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Term Insurance For Millennials

Millennials, those born between 1981 and 1996, are at a stage in life where they are starting to build their careers, plan for their futures, and consider long-term financial goals. One important aspect of financial planning for millennials is term insurance.

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Term insurance is a type of life insurance plan that provides financial coverage for a specific period. It is an affordable way to ensure financial security for your family in case of unfortunate death or illness. Let’s take a look at the need and benefits of buying term insurance for millennials and the points to consider before buying them.

Why Do Millennials Need Term Insurance?

While no one likes to think about the possibility of dying young, the reality is that unexpected tragedies can happen at any time. For Millenials, who may have significant debt from student loans, mortgages, or other financial obligations, the income loss from a sudden death could be devastating for their loved ones.

Term insurance can provide a safety net by paying out a lump sum to beneficiaries in the event of a policyholder’s death. This money can be used to pay off debts, cover funeral expenses or provide ongoing financial support for families. The main benefit of buying term insurance is that young and healthy millennials can get a plan with a large life cover at low premium rates.

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Benefits of Buying Term Insurance For Millennials Early

Here is a list of benefits that a millennial can reap by purchasing term plan for millennials:

  • Financial protection: Term insurance for millennials provides a financial cushion for the family of the policyholder in case of an eventuality. This works by providing the nominees with a death benefit if the assured suffers an unfortunate death during the policy term.

  • Lower premiums: The sooner you buy term plan, the lower the rates will be. This is because young individuals have a lower chance of getting sick or being diagnosed with life-threatening illnesses and thus increasing their mortality.

    Note: You can calculate the premiums you would have to pay for your desired term plan by using a term insurance premium calculator.

  • Customizable coverage: Millennials can customize their term plans to suit their individual requirements. This includes choosing the coverage amount, policy term, and even the ability to add riders for additional protection.

  • Long life cover: Millennials can get term plans at a young age for a long policy tenure. You can compare and buy term plan with a life cover extending for your whole life i.e., till 99/100 years of age.

  • Easy to buy: You can buy term plans from the comfort of your home, in just a few minutes online. Not only that, you can maximize your savings with the extra discounts available on online term plans and purchase plans at special premiums offered for female and non-smoking customers.

  • Add-on Riders: You can customize your term insurance for millennials by including the add-on riders to your base term plan. You can choose from a variety of available term insurance riders like critical illness, waiver of premiums, accidental death benefit, accidental total and permanent disability, and hospicare benefit.

  • Tax Benefits: Millennials can also avail of tax benefits u/s 80C, 80D, and 10(10D) of the Income Tax Act of 1961.

  • Peace of Mind: With term insurance, millennials can have peace of mind knowing that their dear ones will be financially protected if something were to happen to them. This can lessen the stress and worry associated with unexpected life events.

What are the Type of Term Plans Best Suited for Millennials?

There are various types of term insurance plans available in India that you can avail of as a millennial, some of them are:

  • Regular Term Plans: Level term plans are regular term life insurance plans that provide coverage for the limited policy term in return for the regular premiums paid throughout the policy tenure. In case of the policyholder’s unforeseen death during the policy tenure, the death benefit will be paid to the nominee and in case the policyholder outlives the policy tenure, no amount will be payable.

  • Term Return of Premium Plans: These plans pay the death benefit in case of the policyholder’s unfortunate death during the policy term, and in case the policyholder survives the policy tenure, the premiums paid throughout the policy term will be returned excluding GST.

  • Whole Life Insurance Policy: Under these plans, the millennials can get the term insurance plans that cover them for their whole life (i.e., till 99/100 years) rather than the traditional policy term that provides coverage for a limited period.

  • 100% Refund of Premium at No Cost Term Plan: With the 100% refund of premium at no cost term plans, the policyholder can exit the plan at a specific stage and receive a refund of all the premiums paid up until that point excluding GST.

Note: All the above types of term insurance plans offer the option of including term plan riders in the base plan as per the policy details. You can go through the list of available term insurance riders for each plan and their inclusions and exclusions before adding the most suitable add-ons to the base policy.

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Top 5 Term Insurance Plans Millennials Can Buy in 2024

Here is the list of term insurance plans available in India that millennials can buy in 2024.

Term Insurance Plans Entry Age Maturity Age
ICICI Prudential iProtect Smart 18 years to 65 years 99 years
HDFC Life Click 2 Protect Super 18 years to 65 years 85 years
Max Life Smart Secure Plus 18 years to 65 years 85 years
Tata AIA SRS Vitality Protect 18 years to 65 years 100 years
Bajaj Allianz Life eTouch 18 years to 65 years 99 years

When Should Millennials Buy Term Insurance?

Millennials can buy term insurance at any stage but it will be especially beneficial for them to buy at the following phases:

Life Stages Benefits
Single Individuals Single individuals can secure their dependant parents or siblings by buying term insurance for millennials so that they can maintain their lifestyle
Married People Married individuals can secure their spouse in their absence with a whole life term plan that can help pay their monthly rent and other expenses
Young Parents with Kids Parents with babies or young kids can buy term plan to ensure their kids can fulfill their dreams in the event of the parent’s unfortunate absence
People who have availed of a Home Loan Term insurance for millennials can help secure your loved ones against any financial liabilities like home, education, personal, or car loans

Points to Consider Before Buying Term Insurance for Millenials

Before buying the ideal term insurance suitable for your lifestyle, you should consider the following points:

  • Your coverage needs

    When considering the amount of coverage needed, you should consider outstanding debts or financial obligations and the financial needs of your family members. Various experts recommend a coverage amount of 10 to 12 times your annual income.

  • Policy Term

    You should consider buying a term plan with a larger policy term as in case of an eventuality you will be covered under the plan for a long duration. For maximum policy coverage, you can buy term insurance till 99 or 100 years of age.

  • Select Adequate Life Cover:

    Always select the adequate life cover that is enough to cover your family’s financial needs and obligations in your absence. You can use the human life value calculator to understand the maximum life cover you are eligible for and buy the plan with the most suitable sum assured.

  • Premiums

    While a term plan is often more affordable than other life insurance plans, premiums can vary based on your age, health, and other factors. It is important to search and compare quotes from different insurance plans to find the best price.

  • Available Add-on Riders

    You should go through the list of add-on riders (accidental death or disability benefits) available for different term plans online and include the riders suitable for your lifestyle. These riders can provide an extra rider benefit amount to help deal with situations like a permanent or partial disability and diagnosis of a critical or terminal illness.

  • Buy at a Young Age:

    As we have discussed above, the earlier you buy term plan the lower the premiums will be. Therefore, you should always buy term insurance for millennials at the earliest.

  • Online Comparison:

    You should always compare term insurance plans online on the basis of the premium rates, CSR values, policy term, sum assured, and the premium payment options available. This allows you to compare term plans online in a hassle-free and efficient way.

Term insurance is a valuable financial tool for millennials looking to secure their financial future and provide support to their families in case of an unexpected event.

FAQ's

  • Can millennials still get term insurance if they have pre-existing health conditions?

    Ans: Yes, it's possible to get term insurance with pre-existing health conditions, although the premiums may be higher. It's important to disclose all health conditions when applying for insurance to ensure you get the right coverage.
  • Is it possible to change the coverage amount or term length of a term insurance policy?

    Ans: Some insurance companies may allow you to modify your coverage amount or term length during the policy term, but it's important to check with your provider to see if this is an option.
  • Can term insurance policies be canceled?

    Ans: Yes, term insurance policies can be canceled at any time, but it's important to consider the potential financial impact before canceling a policy.
  • Is term insurance the only type of life insurance available to millennials?

    Ans: No, millennials can also consider whole life or universal life insurance, which offers lifetime coverage and potential cash value accumulation. Not only that, but millennials can also buy LIC or Investment policies based on their financial needs. However, these policies tend to be more expensive than term insurance plans.
  • What is the minimum age for purchasing a term insurance policy?

    Ans: The minimum age for purchasing a term insurance policy varies for different insurance providers, but it's typically 18 years old.
  • Can I purchase term insurance online?

    Ans: Yes, many insurance providers offer the option to purchase term insurance online. However, it's important to research the company and ensure they are reputable before making a purchase.
  • Can I convert my term insurance policy to a permanent policy?

    Ans: Some insurance providers may offer the option to convert a term insurance policy to a permanent policy, but it's important to check with your provider to see if this is an option.
  • How often should I review my term insurance policy?

    Ans: It's recommended that you review your term insurance policy every few years to ensure it still meets your coverage needs and financial situation.
  • Can I have multiple term insurance policies?

    Ans: Yes, it's possible to have multiple term insurance policies, but it's important to ensure the total coverage amount is sufficient for your needs.

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