35 Year Term Life Insurance

Term life insurance plans commonly come with a tenure length of 10,15,20 or 35 years. A 35 year term life insurance can be a valuable choice as it offers high coverage at low premium rates for a very long time. But is it the right choice for your requirements? Read on to know further about 35 year term life insurance plans in detail:

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Term Insurance 

Term insurance is a life insurance product that provides coverage for a fixed period of time i.e., the policy term. If the policyholder dies when the policy is in force, a death benefit is paid to the nominee/beneficiary of the policyholder. A basic term insurance variant has no cash value component which simply means that if the policyholder survives the policy term, the plan does not return any amount, with the exception of plans such as Term Return of premium, etc. Term insurance plans provide high life cover at low premium prices. 

Example: Premium rates for 1 Crore term cover could be as low as Rs. 449 p.m. These fixed premium amounts can be paid at 1 time or at regular time periods for the entire policy term or for a limited term. The premium varies based on the type of premium payment method chosen by the insurance buyer. 

As discussed, term plans come with different policy terms such as 15, 20, 35, 40 years. A 35-year term life insurance provides the longest coverage at inexpensive rates. By opting for the longest coverage option such as 35 years, you may protect your family’s needs. Let’s discuss in detail: 

What is a 35 Year Term Life Insurance? 

35 Term Life insurance is a type of life insurance coverage that will pay out the death benefit if the policyholder dies within the 35-year policy term. 35 year term life insurance is one of the longest term insurance policies available.  It is a simple and cost-effective way of securing one’s family from financial difficulties in the unfortunate event of death. 

For example: for a 45-year-old male, a cover of Rs. 1 Crore for 20 years could cost around Rs. 30,000 per year whereas for a 30-year-old male, the same term cover for 35 years will cost Rs. 10,000 per year. With a 35-year term life insurance plan, you can easily provide comprehensive coverage to your loved ones at low prices even if you are not young and do not have a large amount of earnings. Moreover, it may also be easier to purchase term insurance coverage while you are healthy, active, and young. 

In addition to this, the premium amounts paid towards the 35-year term insurance policy are eligible for tax deductions u/s 80C of the ITA, 1961 for up to Rs. 1.5 Lacs. Death benefits are also exempted u/s 10(10D) of ITA. 

When Should You Buy 35-year Term Life Insurance? 

  1. In the case of having a young family

    If your children are young and you want coverage that lasts until they reach adulthood, then this can be a choice to consider. 

  2. If you are looking out for long-lasting and affordable coverage 

    Term plans are pure life insurance policies because there is no cash value component. It is specifically designed to provide your beneficiaries/nominees a payout in case of any unfortunate event during the policy term. Since no premium amounts are invested in the cash value of your policy, you can receive a large amount of benefit than permanent life insurance 

  3. If you want coverage until your retirement 

    It is a protection plan that works as an income replacement for the policyholder’s family after his/her death. 35 year term life insurance helps the retired policyholder to get a steady income even after retirement so that  his/her family lives comfortably. 

  4. If you have long time debts 

    In case you have taken a home loan or other debts and you are worried about how your family will pay off if someday something happens to you. A 35 year term life insurance policy can pay off the principal amount and helps in reducing your family’s financial hardships. 

Types of Term Plans

Why 35 year Term Life Insurance Plans? 

Individuals in 35 years can pay the quotes for a longer duration with lower chances of illness to keep the premium rates low. While older persons are more vulnerable to diseases/illnesses and have to pay large amounts of premiums. At the time of buying 35 year term life insurance plans, always ensure your family’s current financial needs and lifestyle. In order to get a clear picture of why should you opt for 35 year term life insurance, we have prepared a table that illustrates different 35 year term plans offered by different insurers. 

Enlisted below are the 70 lac term insurance plans for a 35-year policy term from some of the top insurance companies: 

Term Insurance Plans  Policy Term  Entry Age  Maturity Age 
SBI Smart Shield  5 years to 80 years minus age at entry  18 to 60 years  80 years 
Max Life Smart term Online  40 years  18 to 65 years  85 years 
LIC Tech Term  10 years to 40 years  18 to 65 years  80 years 
HDFC Life Click 2 Protect 3D Plus  5 years to 40 years  18 to 65 years  85 years 
Kotak e-term plan  5 years to 40 years  18 to 65 years  75 years 

Benefits of Buying 35 year Term Life Insurance

Following is a list of benefits that you receive on purchasing a long tenure term insurance policy: 

  1. Long term strength 

    A 35 year term life insurance plan keeps you secured and protected for 35 years. So during this time, you do not have to worry about the financial requirements of your family in case of your absence.

  2. Tax Saving Benefits 

    A long-term insurance policy plays a very important role in your tax savings. You can get tax savings on the premiums paid u/s 80C of the Income Tax Act, 1961. Also, the death benefits of a 35 year term life insurance plan are free of taxes u/s 10(10D) of the ITA. 

  3. Discounts on Premiums 

    One of the best benefits of a long tenure term insurance plan is the lowest possible premium prices. These plans generally come up with discounted premium prices as compared to a short-tenure term plan. 

  4. Future objectives 

    Most individuals buy term insurance cover for more than 35 years to ensure their children’s bright future and comfortable retirement. So at the time of selecting the coverage and term make sure that you consider inflation as a factor.

Types of Term Plans

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