As a pure protection plan, the term insurance policy offers risk cover to the family of the insured against any type of eventuality. Thus, if the insured person dies due to an eventuality during the tenure of the policy, then a death benefit is paid out to the beneficiary of the policy. The payout offered by the term plan can be used as an income replacement for the family of the insured and can help the family to meet their short-term and long-term financial requirements.
While, in the past, term insurance plans were usually marketed to the younger policy buyers, these days, life insurance providers also offer term plans for the senior citizens. There are many term insurance plans, which can be purchased by individuals in their 50s and 60s. Moreover, these term insurance policies also provide insurance coverage up to 75-80 years of age.
Further here we have discussed in detail why one should consider buying term insurance for senior citizens. Moreover, we have also given some insight into the most popular term insurance
The following are the reasons why an individual should consider purchasing a term plan for senior citizens.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
The following are some of the popular top term insurance plans for senior citizens. Let’s take a look at these plans in detail.
Plan Name |
Entry Age |
Maturity Age |
Sum Assured |
|
Aegon Life iTerm Plan |
Min- 20 yearsMax- 65 years |
75 years |
Min- Rs.10 lakh Max- No upper limit |
|
Aviva Life Shield Platinum Term Insurance |
Min- 18 years Max- 60 years |
65 years |
Min- 50 lakh Max- No upper limit |
|
Bharti AXA eProtect Term Plan |
Min- 18 years Max- 65 years |
70 years |
Min- Rs.25 lakh Max- no upper limit |
|
Canara HSBC eSmart Term Plan |
Min-18years Max-70 years |
75 years |
Min- Rs.25 lakhs Max- No upper limit |
|
Edelweiss Tokio Life Protection Plan |
Min- 18 years Max- 60 years |
70 years |
Min-Rs.15 lakh Max- no upper limit |
|
Exide Life My Term Insurance |
Min-18 years Max- 65 years |
75 years |
Min- Rs.25 lakhs Max- Rs.25 crores |
|
Future Generali Flexi Online Term Insurance Plan |
Min- 18/25 years Max-55 years |
75 years |
Min-Rs.50 lakh Max- No upper limit |
|
IDBI Senior Citizen Term Insurance |
Min-25 years Max-60 years |
70 years |
Rs.5 lakh |
|
India First Life Plan |
Min-18 years Max- 60years |
70 years |
Min- Rs 1. Lakh Max- Rs.50 crore |
|
Kotak preferred eTerm Plan |
Min-18 years Max- 65 years |
75 years |
Min-Rs.25 lakhs Max-No upper limit |
|
LIC e-Term Plan |
Min-18 years Max-60 years |
75 years |
Min-Rs.25 lakhs Max- No upper Limit |
|
Max Life Insurance Online Term Plan Plus |
Min- 18 years Max-60 years |
85 years |
Min-Rs.25 lakhs Max-Rs 1crore. |
|
Pramerica U-protect Term plan |
Min- 18 years Max-55 years |
65 years |
Min-Rs.25 lakh Max-no upper limit |
|
SBI Life-Poorna Suraksha Plan |
Min-18 years Max-65 years |
75 years |
Min-Rs.20 lakhs Max-Rs.2crore |
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
This is a comprehensive term insurance plan, which provides financial security to the family of the insured in case of emergencies. Along with the benefit of insurance coverage, the plan offers different in-built benefits such as accidental death and critical illness. Let’s look at the features and benefits of the policy.
Features and Benefits of Aegon Life iTerm Plan
This is a specifically designed term insurance plan for senior citizens. The plan offers comprehensive coverage to the senior citizens and provides financial security to the family against any type of eventuality. Let’s take a look at the features and benefit offered by the policy.
Features and Benefits of IDBI Senior Citizen Term Insurance
LIC e-term plan is a comprehensive protection plan, which safeguards the financial future of the family of the insured in case of any eventuality. The plan can be purchased online in a simple and hassle-free way. The following are the features and benefits offered by the policy.
Features and Benefits of LIC e-Term Plan
This is a comprehensive term life insurance for senior citizens, which can be purchased online in an easy and simple way. The plan comes with three different variants of cover options to choose from. The plan provides financial coverage to the family of the insured against any type of emergencies. Here are the features and benefits of the policy.
Features and Benefits of Max Life Insurance Online Term Plan Plus
This is a non-linked term insurance plan for senior citizens, which comes with an in-built critical illness cover. The plan provides comprehensive coverage to the family of the insured in case of any eventuality. The following are the features and benefits of the policy.
Features and Benefits of SBI Life Poorna Suraksha Plan
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