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How Much Does Term Life Insurance Cost For A 30 Year Old?

Buying term life insurance is always a wise decision, no matter whatever your age is. Staying concerned about your family’s future and taking a step to protect them is a priority. Therefore, even when you’re 30, buying a term insurance is going to add to your peace of mind. You may have financial commitments at this age, such as your child's education and payment of loans/debts. 

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As a result, it is essential that you have a term insurance policy that offers financial security to your dependents in the unforeseen event of your death. In this article, we will discuss the significance of term insurance for people in their 30s, as well as the many types and best term policies available for them.

Note: Know more about what is term insurance first before reading this article.

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+

Best Term Plans For 30 Years Age

Life Insurance Plan for 40 years old Claim Settlement Ratio Entry Age Maturity Age Maximum Sum Assured
PNB MetLife
Mera Term Plan Plus
97.33% 18-60 Years 75 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
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

*Note: Table is made in reference to a 32 year old male, who doesn’t smoke, earning a yearly income of 27 Lakhs per annum (salaried) and choosing a life cover of Rs. 1 Crore for 30 years.

What Is The Cost Of Term Life Insurance for 30 Year Old People?

Term Insurance is the most simplest, convenient, and affordable life insurance that provides individuals the advantage of securing high life cover with low premium rated. And the best part about buying term insurance when you’re 30 is that you can buy the plans at a much affordable premium rate and pay the same for the rest of your policy term. Let’s understand the cost evaluation of term life insurance with this example.

Mukesh is a 31 year, old non-smoking male, earning a salaried income of Rupees 26 Lakhs per annum. He has chosen Rs. 1 Crore as life cover for 30 years and is paying a monthly premium of Rs. 1,129. This ensures that when he dies within the policy term, his loved ones will receive the death benefit and can be financially secured for the rest of their lives.

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Why Is Term Insurance Necessary When You Are 30? 

Life is full of unexpected circumstances, and term insurance is one way to ensure that these situations do not financially affect your family and yourself. The following are some of the reasons why a person in his/her 30s should have term insurance:

Why buy life insurance in 30s Why buy life insurance in 30s
  1. To Secure Your Family 

    As a person in your 40s, you have multiple commitments towards your family/dependents. Therefore, term life insurance will ensure that your family/dependents are not burdened by the weight of financial constraints when you are dead. Term insurance, being the simplest and the most affordable form of life insurance, will provide you with high life cover in low premium rates. Moreover, with the money that they receive as a death benefit, your family can maintain their standard of living post your death. 

  2. To Protect Against Loans or Debts

    If you already have loans or debts, your family will have to bear the added burden of repaying it once you are death. Therefore, a term insurance can take care of it as the death benefit that your family receives will help them repay the pre-existing debt or loan. 

  3. Affordable and Cost-effective

    Term insurance is known to be the most affordable life insurance and is preferred by most people because of its easy-going features. It provides only the death benefits and has high life cover for much low premium rates. You can select any loved one or dependent of yours as the nominee and ensure that they are protected for the rest of their life. In this case, you can opt for Policybazaar as it provides a comparison of 15+ insurers so that you can always select the plan that best suits your interest.

Types of Term Insurance Plans Available for a 30 Year-old Individual

Below mentioned are some of the types of term life insurance that are available for a 30-year old person:

  1. Regular Term Insurance Plan

    Regular Term insurance is the afforadable and efficient type of life insurance available. It provides death benefits to the claimant/nominee after the policyholder’s death. 

  2. TROP Plan

    Term Return of Premium (TROP) plans provides maturity benefits and also return all the premiums paid to the policyholders if they outlive the total policy term.

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

    In the 100% refund of premium plans at no cost term plan, if the policyholder outlives his policy term, he/she gets a full refund of all his/her premiums at no cost. 

*Note: There are riders available on all term plans, such as critical illness cover, accidental death benefit cover, etc. which can be chosen as per interest while buying term plans. Under these riders, the policyholder gets additional benefits depending on the rider that he opts for.

Points to Consider Before You Buy Term Insurance at 30

When you decide to buy a term insurance plan at the age of 30, below mentioned are a few things that you must consider:

  1. No One Is Too Old To Buy Term Insurance

    Term insurance is affordable and therefore, you do not need to re-think about buying it at any age. Especially when you are 30, you can buy term plans at much cheaper premiums than at an age of 40 or 50. Moreover, you will avail the same benefits all throughout your policy term and will pay the same premium till the policy term ends.

  2. Health Consideration

    You pay lower premiums if you are healthier. When you have a healthy body with no illnesses, you enjoy a lower premium rate since you have a lesser probability of dying than someone who has diseases or is not healthy enough. This is a great opportunity to stay fit and healthy while saving money in premiums! 

  3. Term Insurance As Mode Of Savings

    TROP (Term Return of Premium) is a type of term insurance that allows you to receive all your premiums after the policy term finishes. By purchasing this policy, you have not only financially protected your loved ones, but also saved money for the future.

  4. Calculate Your Loans/Debts Carefully

    It will be difficult for your family to repay the debts and loans you took while you were alive. Therefore, carefully evaluate all of your debts and loans before choosing a sum assured for your loved ones so that they do not run out of money when paying off the debts and still having enough to maintain their standard of living. 

Wrapping it up!

Although age is just a number, you can save some extra money when you are younger. Therefore, it is advised that one should buy term insurance when he/she is younger. That way, being 30 can not only make you feel good, but a lot younger. Moreover, prioritising your loved ones' life and financial security is not restricted by age. Policybazaar can assist you in choosing the best term plan from over 15 insurers. Therefore, don't let your age stop you. Buy term insurance and see yourself living a life free of stress and constraints.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

FAQs

  • Is term life insurance available for 30 year old people?

    Ans: Yes, it is available for all age groups (maximum being about 60-65 years of age). If you buy a term plan at 30, you may be able to get a reduced premium rate as you are younger and less prone to death.
  • When is the ideal time to get term life insurance?

    Ans: Term insurance is available to anyone aged 18 to 65. However, your twenties are an excellent time to enter the insurance market and plan for your family's future. Because most individuals start working in their 20s and receive a minimal salary, they have relatively modest earnings and a lot of costs. Moreover, they are younger and therefore, less prone to die.
  • What happens when a term life insurance policy expires?

    Ans: If you outlive your term life insurance policy, your coverage will terminate. You have the option of converting your policy to permanent insurance, purchasing a new policy, or going without coverage before it expires.
  • How much should a person invest for term life insurance?

    Ans: Term insurance coverage might vary depending on an individual's income, lifestyle, spending, debts, and other factors. If you are under the age of 55, you should have coverage equal to 10 to 12 times your gross yearly income1. Such a quantity may be sufficient to fulfil future demands while also combating inflation.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term insurance calculator online tool

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