Right Age to Buy a Term Insurance Plan | Edelweiss Tokio

1. Right age to buy aTerm Insurance Plan

2. What is a Term Insurance Plan? A Term Insurance Plan is form of life insurance, which safeguards the life of the policyholder for a specific number of years. If the policyholder dies during the term of the insurance, the nominees are provided a lump sum amount specified in the insurance contract.

3. What is a Term Insurance Plan? Term insurance plans are specifically made to secure your family's financial future in case the policyholder dies before the maturity of the term. As the term plans are the most affordable form of insurance, you should definitely buy a term plan for securing a burden free financial future for your family in case of any uncertainty.

4. At what age should you buy a Term plan? • It is never too late to buy a insurance plan, but it is never too early, either. There is not a definite age to buy a Term Insurance plan, but as it is a plan to safeguard your future, you should buy it as early as possible. • The perfect age to buy a term insurance plan would be in your 20s, just after you get a job or determine a regular source of income. Once you can afford the regular premium payments, you should buy a term insurance plan for yourself and your family once you get married.

5. New information on Term Plans It is a known fact that online term plans are cheaper than the offline term plans. When you buy a term plan online, you are provided with numerous tax benefits under section 80C and 10(10D). If you choose to buy a term plan as early as possible, maybe in your 20s or 30s, the premium charged by the insurance company is relatively low. As life is uncertain, you can never know what can happen and when. The right time to buy a term insurance plan is now, if you haven't already. And if you are thinking of the future, you should buy a term insurance plan in the same year you get a stable job, or even earlier than that, if you can afford the premium payments.