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ICICI Term Insurance For Senior Citizens

ICICI term insurance for senior citizens gives your family a lump sum if you pass away during the policy term, so they're protected even later in life. ICICI Life (formerly ICICI Prudential Life) doesn't have a separate senior citizen plan, but you can buy its main term plan, iProtect Smart Plus, up to age 65. Your premium, cover and policy term depend on your age, health, income and the insurer's underwriting.

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Why Should You Buy a Term Insurance Plan For Senior Citizens?

Term Insurance is one form of life insurance that provides financial assistance to senior citizens. Some of the main reasons why one should go for a term insurance policy are:

Financial protection for dependents: It is often advised that if you are the sole earner in the family or you have dependents in the family you must buy a term insurance plan. More specifically, if your old parents are dependent on you, you should purchase a term insurance plan for them. Thus, you can secure their future with the finances in case of your unfortunate demise.
Coverage at an older age: It is also true that a person who is 50 years old or above, they too can buy a term insurance plan. It can be concluded that if you have made enough savings, you can safeguard the future of your spouse against unfortunate events of life, by purchasing a term insurance plan for them.
Tax Benefits: You can enjoy a tax rebate by purchasing a term insurance plan for senior citizens because premiums paid are deductible from taxable income under Section 80C of the Income Tax Act 1961. The maturity amount received under a term insurance policy is also exempted from tax under section 10(10D) of the Income Tax Act 1961
Affordable financial protection: Term insurance plans are the most popular type of life insurance compared to other insurances because of its affordability and several advantages.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

Who Should and Shouldn't Buy Term Insurance After 60?

Buy term insurance if…	You may not need it if…
You still earn, and your spouse depends on your income	You're retired, and your spouse has enough savings or a pension
You have a home or business loan still running	You have no loans or financial dependents
You want to leave a fixed amount for your family	Your existing savings and investments already cover your family's needs

Can I buy term insurance for my parents?

Term insurance for parents is possible if they're within the insurer's age limit (up to 65 for ICICI) and have their own income, as insurers base the cover on the insured person's income. If your parents don't earn, most insurers won't offer meaningful coverage. In that case, health insurance for them and enough term cover on your life usually protects the family better.

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @

Get an online discount of upto 15%^#

Compare 40+ plans from 15 Insurers

⁺Standard T&C Applied

ICICI Term Plans Available to Senior Citizens

ICICI Life's term plans that older buyers can consider:

Plan	What it offers older buyers
ICICI Life iProtect Smart Plus (Life)	Life cover plus built-in terminal illness benefit; entry up to 65; cover till 85 or whole life
ICICI Life iProtect Smart Plus (Life Plus)	Everything in Life, plus extra accidental death cover up to ₹3 crore
ICICI Life iProtect Smart Her	A woman's option under Smart Plus, with a 15% lifetime discount
ICICI Life iProtect Super	No income documents needed (income checked digitally); cover ₹50 lakh–₹2 crore

Benefits of ICICI Term Insurance for Senior Citizens

High Life Cover: ICICI Term Insurance plans for senior citizens offer a term insurance benefits like large high cover amount at an affordable premium price. This way, in terms of cover, a policyholder can neutralise lost earnings for several years.

Critical illness rider: A term insurance plan for senior citizens comes with additional riders benefit. You can enjoy riders' benefits with the basic term plan of ICICI iProtect Smart. It offers protection against critical illnesses. For a small additional amount added to the base premium, you can add 'Critical Illness rider' and ensure support of lump-sum payments when a critical illness such as heart diseases, cancer, diabetes, or any other critical illness is first diagnosed.

Premium protection on disability: ICICI iProtect Smart offers an option to pay your future premiums in case of your unfortunate disability.

Accidental death cover: ICICI iProtect Smart offers additional financial security to your family with a cover of up to ₹ 2 crores in case of accidental death. For example, if your maturity cover is ₹1 crore with an added rider (accidental death cover), then in case of your accidental death your family will receive ₹ 2 crores.

Tax benefits: The ICICI term insurance plan for senior citizens offers tax benefits under Sections 80C and 10(10D) of the Income Tax Act, 1961.

Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

How Much Does Term Insurance Cost After 50?

Premiums rise sharply with age. Indicative monthly premiums for ₹1 crore of cover till age 70:

Age group	Women	Men
50s	₹2,790	₹3,282
60s	₹4,929	₹5,800

Indicative premiums from Policybazaar, across insurers. Your premium depends on your health, tobacco use and underwriting.

A man in his 60s pays roughly 3.4 times as much as one in his 40s for the same cover. If you're in your 50s, don't wait.

Is ICICI Term Life Insurance Good for Seniors?

ICICI Term Life Insurance can be a good option for older adults and seniors if you purchase it before the entry age limit, though availability and pricing depend heavily on your age and health. ICICI, as an insurance company, provides various types of protection to meet your different needs. Hence, the insurer will ensure that it receives a suitable plan. However, on your part, before purchasing a term insurance plan for senior citizens, you must talk to them about their needs and requirements. This will help to determine how much coverage you need to opt for.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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What is Term Insurance

FAQs

What is the best term insurance for senior citizens over 70?

Ans: The best term insurance for senior citizens above 70 depends on various factors like age, health, amount of coverage, ability to pay premiums, time duration of the policy and more. Do some comparisons to find the best policy for you.
Is term life insurance good for seniors?

Ans: Term life insurance can be a suitable option if there are dependents, some loan payments or even need to have some protection but the premiums will be very high.
Is ICICI good for term insurance?

Ans: ICICI Prudential provides various kinds of term insurance depending on factors like age, health, amount of coverage needed, ability to pay premiums, etc.
Can a 70-year-old buy term insurance?

Ans: It is possible for a 70-year-old individual to purchase term insurance, depending on age criteria and factors such as health and policy conditions.
Which ICICI term insurance plan is best for senior citizens?

Ans: Based on the age criteria and requirements of senior citizens, there are some ICICI term insurance plans, such as ICICI Life iProtect Smart Plus (Life) or ICICI Life iProtect Super which can be chosen.
What are the details of ICICI Life Insurance plans for senior citizens?

Ans: ICICI Prudential Life Insurance offers insurance policies with different benefits based to age and other policy terms. Senior citizens need to consider various factors such as premiums, coverage, period of insurance, medical conditions, exclusions, and benefits provided before selecting an insurance plan.

Explore the popular searches and stay informed

˜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 Insurance Brokers Private Limited 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

+On the basis of your profile

+Rs. 410/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. 410/month (Rs.14/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 rounded off to nearest 10

+Rs. 245 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.

+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. 15/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. 504/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. 494/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. 636/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. 918/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. 1,286/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.

+Rs. 453/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.582/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. 786/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. 1,592/month 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.

+Rs. 525/month is the starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 68 years of age.

+Rs. 668/month is starting price for a 2 crore term life insurance for an 25 year-old male, non-smoker, with no pre-existing diseases, cover upto 45 years of age.

+Rs. 1,200/month is starting price for a 2 crore term life insurance for an 35 year-old male, non-smoker, with no pre-existing diseases, cover upto 55 years of age.

+Rs. 410/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.

+Rs. 577/month is starting price for a 1 crore term life insurance for an 18 year-old Male, self employed, 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. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

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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