- Life Policy For 60+
- Creating a Legacy of Wealth
- Retirement Protection Plans
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Updated on May 05, 2025 8 min read
Life Insurance Plan for Senior Citizens
Senior citizen life insurance plans are designed for individuals above 60 years of age. These plans offer financial protection to the loved ones of senior citizens in case of their demise during the policy tenure. The policy tenure of life insurance for senior citizens in India ranges from 5 to 20 years.
There are various types of life insurance plans available for senior citizens, including term insurance, retirement plans, and wealth-creation plans. They can choose the one that best aligns with their financial goals. Moreover, the premiums paid for life insurance are eligible for tax benefits under Section 80 (C) of the Income Tax Act, 1961.
Types of Life Insurance Plans for Senior Citizens
There are various types of life insurance plans available that senior citizens can consider buying. You must ensure that the plan you are considering to buy aligns with your financial goals.
Term Insurance Plan
A term insurance plan is the simplest and most affordable form of life insurance policy. It offers a payout to the policyholder’s loved ones in case of the policyholder’s death during the policy term. Some term plans provide an option to enhance the plan coverage by opting for additional rider benefits.Whole Life Insurance Plan
Whole life insurance plans cover the policyholder for their whole life, till the age of 99 to 100 years. It usually comes with higher premiums than term insurance. It offers tax benefits, lifelong coverage benefits and cash value to the insured.Retirement Plan
A retirement plan offers continuous income to the policyholder when they are not earning any income or during retirement years. They can enjoy a comfortable retirement life without any compromise.Unit Linked Insurance Plan (ULIPs)
ULIPs are a type of life insurance policy that offers the dual benefits of life insurance coverage as well as returns on the invested amount. The policyholders’ premiums are invested in various types of funds, such as equity funds, debt funds, etc, and the returns depend on market conditions.Guaranteed Return Plans
These plans provide life coverage along with guaranteed returns on your investments. This is an ideal form of life insurance for senior citizens as the risk associated is minimal and returns are guaranteed.
Best Life Insurance Plans for Senior Citizens in India
We have provided a list of the best life insurance plans for senior citizens in India in 2025 based on various parameters, including claim settlement ratio, solvency ratio, customer reviews, premium prices, insurer’s reputation, etc.
| S. No | Plan Name | Plan Type | CSR (2023-24) | Entry Age | Sum Assured | Unique Features |
| 1. | Axis Max Smart Term Plan Plus | Term Plan | 99.65% | 18 to 65 years | Rs 25 lakhs to no limit |
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| 2. | HDFC Life Click 2 Protect Super | Term Plan | 99.5% | 18 to 65 years | Rs 5,000 to no limit |
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| 3. | Tata AIA Maha Raksha Supreme | Term Plan | 99.13% | 18 to 70 years | Rs 50 lakhs to no limit |
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| 4. | Bandhan Life iTerm Prime | Term Plan | 99.66% | 18 to 65 years | Rs 25 lakhs to no limit |
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| 5. | HDFC Life Click 2 Retire | Retirement Plan | 99.5% | 18 to 65 years | 105% of premiums paid |
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| 6. | SBI Retire Smart Plan | Retirement Plan | 98.25% | 30 to 70 years | Rs 1 lakh to no limit |
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| 7. | HDFC ProGrowth Plus | ULIP | 99.5% | 14 to 65 years | 10X annualized premium or 0.5X policy term X annualized premium |
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| 8. | ICICI Prudential Life Time Classic | ULIP | 99.17% | 0 to 60 years | 5 to 10 times annualized premium |
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What are the Features of Life Insurance for Senior Citizens?
Understanding the features of senior citizens’ life insurance provides a comprehensive understanding of life insurance for senior citizens.
- The premiums of senior citizen life insurance plans are costly. That’s why it is always recommended to buy a life insurance plan when you are young.
- Senior citizens’ life insurance plan offers various payout options to the policyholders, including lump sum, instalments, or a combination of both.
- The entry age for these varies from plan to plan and insurer to insurer.
- The policyholders have the option to pay their premiums monthly, quarterly, or annually as per their suitability.
- Life insurance policies for senior citizens offer tax benefits under Section 80 (C) of the Income Tax Act of 1961.
- You can also choose additional riders with senior citizen life insurance plans to enhance the coverage.
What are the Benefits of a Senior Citizen Life Insurance Policy?
Buying life insurance for senior citizens over 70 offers various benefits to the policyholders and their dependents. Let’s understand these benefits in more detail.
Financial Coverage
A senior citizen life insurance plan provides financial support to your loved ones in your absence. They can use the received sum assured to complete their financial responsibilities.Create A Legacy For Your Loved Ones
You can create a legacy for your children, grandchildren, or dependents with a senior citizen life insurance plan. It helps you secure a large amount for them as part of the inheritance.Continuous Income Source
A senior citizen life insurance policy helps you secure your retirement with a regular income source and live a hassle-free life even when you are not earning.Helps To Pay Off Debts
You might have taken a loan to fulfil your financial needs. A senior citizen life insurance plan ensures that the loan amount does not create a burden for your family.Cover Expenses
Even after your demise, your policy payout will benefit your family in medical emergencies, education expenses, debt management, etc, according to their needs
Things to Consider When Buying Life Insurance For Senior Citizens
There are certain things that you must consider when buying a life insurance plan for senior citizens in India to make the right choice.
Claim Settlement Ratio
Buy a senior citizen life insurance plan from a life insurance company with a good claim settlement ratio. An insurance company with a claim settlement ratio higher than 95% is considered good.Sum Assured
Choose a sum assured with your life insurance plan that best aligns with your financial goals and responsibilities.Compare and Buy
Before buying a senior citizen life insurance plan, you must compare various plans based on features, benefits, premium amount, etc.Market Reputation of Insurer
You must check the market reputation of the insurance company from which you are buying senior citizen life insurance to ensure that you get the necessary support when you need it.Disclose Required Details
Disclose the required details to the insurance company for a smooth underwriting process. It ensures that the company has no grounds for claim rejection.
How to Buy Senior Citizen Life Insurance?
You can buy a senior citizen life insurance plan either from the insurance company or PolicyX.com
Buying From An Insurance Company
You can buy life insurance for senior citizens from the insurance company’s website or by visiting one of their nearest branch offices.
Buying From PolicyX.com
You can buy senior citizen life insurance plans from PolicyX.com by following a few simple steps.
Step 1: Visit the official website of PolicyX.com
Step 2: Click on the type of ‘Life Insurance’ plan you wish to buy.
Step 3: Provide your details, including your age, gender, contact number, education details, etc.
Step 4: A list of plans will be displayed on your screen.
Step 5: Choose the plan you wish to buy.
Step 6: Make the premium payment, and you will shortly receive the policy documents on your contact number and email.
Conclusion
Life insurance has become a requirement with rising inflation and a lowering life expectancy rate. Buying a life insurance plan at a young age is the best practice. However, you can also buy a life insurance policy as a senior citizen.
Senior citizen life insurance is something that not only supports your family in hard times but also creates a legacy of support and security for generations to come after you.
If you are confused about which senior citizen life insurance is best, you can contact us at PolicyX.com.
We offer No Spam, No Gimmicks, Only Xpert Insurance Advice.
Life Insurance For Senior Citizens: FAQs
1. Is there a term life insurance for senior citizens over 60 years of age?
Yes, you can buy a term life insurance policy even after turning 60. You can check out different insurance plans available for you at PolicyX.com.
2. What kind of life insurance is best for senior citizens?
Senior citizens can buy a whole life insurance policy or a universal life insurance policy, as it provides their family members the payout benefits even after the policyholder turns 99 or 100.
3. Can we take life insurance for senior citizens over 60 years?
Yes, of course, you can buy life insurance if you are 60 years old. In this case, a permanent life insurance policy is the solution that you may look forward to.
4. Do senior citizens get tax exemptions on their policy?
If they are paying their policies’ regular premiums, they will probably get tax benefits of up to Rs 50,000 under Section 80 (C) of the Income Tax Act of 1961.
5. Which is the best insurance plan for senior citizens?
Tata AIA Maha Raksha Supreme is one of the best term insurance plans for senior citizens.
6. Can a 70-year-old buy term insurance?
The general age to buy a term insurance plan is 18 to 65 years. However, some insurance companies offer term insurance plans to citizens 70 years of age.
7. How to buy senior citizen life insurance?
You can buy senior citizen life insurance either from PolicyX.com or the insurance company’s website.
8. Should senior citizens buy life insurance?
Yes, senior citizens should buy a life insurance policy as it offers financial coverage to their loved ones in case of their death during the policy tenure.
9. What are the benefits of life insurance for senior citizens?
There are various benefits of life insurance for senior citizens, including financial coverage, tax benefits, a continuous income source, help to pay off debts, etc.
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Written By: Himanshu Kumar
Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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