Term Insurance Till 99 Years Of Coverage

Picking the right policy at the right time is too tricky. If you pick term insurance for a longer period, you will end up paying more premiums. In similar ways, if you pick term insurance for a short period, the purpose to buy term insurance gets defeated.
Hence, it is too critical to choose the right plan at the right age.

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Term insurance plans in India generally start at the age of 18 and some term insurance goes till 99 years of age. 

In this article, you will get to know what is term insurance, the best term insurance plans in India, the term insurance plan that offer coverage till 99 years, and more.

What Is Term Insurance?

Term insurance is the purest form of insurance that you can buy for yourself and secure the future of your family after your untimely demise. It is a life insurance policy that provides financial coverage to the nominee in the policy if the life insured dies untimely.

Among all the life insurance policies, Term insurance offers the highest coverage with minimal premiums. Some companies also cover the partial or permanent disability of the insured. Term insurance is the only plan that comes under pure risk.

Term Insurance Till 99 Years Of Coverage

As there is an array of term insurance plans available in the market, some of the term insurance plan provide whole life coverage to the insured person. This means that the policyholder is protected till 99 years.

The major benefit of having a term insurance plan for people equal to or more than 99 years is that if your family is at financial risk that surpasses beyond your life, then your term plan can take care of your estate tax liabilities.

Moreover, having term insurance cover more than 99 years saves you from paying an extra premium and one can get whole life coverage without any medical test.

What Is The Right Age and Coverage To Buy A Term Insurance?

People often get confused as to when should they buy term insurance. Should one buy term insurance at the age of 33? Or 20? Or 40? Should the coverage be till 70? 80? 90? 100? As if there was an appropriate answer to these questions.

The only answer to the right age and appropriate covering age for buying term insurance is that the policy period should give enough time to your family to become financially independent.

Key Features Of Term Insurance

By looking at the key features of term insurance, it can get easier for a person to make a decision. Here are some key features of term insurance that will help you get a better understanding of the plan and help you choose it wisely.

  1. Easy To Understand Than Other Policy Plans

    Buying a term plan is comparatively easy than any other plan. The framework of the term plan is comparatively very easy. There are no deep clauses or terms and conditions when term insurance is involved. It is an easy, hassle-free, and simple plan as there are no investments or saving clauses involved. One needs to pay the premiums on time and the insurance provides cover and benefits during that duration.

  2. Easy To Cancel

    As easy as to start, it can be canceled as well. As there are no investment or premium benefits involved in the plan, it is easy to stop anytime you want.

  3. Lower Premium

    A term plan is much cheaper than your one-time fancy restaurant bill. Believe it or not but it is true. As there are no high investment components involved, term insurance is available at very affordable premium rates as per your annual income and age.

  4. Higher Sum Assured

    Imagine putting 5% effort into your work and getting promoted by your boss. Sounds fascinating right? Term insurance is a kind of plan where at a very minimal premium you can get high coverages. If you choose the correct insurance plan, your loved one will surely benefit from it when you are not there.

  5. Financial Security

    It is big-time financial security for your loved ones once you are not around to look after them anymore. It provides financial protection to the family and takes care of the liabilities in your absence. Don’t hesitate to buy it for your family’s better future when you are not around.

  6. Customizable

    The policy period, coverage, payment options (whether monthly, annually, lump-sum) depends on you. You can customize it as per your suitability.

  7. Critical Illness Coverage

    We know that the treatment of expenses incurred during a critical illness can be exhausting physically, mentally, and most important financially. As the critical illness in life is not predictable, a term insurance plan works wonders during this testing time. It is highly recommended to avail of critical illness coverage benefit in your term plan, as you never know what lies in the future. 

  8. Ultimate Tax Benefits

    All the premiums you pay are tax-exempted under Section 80C. With critical illness cover, you can also avail additional tax benefits*.

    * Tax benefit is subject to changes in tax laws

Best Term Insurance Plans In 2021

Here is a list of top term insurance in India in the years 2021:

Term Plan

Entry Age(Min-Max)

Policy Term (Min-Max)

Accidental Death Benefits

Critical Illness Benefits

Waiver of Premium

Terminal Illness

Aditya Birla Sun Life Protector Plus Plan

18-65 years

5-70 years

Paid

Paid

Paid

Included

Aegon Life iTerm Plan

18-65 years

18-65 years

Paid

N/A

Paid

Free

Ageas Federal iSurance Flexi Term Plan

18-60 years

10-62 years

Paid

N/A

N/A

N/A

Aviva LifeShield Advantage Plan

18-55 years

10-30 years

Included

N/A

N/A

N/A

Bajaj Allianz eTouch Lump sum

18-65 years

18 - 65 years

Paid

Paid

Free

N/A

Bharti AXA  Term Plan eProtect

18-65 years

10-75 years

Included

N/A

N/A

N/A

Canara HSBC iSelect+ Term Plans

18-65 years

5-62 years

Paid

N/A

N/A

Paid

Edelweiss Tokio Life My Term+

18-55 years

10-85 years

Paid

Paid

Paid

N/A

Exide Life Smart Term Plan

18-65 years

10-30 years

Paid

Paid

Paid

N/A

Future Generali Flexi Online Term Plan

18-55 years

10-65 years

Paid

N/A

N/A

N/A

HDFC Life Click 2 Protect 3D Plus

18-65 years

18-65 years

Paid

Paid

NA

NA

ICICI Prudential iProtect Smart

18 - 60 Years

18 - 60 Years

Paid

N/A

Free

Free

IndiaFirst Anytime Plan

18-60 years

5-40 years

N/A

N/A

N/A

N/A

Kotak e-Term Plan

18-65 years

5-75 years

Included

Paid

Included

N/A

LIC E-term Plan

18 - 60 years

18 - 60 years

N/A

N/A

N/A

N/A

Max Life Online Term Plan Plus

18-60 years

18-60 years

Paid

N/A

Included

N/A

PNB MetLife Mera Term plan

18-65 years

18-65 years

Paid

Paid

N/A

N/A

Sahara Kavach

18-50 years

15-20 years

N/A

N/A

N/A

N/A

SBI Life eShield Plan

18 - 65 years

18 - 65 years

Paid

N/A

N/A

N/A

SBI Smart Shield

18 - 60 Years

18 - 60 Years

Paid

N/A

Free

Free

Shriram Life Cash Back Term Plan

12-50 years

10-25 years

Paid

Paid

N/A

N/A

SUD Life Abhay

18-65 years

15-40 years

Paid

N/A

N/A

N/A

TATA AIA Maha Raksha Supreme

18-70 years

10-40 years

Paid

N/A

N/A

Included

Conclusion

Be it term insurance till 99 years of coverage or 80 years, one should opt for the plan that is best suited to their needs and requirements.

There is no right age or wrong age to buy a term insurance plan. Whenever you have the right corpus to invest and know that the policy period gives enough time to your family to become financially independent, then is the right time.

So, keeping all the factors related to term insurance and premium payments in mind, one should make a wise decision.

Written By: PolicyBazaar

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