In Your 20s

Most salaried and self-employed individuals start their careers in their 20s and usually do not have many responsibilities. Some individuals, however, may have to pay back their education loan, support their family financially, or have other liabilities.

While falling into the term insurance age limit, having a term plan of 50 Lakhs or more will safeguard your dependents if something happens to you. For instance, term insurance of 50 lakhs will help your family pay off all the debts and saves themselves from any financial crisis.

Since you fit well into the term insurance age limit in your 20s, you can also avail of the best term insurance plan coverage at the lowest possible premiums payable.

For a 20 years old, non-smoking male, earning up to 5 lakh per annum, Max Life Smart Secure Plus Plan (UIN 104N118V05; Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan) with a life cover of 50 lakhs and a tenure of 40 years only costs Rs. 4,565 per year.

 

In Your 40s

When you reach the age of 40 or above, you may have paid back most of your debts, such as education, vehicle, or home loan. However, there are other responsibilities like retirement planning or taking care of medical expenses that may still exist.

To fulfil such financial requirements, you need a comprehensive financial safety net in the form of a life insurance policy of 50 Lakhs or 1 crore life cover. As per the term insurance age limit criteria, it will help secure your family’s future and goals.

Term insurance for 20 Lakhs life cover or more can help you meet such requirements. In case any contingency strikes and you are not around to look after your family, the insurance coverage will provide the necessary financial protection to help your family steer clear of any financial instability.

Assuming you are 40 years old and a non-smoker. While choosing the Max Life Smart Secure Plus Plan (UIN: 104N118V05; Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan), you can opt for a cover of Rs. 50 lakhs with a 20-years term insurance plan by paying an annual premium of Rs. 10,241 The premium is slightly higher than buying the same in your 30s because your age now falls ahead of the midline of term plan age limit.

Already in Your 50s? Worry not!

The premium for term insurance planincreases significantly once you are of age 50 years or above. It is still advisable to purchase the best term insurance for a 50 year old in India. You are eligible for a term plan if your age falls within the maximum age limit for term insurance plans.

The life cover chosen within the maximum age for term life insurance purchase will help your loved ones pay off any unpaid debts that you may have incurred during your lifetime. Furthermore, it can also cover you against critical illnesses which may affect your health during the policy period.

Protect Life Goals with Term Insurance Plans

Max Life Term Insurance plansoffer financial protection to your loved ones and help maintain their current lifestyle. They also provide various benefits that can help achieve your loved one’s life goals, pay off any debts, and have the maximum age for term insurance capped at 60.


Some of our plans are:

  • Max Life Term Plan with Return of Premium (Max Life Smart Secure Plus Plan – UIN: 104N118V05) (upon policyholder’s selection of Premium Back Variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan)
  • Max Life Accelerated Critical Illness (ACI) Benefit (Can take along with Max Life Smart Secure Plus Plan UIN: 104N118V05)
  • Max Life Cancer Insurance Plan (UIN: 104N093V03; Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Plan)
  • Max Life Smart Secure Plus Plan (UIN: 104N118V05 ; Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan)