5 Reasons to Buy Term Insurance When You are in Your 30s
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

5 Reasons to Buy Term Insurance When You are in Your 30s

5 Reasons to Buy Term Insurance When You are in Your 30s
  • 11th Oct 2021 |
  • 434

Many people hesitate to buy term insurance when they are young mainly because they believe insurance is unnecessary. But life can be unpredictable, and you can never know when a term insurance plan can come to your rescue.

If something happens to you, a term plan guarantees a death benefit to your family. Unfortunate circumstances can come at any age. Hence even if you’re in your 30s, buying a term plan is a good idea.

Let us look at five reasons to buy term insurance in your 30s

1. Your Family Gets Financial Security

Most of us get married and start our families in our early 30s. And this is the perfect time to secure our families’ financial future. When you buy term insurance in your 30s, you ensure that if anything unfortunate happens to you, your family will receive the life cover, which they can use for their future expenses.

Your family will face expenses like college fees, wedding costs, medical costs and the usual day to day expenses that can be taken care of with the death benefit. Additionally, you may leave some unpaid loans that can be a burden on your family. The death benefit can also be used to pay off all your existing debts.

2. The Premiums are Affordable

It is a fact that term insurance premiums are affordable if you’re in your 30s, owing to lesser responsibilities and liabilities. And once you buy a term plan, the premium amount remains constant throughout the tenure.

If you purchase term plans when you grow older, the insurance premiums tend to go higher since your liabilities and responsibilities will also increase. Hence, it is better to buy term insurance in your 30s as your expense for such a vital protection plan would be less.

3. You’ll Get a Larger Life Cover

Another advantage of buying term insurance at a young age is that you stand to get a much larger life cover. If you wait till the 40s or 50s to purchase term insurance, the life cover can be less because of age. In your 30s, you can expect a life cover 15-20 times your annual income, whereas later, you may get a life cover that is only 5-10 times your yearly income.

4. You Can Add Riders

Riders are additional benefits on top of your term plan. The riders cover risks that are not covered in your standard policy in exchange for an additional premium. When you are in your 30s, the cost of riders is relatively less, and they’re easier to get. For example, buying a critical illness rider at 50 years of age may be costlier since critical illnesses are more likely to occur when you’re older.

5. Term Insurance Saves Tax

Term plan premiums are tax-deductible under Section 80C, whereas the death benefit is tax-free under Section 10(10D). By purchasing insurance at a young age, you can save on income tax right from the beginning and save a significant amount on taxes every year. The saved amount can prove to be extremely useful for your family’s financial stability and extra expenses.

The above points clearly illustrate that buying term insurance in your 30s is beneficial. So if you’re still young, go ahead and buy term insurance to protect your family’s future.

Kotak e-Term Plan

Download Brochure

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

Why Term Insurance Is Important in times of COVID-19?

Does Your Term Insurance Plan Cover Death Due to COVID-19?

What is a short term insurance policy?

Is ₹1 Crore Term Insurance Good Enough Cover?

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

Insuring Protection Against Death With Death Insurance Rider

What Types of Deaths Are Covered in a Term Insurance Plan?

Calculating Term Insurance Premium

4 Reasons Why You Need Critical Illness Cover

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

Is Life Insurance Investment Worthy Enough

Do You Need Term Insurance Cover After Retirement?

कोविड -19 बूस्टर खुराक के दुष्प्रभाव

Ensure Protection Against Death, Disease & Disability With Life Insurance

4 Methods to Calculate How Much Term Insurance You Need

Is Term Life Insurance Plan an Investment or Expense?

Why Should You Not Take A Term Plan Without Medical Test in India?

How To Choose the Right Sum Assured Under a Term Plan?

Different Types of Premium in Term Insurance

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

Online vs Offline Term Insurance: Which Is The Better Option To Buy

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

9 Most Frequently Asked Questions on Term Insurance

5 Benefits of Early Retirement Planning

Why Term Plan Should Be The First Step To Securing Your Future?

Is Group Term Life Insurance Provided By Employer Sufficient?

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

Insuring Against Accidents with an Accidental Death Insurance Rider

Make Your Online Term Plan Your Family's Monthly Pay Cheque

Best Investment Plans for Children - Secure Your Child's Future

What are incremental term insurance plans?

How to Ensure That Your Term Insurance Claims Are Never Rejected?

How Not To Get Your Term Insurance Claim Rejected

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

8 Things To Do After Buying Term Insurance

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

Can A Housewife Buy a Term Insurance Plan - All You Need to Know

Term Insurance with Critical Illness

Term Insurance Calculator - Everythng You Need To Know

Different Types of Protection Plans

Busting Myths and Facts About Term Insurance Policies

Is term Insurance Needed for People With No Dependents?

Protection for your family

Is It Good To Buy A Term Insurance Plan In 2022?

Term Insurance: What Happens When You Don’t Pay Your Premiums?

Eligibility Criteria for Buying Term Insurance in India

All you need to Know about Term Insurance Plans for Housewives

What Are Insurance Riders and How to Choose Them in a Term Plan?

Can I Extend the Tenure of My Term Insurance Plan?

How Much Term Insurance Do I Need

Is There Any Tax Benefit on Term Insurance?

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

5 Things To Consider While Buying Term Insurance Plan

Comparing Term Plans – What Should You Look Out For

Can I Make Changes to My Term Insurance Policy Post Purchase?

Everything About Claim Settlement Ratio for Term Insurance

Term Insurance Plans and Policies for Smokers

Term Insurance Basics You Should Know

Should You Buy a Term Plan After 40?

What is Term Insurance - A Complete Guide

While Buying Term Insurance Compare Features, Not Just Premiums

Can You Increase Your Term Insurance Cover?

Planning For Son or Daughter's Wedding

How To Choose the Right Term Insurance Plan?

Know How to Invest at Every Age for Larger Returns

Should Youngsters, Working Couples Buy Term Insurance Plans?

Why Should You Add a Rider to a Term Insurance Plan?

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

What Happens if you Hide Facts in your Term Insurance?

How to Surrender Term Life Insurance When You Have No Liabilities?

Key Differences Between Term Insurance, ULIPs, And Health Insurance

What Are the Best Term Insurance Plans for Planning Retirement?

Understanding Term Insurance Riders

Why Should New Parents Buy Term Life Insurance?

Why does every working woman need life insurance?

How Does A Term Life Insurance Work in India?

10 Ways to Mentally Refresh After a Stressful Day

What Should Be The Duration Of Your Term Plan in India?

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

What are the Documents Required for Term Insurance Plan?

Can I Get Term Insurance on Behalf of My Spouse?

Does Term Insurance Cover Accidental Death?

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Why Buy Term Insurance Plan With a High Cover?

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

How Much Cover Should I Take In A Term Plan?

Can I Buy Term Insurance for a COVID-19 Patient?

6 Reasons That Make Term Insurance a Must Buy

4 Things To Expect From Your Term Insurance Plan in India

Term Plans are Definitely Cheaper than You Think!

Gift Your Father A Term Insurance Plan This Father's Day

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

What Is a Renewable Term Insurance Policy?

Planning For Children's Future

What is Insurance Premium - A Detailed Guide

Side Effects of Covid-19 Booster Doses

Should You Have Multiple Term Life Insurance Policies?

Can Senior Citizens Avail Term Insurance?

Can Term Insurance Plans Be Purchased As A Gift?

Why Premium Amount for Term Insurance is So Low?

Do I Need to Give a Medical Test for Term Insurance in India?

How Does Term Life Insurance Work? Learn the Benefits

Term Insurance – Why You Must Include In Your Financial Planning?

What Should You opt for - Limited or Premium Pay?

Importance of Term Insurance at Every Stage of Your Life

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Term Plan with Spouse Cover

Advantages & Disadvantages of Term Insurance in India

Steps on How to Buy Term Insurance Online

Which Death Type Does Your Term Plan Not Cover?

10-Year Term Life Insurance Policy - Explained in Detail

Why Buy Term Insurance Even at Rising Rates?

How to Compare Term Insurance Online

What Is the Correct Age to Buy Term Insurance?

Term Life Insurance Plan for Smokers vs Non-Smokers

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

Why Married People Should Buy Term Insurance Under MWP Act?

How Much Term Life Insurance Cover Do I Need in India?

5 Term Insurance Benefits for Single Women

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

Insurance Policy for Housewife In India

Advantages of Buying Term Insurance in Your 50s

Why is it important to buy term insurance plan?

Cost of Term Insurance Likely to Increase Soon

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

8 Benefits of Term Insurance You Should Know

Increasing Term Insurance and Riders

Term Insurance Age Limit – Term Plan for All Age Groups

Do Beneficiaries Pay Taxes on Term Insurance?

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

How To Change The Nominee in Term Insurance?

Why Term Insurance Is Better Than ULIP?

Tax Benefits of Term Insurance in India

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

6 Types of Death not covered in Term Insurance Plan

9 Ways to Help Family Members in Financial Trouble

Top 3 Reasons Why You Should Buy A Term Plan Now

Term Insurance With Riders In India

Term Insurance: Smokers vs Non-Smokers

Difference Between Term Insurance vs Life Insurance

Tips to Choose the Right Term Period for Term Insurance Plan

How to Identify Term Insurance According to Your Needs?

Why Spending Time with Friends is Essential for Your Mental Health?

What All Documents Required For Term Insurance In India?

How To Calculate The Amount Of Term Life Insurance You Need?

Individual Life Insurance vs. Group Term Life Insurance

Insuring Against Disability With Disability Insurance Rider

10 Ways to Get Your Kids Involved in Your Healthy Lifestyle

8 Types of Death not covered in Term Insurance Plan

Why should single women purchase term life insurance?

Make Your Online Term Plan Your Familys Monthly Payout

Endowment Plans vs Term Plans: Understanding the difference

Is a Term Insurance Policy Portable?

8 Factors to consider before choosing a Critical Illness Insurance

Why Should You Buy Term Insurance in 2022?

Insuring yourself against Ill Health with a Critical Illness Rider

Reasons You Need Term Insurance Plan as a Self-Employed Person

Buying A Term Insurance Plan? Take These Factors into Account

Choosing Riders for Insurance Plans

All About Term Insurance Inbuilt Coverage

Why 1 Cr Term Plan Is Necessary For Family?

What is Critical Illness Policy