Best 25 years Term Life Insurance Plan in 2024

Term insurance provides coverage for a predetermined amount of time and is meant to protect your funds in the event of a premature death. A 25-year life insurance policy is a smart long-term investment for your future. It can be used to secure your family's financial future or to save for retirement. 

What exactly is a 25-Year Term Life Insurance Policy?

The simplest sort of life insurance to comprehend and one that offers protection for a set time is a 25-year term life insurance policy. You are covered by this policy for 25 years, after which it automatically expires.

• If you wish to keep your coverage after that, you will have to purchase another one. This makes it an extremely cost-effective choice for many.
• This type of life insurance is often utilised as a financial instrument and can also be used to pay off debts if the insured person passes away.

Features of a 25-Year Term Life Insurance Policy

A type of life insurance that offers coverage for 25 years is known as a 25-year term life insurance policy. If the insured person passes away during the term, the policy offers a death benefit. This sort of life insurance has the following features:  

• The coverage ends after the 25-year tenure ends. In case permanent life insurance is required, it is renewable.
• Although the premiums you have to pay monthly or yearly are often lower than those for other types of insurance, there could be extra fees for elements like health inquiry and status of smoking.
• It is designed for those who want to keep premiums low and have shorter time horizons on their financial requirements.
• Although no financial value is included in the death benefit, it is guaranteed for the whole term.
• There is no waiting period before the policy is cancelled. In terms of premium payment terms, it offers flexibility.
• This policy offers tax advantages under Section 80C of the Income Tax Act of 1961. Riders can be added to this policy to expand its coverage.

Qualification Criteria for 25-Year Term Life Insurance

The eligibility criteria for 25-year term life insurance as per the age are:

Top 25 Years Term Life Insurance Plans in India

The insurance plans that offer term life insurance for 25 years are:

Max Life Smart Secure Plus Plan

The Smart Secure Plus plan is designed to meet your financial security requirements while also assisting in the event of an emergency. Two death benefits are provided by the Max Life Smart Secure Plus plan. Additionally, you receive built-in features like joint life insurance, terminal sickness coverage, premium breaks, and supplementary payouts in the event of an accident.

Below are the features of the plan

HDFC Life Click 2 Protect Plan

The  HDFC Click 2 Protect Term Plan is a simple, personal life insurance policy that strongly emphasises supplying financial stability. It guarantees swift claim processing thanks to its excellent claim settlement percentage of 98.01%. There is an additional sum assured in the event of accidental death. You are given a money-back option, under which all premium payments are refunded upon survival. In addition, there is a choice to receive a premium waiver in the event of a severe illness diagnosis. The plan also provides special premium rates for females and non-smokers.

Below are the features of the plan

ICICI Prudential iProtectSmart Plan

The ICICI Prudential iProtectSmart Plan provides family protection and critical illness insurance. The policy term begins at 40 years and includes coverage for life up to 99 years.

Below are the features of the plan

Bajaj Allianz Smart Protect Plan

Individual life insurance protection is offered through the Bajaj Allianz Smart Protect Plan without any investment ties or profit-sharing provisions. You have a variety of premium payment choices to select from, including single, limited, and recurring instalments. The plan has a return of premium (ROP) feature on its savings portion. It offers extra optional covers for increased protection but principally focuses on offering pure risk coverage for a variety of occurrences.

Below are the features of the Bajaj Allianz smart protect plan:

Who Should Purchase a 25-Year Term Life Insurance Policy in India?

Here is a list of people who would profit from purchasing a 25-year term life insurance policy in 2024.

• People who are searching for 25 years of pure life protection at really low premium costs
• Parents who desire to provide for their kids until they can support themselves financially 
• People with parents or in-laws who depend on them can ensure that the payout will be used to pay for medical crises in the policyholder's absence. 
• Those who are married and have a dependent spouse to provide for the family in the event of their untimely passing
• People who have chosen to take up a home loan or any other loan can make sure that their families are not responsible for making loan payments in the event of their untimely passing.

How Can I Purchase A 25-Year Term Life Insurance Policy Online In India 2024?

In a few simple steps, you may get 25-year term life insurance in India online from the convenience of your own home.

• Visit the Term Life Insurance page and find the purchase option.
• Enter your contact information and basic details like name, gender, and birthdate
• To view the various options, click "View Plans," then enter the details like your occupation, educational background, smoking habits, and annual income
• Choose the best plan that suits your requirements and make the payment

Conclusion

A 25-year term insurance policy is the best choice for those who wish to financially safeguard the lives of their loved ones in the case of a tragic event. These plans have minimal premiums and provide a death benefit to the policyholder's nominee in the event of the policyholder's untimely death.

FAQs

Ques. What kind of life insurance is the best?

Ans. Term life insurance can be your best option if sticking to your budget is your top priority. Whole life insurance might be a preferable option if you have several dependents. However, universal life insurance might be a good choice if cash value and financial planning are your top priorities.

Ques. What kind of term insurance is the most basic?

Ans. A term life insurance policy is the most basic and straightforward form of life insurance. A cash benefit is given to your family members (or anyone else you designate as your beneficiary) if you pass away during the premium payment period, which is normally between 10 and 30 years.

Ques. Can I purchase more than one term of insurance?

Ans. You are free to choose more than one plan, but you must understand each one's terms and conditions well. People prefer term insurance since it has low premium rates. By owning multiple term insurance plans, you can get several benefits.

Ques. What happens when a term life insurance policy expires?

Ans. Usually, when a term life insurance policy expires, there is no need for the policyholder to take any further action. The insurance provider notifies the policyholder that the policy has expired. The policyholder stops making premium payments, and there is no longer a possibility of receiving any potential death benefit. A check for the sum deposited into the policy during the policy's term would be provided if the policyholder had purchased a Return-of-premium insurance.

Ques. Is term life insurance available for 30 years?

Ans. Yes. There are three basic guarantees included in a 30-year term life insurance policy. As long as you continue to pay your premiums, the coverage you have will be in effect for 30 years. The company will never raise your periodic premiums. For the entire 30-year duration, the death benefit is assured.