Should I get term insurance in my 20s?

Yes, buying term insurance in your 20s is highly recommended. It offers affordable premiums and long-term financial security for your loved ones in case of any unforeseen circumstances.

How much should you pay for your term life insurance?

The amount you should put into term insurance premiums depends on your future financial responsibilities. Ideally, you should aim for a term life insurance sum assured 10 to 15 times your annual income, to ensure comprehensive coverage.

What is the best duration for a term plan?

The best duration for a term plan in your 20s would be 30 years or more. It provides coverage throughout your most financially demanding years, including home loans, children’s education, and retirement planning.

Can you buy riders with a term insurance plan in your 20s?

Yes, riders such as critical illness, accidental death, and waiver of premium can be added to your term insurance plan in your 20s. They can provide additional protection and peace of mind.

Does buying a term insurance plan help save tax?

Yes, buying a term insurance plan in your 20s offers tax benefits under Section 80C of the Income Tax Act. It allows you to deduct premiums paid from your taxable income.

Does buying in your 20s ensure lower rejection rates?

Yes, purchasing term insurance in your 20s often leads to lower rejection rates. Younger individuals are generally healthier and face fewer medical issues during the approval process.