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.
Best 5 Online Term Insurance Plans for Senior Citizens in India 2023
A cost-effective and comprehensive online term insurance plan which comes with inbuilt terminal illness benefit.
Death Benefit Payout
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.
- 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.
'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.
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.
- Multiple plan options available
- Three payout options available
- Increase or decrease life cover
- Permanent Disability Benefit Rider
- Critical Illness Plus Benefit Rider
- Special Rates for Non-Tobacco Users
- 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.