30 Years Term Insurance

Financial security is a priority for every individual, especially when planning for the long term. A 30 years term insurance plan offers extended coverage, fixed premiums, and peace of mind, ensuring that your loved ones are protected for decades. Whether you are a young earner or someone looking to safeguard your family’s future, this policy can be a game-changer. In this article, we will explore everything you need to know about 30 years term insurance, its benefits, features, and application process.

What is a 30 years term insurance plan?

A 30 years term insurance plan is a type of life insurance policy that provides financial protection for a fixed term of 30 years. It ensures that your family receives a lump sum amount (sum assured) in case of your untimely demise during the policy term.

This plan is ideal for individuals who want long-term coverage at affordable premiums. Unlike whole life insurance, which lasts a lifetime, term insurance focuses solely on providing death benefits without any maturity benefits. With fixed premiums throughout the term, it is a cost-effective way to secure your family’s financial future.

For example, if you purchase a 30 years term insurance plan at the age of 30, you will be covered until you turn 60. This extended period makes it suitable for individuals with long-term financial responsibilities, such as home loans, child education, or retirement planning.

A 30 years term insurance policy comes with several distinct features that make it an attractive option for policyholders:

• Extended coverage period: 

Offers financial protection for 30 years, ensuring stability for your loved ones over a long term.

• Affordable premiums: 

Fixed premiums throughout the policy term, making it budget-friendly for most individuals.

• High sum assured: 

Provides substantial coverage amounts, allowing you to choose a sum assured that aligns with your financial goals.

• No maturity benefits: 

Focuses solely on death benefits, ensuring affordability without additional investment components.

• Tax benefits: 

Premiums paid towards the policy are eligible for tax deductions under Section 80C of the Income Tax Act, and the death cover is tax-exempt under Section 10(10D).

• Customisable riders: 

Enhance your coverage with add-ons like critical illness cover, accidental death cover, and waiver of premium rider.

• Online accessibility: 

Many insurers offer easy online application processes with tools like the Human Life Value (HLV) Calculator and get quote features.

Opting for a 30 years term insurance plan can provide several advantages:

• Long-term financial security: 

Protect your family’s future for three decades, covering major life milestones such as child education, marriage, and retirement.

• Fixed premium rates: 

Enjoy consistent premiums, even as inflation rises, ensuring affordability throughout the policy term.

• Peace of mind: 

Knowing your loved ones are financially secure in the event of unforeseen circumstances brings immense peace of mind.

• Customisable options: 

Add riders to tailor your policy to your needs, such as critical illness cover or accidental death cover.

• High coverage at low cost: 

Compared to other insurance types, term plans offer higher coverage amounts at relatively lower premiums.

• Tax savings: 

Benefit from tax deductions on premiums paid and tax-exempted death covers, reducing your overall tax liability.

• Easy application process: 

With tools like the Human Life Value Calculator, determining the right sum assured is simple and hassle-free.

Secure your family’s future for the next 30 years — Get a quote now!

Applying for a 30 years term insurance plan is straightforward. Follow these steps to get started:

• Research and compare: 

Begin by researching different insurers and comparing their plans. Use online tools like premium calculators to evaluate costs.

• Determine coverage needs: 

Calculate the sum assured based on your financial responsibilities using the Human Life Value Calculator.

• Choose riders: 

Select add-ons like critical illness cover or waiver of premium rider to enhance your policy.

• Check eligibility: 

Ensure you meet the age and income criteria specified by the insurer. Gather necessary documents, such as ID proof, income proof, and address proof.

• Apply online: 

Visit the insurer’s website (e.g., Bajaj Finance Insurance Mall) and use the ‘Get Quote’ feature to start your application.

• Fill out the form: 

Provide accurate personal and financial details in the application form.

• Submit documents: 

Upload required documents and complete the verification process.

• Pay the premium: 

Choose a payment mode and pay the first premium online.

• Receive policy details: 

Once approved, you will receive your policy document via email or courier.

How to apply for term insurance plan with Bajaj Finance Insurance Mall?

Applying for term insurance plans through Bajaj Finance Insurance Mall is easy, as you need to follow only a few simple steps to get quote based on your requirements. Here’s how:

Step 1: Click on Get Quote

Click on Get Quote. You will be asked to enter your mobile number so we can send you a one-time password (OTP).

Step 2: Enter the OTP

Check your phone for the OTP and type it in when prompted. This helps us verify it is you.

Step 3: Fill in your details

Once the OTP is confirmed, you’ll see our application form pop up.

• If you are an existing user, some of your details might already be filled in.
• If you are new, just enter your name, gender, date of birth, email ID, and PIN code.
• Select the coverage amount

Do not forget to tick the checkboxes to proceed.

Step 4: Choose your plan

You will now be redirected to our partner’s page. This is where you can:

• Choose the policy tenure
• Pick your payment type
• Decide how much you want to invest

Once everything looks good, you can go ahead and complete your purchase.

Things to consider before buying a 30-year term plan

Before purchasing a 30 years term insurance plan, keep the following factors in mind:

• Assess your financial goals: 

Determine whether a 30-year term aligns with your long-term financial responsibilities, such as loans or child education.

• Calculate the sum assured: 

Use tools like the Human Life Value Calculator to estimate the coverage amount required to secure your family’s future.

• Understand premium affordability: 

Ensure that the premium fits your budget without compromising other financial commitments.

• Choose the right riders: 

Opt for add-ons that provide additional protection, such as critical illness cover or accidental death cover.

• Evaluate insurer reputation: 

Check the claim settlement ratio and customer reviews of the insurer, such as Bajaj Life Insurance.

• Read policy terms: 

Carefully review the terms and conditions, including exclusions, to avoid surprises later.

• Plan for inflation: 

Consider future inflation while deciding the sum assured to ensure adequate coverage.

• Verify tax benefits: 

Confirm the tax-saving provisions under Sections 80C and 10(10D) of the Income Tax Act.

Conclusion

A 30 years term insurance plan is a reliable way to secure your family’s financial future while enjoying affordable premiums and tax benefits. With extended coverage and customisable options, it caters to diverse financial needs and responsibilities. Whether you are a young earner or planning for retirement, this policy provides peace of mind and stability.

Take the first step towards financial security today. Use the Human Life Value Calculator to determine your coverage needs or visit Bajaj Finance Insurance Mall to explore quotes and apply online. Confidently secure your family’s future in just a few clicks!