Life Insurance for Senior Citizens Over 60 Years

Life insurance policies offer financial protection to the beneficiary or nominee of the policyholder. It becomes crucial to purchase a life insurance plan, especially if you are the only bread earner in the family. The sum assured offered by these policies can help your family to maintain their current lifestyle, especially in your absence.

Read more
Get ₹1 Cr. Life Cover at just ₹449/month+
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers
+Tax benefit is subject to changes in tax laws. +Standard T&C Apply
++ Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
Get ₹1 Cr. Life Cover at just ₹449/month+
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use

The plans are offered to people of all age groups depending upon their medical examination, age, and affordability. Life insurance for senior citizens over 60 years is apt for individuals who want to protect their families from financial distress during their absence. 

Why Is Life Insurance for Senior Citizens Over 60 Years Required?

Old age is the time when the health conditions of a person worsen. Physical ailments are elevated due to the fragile condition and body immunity lowers. As a result, the rate of older people succumbing to death is higher than younger ones. Life insurance for senior citizens over 60 years is essential to create a safety net for the family or financial dependents.

Following are the reasons why life insurance for senior citizens over 60 years is necessary:

  • Inheritance: The sum assured could be of great use to your family and children. With the help of a life insurance policy, you can be sure that the loved ones you leave behind will not face financial difficulties and inherit a sizable amount of money after your death.

  • Secured partner: Life insurance meant for senior citizens provides immediate coverage as there is no waiting period. If you plan to provide financial support to your spouse, who is dependent on you, then life insurance would be an ideal choice for you. This way, they would not be financially burdened after you pass away.

  • Life expectancy: Due to advancements in the healthcare field, Indian senior citizens now have an increased life expectancy. This makes them live fulfilling lives while travelling the world, amongst other things. Life insurance policies provide coverage to overcome health-related costs.

Benefits of Life Insurance for Senior Citizens Over 60

Life insurance policies for senior citizens offer several benefits. Some of them are:

  • If you are nearing the age of 60 years, the need to be financially secure increases. By purchasing a life insurance policy, you can ensure that all the expenses you will incur will be covered. 

  • All their needs would be fulfilled with the help of regular payouts provided by certain insurance companies after the policy reaches maturity.

  • Life insurance policies also help with additional earnings in the form of tax deductions. All life insurance premium payments are eligible for tax exemptions under the Income Tax Act, 1961.

  • It is the best way to leave money in the form of inheritance for your family to free them from financial struggles in the future.

  • If the policyholder has an existing or chronic ailment, certain life insurance policies have provisions for payments for health-related expenses in the future.

How to Choose the Right Life Insurance Policy for Senior citizens Over 60 years?

By keeping the following points in mind, you can choose the life insurance policy for senior citizens:

  • Financial coverage: This is the first and foremost requirement which a life insurance policy fulfils. Senior citizens must be sure that their surviving family receives the death benefit assured by the policy. The benefits awarded to the nominees should be provided with immediate effect after an unfortunate event.

  • Insurance premium: Insurance companies charge a set amount of payment known as a premium. Before purchasing a policy, you must be aware of the amount of premium you would have to pay every month. You must choose a policy whose premium is affordable for you.

  • Tenure: The tenure of the insurance policy affects the claim at the time of settlement. If you have children who are dependent on you for survival, the tenure must be longer. However, most life insurance policies for senior citizens have a shorter tenure, depending on their health condition and age. At the time of purchase, you can choose the tenure according to your suitability.

  • Add-ons: Almost all insurance companies provide add-ons or riders that can be purchased on top of the base policy for additional coverage. You must have considerable knowledge about the rider benefit that is offered to you by your insurer.


  • What are the different types of life insurance plans for senior citizens over 60 years?

    Ans: Senior citizens can purchase life insurance policies according to their needs and requirements. There are two types of policies:
    • Whole Life Insurance
    • Term Life Insurance
  • What is not covered under life insurance for senior citizens?

    Ans: Death by suicide and plane crash are not covered under senior citizen insurance. In such situations, no payments would be made for the first two years of the policy tenure. 
  • How do I claim the death benefit?

    Ans: The steps given below should be followed to claim life insurance death benefits:
    • Inform the insurance company about the death of the policyholder.
    • Fill the claim form and submit it to the insurance company for the intimation of the claim.
    • Get a list of all the documents from the insurance company to be submitted.
    • Collect all the documents and submit them to the insurer.
    • The insurance company would analyze your claim and issue benefits to the nominee.
  • What are the documents to be submitted at the time of raising a claim?

    Ans: The following documents are required at the time of claim settlement:
    • Death certificate
    • Policy documents
    • Identity proof of the nominee
    • Age proof of the policyholder
    • Hospital discharge form
    • Medical certificate
    • Cremation certificate
  • How much tax would I have to pay for the insurance benefit at the time of policy maturity?

    Ans: The insurance money which is received at the time of policy maturity is tax-free. Therefore, you would not have to pay any amount of tax on it.

Types of Term Plans

Life insurance articles

Recent Articles
Popular Articles
Post Office Gram Suraksha Scheme Calculator

27 Jun 2022

A Post Office Gram Suraksha Scheme calculator is a useful online...
Read more
What happens if you stop paying life insurance premiums?

03 Jun 2022

Buying the best life insurance plan is a wise and learned...
Read more
Postal life Insurance Tax Benefits

26 May 2022

Postal Life Insurance is the oldest life insurer in the country...
Read more
How to Download PLI Statement Online?

24 May 2022

PLI or Postal Life Insurance was an initiative originally...
Read more
Is Life Insurance an Investment?

24 May 2022

The thumb rule to building wealth is to invest your money in...
Read more
How to Check LIC Policy Status, Details, Statement via Online/SMS/Call
Last year, Mr. Rajiv Verma bought a Child LIC policy to provide financial security for his kid's future. However...
Read more
How to Cancel SBI Life Insurance Policy?
As per the Insurance Regulatory and Development Authority, you can cancel a life insurance policy taken within 15...
Read more
SBI Life Insurance 50,000 per year Plan for 5 Years
Life insurance is not only about the financial protection of the family but also about working for life’s...
Read more
Surrender Value in Insurance
Have you bought a life insurance policy which is not as per your requirement? Are you planning to terminate the...
Read more
PLI Surrender Value Calculator
PLI Surrender Value Calculators have proven to be one of the simple tools for digitally savvy customers. PLI...
Read more

View Plans
Download the Policybazaar app
to manage all your insurance needs.