What is the Age Limit for Term Life Insurance?

What Are the Minimum and Maximum Age Limits for Term Insurance?

The age limit for term insurance varies from one insurance company to another. Here are the standard age requirements that you will come across in the eligibility requirement of maximum insurance company:

Minimum Entry Age

18 years

Maximum Entry Age

65 years

Maximum Term Insurance Coverage

75 years

The Right Age to Buy Term Insurance And Its Reason

Why the Age Impacts the Premium of Term Life Insurance?

How Can One Benefit From Buying Term Insurance Plan Early?

FAQs About Age Limit for Term Life Insurance

Will my premium amount of term life insurance plan increase with age? up-arrow

Once you have purchased your policy, the premium amount will remain unchanged till the end of its term. So, you do not have to pay any extra premium, even though your age increases.

Can I get the tax benefits under a term insurance plan? up-arrow

Yes, you can reduce your tax liabilities under Section 80C of the Indian Income Tax of India. It allows policyholders to deduct their paid premium amount from their taxable annual income for up to ₹1.5 Lakh.

Which factors can increase the premium of a term insurance plan? up-arrow

Following are different factors that influence the premium amount of a term insurance plan:

  • Health Condition
  • Chosen Sum Assured
  • Age
  • Gender
  • Occupation
  • Smoking Habits
  • Premium Payment Tenure
  • Lifestyle Habits

Which documents do I need to submit to purchase a term insurance plan? up-arrow

You need to provide the following documents while purchasing a term insurance plan:

  • Address Proof: Aadhaar card, driving licence, etc.
  • Proof of Age: Voter ID card, PAN card, etc.
  • Income Proof: Payslips, bank statements, etc.