Online Term Insurance for Senior Citizen
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Term Insurance for Senior Citizen
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Buy Term Insurance for Senior Citizens

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.

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What is Term Insurance for Senior Citizens

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.

List of Top Term Insurance Plans for Senior Citizens in India 2024

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
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

Why Term Insurance for Senior Citizens is Worth Buying

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:

  • With the senior citizen term plan, older people can leave an inheritance for their grandchildren or kids after their demise.
  • It'll give your life partner financial security in the event of your unfortunate death.
  • The life cover can help your kids fulfill monetary objectives like paying liabilities that remain unpaid by you.
  • Life cover can also be used to pay mortgage expenses that might be incurred after your death.
  • In case a senior citizen is one of the earning members of the family, having senior citizen term insurance will ensure that your family receives life cover for the devastating income loss resulting from their demise.

Features of Senior Citizen Term Insurance

  • Insurance Coverage

    With senior citizen term plans, you can avail of life coverage up to 100 years of age. However, the plan is designed to cover you and your entire family's needs because older people's needs are different from those of younger policyholders.
  • Premium Rates

    Term insurance plans for citizens feature premiums that will be higher as compared to term plans purchased at a younger age. But you can still avail yourself of the affordable deal by picking a suitable choice of policy term and premium payment option and by using a premium calculator.
  • Optional Riders

    Similar to the regular term plan, you can add an optional rider as part of the senior citizen term plan to enhance coverage. However, the rider's availability may vary from insurer to insurer; you can add a ride in exchange for a nominal premium amount.
  • Medical Test

    It is mandatory to take a medical examination while buying a senior citizen term plan. Please note that the insurer will bear the cost of these medical tests. It is done to indicate any health risk so the insurer can determine the adequate coverage and premium amount for your plan.

Benefits of Term Insurance for Senior Citizens

  • Financial Support for Children

    When you pass away, the life cover will help your kids financially to pursue their higher education and secure their careers. It'll ensure that the devastating financial loss does not affect their dreams and goals.
  • Tax Benefits on Premium Paid

    Under Section 80C of the Income Tax Act, 1961, you can claim a tax deduction of up to Rs. 1.5 lakh in a financial year for premiums paid towards the policy. You can also get a tax exemption under Section 80D tax benefits if you opt for any additional health riders like critical illness and disability rider or accidental death cover.
  • Tax Benefit on Payout

    Under Section 10(10d) of the Income Tax Act, 1961, the death or maturity benefit earned from a senior citizen's term insurance policy is tax-free.
  • Financial Independence for Partner

    In the event of your unfortunate death, your life partner will receive death benefits to save them from the struggle of depending on someone financially during their old age. A life cover allows them to lead a stable life.
  • Rider Benefits

    The life cover of the senior citizen term plan can be enhanced by add-on riders. However, depending on the type of in-built cover selected, senior citizens can get additional protection for certain conditions. These riders include critical illness rider, accidental death benefit, terminal illness benefit, accidental total permanent disability benefit, waiver of premiums, Etc

In a Nutshell

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.

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 term 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.

6. Are term insurance premiums higher for senior citizens?

Yes, premiums for term insurance tend to be higher for senior citizens due to increased mortality risk. However, it remains an affordable way to secure their financial neds.

7. Can senior citizens get term insurance with pre-existing medical conditions?

Some insurers may impose restrictions or require a pre-medical check-up. However, coverage can still be obtained, and the terms may vary based on the individual's health condition.

8. What are riders in Term Insurance for Senior Citizens?

Riders are optional add-ons that enhance the coverage of a term insurance policy. For seniors, these riders may include critical illness coverage, accidental death benefits, or disability waivers.

9. Is Term Insurance for Senior Citizens available for extended coverage beyond a specific age limit?

Yes, some insurance companies offer term plans that extend coverage up to the age of 99, providing prolonged financial protection for senior citizens and their families.

10. Can senior citizens buy term insurance if they are already retired?

Yes, senior citizens can purchase term insurance even after retirement, as long as they met the age eligibility criteria set by insurance providers, typically up to 65 years of age.

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Priya Singh

Written By: Priya Singh

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.