It is always advisable to buy a term plan at an early stage of life to get protection for a longer period. But, did you get caught up in life and miss out on securing the future? Undoubtedly, it's not a wise move that may affect you in the long run.
However, you can still secure your future with term insurance even if you are a senior citizen - more than 60 years old. Term insurance plans for senior citizens offer similar benefits as that of a term plan purchased at a younger age, but the premiums will be higher.
Even individuals can buy a term insurance policy for senior citizens on behalf of elderly parents to ensure the financial protection of family members. Let's understand what term insurance plans for senior citizens can do for you.
To put it simply, a term insurance policy for senior citizens is a life insurance product designed to fulfill the needs of older people. Generally, those above 60-65 years old are eligible to buy a senior citizen term plan.
However, the plan is designed to provide higher life cover to fulfill the needs of post-retirement. Under the senior citizen's plan, you'll get coverage for an entire lifetime - get cover till 100 years of age.
So, it'll take away the burden of renewing the term plan every year. Older people can buy this plan to ensure that their family will always be financially secure for the long term in their absence.
Here, we've listed the best term insurance plans for senior citizens in India. However, the plans listed below are available for a person above 65 years old, non-smoker, salaried male, for a 50 Lacs cover till 100 years of age.
Senior Citizen Term Insurance Plan | CSR | Entry Age | Life Cover | Policy Term | Monthly or Annual premiums |
---|---|---|---|---|---|
ICICI Prudential iProtect Smart | 97.8% | 18 - 65 years | 50 Lakhs | 40 years | Rs. 24,102/month Rs.2,82,271/year |
TATA AIA SRS Vitality Protect | 99.0% | 18 - 65 years | 50 Lakhs | 40 years | Rs. 30,613/month Rs. 3,46,693/year |
IndiaFirstLife Guaranteed Protection Plus | 97.0% | 18 - 65 years | 50 Lakhs | 40 years | Rs.67,863/month Rs. 7,80,039/year |
In general, term insurance for senior citizens is an ideal way to secure your family's financial future and help them fulfill monetary objectives when you're not around. Apart from this, there are still plenty of reasons why senior citizens aged over 60-65 years should buy term insurance for themselves:
Online term insurance for senior citizens in India offers a crucial financial safety net for individuals aged 60 to 65 and beyond. It ensures that their loved ones receive essential financial support if they pass away during the policy term. While premiums may be higher due to age-related risks, it's vital to compare different insurance providers and policies to find the most suitable and affordable options. Additionally, insurers may require a pre-medical check-up before offering the policy and there may be specific limitations but there are also riders available for enhanced protection.
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
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Priya has been in the content writing industry for over 8 years. She has been religiously following the insurance sector since the start of her career which makes her an avid insurance expert. Her forte lies in health, term, and life insurance writing, along with her knowledge of the latest developments in the insurance sector.