RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

Term Plans Are Cost Effective If Bought At a Young Age

down-arrow
Term Plans Are Cost Effective If Bought At a Young Age
June 18, 2023
 

The purpose of buying a term insurance plan is to provide financial support to the family of the person insured, once they are not in this world anymore. The main aim of term insurance is financial protection. A term insurance covers your future expenses and liabilities if you are not there tomorrow.

It is cost effective if bought at a young age and for a longer period of cover. When you are young, you are also very healthy. If your cover expires at 55, it is expensive to buy it again especially you are dealing with health issues. The other need at higher age is protection against health-related expenses and cover for critical illnesses which have the tendency to exhaust the lifetime savings of the individuals. Term insurance is also bought to cover your existing and future liabilities that reduce with age, so it makes sense to buy a term insurance when you are younger.

A policy also is cheaper when you are younger. When you buy a life insurance, the company calculates the risk involved to it depending on your medical condition and age. The younger you are the better your health, which means the risk to the insurance company is less. Which in turn brings down your premium amount making the policy cost effective for you.

Also, though you maybe young, chronic conditions like diabetes and hypertension start showing up early for some people. You don't want to be caught off guard at the time of need and rather be well prepared. It makes sense for you to buy a term plan early so that you can avoid all this. Also, when you buy a life insurance policy before these health conditions develop in case they do, you will pay substantially lesser in premiums because the company considers the health condition of the person before deciding the premium amount.

It is always best to start early and buy a term policy to make it cost effective for you. HDFC Life offers a variety of plans for its patrons to choose from according to their requirement.

Related Articles-  

Calculate Insurance Premium

Show Full Article
Hide Full Article

ARN: ED/12/19/17049

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

Term Insurance and Life Insurance

Term Insurance and Life Insurance

The differences between term insurance and life insurance are explored, comparing coverage, premiums, benefits, and flexibility to guide informed financial decisions.

How to Choose the Right Term Policy Period?

Eligibility Criteria for Buying Term Insurance in India

Term Insurance Age Limit

Term life insurance age limit is the age range for buying a term plan. In India, you can start at 18 years, and the maximum age is usually up to 65 years.

Term Insurance Age Limit
How to make the workplace a happier place with Group Term Insurance Plans Previous
ULIPs for Disciplined And Long Term Investing Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches