Anyone between the age of 18 and 60 years is eligible to purchase a term plan. Term plan serves as an income replacement tool for your family in your absence.
Typically, it is suggested that the sum assured in a term plan should be at least ten times your annual income. But you can increase it to 15-20 times.
While choosing life cover, you need to take into account your financial liabilities, such as home loan, car loan, personal loan, and others. Also, consider your dependents and figure out an estimate of the amount of money they would require for their future needs, such as children's education or parent's medical expenses.