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Best Term Insurance Plan for 40 Years Age

Age is just a number and it should not be a factor for you to stop pursuing your dreams. And it becomes very difficult to fulfill dreams when you are stressed because of a number of reasons. Family’s financial security is one of those! Therefore, do not delay when it comes to buying term insurance and have your loved ones secured so that you can lead a tension-free life and live your dreams without anything holding you back. 

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Term insurance is an important part of financial planning, especially for individuals who are 40 years old. At this age, you may have financial responsibilities such as children’s education and loan/debt payments. Therefore, it is crucial to have a term insurance plan that provides financial security to your dependents in case of your unforeseen death. 

In this article, we will learn the importance of having term insurance for people in their mid ages, the different types and the best term plans available for them.

Best term plans for 40 years age

Life Insurance Plan for 40 years old Claim Settlement Ratio Entry Age Maturity Age Maximum Sum Assured
ICICI Prudential iProtect Smart 97.82% 18-65 years 85 years No Limit
HDFC Click 2 Protect Super 98.66% 18-65 years 85 years No Limit
MaxLife Smart Secure Plus 99.34% 18-65 years 85 years No Limit
Tata AIA SRS Vitality Protect 98.53% 18-65 years 100 years 2 Crores
Bajaj Allianz Smart Protect Goal 99.02% 18-65 years 99 years 50 Lakhs

*Note: The table is made in reference to a 41 year old non-smoking male earning a salaried income of 40 Lakhs per annum, choosing Rs. 1 Crore life cover for 30 years.

*Note: Before buying a term plan, make sure to familiarize yourself with what is term insurance.

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Why is Term Insurance Necessary When You Are 40?

Life is full of unexpected scenarios. And term insurance is one way to make sure that these situations don’t affect your family and yourself in a financial way. Below mentioned are some of the reasons why a person in his/her 40s needs to have term insurance:

  1. Helps Secure Your Family 

    As a person in your 40s, you have responsibilities towards your family or dependents. Therefore, term insurance will make sure that your family is not left empty handed or in financial distress when you are no more. Term insurance, being the most affordable and efficient form of life insurance, will help you enjoy high cover with very affordable and low premium rates. Moreover, your family will be able to maintain their standard of living after your death with the money they receive as a death claim. 

  2. Offers Protection Against Debt or Loans

    If you have any existing debts or loans, your family will have to take the additional burden of repaying it after your death. Therefore, a term insurance can take care of it as the sum assured that your family will receive will help them to repay the loan or debt. 

  3. Affordable and Easy to Buy

    Term insurance is the most affordable life insurance and is most convenient because of its straightforward features. It only provides death benefits and has high life cover for relatively low premium rates. You can choose any loved one of yours, or a dependent as the nominee and make sure that they are secured for the rest of their life. 

    *Note: Use the term insurance calculator to determine the premium for your preferred term plan.

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Types of Term Plans Available for a 40 Year-old Person

Below mentioned are some of the term insurance types that are available for a 40-year old person:

  1. Regular Term Insurance Plan

    Regular Term insurance is the most reasonably priced and efficient form of life insurance available. It provides death benefits to the nominee after the death of the policyholder. 

  2. TROP Plan

    Term Return of Premium (TROP) plans offer maturity benefits and return the total premiums paid to the policyholder if he/she outlives the policy term.

  3. 100% Refund of Premium at No Cost Term Plan

    There is 100% refund of premium plans at no cost if the policyholder outlives his policy term in this plan. These are more affordable than TROP plans but not as much as the regular term insurance plans.

    *Note: There are riders available on all term plans, such as accidental death benefit cover, critical illness cover, etc. which can be opted while buying term plans. Under these riders, the policyholder gets added benefits depending on the rider he chooses.

Points to Consider Before You Buy Term Insurance at 40

When you plan on buying a term insurance plan, below mentioned is a list of few things that you must know:

  1. You are never too late to buy term insurance

    Term insurance is very affordable and therefore, people of any age group can purchase it. However, it is advised that you must buy a term plan at an early age as you pay lower premiums when you’re young, you will avail the same benefits even if you buy in your 40s.

  2. Health considerations

    The healthier you are, the lower your premium rates will be. If you have a healthy body with no diseases, you can avail lower premiums as there is a low chance of your death in comparison to a person who has diseases or is not healthy enough. Not a bad deal, as this is your chance to stay fit and pay less premiums! 

  3. Calculate your debts carefully

    It will become quite difficult for your family to repay the debts and loans that you had taken when you were alive. Therefore, calculate all your debts carefully before you purchase a sum assured for your loved ones so that they are not low on money when they pay the debts and at the same time, have enough to maintain their standard of living. 

  4. Term Insurance is a great savings method

    The TROP (Term Return of Premium) is a form of term insurance that allows you to get back all your premiums after your policy term is over. In this way, you have not only secured your loved ones by buying term insurance, but also saved money for the future.

*Note: Term insurance benefits lets individuals to buy term plan, ensuring protection for their family and dear ones.

*Note: It's important to assess and compare the best term insurance plan in India through Policybazaar's comparison engine to find the most suitable one for your needs.

How to Buy Term Insurance Plans? 

Below mentioned are the ways to buy the best term insurance plans that best suit your requirements:

  • Step 1: Visit Policybazaar’s Term Insurance Page

  • Step 2: Submit your details, like Name, Phone Number and DOB and then click on “View Plans”

  • Step 3: Enter your occupation type, educational qualifications, yearly income and smoking preferences.

  • Step 4: You can compare from among the numerous insurers that appear and select the best one 

  • Step 5: Proceed to make your payment through your preferred mode, such as debit, credit or net banking

*Note: Ensure the financial security of your loved ones by investing in the best term insurance for 1 crore.

Wrapping it up!

Whether 24 or 40, term insurance is always a right choice, no matter whatever the age is! Prioritizing your loved ones’ lives and financial security isn’t based on age limits. Policybazaar can help you choose the most suitable term plan from over 15 insurance companies. Therefore, buy a term insurance and see yourself live a life without stress and constraints.


  • Should you buy a term insurance plan beyond the age of 40?

    Ans: Yes, it is never too late to purchase term life insurance: It is true that the earlier you acquire insurance, the lower your rates will be. With increasing age comes a rise in the chance of mortality, and hence an increase in premium rates.
  • Can I buy two term plans?

    Ans: Yes, you can choose more than one plan, but you must understand the terms and conditions of each plan thoroughly. Consumers select term insurance plans since they have low premium rates. Holding numerous term insurance plans entitles you to a variety of benefits.
  • How much term insurance should I purchase?

    Ans: In general, insurance experts advise that your term insurance coverage should be at least 15 to 20 times your current yearly salary. Hence, if your present yearly income is 10 lakhs, it would be sensible to invest in a term plan worth 2 crores.
  • What is the appropriate age for a term plan?

    Ans: People should not wait to purchase term insurance until they are in their 60s. As a result, the 20s and 30s are the optimal ages to get term insurance. The premiums are lower, and it will financially protect the family. The best aspect is that your investment may qualify for tax breaks.

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