Ask Value Research

Is it too late to buy term plan now?

Compared to other life insurance products, pure term insurance products charge a very low premium and you can buy a very large insurance cover with them

Research Desk

I am 48 years old. I have never bought any term insurance before. Just heard about it from my friend and I will prefer to have one for me for the security of my spouse. Which term plans are good for me? Is it too late to buy term plan now?
- Rakesh

You can consider buying a term plan as it is the ideal way to buy a life insurance cover. Term plans help you to buy an adequate life insurance cover by paying a small premium. Compared to other life insurance products, pure term insurance products charge a very low premium and you can buy a very large insurance cover with them.

Following are the annual premiums for a non-smoker of your age, charged by some of the recommended term plans for you.

We have take a life cover of ₹1 crore and a term of 12 years (to cover you till your retirement at 60 years)

Max Life Online Term Plan: annual premium ₹21,300 (claim settlement ratio of the company: 98.63 per cent)
Aegon Religare iTerm Plan: annual premium ₹27,246 (claim settlement ratio of the company: 96.59 per cent)
HDFC Click2Protect plus: annual premium ₹27,265 (claim settlement ratio of the company: 95.86 per cent)
Aviva i-Life term Plan: annual premium ₹29,533 (claim settlement ratio of the company: 95.86 per cent)

This article was originally published on March 23, 2016.

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