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Term Insurance for 55 year old

Old age is the time when most individuals want to relax and enjoy their life comfortably. For most of the individuals, getting near to the bracket of senior citizens is to have laid back time and enjoy the earned benefits during the working years. 

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Most of the people plan for their retirement in advance, as they don’t want to be a financial burden on their kids and loved ones. When you are nearing your retirement age, you can easily get term insurance for 55 years old, which can help protect your post-retirement insurance requirements. Let’s discuss how term insurance plans for 55 years can help you:

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Best Term Life Insurance for 55 Year Old in 2024

Here is a list of term insurance for 55 year old that is available in India:

Plan Name Entry Age Maturity Age Sum Assured
Max Life Smart Secure Plus 18 - 65 years 85 years Rs. 20 Lacs
ICICI Prudential iProtect Smart 18 - 65 years 75 years Rs. 5 Lacs - Rs. 1 Crore
TATA AIA Samproorna Raksha Supreme 18 - 60 years 100 years Rs. 50 Lacs - Rs. 20 Crore
HDFC Click 2 Protect Super 18 - 65 years 85 years Rs. 50 Lacs - Rs. 1 Crore
Bajaj Allianz Smart Protect Goal 18 - 65 years 99 years Rs. 50 Lacs

Why do 55 year old Need Term Insurance?

Term insurance for 55 year old is essential for everyone who is looking to secure themselves and their family in the long term. A 55 year old might be thinking of retiring soon if they haven't already. Term insurance can provide them with the needed financial security they require to live a stress-free post-retirement life. Let us see why term insurance for 55 year old is needed:

  • Spouse’s Security: A term insurance provides your dependent spouse and children with financial aid in the event of your unfortunate death. Your spouse can use this payout to take care of the child’s fees, rent, and other financial responsibilities.

  • Inheritance: In case of your unfortunate death, the payout received from a term life insurance can help your child fulfill their lifelong dreams like paying for higher education, marriage, or starting a new business.

  • Pay-off Debts: The term insurance for 55 year old can also help pay off any remaining debts like home loans, or any other financial obligations. This way you can ensure your family is not financially burdened in your absence.

Benefits of Buying Term Insurance for 55 Year Old

Let us take a look at some of the benefits of term insurance for 55 year old

  • A term insurance payout can help you pay for any unexpected medical emergencies that may arise

  • It can help you live a financially secure post-retirement life after the end of your monthly income

  • You can get enhanced coverage against several critical illnesses and accidental total and permanent disabilities

  • Get tax benefits under sections 80C and 10(10D) of the Income Tax Act of 1961

  • The long-term insurance policy tenure ensures your family’s financial security for a long time

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How To Choose Term Life Insurance for 55 year old in India?

Here is how you can choose the most suitable term insurance for 55 year old in India:

  • Life Cover: The life cover determines the amount your family will receive in your absence. Thus you should always buy term plan with a large life cover as it will ensure your family has enough amount to take care of their financial needs.

  • Premium Amount: Various life insurance company offer term insurance for 55 year old at low premium rates. You should compare term plans online to make sure that you buy a plan that fits your budget. You can also use the term insurance premium calculator to estimate the premium amount for your desired term insurance plan.

  • Policy Term: The policy tenure of a term plan for 55 year old should be large so that it covers your family against any eventuality for a longer period of time.

  • Medical History: A lot of insurers will require you to take a medical test to asses any pre-existing conditions that may decrease your mortality in the long run. The insurer also needs to know about your family’s medical history and if there are any hereditary diseases that run in the family.

  • Available Riders: Several plans offer the option of including any of the following term insurance riders in the base plan to increase the plan’s coverage. The add-on riders are critical illness riders, accidental total and permanent disability riders, waiver of premium riders, accidental death benefit riders, and Income benefit riders.

How to Buy Term Insurance for 55 Year Old Online?

You can buy a term life insurance for a 55 year old online by following the below steps:

  • Step 1: Go to the term life insurance page

  • Step 2: Enter your name, date of birth, gender, and contact information

  • Step 3: Select the appropriate answers regarding your occupation type, annual income, educational background, and smoking and tobacco consumption habits

  • Step 4: Choose the most suitable plan and proceed to pay

*Note: You can easily know what is term insurance and then buy term insurance for a 55 year old.

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