A Term Plan's objective is to replace your income and provide financial support to your family in your absence. Therefore, you need a Term Plan as long as you work and earn an income, and your family remains financially dependent on you.
Thus, in your 50s or 60s, if you are responsible for your children's/grandchildren's education and upbringing, spouse who is financially dependent on you, or a differently-abled relative's living costs, a Term Plan can be helpful for you. It will cover your loved ones' expenses in case of an eventuality. Hence, you need to assess your family's financial needs to decide until what age you want to keep your term insurance cover active. With ICICI Pru iProtect Smart Term Plan, you can also opt for short-term coverage, starting from five-year tenure, until your family achieves financial independence.