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

Having term insurance for your old age can prove to be the most convenient investment tool through which you can secure your financial needs.

Not only the insurance will provide cover for your critical illness, but will also offer the death benefit, which ensures financial security to your family.

Let’s check out 5 online term insurance plans in the market.

Best 5 Term Insurance Plans for Senior Citizens

  1. Aegon Life iTerm Plan

    Aegon Life iTerm plan is a cost-effective and comprehensive term insurance plan that offers financial security to the family of the insured in case of emergencies.

    Eligibility Criteria:

    Entry AgeMinimum Age: 18 years, Maximum Age: 65 years
    Maximum Maturity Age100 years
    Sum AssuredMin: 25 Lakhs, Max: No Limit

    The values may change as per different plan options.


    • The policy allows the beneficiary to choose death benefit payout as a lump-sum or as monthly income or both.
    • In the case of terminal illness, an amount equal to 100% of the death benefit will be paid out so that your treatment & financial situation is taken care of.
    • The policy offers InstaCover Benefit, which makes sure that your policy is in action the day you submit your complete application.
    • Under this policy, the policyholder has an option to reduce the policy premium by quitting smoking.
  2. Bharti AXA eProtect Term Plan

    This is a comprehensive term life insurance specially designed for senior citizens that comes with affordable premiums. The plan provides a financial cushion to your family in case of your untimely demise.

    Eligibility Criteria:

    Entry AgeMinimum Age: 18 years, Maximum Age: 65 years
    Premium Payment TermSame as the policy term
    Sum AssuredMin: 25 Lakhs, Max: No Limit


    • With easy and affordable premiums, this plan is convenient to buy.
    • Thanks to Section 80C of Income Tax Act, 1961, the tax benefit is available on the premium paid and the claim received.
    • In case of your sudden death, an amount equal to the sum assured will be paid as ‘Life Insurance Benefit’ to your nominee.
  3. SBI Life Poorna Suraksha Plan

    This is a non-participating and non-linked term insurance plan for senior citizens with an in-built critical illness cover. The plan provides comprehensive coverage to your family (in case of your untimely demise) to help them face financial difficulties with ease.

    Eligibility Criteria:

    Entry AgeMinimum Age: 18 years, Maximum Age: 65 years
    Maturity AgeMinimum- 28 years, Maximum- 75 years
    Sum AssuredMin: 20 Lakhs, Max: 2.5 Crore


    • The plan offers a unique ‘Life Stage Rebalancing’, where the sum assured for life and Critical Illness cover re-balances during the term of the policy.
    • A premium waiver benefit is offered under this policy on the diagnosis of a listed critical illness.
    • The premium remains the same throughout your policy term.
  4. HDFC Life Click2Protect 3D Plus

    HDFC Life Click2Protect Plus is an online comprehensive term insurance plan that offers insurance coverage at an affordable cost. The plan covers 3D's (Death, Disability, and Disease) to cover your family’s expenses.

    Eligibility Criteria:

    Entry AgeMinimum Age: 18 years, Maximum Age: 65 years
    Maximum Maturity Age85 years
    Minimum Sum AssuredRs.10,000


    • The insurance offers critical illness benefit, where all the future premiums payable under the plan will be waived off.
    • Provides flexibility to choose your policy plan and premium payment option.
    • Offers special premium rates to non-tobacco users and females.
  5. Kotak e-Term Plan

    Kotak e-Term Plan is a comprehensive plan that offers a high level of protection at affordable premium rates. The plan is specially designed to let your family face a financial obstacle with flying colours.

    Eligibility Criteria:

    Entry AgeMinimum Age: 18 years, Maximum Age: 65 years
    Maximum Maturity Age75 years
    Sum AssuredMin: 25 Lakhs, Max: No Limit


    • A death benefit is given to the beneficiary in case of policyholder’s death during the policy tenure.
    • The plan offers preferential rates for non-tobacco users and females.
    • The plan comes with an in-built waiver of basic premiums on total and permanent disability.

    Having term insurance for your old age ensures financial independence after retirement and allows you to live a financially worry-free life.

Written By : Naval Goel

Last Updated : December, 2019

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.

Find Out What Customers Says

(Showing latest 5 reviews only)

- 4.2/5 (548 Total Rating)

February 24, 2022

navneet dubey


i am only earning member of my family so term insurance is very important for me. I checked about this company and asked my friends and relatives and they all gave me good response about them. I am happy.

February 24, 2022

shivani kashyap


Max life is a reputed company for a reason. They always take good care of their clients without delaying their requests and claim. I am impressed

February 24, 2022

prem khanna


I am here to write my experience with aegon insurance company. I always got satisfactory support from the company and their customer care people. They are educated and polite.

February 24, 2022

neha singh


I am a single mother with 2 kids. I always think about the future of my kids. Thats why i invested in term insurance plan with PNB as their claim settlement ratio is good so i am sure that my money is saved

February 24, 2022

mohit khanna


I have a home loan, a 4 year daughter, old mother and wife. I am a salaried person and always worried about future saving for them. TATA gave me a good cheap plan that fulfills my wishes for furture

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