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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 term plans available for them.
| Name of the Insurer | Life Insurance Plan for 40 years old | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Click 2 Protect Super | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Max Life Insurance Company Limited | Max Life Smart Total Elite Protection | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Promise | 776 | 18-65 years | 100 years |
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
*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.
Term Plans
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:
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.
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.
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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Below mentioned are some of the term insurance types that are available for a 40-year old person:
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.
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.
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.
When you plan on buying a term insurance plan, below mentioned is a list of few things that you must know:
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.
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!
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.
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 term insurance plan in India through Policybazaar's comparison engine to find the most suitable one for your needs.
Below mentioned are the ways to buy the term insurance plans that 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
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 term insurance for 1 crore.
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.
†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
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