are the time when your responsibility increases. Most people get married and have children during this time. Also, the thirties are a period when people tend to take house loans, car loans, business loans, etc., which require long-term planning on your part.

  • In your thirties, your income increases significantly. That is why this is the perfect time to think about making a greater investment in term insurance policies.

  • Since most people have their families to look out for, and loans to settle, term life insurance provides the life assured with the assurance of their family’s security in their absence.

  • During this period, term insurance with a monthly income option works the best. The one-time lump sum payout after the life assured’s death can help to settle any loan or debt, while the monthly payout can secure the family’s financial needs.

*Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

• Is It In Your Forties?
  The forties are a time when most people have settled their loans and other long-time payments. However, this is the time to save up for your children’s education, think about retirement, and other medical emergencies that might occur.

  • By the time you are forty, you start to think about your family’s future after you seriously.

  • You need a good financial corpus to look after all your needs during this time.

  • It is best to purchase the best term insurance plan that has a large life cover and add all the relevant riders to a comprehensive cover in the base plan.

*Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

• For Fifty Years And Above!
  Even though it is best to buy the cheapest term life insurance as early as possible, it is never too late as well.

  • After your fifties, insurance plans become quite expensive. You might even have to pay double the amount of what you were paying in your forties.

  • In all the previous plans, there are advantages to your premium payment if you are a non-smoker. Premiums are usually less for non-smokers than it is for smokers.

  • During your fifties, you want to leave a legacy for your future generations and create wealth for your dependant spouse or kids and thus, you can buy the lowest term insurance plan.

However, it is important to consider buying the cheapest term insurance plan even after you reach your fifties. Especially if you are the only earning member of your family and have debts to take care of!

Wrapping it Up!

Term insurance is one of the most important plans to have in everyone’s financial portfolio, and you can make the most of your savings by buying the cheapest term life insurance that fits your needs. Although, it is always better to buy a suitable plan as early as possible to get the plan at the most affordable price. However, it is also better late than never, and thus, you should buy the plan at any age to get the required financial coverage for your family.

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