Prices Increasing soon Prices Increasing Soon

Why Should You Pay For Term Insurance Plan Until 60 Years of Age?

A term insurance plan is a type of life insurance product that provides financial protection to you and your family. In case of your unfortunate death or during any critical illness, this plan will help your loved ones. Also, buying a term insurance plan makes you eligible for several benefits. 

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:-

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

Among all other benefits, one of the important benefits is the flexibility of premium payment and the policy term that a person receives. Insurance providers have now started to offer more customized options to meet the needs of the customers. You can easily choose the plan based on your needs concerning the policy term, sum assured, and premium payment mode.

Generally, many individuals prefer not to extend their term of paying premiums after 60 years. Because they don’t want to pay any premiums or have any liabilities in their retirement time so that they can comfortably sit back and relax. One should also compare term plans to choose the right plan for yourself and your loved ones. Here are the reasons why paying premiums for term insurance till 60 years is a smart financial decision:

Reasons Why You Should Pay Your Premium till the age of 60 years

Here are the number of benefits to pay premium till 60 years of age:

  1. Payment of Premiums During your Working Years

    Making payments of term insurance premiums is easier when you have a fixed source of income in the working years. While the retirement age is being increased and people are extending their work-life usually to 60 years, that is when most of the working professionals choose to get retire.

    After retirement, your monthly spending budget gets revised and you have to cut down on additional expenses. However, when you are earning, you can easily keep a fixed amount aside for paying the term plan premium. So, it is always good to get rid of all the term insurance premium payments at the right age such that it doesn’t feel like a burden.

  2. No Financial Worries During Your Retirement Time

    People choose to buy term life insurance plans to have a regular source of income without any uncertainties and financial dependencies. And, if you will have to pay premiums then, it will be a burden.

    Hence, to live a stress-free retirement life, it is important to be free of all the financial burdens before reaching 60 years. After which, you can live a comfortable life.

  3. No Dependents in Family for The Rest of the Time

    One of the main reasons to buy term plan is to protect the life of your dependents if something unforeseen happens to you as the sole earner of the family. In the starting phases of your career, these financial dependents might involve spouses, children, or parents.

    However, this situation changes after 60 years, mainly for your children. Usually, when you’re 60, your children start earning for themselves and a term insurance plan might not be needed to secure their futures. Additionally, because you are retired, the plan premium will most likely have to be paid by your child on your behalf. This is the reason why extending the term plan after 60 is not a good financial decision in a long time.

    Apart from all these above-mentioned points, there are other important factors which you should consider:

What Factors To Consider Before Buying Term Insurance Plan?

Every person has different financial needs, which accordingly also change their term plan needs. Among others, flexibility is one of the important benefits, that helps insurance buyers select the best plan that suits their needs. It is also important to understand the term insurance meaning.

At the time of buying an online term policy, you can compare different plans to find the one that fits your needs. Following are the points that you should ensure before buying a term insurance plan:

  1. Reliable Insurer

    Selecting the right insurance company is as important as selecting the right term cover. You should check whether the insurer has a good financial status or health to validate the claims. You should also check the CSR (Claim Settlement Ratio) of the insurer to check their reliability and credibility.

  2. Determine your coverage needs

    Every policy buyer should look at their lifestyle to determine how much term coverage they require. Additionally, it is equally important to check your liabilities such as any loans (home loans) you have taken, and then add them to the life cover amount. You can also consider inflation as an important factor in your term cover to make sure complete financial protection of your family members.

    Best term Insurance Plans in India Best term Insurance Plans in India
  3. Riders to Increase the benefits of your plan

    Term plans allow you to increase your term cover with a choice of riders/add-ons to your basic plan. If the life assured dies because of any conditions mentioned in the rider plan, the nominee/beneficiary receives an extra amount over and above the death payout.

    For example: With rising health risks and medical expenses, a critical illness rider is suggested to every policyholder. Accidental death benefits riders can be very beneficial for individuals who travel regularly.

  4. Buy Term Insurance Online

    The benefits of term insurance are better when an insurance plan is bought online in comparison to offline plans. The term plan helps in the easy comparison of the plans online and you can save more through it.

    The premium amounts are more affordable when you buy them online. Offline plans charge higher premiums in comparison to online plans. And, the digital options of payment further ease the online buying process.

Wrapping It Up!

A term plan secures the financial health of your family members in case of an unfortunate event. However, to enjoy the various benefits of a term life insurance plan, make sure to select the right coverage and the right term of your term insurance plan. Before buying a term plan, first, always understand the term plan's meaning and go through the policy documents carefully.

Different types of Plans

Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
01 Mar 2024

PNB 2 Crore Term Insurance

Securing your family's financial future involves detailed

Read more
27 Feb 2024

SBI Life 5 Crore Term Insurance

SBI life insurance offers a variety of plans with different life

Read more
27 Feb 2024

Bajaj Allianz Life Insurance Customer Care

Bajaj Allianz Life Insurance is one of India’s leading life

Read more
26 Feb 2024

Kotak 2 Crore Term Insurance

Securing your family's financial future involves detailed

Read more
26 Feb 2024

Tata AIA 2 Crore Term Insurance

Protecting your family's financial future requires careful

Read more
07 Mar 2014

1 Crore Term Insurance - Buy ₹1 Cr Term Insurance Plan...

Term insurance is a type of insurance plan that offers financial security to your loved ones in the event of your

Read more
27 Jun 2018

What Is Difference Between Term Insurance And Life Insurance

Life insurance plans help you create wealth, protect your family for the entire policy term, and save on your

Read more
12 Jun 2018

Claim Settlement Ratio of Term Insurance Plan Providers

Claim Settlement Ratio (CSR) is an important parameter in the selection of an insurance policy. If you are going

Read more
24 Mar 2020

LIC Term Insurance 1 Crore

LIC of India offers various plans to help you secure the financial future of your loved ones. To ensure your

Read more
03 Dec 2020

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more
Download the Policybazaar app
to manage all your insurance needs.