How to Choose the Right Life Insurance Policy for Your Age?
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

How to Choose the Right Life Insurance Policy for Your Age?

How to Choose the Right Life Insurance Policy for Your Age?
  • 25th Oct 2021 |
  • 579

One of the prized possessions most of us have is the family. And, as a family member, you would want to ensure the well-being of all your loved ones throughout their life. And to ensure that they don’t ever face any financial hardship even in your absence, it is paramount that you secure their future by buying a robust life insurance policy.

Life insurance gives your family a financial cushion and helps them take care of their everyday needs in the event of your untimely demise. So, while buying the right insurance policy for your family, you must analyse their various financial needs.

Choosing the right Insurance policy based on your age

Your financial status and requirements may change through different stages of life. For example, when you are unmarried, you may have different financial responsibilities compared to when you get married or become a parent. However, throughout various stages of life, you would need sufficient life insurance protection.

In your 20s

If you are young and in your 20’s, you may not have too many financial responsibilities or financial dependents. However, you may still need a life cover to give your family financial protection. In such a situation, you can consider buying a term plan with high coverage. This will ensure that your family gets a lump sum amount if something happens to you.

In your 30s

Most Indians get married or have a child in their 30s and start a new family. It is also the time when you start putting your family’s interest ahead of your own and think about financial planning for the future. You may plan for your child’s future expenses.

So, in terms of choosing the right life insurance policy at this stage, you can buy a term plan. The premium will be relatively affordable as compared to other policies, and you can get high coverage. Alternatively, you can consider purchasing a money-back plan or a return of a premium term plan. This will help you get sufficient coverage, and if you outlive the policy period, you will get the premium back, which is a big plus as you may approach your 40s by the time your policy matures.

In your 40s and 50s

A lot of people in India realise the importance of buying life insurance in their 40s. At this age, even those who avoided buying a policy earlier tend to purchase life insurance. According to IRDA, people in the 40s constitute the most significant chunk of life insurance policyholders in India. While in your 40s, you could be doing well in your professional life, and your children may be still dependent on you financially.

Even if you may have a decent income at this stage, you may feel burdened with taking care of your children’s education needs and parents’ medical expenses. Experts suggest that at this stage, it is better to purchase a life insurance policy that offers both life cover and investments-cum-savings opportunities like ULIP (Unit Linked Insurance Plan).

As you attain your 50s, your children may become financially independent and already think about your retirement. It would be the best time to purchase a retirement life insurance plan with retirement not too far. You may still have enough time to accumulate a decent corpus that you can use post-retirement and manage the expenses during the golden years of your life.

In your 60s

When you are in your 60s, you may be wondering, ‘if it is too late to buy insurance?’ But remember, it is never too late to purchase life insurance. So, if you have not purchased a plan yet, you can do it now.

At this stage, your reason for buying insurance may not be to secure your loved ones’ future but also to make up for the lost income and pay off the dues you may have. This way, you can protect your loved ones from facing the repayment burden.

However, at this stage, the only glitch in getting an insurance cover would be the high premium cost. As you grow old, you are more vulnerable to suffering from illnesses and to cover the risk, the insurance companies charge a high premium.

Kotak e-Term Plan

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

How to Revive the Lapsed Life Insurance Policy?

Role of IRDAI in the Insurance Sector

Is Voluntary Life Insurance the Same as Basic Life Insurance?

When Should You Review Term Life Insurance of Yours?

Types of Life Insurance Policies in India

First Job? Here’s Some Tips on How to Manage Finances

Voluntary Life Insurance Policy Vs Group Life Insurance

Details Required To Be Filled In A Life Insurance Form

FAQs on Life Insurance

Does Life Insurance Pay for Suicidal Death?

Life Insurance for Overweight Applicants

Can a Term Plan be the Substitute for a Retirement Plan?

Why You Should Buy Term Insurance under the MWP Act (Married Women’s Property Act)?

Most Common Life Insurance Riders to Enhance Your Existing Policy

How to Select a Perfect Life Insurance Policy in India to Protect Your Future?

5 Advantages of Life Insurance Going Digital

What Is Investment Insurance?

What is Sum Assured in Endowment Policy?

Term Insurance Claim Process

Health Insurance VS Life Insurance

5 Smart Steps to keep in mind while buying term policies

What is a Single Premium Term Plan and its Tax Benefit?

Guide for Buying Online Term Insurance Plans for Senior Citizens

All You Need to Know About Life Insurance - Its Benefits, Features, and Types of Life Insurance

A Step-by-Step Guide: How To Make An Investment Plan?

What Is Insurance Coverage?

What Is Social Impact Investing and How Does It Benefit Society?

All About Backdating in Life Insurance

Why do most Indians choose the wrong way to buy life insurance?

Do Life Insurance Premiums Increase Every Year?

Life Insurance with Money Back vs Without Money Back

Customer Awareness on Information Security

6 Different Types of Insurance Policies

In India, should NRIs purchase life insurance?

Does Life Insurance Policy Cover Covid Death?

Insurance Vs Investment - A Guide to Your Financial Goals

Compare Different Life Insurance Products Offered By Kotak Life

Can You Transfer Life Insurance Policies to Another Company in India?

Life Insurance vs Health Insurance

Does Family History Affects your Term Life Insurance Rates?

Important Terminologies of Life Insurance

Why Online Term Insurance Plans Cheap?

Term Life Insurance vs. Accidental Death Insurance

Term Life Insurance Vs Money back Life Insurance

Comparing low premium term insurance Is Not the Only Factor While Buying Life Insurance

Savings cum Protection Plans Secures Your Family from Unforeseen Events

Term Insurance Tips for NRIs in India

Difference Between ULIP and Endowment Plan?

Should you buy a Renewable Term Life Policy?

Key Things to Review in Your Life Insurance Policy Document

Does Life Insurance Cover Terminal Illness?

Do Your Financial Planning with Life Insurance!

How Do Term Insurance Plans Differ for Smokers?

What Is Insurance Rider and It’s Benefits?

Everything You Must Know About ULIP Riders

What Is a Whole Life Insurance Plan?

Why Buying a Term Insurance is Important for all Parents

5 Things to Keep in Mind While Buying Life Insurance Policy

How to Choose a Life Insurance Policy

Biggest Life Insurance Myths

Why Term Insurance for Women is Important?

What Happens If I Stop Paying My Life Insurance Premium?

A Term Insurance Guide for Disabled People

Why Your Family Should Know About Your Life Insurance Policy?

Different Types Of Life Insurance In India

Why Do Life Insurance Agents Avoid Selling Term Plans?

Life Insurance Plans for Women

Take 100% Responsibility of Your Family with Term Life Insurance

5 Ways to ensure faster settlement of claims

Different Kind of Deaths that are Not Covered in a Term Insurance Plan

5 Reasons Why a Women Should Buy a Life Insurance

Different Types of Insurance Policies in India

Insurance Changes You Need to Make Post Marriage

6 Things You May Not Know about Life Insurance

How To Use Different Types Of Life Insurance For Retirement Planning?

“Life” Insurance or “Death” Insurance?

Why Renewal of Term Insurance Plan is Important

What is Human Life value and a Human Life Value Calculator?

How to Customize Your Life Insurance Policy with Riders

What Is Surrender Value (Cash Surrender Value) in Insurance and how is it calculated?

Life Insurance and Millennials

What Should One Expect During the Medical Evaluation for Life Insurance?

5 Common Life Insurance FAQs and Answers

10 Most Frequently Asked Questions - FAQs on Term Insurance

What is the Difference Between Limited and Regular Pay Insurance Plan?

Types of Insurance You Must Invest in for Secure Future

5 Reasons Why You Need Life Insurance in College

Top 5 Common Life Insurance Myths and Facts

Is It Time to Review Life Insurance Policy of Yours?

What Is Staggered Payment Option Under Term Insurance Policy?

Can An Individual Buy Multiple Term Insurance Plans?

Difference Between Term Insurance and Endowment Plan

Who Is A Nominee In A Life Insurance Plan?

भारत में जीवन बीमा पॉलिसियों के प्रकार

7 Superficial Reasons People Avoid Buying Insurance Online

Choosing Between Short-Term & Long-Term Insurance Plans

Importance of Checking Claim Settlement Ratio before Buying Life Insurance

What is an Endowment Plan?

How to Find the Best Term Insurance Plan in Seven Steps

9 Most Important Things You Must Learn About Paying Life Insurance Premium

When are Millennials required to take out a life insurance policy?

5 Things to Consider Before You Buy Life Insurance

NRI Premium Payment Options

Sabse Pehle Life Insurance

All about Your Rights and Duties While Buying Life Insurance Policy

Staying Insured While Investing

Terms and Conditions of Term Insurance Plans

How to Buy a Term Life Insurance Online

Various Term Insurance Premium Payment Options Available in India

Term Insurance Vs Car Insurance: A Budgetary Choice You'll Regret

Life Insurance Policy Closure

1 CR Term Insurance Plan: How to Pick the Best 1 CR Term Plan

How to Calculate Human Life Value(HLV)?

Why Life Insurance Is Always a Smart Decision

What is Group Insurance?

What is a savings plan?

Are Deaths Due To Coronavirus Covered by Kotak E-Term Plan?

Important Features of a Term Insurance Plan

What is Life Insurance?

Is Life Insurance an Investment?

Is it Possible to Make Changes in a Term Plan’s Specification Post Purchase?

Why You Should Never Cancel Life Insurance Policy

Benefits of Buying Term Insurance Plan for Senior Citizens in India

Reasons Why Term Insurance Claims Get Rejected

Is Life Insurance For Millennials Really Needed?

What is the Current Trend in Term Insurance?

Guidelines for Linking Aadhar and PAN to Insurance Policies

How to Make Death Claims on Life Insurance?

How Much Life Insurance Cover Do I Need?

Choose the Nominee of a Term Life Insurance Plan Wisely

Life Insurance Vs. Mutual Funds Investment

Life Insurance vs Mutual Funds

Nominee in insurance - A Complete Guide on nomination in insurance

How Much Life Insurance Do You Need?

Why is Medical Test Important While Buying a Term Insurance?

All about IRDAI

Best Insurance Plans in India

Can NRI Buy Life Insurance in India?

Is Return-of-Premium (ROP) in Life Insurance Worth It?

What Is the Procedure to choose a nomination in life insurance policy?

Important Factors to Consider While Choosing the Right Term Period for Your Term Insurance Plan

Why do I Need Life Insurance?

Life Insurance for Overweight Applicants

ULIPs: Suitable for all

How Much Life Insurance Costs and How Much Insurance Cover You Need?

How to Buy a Life Insurance Plan?

Life Insurance Beneficiary

Benefits of Term Insurance with Critical Illness Rider

Can You Apply For A Life Insurance After Getting Heart Attack? Here is Everything You Need To Know

What are robo-advisors in insurance?

Why One Must Buy Term Insurance before 25 Years

What Is The Life Insurance Penetration In India And How Does It Compare Globally?

What is Minimum Life Insurance Policy?

Loan Against Life Insurance Policy

What are the Benefits of Endowment Policy?

How Often You Must Review Your Life Insurance Policy?

Difference Between Insurance and Assurance?

Always keep your Nominee informed

Is it Possible to Reduce Life Insurance Premium without Affecting Sum Assured?

Process of Filing A Claim For Life Insurance

How Does Life Insurance Work?

Life Insurance and Retirement Planning

Digital Life Certificate for Pensioners Seeking Pension

All about Life Insurance Calculators

Choosing a Life Insurance Beneficiary

Difference Between Money Back and Endowment Policy

Important Life Insurance Terms You Must Know

How to Choose Life Insurance for All Ages?

Choosing the Right Life Insurance

Kotak Life Claim Settlement Ratio

Term Insurance Vs Life insurance: Small Details, Big Differences

Types of Life Insurance Or One Investment, Many Options

What is Underinsurance & The Dangers of Being Underinsured

Life Insurance for Millennials

5 Easy Steps to Buying A Policy

What Is Financial Planning?

Is It Advisable To Have Multiple Life Insurance Policies?

How Many Insurances Should I Have?

Beware of Phishing & Fraud Insurance Calls

Unit-Linked Life Insurance (ULIPs) vs. Term Insurance

All About Life Insurance and How It Works?

Adding A Child to Your Life Insurance Policy?

Is it Worth Buying Disability Rider on Term Insurance?

What Should One Consider Buying: Term Insurance or Traditional Life Insurance

Term Insurance for Home Loan: How Term Plan Helps in Paying Off Home Loan?

4 Benefits of Gifting Life Insurance Cover to Your Spouse

Think About Life Insurance Sooner than Later