InvestorQ : Is it good to have a term insurance plan? can i plan at the age of 26?
Pranit Sharma made post

Is it good to have a term insurance plan? can i plan at the age of 26?

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Purvesh answered.
1 year ago


Yes, it is always better to have term insurance. The main benefit of having term insurance is to pay the minimum premium with maximum profit. The best insurance company in India is the LIC of India. The company is working for more than 60 years so our amount is in safe hands.

There is also one cons in taking term insurance that if you have not died for the term taken, then the total amount paid by you becomes nill. Though I will prefer to take endowment policy looking into your Age. My suggestion will be at least wait unless you become around the '40s and think of a term Insurance. At present, you can go for Endowment policy with a term of max 16 Years.


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Tanya Mehta answered.
1 year ago


Yes, mostly start at an early age to save the maximum in premium amount. A term plan is entitled to be an important one of the many life insurance products in India. Term insurance is a plan which pays out money to the nominee of the policy holder, in the event of the policy holder’s death.

In a term plan, a policy holder can claim the coverage amount as high as Rs. 1 crore, with a premium amount nearly to Rs. 500 per month.

Thus, I would recommend you to start Term insurance as soon as possible. However, the amount of premium i.e the coverage depends on the policyholder.

Term insurance falls under pure protection plans. Another positive aspect of Term insurance. As payout in this plan is offered only in the event of the policyholder’s death. In contrast, other insurance plans offer returns as well as life coverage.

To help your query in a more broader way, I have attached a InvestorQ link below. It has helped me to learn better about term insurance::


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Ashwini Kadam answered.
1 year ago


Term Plans can be done at any point. They might give you better returns than a Bank FD.


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piyush answered.
1 year ago


It is never too early to start investing.Go for short term plans like 10 years considering life events like starting a marriage or starting a family as targets.


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ArthaYantra answered.
12 months ago


Hello, Buying insurance itself is a good idea and that too starting it at an early age will save a lot of premium in the long run. Another right thing to do is to choose a Term Insurance plan.

So to answer you question - Yes it is good to buy a term insurance plan and you can get it at an age of 26. If you need help in choosing the right insurer and know the amount of required insure coverage, you may a seek a professional advise.



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Parth pala answered.
10 months ago


Life insurance is a good idea when you have a lot of financial obligations – i.e. kids, a mortgage, and other debt.
Term life insurance is particularly worth it because it's the most affordable type of insurance available that provides a tax-free lump sum of money for a financial safety net.
The strengths of term life are also its weaknesses, at least for some people.


For instance-
It ends at a predetermined point in the future. Let’s imagine you buy a 20-year term policy when you’re 30. When you turn 50 and it ends you will no longer be covered. You can of course buy a new one (and sometimes you can roll over your old one to get more years of coverage) but it will be more expensive because of your age and health condition

If you want to guarantee that you’re covered until you die no matter when you die, permanent is way to go. If you want to be covered until your golden years, and then cash in the policy to get some of the value of it back, you might want to consider permanent.i think the drawbacks to permanent are too significant to offset these benefits most of the time, but every situation is different.


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Parth pala answered.
12 months ago


There’s no way that one can safeguard oneself against death, it can be dela*** but not denied. When an individual dies, the emotional ripples touch family, friends and even acquaintances. But there is another major factor to be considered – the economic one. The death of a breadwinner might plunge a family into severe financial crisis. Death is certain but the economic uncertainty that follows can definitely be avoided by investing in an insurance plan.

There are different kinds of insurance plans and one can either choose the one that best suits his/ her requirement or create a portfolio. One must understand and compare the various plans offered by the insurance providers in order to determine which ones to purchase. Term plans are among the most easily comprehensible ones. Its basic premise is quite simple – pay a premium and get covered for a pre-determined period of time. In the event of the death of the policyholder, the nominee or nominees receive the sum assured.


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AR Kadam answered.
9 months ago


You should buy Term Insurance Cover at early age with higher sum assured (as much as possible given your income and considering your upcoming liabilities and responsibilities) as the premium increase with age.


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Parth pala answered.
6 months ago


There’s no way that one can safeguard oneself against death, it can be dela*** but not denied. When an individual dies, the emotional ripples touch family, friends and even acquaintances. But there is another major factor to be considered – the economic one. The death of a breadwinner might plunge a family into severe financial crisis. Death is certain but the economic uncertainty that follows can definitely be avoided by investing in an insurance plan. There are different kinds of insurance plans and one can either choose the one that best suits his/ her requirement or create a portfolio. One must understand and compare the various plans offered by the insurance providers in order to determine which ones to purchase. Term plans are among the most easily comprehensible ones. Its basic premise is quite simple – pay a premium and get covered for a pre-determined period of time. In the event of the death of the policyholder, the nominee or nominees receive the sum assured.


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AR Kadam answered.
4 months ago


Yes. It is excellent idea to have term insurance plan at very young age.

Majorly most of the Term Insurance Policy cover you up to 40 years. So if you buy at age 26 years you will be covered till you turn 66 year old which is your entire earning lifespan.

Also go for the maximum cover as the premium will be low given your age and premium in insurance increases as the age increases.