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How to Choose Term Insurance in your 30s?

In your 30s, financial goals are set, you are settled in your profession and family life. This is the time to seriously think about getting a term insurance plan, which will not only help your dependents lead a financially secure life if you are no longer around, but will also help clear any debts and help your family realise their dreams. 

To delay is to regret

You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.

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Is buying term insurance in your 30s the right step?

Term Insurance Plan in 30s
February 28, 2024

Table of Content

 

When you are in your 30s, your responsibilities towards your family are far more pronounced. Most people in this age group are either married or have children, and are also engaged in taking care of their elderly parents. This means you have a large number of dependents to take care of. What if you are the sole breadwinner? The family could suffer enormously in your absence.

That’s why getting a term insurance plan in your 30s is critical. Research says that your term insurance plan cover must be at least 10 times your annual income. It can even go higher if you have to take care of the financial security of several family members.

By paying regular premiums, policyholders can ensure their family members receive a death benefit, in case the breadwinner loses his/her life. While buying term insurance is a better idea in your 20s, don’t delay it further because it is a necessity by the time you reach your 30s.

Reasons to buy term insurance in your 30s

There are several reasons why buying term insurance in your 30s is a good plan:

  • Financial security to dependents:

    The 30s could be a time when you already have a family or are planning one. Of course, you also have to be cognizant of their dreams and aspirations. That’s why getting a term insurance policy can ensure they have financial protection through a death benefit, in case you aren’t around. It could also help to pay your pending debts, if any.

  • Lower premiums:

    You have age on your side and that means if you start early and go for a term insurance plan, you won’t have to shell out large premiums. That’s because most people in their 30s are healthy and do not have chronic illnesses.

  • Easy to buy:

    You no longer have to go through a tedious process to buy term insurance. Make sure to compare the features and premiums of various insurance plans, before you arrive at a final decision.

  • Large life cover:

    Buying a term insurance policy in your 30s can ensure a larger life cover, because age is on your side. That won’t happen as you grow older. You can expect a life cover that is 15-20 times your annual income, when you are in your 30s.

  • Income tax benefit:

    Apart from financial protection, buying a term insurance plan can help you save tax under Section 80C of the Income Tax Act. *

  • Provision of riders:

    Insurance providers also offer an option to add riders for an added layer of security, including disability, critical illness, or accident cover.

Why is term insurance necessary in your 30s

Financial planning is an important skill and it is incomplete without incorporating insurance into the mix. A term insurance plan in your 30s is not an option, but a necessity since it offers a layer of financial protection to your family members for a long period, offering you peace of mind.

Moreover, getting adequate coverage at affordable premiums can only happen at an early age, and that’s why it is financially sound to go for a term policy in your 30s.

At the same time, you can also save tax by claiming the premium amount as deductions under 80C of the Income Tax Act.

Things to consider before buying term insurance in your 30s

  • Calculate the term insurance coverage you need for your family
  • Decide the tenure of your plan
  • Choose your riders wisely based on what you may actually need
  • Check the claim settlement ratio of your insurance provider

FAQs

1. Should I get term insurance in my 30s?

The earlier you sign up for a term life insurance plan, the greater the financial protection for your family members.

2. Does buying a term insurance plan help save tax?

You can save tax by claiming the premium amount as deduction under Section 80C of the Income Tax Act.

3. Can you buy riders with a term insurance plan in your 30s?

Yes. You can opt for a critical illness rider, accident cover, or riders that offer waiver of premium for disability. 

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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.

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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.

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Disclaimers

##Individual death claim settlement ratio by number of policies as per audited annual statistics for FY 2023-24.

#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved

^ Available under Life & Life Plus plan options

*As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.

***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V04), Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Monthly Premium of 622/30=20.7).

**7% online discount available on 1st year premium only

~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information.

ARN - ED/05/23/1871