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Life Insurance for Senior Citizens Over 70

Life insurance plans serve different purposes at different life stages. Young people buy a life insurance plan to secure the financial future of their loved ones against any uncertainty. In addition, it helps create a secure retirement fund for the future stability of senior citizens over 70 years. Therefore, life insurance for senior citizens over 70 years helps secure their post-retirement needs. So, Let us explore life insurance policies for individuals above 70 years of age. 

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Why Buy Life Insurance for Senior Citizens Over 70 years?

Let us understand the need of buying term life insurance in old age along with below examples:

Example 1: If your children are financially dependent on you

If you decide to have children to grow your family, your kids are bound to be economically dependent on you. By the time you reach 60 years, your children might be in college or starting their careers. Buying a life insurance plan will make sure that they are financially stable, even in case of your absence.

Example 2: If you wish your better half to be self-reliant

In case you have a non-working partner, taking care of their finances in old age becomes your responsibility, in case of your absence. This way, if anything happens to you, they will be secured financially with a term or life insurance plan.

Example 3: If you have financial liabilities

Repaying some unpaid loans and debts can become a burden in your retirement days and in case of your demise, these liabilities will stress your family members. In such cases, it is a smart decision to buy a term or life insurance plan under your name. The death benefits from the term plan can help you pay off any unpaid debt/loan amount.

Best Life Insurance Plans for Senior Citizens Over 70 Years 2024

Life Insurance Plan for 70 years old Claim Settlement Ratio Entry Age Maturity Age Maximum Sum Assured
ICICI iProtect Smart 97.82% 18-65 years 85 years No Limit
HDFC Click 2 Protect Super 98.66% 18-65 years 85 years No Limit
Bharti AXA Flexi Term Pro 99.09% 18-65 years 99 years No Limit
Tata AIA Sampoorna Raksha Supreme 98.53% 18-45 years 75 years No Limit
Bajaj Allianz e-touch 99.02% 18-60 years 75 years No Limit

*Note: The table is made in reference to a 62 year old non-smoking male, with salaried income of 15-25 Lakhs per annum, choosing Rs. 1 Crore life cover until 85 years of age.

Benefits of Life Insurance for Senior Citizens

Life insurance provides senior citizens financial stability and independence in their sunset years with multiple other benefits. Some of them are listed below:

  • Source of income: After the earning member retires, the source of income diminishes which can also cause an unnecessary burden on the other family members. Insurance policy can become a source of income for the policyholder post their retirement.

  • Transferrable corpus: After retirement, investing in an insurance policy is a certain and easy way to create more corpus to pass on to their next kin. After the policyholder's death, the spouse, beneficiary, or legal heir gets death benefit from the insurance policy.

  • Multiple options: These days, many insurance companies specifically design insurance policies catering to the needs of senior citizens. Potential policyholders can choose an adequate plan that will offer better returns on their investments. Policybazaar, in this case, allows the customer to choose from over 15 insurance companies, and provides a detailed analysis of all the best and most suitable options available.

  • Additional benefits: Due to their higher age groups, life insurance policies by default include death benefits. The insurer also pays for the funeral and other death-related expenses, medical expenses, and a sum assured to the beneficiary. If required, the policyholder can also avail riders along with their plans to enjoy benefits of those riders, whenever required. Some riders are Waiver of Premium rider, Critical Illness rider, Accidental Death Benefit rider, etc.

  • Peace of mind: Having a life insurance policy helps bring peace of mind to earning individuals knowing their dependents do not have to worry about money after them. They can easily opt for a sum-assured payout option while purchasing the policy that includes lump sum or monthly income payouts.

  • Tax benefit: Policyholders can claim tax deductions up to Rs 1.5 lakh per annum on the paid premiums in a financial year. They can claim tax deduction benefits under the Income Tax Act, 1961, Section 80 CCC. Apart from these returns, their income through investment policy is also tax-free.

How to Choose Life Insurance for Senior Citizens Above 70?

Choosing the right life or term insurance plan for senior citizens can be tiresome as you will have to choose from multiple options with varying benefits. Before purchasing life insurance plans for senior citizens over 80 years, you should compare all the plans available in the insurance industry and choose the one that best suits your requirements. Following are the points to keep in mind before choosing a life insurance plan for senior citizens above 60 years:

  • Type of policy

  • Number of dependents in the family

  • Health status

  • Income Level

  • Claim settlement Ratio of the Insurer

  • Cover amount

  • Premium amount

  • Policy term

  • Riders

How to Buy Life Insurance for Senior Citizens Over 70 years From Policybazaar?

You can buy the best life insurance plan for senior citizens over 70 years in India online by following the below steps:

  • Step 1: Go to Policybazaar’sLife Insurance page

  • Step 2: Enter basic details like Name, DOB, and Phone no. and click on ‘view plans’

  • Step 3: Submit details about your occupation type, annual income, educational qualifications, and smoking habits

  • Step 4: Compare the policy details of the different plans available

  • Step 5: Select the life insurance plan that fits your requirements the best

  • Step 6: Proceed to pay via net banking, debit or credit card.

In Conclusion

It is never too late to purchase an insurance policy for financially securing your loved ones. For senior citizens, the options remain limited. Therefore, you must consider all the factors relating to your insurance policy to quickly finalize a plan and complete its buying process.

FAQ's

  • What is the best life insurance for seniors over 70 years?

    Ans: You can compare the best life insurance companies offering great plans of Policybazaar and buy without hassle. But these are the best life insurance for senior citizens over 70 years:
    • ICICI iProtect Smart Plan
    • HDFC Click 2 Protect Super Plan
    • Max Life Smart Secure Plus Plan
    • Tata AIA Sampoorna Raksha Supreme
    • Bajaj Allianz e-Touch online plan
  • Do policy benefits extend to the spouse of the policy as well?

    Ans: Yes, multiple policies provide benefits to the surviving spouse after the death of the policyholder. You can select a policy that will offer spouse cover in the plan.
  • How to calculate insurance premiums?

    Ans: You can easily calculate the premium rates of life insurance plans using the life insurance calculator and term insurance calculator from Policybazaar in a couple of minutes.
  • What will happen if I don't pay the policy premiums on time?

    Ans: If you don’t pay your premiums in time or miss the date for paying, your insurer will offer you a grace period. You can pay your premium in this period to revive your policy.
  • How much is exempted from tax deductions each year for my insurance policy?

    Ans: You can claim up to Rs. 1.5 lakhs under tax deductions per annum based on your insurance policy

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