Prices Increasing soon Prices Increasing Soon

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.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:-

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

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.

Premium By Age

Term insurance articles

Recent Articles
Popular Articles
Long Term Disability Insurance for Income Replacement

08 Dec 2023

Long-term disability insurance for income replacement is a
Read more
Term Insurance for Below Poverty Line (BPL)

07 Dec 2023

In the world of making sure everyone can get important services
Read more
Income Replacement Insurance For Self Employed

07 Dec 2023

Income Replacement Insurance for self-employed is the term
Read more
Edelweiss Tokio Income Replacement Insurance Plan

07 Dec 2023

Edelweiss Tokio Income Replacement Insurance Plan is a
Read more
Income Replacement Insurance for HNIs (High Net-worth Individuals)

07 Dec 2023

An income replacement plan designed for High Net Worth
Read more
Best Term Insurance Companies in India 2023
Buying term insurance is a great way to protect your loved ones financially in the unfortunate event of your
Read more
What Are The Medical Tests Done For Term Insurance
Term insurance offers a sum assured to the beneficiary of the policyholder upon their death that can help them
Read more
LIC Term Insurance 1 Crore
LIC of India offers various plans to help you secure the financial future of your loved ones. In order to make
Read more
Term Insurance for Women in India
Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and
Read more
What Kind Of Deaths Are Not Covered In A Term Insurance Plan
A term insurance plan is the best way to ensure the financial well-being of your family members in case of any
Read more

View Plans
Download the Policybazaar app
to manage all your insurance needs.