Term Insurance 395 views March 20, 2020

Term Plan for 100 years

Term Insurance plans have gained a lot of popularity over the past few years. And quite rightly so. Term insurance plans are no-nonsense plans which aim at only offering you the maximum life coverage at the lowest premium possible.

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An insurer will pay the sum assured of a term plan if the policyholder loses his or her life while the policy is still active. And this can be extremely helpful if the person happens to be the sole earning member of the family. If you want to ensure that your loved ones are not strangled financially even in your absence, a term insurance plan can be a great addition to your financial portfolio.

Life expectancy is constantly on the rise across the globe. The average life expectancy of an Indian back in 2015 was 68.33 years. The number has risen to 70 years in 2017. With access to better healthcare and advancements in technology, the average life expectancy will only keep getting better. Thus, you would need access to term insurance that offers coverage for an even longer duration.

Term Plan for 100 Years

Yes, you read that right. You can now buy term insurance plans that have you covered until you are 100 years old. The standard term plans provide you cover till your retirement age or maximum till you turn 75. However, you might want to financially secure the future of your children or even grandchildren. In such cases opting for a term plan for 100 years would be a good investment.

The term plan for 100 years, works pretty much like a standard term insurance plan but with a much longer duration. Here are some of the major benefits of buying a term plan for 100 years.

  1. Get life cover till you turn 100 years
  2. The plan offers a free look in period, where you can cancel the plan if you are not happy with the clauses
  3. The plan provides financial stability to your loved ones in your absence by paying relatively lower premiums
  4. You can expect lower premiums for female applicants and non-smokers
  5. Depending on the insurer, you might get access to your funds on the diagnosis of critical illnesses
  6. The premiums that you pay towards the policy are tax-deductible under Section 80C and the payouts of the plan are also non-taxable under Section 10(10D
  7. You can enhance the capabilities of the policy with the help of riders

Riders with Term Plan for 100 years

Riders or add-ons are additional features that you can plug into your term plan to enhance its capabilities. By paying a nominal premium, you can push the limits of your policy and extract the most out of it. If you were to opt for a term plan for 100 years, here are some of the common riders that you can make use of.

Accidental Death Benefit

This rider can at times double the sum assured of a term insurance plan. The rider is effective only when a policyholder loses his or her life to an accident.

Critical Illness Benefit

If you have opted for this rider, your insurer will pay a lump sum amount on the diagnosis of any the listed critical illness.

Disability Benefit

In the event that a policyholder is disabled, the rider will provide for a steady source of income for the family.

The presence of a term insurance plan in your financial portfolio can do a world of difference than not having one. If you haven’t opted for one, it is about time you buy one.

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