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Life Insurance for Senior Citizens Over 65

Life Insurance plans for Senior Citizens helps individuals over the age of 65 years to live their post-retirement life comfortably. These plans provide financial protection to the family of the policyholder and create a corpus to fulfill your long-term goals. Life insurance for senior citizens over 65 gives you the peace of knowing your family will be taken care of in your absence. Let us see the various life insurance for senior citizens over 65 in India that you can consider buying to secure your family against any eventuality and build wealth over time.

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Why is Life Insurance for Senior Citizens Over 65 Required? 

Life insurance for senior citizens over 65 in India secures your loved ones in case of your unfortunate death within the policy tenure. Along with that, it provides maturity and survival benefit (as per your policy details) to build a corpus and maintain your current quality of life even after the end of your regular income. Life insurance plans can also secure the financial future of your spouse and let you live a comfortable post-retirement life. You can use the cash payout from these plans to pay off any remaining debts like home loans or any unexpected expenses like medical bills.

What are the Benefits of Life Insurance For Senior Citizens Above 65 Years?

Here is a list of all the benefits of life insurance for senior citizens over 65 in India:

  • Life insurance for senior citizens over 65 usually has a shorter-term period. Term maturity limit ranges from 10 years to 25 years. 

  • Most insurance policies allow policyholders to pay short premiums or premiums in a lump sum to avoid burdening them ahead during retirement years. 

  • Life insurance plans offer payout quickly to make sure the dependants are financially secure in case of the policyholder’s unfortunate death. 

  • Life Insurance is one the best ways to leave a significant amount to your descendants or co-dependents.

  • You can avail of tax benefits under Sections 80C, 80D, and 10(10D) of the Income Tax Act of 1961. 

  • Most plans offer different payout modes depending upon the need of the policyholder and financial status after retirement. 

  • It gives a sense of independence to you by reducing your financial worries for the future. You can live a stress-free life knowing your loved ones will be taken care of in your absence.

  • These policies pay after the death of the policyholder and have a provision to make payments during the time of chronic or terminal illness. 

How to Choose a Life Insurance Plan for Senior Citizens Over 65? 

Choosing a life insurance plan can be a tiring process, especially for the elderly. Before buying life insurance for senior citizens, you must compare all the plans available in the market and select the one that best suits your needs. 

Let us take a look at the key factors you need to keep in mind when looking for life insurance for senior citizens above 65 years of age:

  1. Medical Examination

    It is usual for adults to have health issues. Only some plans make it mandatory for elderly people to undergo a physical exam or have a complete medical checkup. It can be a tiring process. You can select a plan that mandates health examination or opt for the one regardless of your medical conditions. You can also opt for a plan that covers your medical condition. 

  2. Premium Rate

    Life insurance for senior citizens over 65 in India offers flexibility in premium payment modes and frequencies. You can choose from multiple premium payment modes such as monthly, quarterly, biannually, or annually. You can also choose to pay the premium in a single lump sum, regular or limited premium payment period. 

  3. Policy Term

    Most insurance policies for the elderly have a short tenure period. You can select the one that you think is most suitable for you. Some policies even offer an extension on tenure meaning that you can pay premiums post-tenure as well and receive extra returns. 

  4. Insurance Coverage

    The prime motive of life insurance for senior citizens is to provide a death benefit. Most plans are designed so that in case of unfortunate incidents, beneficiaries get immediate payouts. Death benefits are applied to the policyholder's death even if it is before the tenure is completed. 

  5. Rider Benefits

    Riders are additional benefits that you can avail of by, including them in your base plan. You can add accidental death riders, accidental disability riders, critical illness riders, and income riders. With these riders, you can customize your life insurance for senior citizens above 65 years to fit your needs and purchase a plan that offers these benefits at affordable premium rates.  

How To Buy Life Insurance For Senior Citizens Above 65 Years in India?

You can purchase life insurance for senior citizens over 65 in India by following the below-mentioned steps:

  • Step 1: Go to the Life insurance for senior citizens page

  • Step 2: Enter the basic information like name, date of birth, gender, and mobile number

  • Step 3: Click on ‘View Plans’ to see the available plans for you

  • Step 4: Answer questions about your lifestyle like smoking and chewing tobacco habits, occupation type, yearly income, and educational qualifications.

  • Step 5: Select the most suitable plan and proceed to pay

In Conclusion 

A life insurance for senior citizens over 65 in india is designed to fit the needs of the elderly looking to secure their post-retirement life and build a corpus. The payout from the life insurance policy can help your family live a comfortable life and maintain your financial freedom even after the end of regular income.

FAQs

  • How much does life insurance cost? 

    Ans: Life Insurance for senior citizens over 65 in India premium rates vary from person to person. Life Insurance premiums depend upon the age of the policyholder, health, sum assured, and policy tenure. The premium payment frequency and modes also affect the premium rates.
  • What will happen if I don't pay a premium on time? 

    Ans: In case you fail to pay your premiums on time, within the grace period provided, your policy will lapse. Various insurers offer a revival period during which you can reinstate the lapsed policy and continue to be covered under the policy’s benefits. 
  • How to claim insurance after the death of the policyholder? 

    Ans: After the policyholder's death, the beneficiary needs to inform the insurance company about the death to initiate the process. Once you submit all the necessary documents to the company and the formalities are done, you will receive the insurance amount. 
  • Do I get tax benefits on the life insurance policy? 

    Ans: Yes, you can claim tax deduction benefits on the life insurance policy under sections 80C and 10(10D) of the Income Tax Act of 1961. You can also extend your tax savings by including a health rider in the base plan and claiming tax benefits under section 80D.
  • Will I have to pay tax on the insurance money once the policy is matured? 

    Ans: According to the prevalent tax laws the amount received as death, maturity, or survival benefit in a life insurance plan, is completely tax-free under section 10(10D) of the Income Tax Act, with no maximum limit.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term plan calculator online tool
  • What are the benefits of term life insurance?

    Ans: Here are 4 common benefits of term insurance:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage
  • What are the benefits of term life insurance?

    Ans: Below mentioned are the key features of a best term insurance policy in India:
    • Affordable premium rates
    • Long-tenure life protection
    • Easy to understand and buy
    • Riders availability
    • Whole life protection
    • Tax benefits
  • What are the key features of a best term insurance plan in India?

    Ans: Let's understand what is term life policy here. Term insurance offers financial protection for a certain period to the policyholder, thereby, offering a lump sum payout if the policyholder unfortunately passes away during the policy term.

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