In Life Insurance, there is typically an upper age limit for purchasing a new policy, often between 65 and 75 years. Some companies may offer policies to individuals beyond these ages, usually with higher premiums and lower coverage amounts. The term length of the policy may also be restricted for older applicants.

Regarding Health Insurance, there are usually both lower and upper age limits. In India, most health insurance policies have an entry age of at least 18 years, with children eligible for coverage under family floater plans from birth. The upper age limit for buying a new health insurance policy is commonly around 65 years, although some policies may allow entry at older ages.

Car Insurance, on the other hand, typically does not have an age limit for the policyholder, but age can impact the cost of insurance. Younger drivers, who are statistically more prone to accidents, often face higher premiums.

The significance of age limits in insurance lies in managing the associated risks. As individuals age, their risk of health issues rises, increasing the likelihood of claims on health or life insurance policies. Consequently, older individuals may encounter higher premiums or stricter coverage limits.

Conversely, younger individuals, especially in the realm of car insurance, are considered higher risk due to their limited driving experience. Understanding the age limits of various insurance policies can assist individuals in planning for their coverage needs at different life stages.