Can a Pensioner Apply for Term Insurance?

Yes, a pensioner can apply for a term insurance plan as various insurance companies offer plans for senior citizens (over 60 years) to provide financial protection for loved ones, to cover outstanding loans/debts or leave a legacy behind, depending on age and the insurer’s eligibility criteria. It is a smart way to safeguard your family even after retirement with different options available online and plans designed to fulfill the needs of individuals who are living on the income of a pension.

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Why Should You Buy Term Insurance for Pensioners?

Pensioners, mainly the retired senior citizen opt for term insurance to leave a definite amount for their dependents such as a spouse, children or to cover any debts or to make sure complete coverage of their funeral expenses so that they cannot create financial difficulty for their family after their death. Following are the main reasons why pensioners should opt for term insurance:

Secure Your Spouse: The policy ensures financial benefits for your partner who might be left behind alone to face the financial crunches in case of your absence.
Create a Legacy: You can save a large amount of money for your children.
Pay off Debts/Loans: Debts, loans can be paid by the amount received from a term insurance policy
Take Care of Funeral Expenses: If you do not want to load your family members with spending such as funeral expenses
Property and Legal Fees: To recompense for property legal fees and taxes that the property you left behind

Note: Now that you know that what is term insurance you can easily buy a term plan for your loved ones.

Term Plans

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₹75
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Life Cover

@ Starting from ₹ 12/day⁺

What are the Features of Term Insurance for Pensioners?

It is important to be aware of the features and benefits concerning a term policy before making an informed decision. There are several features of term insurance for pensioners that should be taken into consideration before buying the plan from an insurer. The key features for term insurance for pensioners are no different from the basic term insurance plan. Let’s discuss:

Financial Security: The policy provides death benefits to the nominees/beneficiaries in case of assured’s death
Add Riders to the Plan: The policyholder also has the option to buy rider benefits to increase the coverage of your current base term plan. One should consider buying the following riders:
- Waiver of Premium rider
- Critical illness cover
- Return of premium cover
- Accidental death benefit
Critical Illness Cover: The term insurance for senior citizens in India protects against various major and minor health conditions if you opt for critical illness cover
Tax Benefits: The premium amount paid for the term insurance for pensioners can be claimed for tax deductions u/s 80C of the Income Tax Act, 1961. In addition to this, the death payout received by the beneficiary is free of taxes u/s 10(10D). These tax benefits on term insurance help you save a lot of money.

Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.

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Wrapping It Up!

A term insurance plan is one of the simple and cost-effective life insurance products available in the insurance market. It can be purchased at any of your life stages, as its prime objective is to provide financial protection to your family.

If you are a pensioner looking for a term plan, consider parameters like maximum entry age offered by the insurance company, the premium rates, the term coverage provided, riders, exclusions, etc. before purchasing the policy. Buying term insurance for Pensioners is the smart way to protect your family from financial difficulties in case of your absence.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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FAQs

Q: Can a pensioner get term insurance?

Ans: Yes, a pensioner under the age of 65 years can get a term insurance as per the specific plan’s eligibility conditions. You can compare and find the best term insurance for pensioners that fits your needs.
Q: What is the oldest age you can get term life insurance?

Ans: Most insurers have the oldest age to buy term insurance set at 65 years. However, different plans from various insurers might have a lower age limit.
Q: Can I get term life insurance at 65?

Ans: Yes, you can get term life insurance at 65 years as most insurers have the maximum age limit to buy term insurance set at 65. It is better to check with the insurer and your financial advisor to see if you are eligible for the specific term plan you want to buy.
Q: At what age should you stop term life insurance?

Ans: You should stop term life insurance at an age when all your financial obligations are over, your dependents are financially independent, and you have secured enough corpus to help your family’s financial needs in your absence.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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