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 Age	Minimum Age: 18 years, Maximum Age: 65 years
   Maximum Maturity Age	100 years
   Sum Assured	Min: 25 Lakhs, Max: No Limit

   The values may change as per different plan options.

   Features:

   • 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 Age	Minimum Age: 18 years, Maximum Age: 65 years
   Premium Payment Term	Same as the policy term
   Sum Assured	Min: 25 Lakhs, Max: No Limit

   Features:

   • 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 Age	Minimum Age: 18 years, Maximum Age: 65 years
   Maturity Age	Minimum- 28 years, Maximum- 75 years
   Sum Assured	Min: 20 Lakhs, Max: 2.5 Crore

   Features:

   • 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 Age	Minimum Age: 18 years, Maximum Age: 65 years
   Maximum Maturity Age	85 years
   Minimum Sum Assured	Rs.10,000

   Features:

   • 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 Age	Minimum Age: 18 years, Maximum Age: 65 years
   Maximum Maturity Age	75 years
   Sum Assured	Min: 25 Lakhs, Max: No Limit

   Features:

   • 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.