Death is uncertain. You never know when it strikes. Several road accidents take place in India. These accidents not only kill; they can seriously maim or injure. Critical illnesses are dangerous killers. There is a possibility that even a healthy person may suffer from a chronic ailment.
Put simply, life is unpredictable. How about the financial future of your dependents? Can this be certain? Yes, it can with term life insurance. When life is uncertain, there is no point in wasting time or delaying availing term life insurance.
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Term insurance is pure risk protection. Nominees get the death benefit if policyholder dies within the tenure. This plan offers no survival benefit.
The premium for term insurance is comparatively lower as there is no investment element, unlike endowment plans and ULIPs.
Term insurance premiums vary from insurer to insurer. Each insurer has its own eligibility criteria. The minimum age of entry is 18 years; whereas the maximum age is 65 years.
One has to avail term insurance at an early age. It can be availed in your 20s, 30s, and even 40s. When it is bought at an early age, the premiums are lower. With age, premiums too rise.
Age of the policyholder: 30 years
Sum assured: Rs 1 Crore
Yearly premium: Rs 10,378
Policy term: 30 years
Total premium paid: Rs 3,11,340
Age of the policyholder: 45 years
Sum assured: Rs 1 Crore
Yearly premium: Rs 22,085
Policy term: 15 years
Total premium paid: Rs 3,31,275
There is a difference in the premium paid in case 1 and case 2. This is due to age and this illustration helps understand the importance of buying term insurance at an early age.
See Also: Benefits of Buying Term Insurance Online
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