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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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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.
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.
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:
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.
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.
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.
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.
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.
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
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.
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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.
