ICICI Term Insurance For Senior Citizens

It must be quite a concern for your ageing parents that inflation is taking a toll on their small savings. As the breadwinner for the family, it is very important to ensure the financial security of your family's future.

As your parents age, the cost of living and maintaining health also increases. From physical ailments to growing medical expenses, it is certain that even though they had prepared themselves for the future, their little savings would not cover the final stage of their lives.

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In this scenario, you can take responsibility and purchase a term insurance plan for your parents.

ICICI offers various term insurance plans for senior citizens. It focuses on supporting the senior citizens of society. Hence, it has structured some specific plans to meet the needs and requirements of senior citizens at affordable premiums.

Why Should You Buy Term Insurance Plan For Senior citizens? 

  • 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.
  • 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.
  • 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
  • Term insurance plans are the most popular type of insurance compared to other insurances because of its affordability and several advantages. 

Benefits of ICICI Term Insurance for Senior citizens

  • ICICI Term Insurance plans for senior citizens offer a large high cover amount at an affordable premium price. This way, in terms of cover, a policyholder can neutralise lost earnings for several years.
  • A term insurance plan for senior citizens comes with additional riders benefit. You can enjoy riders benefit with the basic term plan of ICICI PruiProtect 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.
  • ICICI PruiProtect Smart offers an option to pay your future premiums in case of your unfortunate disability. 
  • ICICI PruiProtect 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.
  • ICICI term insurance plan for senior citizens comes with tax benefit under the section 80C and 10(10 D) of the income tax act 1961.

Types of ICICI term Insurance Plans for senior citizens

The most popular plan of ICICI is ICICI PruiProtect Smart. It is the top-selling term insurance plan in the market. With the help of this plan, you can guard yourself and your family's future against unexpected events of life. By adding additional rider like critical illness cover in your base premium, you can make the most out of it. You can also opt for an accidental death cover with the base term plan and ensure financial security for your ageing parent's future. 

ICICI PruiProtect Smart provides 4 types of term insurance plans for senior citizens-

  • Basic Term Plan
  • Term Insurance critical illness cover
  • Term Insurance accidental death cover
  • Term Insurance with limited pay

Final Word

ICICI as an insurance company provides different types of protections to meet your different types of needs and requirements. Hence, the insurer will make sure to offer you the best suitable plan. However, on your part, before purchasing a term insurance plan for senior citizen, you must talk to them about their needs and requirements. This will help to determine how much coverage you need to opt for.

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