Rohan and Aditya joined the same company in the same year, both 28, both earning roughly the same salary. Rohan bought a ₹2 crore term plan that October, right after his first bonus. Aditya kept meaning to “look into it properly” but got busy with a wedding, then a home loan, then a baby. Ten years later, both are 38. Rohan’s premium has not changed since he was 28. His policy locked in that rate for good. Aditya is starting from scratch today, at a higher age, with a shorter runway left, and a noticeably heavier premium.
This brings us to a question that many people ask: is it really that costly to wait ten years before buying term insurance? The short answer is yes, and the number is bigger than most expect once you actually run it.
How Much More Do You Pay for a ₹2 Crore Term Plan If You Buy at 38 Instead of 28?
Term insurance premiums are underwritten mainly on age and health at the time you buy the policy, and once locked in, the premium for that policy generally stays fixed for the full term. So the age at which you buy determines what you pay for the next twenty, thirty, or more years.
Here is a typical pricing pattern for an illustrative non-smoking male buying a ₹2 crore level term cover running up to age 60.
- Buying cover up to age 60 means a 32-year term at age 28. So the indicative annual premium might be around ₹14,000 to ₹16,000 a year for this range.
- Buying the same ₹2 crore cover up to age 60 means a shorter 22-year term at age 38. But the indicative annual premium is likely to be closer to ₹23,000 to ₹26,000 a year because mortality risk rises with age, even for fewer years of coverage.
The annual numbers tell the real story. Rohan locked in his ₹2 crore cover at roughly ₹15,000 a year. Aditya is buying the same ₹2 crore cover at roughly ₹24,000 a year, for a shorter 22-year term against Rohan’s 32. He is paying close to 60% more every single year, for a policy that covers him for ten fewer years. That gap repeats annually for as long as his policy runs. It never narrows.
There is a second cost that does not show up in any premium chart. For the ten years between 28 and 38, Aditya’s family had no dedicated life cover at all, right through the years he took a home loan, got married, and had a child, arguably the years when the need for protection was highest.
Remember, these are indicative figures meant to show the shape of the cost difference. They are not a quote from any specific insurer. Your actual premium will depend on your health, habits, city, occupation, and underwriting, so always confirm the exact figure on a term plan calculator before deciding.
Should You Wait to Buy Term Insurance?
Before you tell yourself you will “buy next year instead,” go through this:
- Do you have financial dependents like a spouse, parents, or children?
- Do you have any home loan or other debt that would fall on your family if something happened to you?
- Has your weight, blood pressure, or any medical report changed in the last two years?
- Are you comfortable paying meaningfully more per year for a shorter coverage window later?
If any of these make you uneasy, that discomfort is your answer to get a term cover soon.
Who Should Not Buy a ₹2 Crore Term Cover Right Now?
This isn’t a one-size-fits-all decision, and delaying is not always wrong. If you are unmarried with no dependents and no loans, a ₹2 crore cover may be more than you need this year. A smaller cover topped up later as your responsibilities grow can be a reasonable path.
If you are between jobs or your income is genuinely unstable, a long-term premium commitment could strain your budget more than it protects you.
And if you already have adequate cover through an existing policy or an employer group plan matching your liabilities, there is no urgency to duplicate it. The point here is that if you already know you need the cover, delaying it rarely saves money and usually costs more.
How Much Premium Do You Pay?
Every one of the figures above changes with your actual age, health, and city, which is why a generic number should never be the number you act on.
Before deciding, run your own details through a term plan calculator to see your real premium at your current age versus what it would look like a few years from now.
If you are specifically searching for the best term insurance plan for ₹2 crore, make sure to compare an actual quote by using online calculators.
One more thing before you commit: any tax benefit you associate with term insurance premiums, such as deductions under the old regime, depends on which tax regime you are filing under for that financial year, and rules are subject to change, particularly with the transition to the new Income Tax Act. Figures here are for FY 2025-26 illustration only and may not apply to your situation. Please consult a qualified tax advisor before assuming any specific tax treatment.
The ten years between 28 and 38 will pass whether or not you buy a policy. The only real choice is what they cost you.
