When it comes to buying a term insurance plan, it is believed that it's never too late for that. Provided, you have made up your mind and are ready to be financially responsible for your loved ones. A term insurance plan helps you to financially take care of your family in your absence.
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When it comes to buying a term insurance plan for senior citizens there are plenty of options available in the market. If you are a family and you want to offer your ageing parents a good insurance policy, you are already one step closer to providing their final stage of life a financially secure time.
However, If someone is in their 50s or 60s, they too can buy term insurance and secure their finances. It is mostly anticipated that if one might have saved enough by their retirement, they likely have a little room to buy term insurance to secure finances for them and as well as their family.
SBI Term Insurance is easy to get for Senior citizens in both cases. There is no hard and fast rule and there are plenty of term insurance plans offered by SBI to help senior citizens secure their future.
SBI Term Plan For Senior Citizens |
Age Limit |
Maturity Age |
Policy term |
Monthly Pay-out |
Sum Assured |
SBI Life eIncome Shield |
18 years -50 years |
60 years |
10 years -35 years |
₹ 25,000 |
-- |
SBI Life eShield |
18 years – 65 Years |
70 Years |
5 Years-30 Years |
-- |
₹ 20 Lakh- No limit |
SBI Life Smart Shield |
18 years- 60 years |
65 years |
5 years- 30 years |
-- |
₹ 25 Lakh- No limit |
SBI Life Saral Shield |
18 years- 60 years |
65 years |
5 years- 30 years |
-- |
₹ 7 lakh- ₹ 24 Lakh |
SBI life GrameenBima |
18-years- 50 years |
-- |
5 years |
-- |
₹ 10,000 – ₹ 50,000 |
This term plan by SBI for senior citizens comes with an optional 'accidental death benefit'. This Online term plan is the most basic provided by SBI. This plan comes with a flexible payment of premiums. SBI Life eShield offers 2 plans:
SBI provides eIncome Shield for senior citizens which is considered as a pure Term Insurance plan. In other words, if an unfortunate event hits your family, with the help of this plan you can protect your family's monthly income flow even in your absence. You can avail discounts on the large sum assured. The best part about this plan is, the payment of premiums is very flexible, you can either choose for Monthly or Annually payment of premium.
The plan comes with 2 Death benefit payout options:
This plan is also among the basic term insurance plans of SBI. This plan comes with flexibility in premiums, payouts, customization with riders, etc. SBI Life Smart Shield offers optional riders such as Criti care 13 non-linked rider, Total and permanent rider, accidental death rider. This plan comes with no survival benefit.
SBI Life Smart Shield offers 2 plans:
This SBI plan is popular for its multiple payout options. This plan only offers 2 riders, namely, accidental death benefit and total permanent disability. The multiple payout options include:
This plan is popular as a micro-insurance term plan for senior citizens. This is created to offer life cover to people who fall below the poverty line and are socially deprived in society. This plan comes with tax benefit under section 80C of the income tax act 1961.
All the SBI term insurance plans are easily available online for the ease of people.
SBI term insurance plans are designed in a way to help you provide financial protection to your ageing parents or your age-old spouse.
Even if you'd think of buying the SBI term insurance plan in your old age, it will not make a hole in your pocket as the premiums fall into very affordable amounts.
Whether you want to pay annually or monthly or quarterly, almost all the SBI term insurance plans for senior citizens come with the flexibility of payment of the premiums.
Old age comes with increasing medical expenses. To help curb the financial crisis of senior citizens, it is the advantage of SBI term insurance plans that one can avail medical expense coverage as part of their overall plan.
SBI term insurance plans for senior citizens come with the benefit of tax savings under the section 80C and 10(10D) of income tax act 1961.
When you add on available riders in your basic SBI term insurance plan, you add additional coverage at an affordable premium price.
As a financially independent senior in the house, if you have managed to make enough savings in your life, you might wanna consider securing your dependent family members' future. Under the SBI term insurance plan for senior citizens, you can ensure a financial backup for your dependents in your absence.
SBI term insurance plan for senior citizens helps the financially independent seniors by offering affordable plans so that they can leave behind a little something for their younger ones. A pre-planned financial aid in future can help the family grow in various ways.
Before buying any SBI term insurance plan for senior citizens, please consider all the terms and conditions for anything which could cause harm to your planning. Always analyse your goals before planning for term insurance coverage.
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