Life Insurance for Senior Citizens Over 70

Although you may be past the opportunity to buy life insurance in your prime, getting life coverage over 50 years of age is still relevant to financially protecting your loved ones. Many insurance companies allow individuals over 65 to purchase an insurance policy. You can also buy term insurance even over the age of 70 years.

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Let us explore life insurance policies for individuals above 70 years of age.

What is a Life Insurance Policy? 

Life insurance is a contract you sign with an insurance company that specifies different terms under which your death, critical illness, or other aspects are covered. Life coverage is only offered for active policies, which can be done either by renewing it every year or paying monthly premiums. While term insurance is a pure death benefit plan, other types of insurance plans also offer maturity benefits.

At the end of the policy term, you will receive back the premiums paid by you over the years under maturity benefit. Both death and maturity benefits are typically exempted from tax under the IT Act.

What Does Purchasing Life Insurance Policy at 70 Years Mean for Senior Citizens?

Although senior citizens above 70 years are eligible for life insurance, their options are limited compared to individuals in their 20s or 30s. They can get a term insurance policy for a maximum of 10 years or 15 years, depending upon the insurance company.

Senior citizens over 70 years can opt for a whole life insurance plan or universal life insurance plans. Both of these plans do not have a term limit and protect until the policyholder's death. However, the premiums rates are significantly higher for such term insurance plans. 

A retirement insurance plan can also be another lucrative option for senior citizens. Instead of choosing life cover, they can invest in a retirement plan that will yield them better returns. Retirement plans are designed specifically to cater to people over 70 years, which helps grant them financial independence. The retirement insurance plan also covers your spouse. After the policyholder's death, their spouse will get the benefits of the retirement plan. 

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 that 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. 

  • 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. 

  • 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, spouse, beneficiary, 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. 

  • 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. 

  • 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.

How to Choose Life Insurance for Senior Citizens Above 70? 

Choosing the right insurance plan for senior citizens can be tiresome as you will have to choose from multiple options with varying benefits. It is always advised to look through multiple policies before choosing one. Senior citizens often have health issues. Before selecting any plan, you must consider whether the plan covers your health issues or offers substantial coverage. You must carefully look through the term, investment and premium before selecting an insurance policy. 

How to Apply for the Life Insurance Policy for Senior Citizens?

After analyzing the necessary factors to choose one policy, you can purchase the policy online. If your chosen policy does not have an online process, you can visit that insurer’s nearest branch to complete the process or ask them over a call to visit your place. The insurance company will send their representative to your home or office to initiate further process. 

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 finalise a plan and complete its buying process.

FAQ's

  • What are the term limit options senior citizens over 70 years get? 

    Ans: Term limit options for senior citizens over 70 years is from 10 years to 15 years. Although, senior citizens can choose a policy like a universal life plan or whole life insurance that will give cover until the death of the policyholder. 
  • 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 premium? 

    Ans: Different companies have different modes of calculating the premiums. You can visit their official website and use the online premium calculator to calculate premiums and organize your finances. 
  • 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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