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A 35 year term insurance plan provides life coverage for an extended period (35 years), ensuring your loved ones are financially secure in case of your untimely passing. Find out how this long-term plan can help protect your loved ones.
A 35 year term insurance policy provides financial protection for a set period of 35 years. If you pass away during this term, your beneficiaries receive a death benefit, helping them manage expenses and maintain financial stability. However, this coverage is only active during the 35 year period, and if you outlive the policy, there is no payout.
This type of policy is often more affordable than permanent life insurance, offering a long-term yet cost-effective option to safeguard your family’s future. Some policies may allow you to renew or convert coverage after the term ends, offering additional flexibility if your needs change.
Knowing how a 35 year term insurance plan works is not that complicated. You pay a fixed amount (the premium) to the insurance company for 35 years (a pre-determined interval), and if you pass away during this period, your family gets the agreed-upon payout. This amount can help them cover debts, living expenses, and other financial obligations.
Now, let us say you make it through those 35 years in good health; what then? In that case, the policy ends, and there is no payout. Some people might choose to renew their term insurance, while others may look at different life insurance options. The main purpose of a 35 year term insurance policy is to provide a financial cushion for your loved ones while the term is active, helping ensure they are taken care of if you are no longer there to support them.
Now that you know how a 35 year term insurance plan works, you should also take a look at its various benefits before choosing. The following are a few:
One of the most attractive advantages of term insurance is its cost. When compared to whole life insurance, you will discover that a 35 year term policy is much more cost-effective. You get high coverage at an affordable price, making it a smart choice for many families.
A 35 year term insurance policy provides long-term protection. If you are young and planning for a family, a 35 year term can cover you through your peak earning years and when your children are still dependent.
The key reason to get such a plan is to secure your family financially when you are gone. So, in case something happens to you, your beneficiaries will receive a payout, which can help them pay for things like housing, education, and daily expenses.
Just like other life insurance policies, premiums paid on 35 year term insurance are also eligible for tax deductions under Section 80C of the Income Tax Act. This ultimately helps reduce your taxable income and lowers your tax burden.
Such a plan takes care of the concern about what will happen to your family when you are not around. Knowing that your loved ones will be taken care of if something unexpected happens gives you peace of mind.
If you wish to determine your premium, you can use an online calculator provided by various insurance companies. These tools provide a quick estimate based on details you provide about yourself and your desired coverage.
Here is how you can use the calculator and estimate the premium for a 35 year term insurance plan:
Most insurance providers have a free, easy-to-use calculator on their websites. To use it, simply enter your details step-by-step as needed.
The calculator will first ask you to enter your age and a basic health profile. Your age helps determine your starting premium, as younger individuals generally pay less. For health, you may select from options like “excellent,” “good,” or “fair.” Some calculators also let you add specific health conditions for a more accurate estimate.
Next, you need to select your desired coverage or death benefit. This is the amount your beneficiaries would receive in case of your passing. The more coverage you choose, the higher your premium will be.
Since you are considering a 35 year term, select this duration in the calculator.
Some calculators include questions on lifestyle factors, like whether you smoke, drink, or have a high-risk occupation. These details are factored into the premium, with higher-risk lifestyles or occupations often leading to a slightly higher cost.
After entering all the information, the calculator provides an estimated monthly or annual premium. Keep in mind this is only an estimate, and the final premium can vary slightly based on a detailed application review by the insurance company.
While factors such as age, health, coverage amount, and lifestyle still play a role in calculating your premium, the calculator simplifies this process, allowing you to see the cost based on your inputs quickly.
A 35 year term insurance policy is a practical and affordable way to provide financial protection to your loved ones for a long period. It gives you the peace of mind that comes with knowing your family will be financially protected if something happens to you. Plus, it is budget-friendly option, especially for young individuals starting out in life or families with children.
When considering a term insurance plan, always consider your personal needs and financial situation. If you are in good health and want long-term coverage, a 35 year term insurance policy can be a great choice!
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A 35 year term insurance policy offers long-term coverage at an affordable cost. It provides your family with a death benefit, which helps secure their financial future in case of your untimely passing. The premiums are lower compared to whole life insurance, and it also comes with tax benefits under Section 80C.
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Premiums for a 35 year term insurance policy are based on factors like your age, health, coverage amount, and lifestyle habits (such as smoking). Generally, the younger and healthier you are, the lower your premiums will be. The more coverage you opt for, the higher your premium will be.
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Yes, most 35 year term insurance policies allow you to add riders or additional benefits. These can include critical illness cover, accidental death benefit, or waiver of premium in case of disability. These riders can enhance the coverage of your term insurance plan, providing more security for you and your family.
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Some insurance providers offer a conversion option. If you wish to convert your 35 year term insurance policy to a whole-life policy, you can do so before the term ends, depending on your policy’s terms and conditions. This is a great way to continue life insurance coverage without needing a new medical exam or underwriting. However, it is important to check with your insurer about the specific rules around conversion.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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