What Should Be the Duration of a Term Insurance Plan?

What Are the Factors to Consider When Choosing the Duration of a Term Insurance Plan?

What Is the Right Duration of Term Insurance Policy?

FAQs About Duration of a Term Insurance Plan

Can the duration of the term insurance plan be extended? up-arrow

You are not allowed to extend the term insurance plan maximum cases. However, you can do it in special cases by paying yearly premiums.

What is the age limit to opt for a term life insurance plan? up-arrow

An individual with age between 18 years and 65 years is eligible to avail of a term life insurance plan. However, as per the thumb rule, the earlier you opt for this plan, the more benefits you will get.

Can the tenure of term insurance be extended? up-arrow

The tenure of a term life insurance plan cannot be extended. However, in the case of convertible or renewable term insurance plans, they provide the scope of renewing and extending the tenure of the insurance plan. However, it entirely depends on the terms and conditions of the policy.

What are the tips for choosing a term insurance plan? up-arrow

Mentioned below are the top five steps to choose the best term insurance plan for you:

  • Focus on your dependents 
  • Consider your prevailing lifestyle
  • Analyse your income
  • Determine the existing liabilities 
  • Verify the claim settlement ratio of insurer