Online Term Insurance for Senior Citizen
  • Best 5 Senior Citizen Term Plans
  • Check Your Eligibility
  • Points to Consider Before Purchasing
Term Insurance for Senior Citizen
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Online Term Insurance for Senior Citizen in india

Buying a Term Insurance Plan for senior citizens is the best strategy for securing the financial needs of individuals who are 60 years old or who are about to enter the bracket of senior citizens. The entry age for a term insurance policy lies between 18 to 65 years. So, it is recommended to buy a term insurance plan for senior citizens before they turn 65 years old.

Growing age needs more medical attention, senior citizen term insurance provides a death benefit to the policyholder if he/she passes away during the policy term. It is very important to note that unlike life reinsurance policy term insurance monetary value does not gain any value over time, its only moto is to provide a death benefit to the policyholder. Senior citizens may opt for term insurance for various reasons. It can help cover financial obligations such as outstanding debts, mortgages, or final expenses. It can also provide a means to leave a financial legacy for loved ones or help with estate planning.

Since term plans for senior citizens may face higher premiums due to increased mortality risk, it's advisable to compare different insurance providers and policies to find the most suitable and affordable options. Additionally, it's important to be aware that some insurance companies may impose certain limitations or restrictions on coverage for senior citizens, such as requiring medical examinations or excluding certain pre-existing conditions.

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Best 5 Online Term Insurance Plans for Senior Citizens in India 2023

Aegon Life iTerm Plan

A cost-effective and comprehensive online term insurance plan which comes with inbuilt terminal illness benefit.

Unique Features

  • Death Benefit Payout
  • InstaCover benefit
  • High sum assured

Bharti AXA eProtect Term Plan

An affordable online term insurance plan that ensures protection for your loved ones with an inbuilt family care benefit feature and covers up to 75 years of age.

Unique Features

  • Life Insurance Benefit
  • Family Care Benefit
  • Reward for Non-Smokers

eProtect Term Plan (Pros)

  • Premium Discounts Available
  • Quick Family Care Payout
  • Cost Effective Payout

eProtect Term Plan (Cons)

  • 1 Yr WP For Suicide
  • Unpaid Policy Lapses
  • No Maturity Benefit

eProtect Term Plan (Other Benefits)

  • Online Purchasing Of Policy
  • Easy Revival
  • Flexible-Premium Payment Modes

eProtect Term Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 75 Years
  • Premium Payment Term - 10 To 75 Yrs

Offers Critical illness cover and coverage for 36 Critical Illnesses with premium waiver benefit on the diagnosis of any of the covered Critical Illnesses.

Unique Features

  • 'LifeStage Re-balancing' feature.
  • Avail Critical Illness Benefits.
  • Premium Waiver Benefit.

HDFC Click 2 protect life is a comprehensive plan, offering 3 different variants and an unlimited life cover.

Unique Features

  • Special premiums for non smokers.
  • Premium waivered for critical illness.
  • Avail Survival benefits.

Kotak e-Term Plan is a Pure Protection Plan. It offers special premium rates to non-tobacco users and women and has multiple plan options with additional riders.

Unique Features

  • Multiple plan options available
  • Three payout options available
  • Increase or decrease life cover

Kotak e-Term Plan (Pros)

  • Permanent Disability Benefit Rider
  • Critical Illness Plus Benefit Rider
  • Special Rates for Non-Tobacco Users

Kotak e-Term Plan (Cons)

  • Strict Qualifications On Disability
  • Limited Coverage
  • No Policy Loan Allowed

Kotak e-Term Plan (Other Benefits)

  • Death Benefit
  • Additional Premium Discounts
  • Enhanced Accidental Death Coverage

Kotak e-Term Plan (Eligibility Criteria)

  • Entry Age - 18 years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - RP/SP/LP

Term Insurance Companies

Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.

Why is Term Insurance Important for Senior Citizens

Term Insurance for Senior Citizens is equally essential for senior citizens as it is for young individuals. Senior Citizen Term Insurance is a safety net for the dependents and can act as a financial cushion in the event of the demise of the insured individual. Many senior citizens opt for working life after their retirement. A term insurance plan for senior citizens will act as an income replacement in case there is an untimely demise of the insured individual. As term insurance is a pure protection plan the coverage stands as a protective shield for dependents related to the insured individual. There are multiple reasons for senior citizens to invest in a term insurance plan

  • If you are working post-retirement and have dependents in your life you can secure their future with a regular income
  • The amount received through senior citizen term insurance for an insured individual can act as a financial safety net for your children.
  • Individuals can use the term insurance amount to fulfill any pending liabilities like loans left behind by the insured individual
  • Will help your spouse in the face of adversity and can provide them with financial safety in your absence

Features of Term Plan for senior citizens

There are multiple things an insurance holder must keep in mind before purchasing term insurance for senior citizens such as policy term, premium payment flexibility, sum insured offered to the legal nominee, and more. Term insurance for senior citizens are essential to safeguard the future of your loved ones who depend on your for financial support.

Term Insurance Plans for Senior Citizens: FAQs

1. Are there term plans available for senior citizens in the market?

Yes, Senior Citizens can purchase term plans, if you are above the age of 50 years of age you can avail a term insurance product and ensure that the future of your loved ones remain safe and secure as the nominee receives a lump-sum amount called the death benefit in case of your demise.

2. I am 70 years old, can I avail term insurance for senior citizen?

Yes, it is possible to avail term insurance for senior citizens. Many insurance companies allow individuals over 65 to purchase an insurance policy. You can also buy term insurance even over the age of 70 years.

3. What are the best term insurance plan for senior citizens in India?

There are multiple insurance plans designed specifically for senior citizens. Best Term Insurance plan for senior citizens depends entirely upon the needs and requirements of an individual. Insurance providers like Kotak, HDFC, SBI Life offer multiple effective senior citizen plans that can be analysed.

4. Can I buy term insurance plan for senior citizens for my 75 year old mother?

Yes, you can purchase life insurance for your parents to help cover their final expenses.

5. What is the maximum age for term life insurance for senior citizens?

Usually, the maximum age for term life insurance is 89 years, senior citizens who want to purchase insurance over 80 should consider buying whole life insurance.

Term Insurance Articles

What Our Customers Have to Say

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September 29, 2023

I needed help with rider options after the purchase of my term insurance policy and was guided immediately by the customer care team

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May 1, 2023

I seek help from PolicyX when it comes to purchasing any kind of insurance because they provide me with the best quotes and options for insurance

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Priya Sharma


December 14, 2022

PolicyX has a smooth service from booking policy to verification. Employees are very patient and have good knowledge and help you throughout the process. Had great experience dealing with them

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December 9, 2022

I had many confusions regarding the term policies . But Policyx has handled it well, m happy that they are my wayfarer in this journey.

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Prerna Kumari


July 11, 2022

Good company. Presents nice term insurance plans and flexible plans also. My husband has brought one for the family.

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Priya Sangwan


July 11, 2022

IndiaFirst Term Insurance company ensures that your family s needs are looked after. One of the best companies offers a term plan per your needs.

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Priyanshi Deewan


July 6, 2022

I recently received the claim amount of the policy that my husband had brought for us. I am glad that the company understands the needs of its customers and their families. Well done Canara HSB...

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Rishabh Kumar


July 6, 2022

I bought a term plan with Canara HSBC for the protection of my family and have been satisfied with the benefits received. It is simple and easy to buy their plans.

Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of Insurance Web Aggregator.