You're probably aware that many things have age limitations. For example, in India, the minimum age for employment is 14, you can't drive a car until you're 18 years old, and so on. Similarly, term insurance policies, too, come with age-related restrictions - you have to be of a certain age to buy a term insurance policy in India. 

Let's learn in detail about term insurance age limits, and the benefits of buying a term plan at different stages of life, in this article.

Term Insurance Age Limits

The minimum entry age in term insurance policies in India is 18 years. So, you have to be at least 18 if you want to purchase a term insurance policy in India. 

The maximum age limit for term insurance policies, on the other hand, is determined by the insurance company from which you buy the policy. Some insurers allow you to choose a term plan at the age of 60 or 65, while others allow you to buy a term insurance policy for your family even at the age of 70.

Term Insurance Till What Age? 

The maximum age up to which you can buy a term insurance policy, i.e., the maximum term insurance policy duration you can opt for will also differ from insurer to insurer. 

While some insurers enable you to choose a term of up to 75 years, others allow you to choose a term of up to 80 years. Term insurance coverage up to a duration of 99/100 years is also available with some insurance companies.

Term Insurance At What Age? 

👉 Buying Term Insurance In Your Twenties

You pass out of your college and get your first job when you are in your 20s. You may have taken out loans, such as an education loan, that you have yet to repay. If you pass away before repaying the loan, the burden will fall on your parents or siblings, who may be financially dependent on you. In such a case, it is important to purchase a term insurance policy to safeguard your loved ones from the stress of loan repayment. The term insurance claim amount that your family will receive can be used to pay off the loan.

One of the biggest advantages of buying a term insurance plan in your 20s is that you can lock in low premiums. Since you’re young and healthy, your term insurance proposal may also be approved at standard prices without any changes in the terms and conditions. 

👉 Buying Term Insurance In Your Thirties

You'd most likely want to start a family in your 30s. You'll either be married or intend to marry, have children, and so on. Your parents may also retire and become financially reliant on you. You may have also taken out a loan to buy a new home, car, etc. It is critical to purchase term insurance in your 30s in order to safeguard your family's financial security in the event of your death.

👉 Buying Term Insurance In Your Forties

Some of your loans and responsibilities may be paid off by the time you reach your 40s. Your children, on the other hand, may be growing up and dreaming of moving abroad to complete their higher education at a prestigious institution, etc. And, as a parent, it becomes your responsibility to fulfil all your child’s dreams. But what if you pass away before fulfilling your responsibilities? How will they get the financial resources to fulfil their dreams? 

A term insurance policy could come in handy in this situation. It will ensure that your kids do not give up on their aspirations in your absence. 

👉 Buying Term Insurance In Your Fifties

Yes, term life insurance for senior citizens is available too. Term life insurance policies for senior citizens can be purchased if you still have financial obligations, such as unpaid loans or liabilities, dependent children, spouse, and so on, you shouldn't wait any longer. Or in case there is a disabled or mentally challenged person in your family who is going to be dependent on you financially even after retirement, you should buy a term plan for their financial security. 

When Is The Right Time To Buy Term Insurance?

In our opinion, the right time to buy a term insurance policy is if you - 

1. Have financial dependents: If there is anyone in your family that depends on your income to meet their short or long-term expenses - they are financially dependent on you. And you should buy a term insurance plan to protect their financial security. 
2. Have loans or liabilities: If you have taken a hefty loan for any purpose - business, education, home, vehicle, etc. and are even partly responsible for paying it off - you need a term insurance plan. 
3. Have unfulfilled responsibilities: If you plan to contribute to the family’s long-term expenses, including weddings, higher education - then you must invest in a term insurance plan.
4. Are still in the process of building enough wealth: If you have not yet created enough wealth and your income is contributing to the creation of a corpus to support your family’s long-term needs - you need to buy a term insurance plan. 

If even one of the four factors above applies to you, you should purchase a term insurance policy as soon as possible - without any delay.

That is all about term life insurance age limits. If you have any further questions related to age limits for life insurance in India, you can post them on the Beshak Insurance Forum and get answers from vetted experts, for free!