6 Replies to “MY AGE 40 YEARS, CAN I GO PURE TERM INSURANCE(20 YEARS FOR TEN LAKH)?”

  1. Ya you can go..Choose LIC Anmol jeevan..it is best in Pure term Insurance Category :). You can visit LIC agent or site for accurate premium information. On the LIC site you can find premium calculator. You can invest in MF. I will suggest PPF for assured return [I think it is best option for Investment]. I will not suggest ULIP plans. 🙂 🙂 🙂


  2. Your decision to go in for a Term Insurance Policy is perfect. I would like to suggest Term Insurance Plan from Aegon Religare Life Insurance Co. Ltd. The Term Insurance premium of Aegon Religare is very very competitive and lowest in many cases. The premium for a coverage of Rs.10 lacs for 20 years would be Rs.4478 (including service tax of Rs.418; Rs.4060/- is the basic premium for the policy).

    I would suggest that you should opt for the 30 year tenure which is available with Aegon Religare. This tenure would cover you upto 70 years of age which is really good. Infact, we need an insurance cover more when we are at a higher age. If you presently take a policy for 20 years and then around 60 years of age you realize that you still need term insurance, probably there would be no company who would offer you a term plan at age 60 !!! Secondly, the premium that you would have to pay would also be very high and the most important thing is your fitness / health under-writing part which should also support you !!! (The premium for a 10 Lac Term policy with 30 years tenure is Rs.6,243/-).

    Hence I would suggest that you first of all, assess your need for term insurance and select a higher sum insured if required. Add a CRITICAL ILLNESS RIDER to the policy – these Riders are Very Very Important and give you LIVING BENEFITS if you are diagnosed of any one the 9 or 10 Critical Illnesses listed by the Rider. (Rs.10 Lacs Term Insurance + Rs.5 Lacs Critical Illness Rider for 20 years tenure would cost you Rs.8,488/- per annum).

    LIC Anmol Jeevan would be a very costly option. Though I do not have the exact figures, I guess that the Term Insurance premium should be atleast 30% more than the premium quoted above).

    Wish you ALL THE BEST.




  3. The biggest fault with term insurance is that the sum assured is constant. there is no bonus. so the cover is in fact depleting considering cost of inflation.


  4. Sir it is a wise decision to take a term assurance policy. you might note one thing nothing will be payable after completion of the policy tenure on your survival. But at the same time you may have a life cover on lower premium in term policy. LIC is the best choice for it because one should not take choice in his absence. There are investment options are also . for further clarification call 94432232203.





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