Term Insurance for Senior Citizens

As a pure protection plan, the term insurance policy offers risk cover to the insured's family against any eventuality. Thus, if the insured person dies due to an eventuality during the policy's tenure, then a death benefit is paid out to the policy's beneficiary. The payout offered by the term plan can be used as an income replacement for the insured family and help them meet their short-term and long-term financial requirements. While, in the past, term insurance plans were usually marketed to the younger policy buyers, these days, life insurance providers also offer term plans for senior citizens. There are many term insurance plans, which individuals can purchase in their 50s and 60s. Moreover, these term insurance policies also provide insurance coverage up to 75-80 years of age.

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Why Should Buy Term Insurance for Senior Citizens?

The following are the reasons why an individual should consider purchasing a term plan for senior citizens.

  • Term insurance plans help to secure the financial future of your dependents.
  • Some of the term insurance policies come with the benefit of different payout options. Thus, the policyholder can choose the option of payouts as per one's requirement and suitability.
  • The insured can create a financial cushion in the long term.
  • Suppose an individual continues to work after retirement and contributes to the family's monthly income. In that case, they should consider purchasing term insurance for senior citizens as it works as an income replacement for the family in case of an eventuality.
Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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Features of Term Insurance for Senior Citizens

  • Age Limit: The minimum entry age offered by most of the term plans is 18 years, whereas the maximum age at entry of the policy varies from insurer to insurer. However, in most term insurance plans, the maximum entry age ranges from 55 years-65 years. Moreover, the maximum maturity age of the policy can go up to 85 years.
  • Insurance Coverage: As a term insurance plan for senior citizens is a pure protection plan, the only death benefit is offered to the policy's beneficiary in case of the unfortunate demise of the insured person during the policy's tenure. However, suppose a person has purchased TROP (Term Return of Premium Plan), in that case, the entire premium paid during the policy's tenure is returned to the insured at the time of maturity of the policy.
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  • Premium Rate: Even though term insurance plans are considered the most affordable life insurance policy to purchase, the premium rate of the term plans is determined based on the age of the insurance buyers. Therefore, if an individual purchases a term plan at a later stage of life, then he/she will likely have to pay a higher premium amount of the term insurance policy.
  • Medical Test: While purchasing term insurance for senior citizens, the insurance buyer may need to take the pre-policy medical test so that the insurance provider can make sure that the policy buyer does not suffer from any pre-existing medical condition. If the insured person does not undergo any medical test, he/she will have to provide a declaration of being healthy to the insurer. One should not hide any facts related to his/her health when purchasing the policy.
  • Riders: Rider benefits are offered under the term plans for the senior citizen to enhance the term insurance policy coverage. The riders offered by the insurer may vary from plan to plan. The policyholder can purchase the add-on rider by paying an extra premium for the policy.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Best Term Insurance Plans for Senior Citizens

The following are some of the popular top term insurance plans for senior citizens. Let’s take a look at these plans in detail.

Plan Name Entry Age Maturity Age Sum Assured  
Aegon Life iTerm Plan Min- 20 yearsMax- 65 years 75 years Min- Rs.10 lakh Max- No upper limit Apply Now
Aviva Life Shield Platinum Term Insurance Min- 18 years Max- 60 years 65 years Min- 50 lakh Max- No upper limit Apply Now
Bharti AXA eProtect Term Plan Min- 18 years Max- 65 years 70 years Min- Rs.25 lakh Max- no upper limit Apply Now
Canara HSBC eSmart Term Plan Min-18years Max-70 years 75 years Min- Rs.25 lakhs Max- No upper limit Apply Now
Edelweiss Tokio Life Protection Plan Min- 18 years Max- 60 years 70 years Min-Rs.15 lakh Max- no upper limit Apply Now
Exide Life My Term Insurance Min-18 years Max- 65 years 75 years Min- Rs.25 lakhs Max- Rs.25 crores Apply Now
Future Generali Flexi Online Term Insurance Plan Min- 18/25 years Max-55 years 75 years Min-Rs.50 lakh Max- No upper limit Apply Now
IDBI Senior Citizen Term Insurance Min-25 years Max-60 years 70 years Rs.5 lakh Apply Now
India First Life Plan Min-18 years Max- 60years 70 years Min- Rs 1. Lakh Max- Rs.50 crore Apply Now
Kotak preferred eTerm Plan Min-18 years Max- 65 years 75 years Min-Rs.25 lakhs Max-No upper limit Apply Now
LIC e-Term Plan Min-18 years Max-60 years 75 years Min-Rs.25 lakhs Max- No upper Limit Apply Now
Max Life Insurance Online Term Plan Plus Min- 18 years Max-60 years 85 years Min-Rs.25 lakhs Max-Rs 1crore. Apply Now
Pramerica U-protect Term plan Min- 18 years Max-55 years 65 years Min-Rs.25 lakh Max-no upper limit Apply Now
SBI Life-Poorna Suraksha Plan Min-18 years Max-65 years 75 years Min-Rs.20 lakhs Max-Rs.2crore Apply Now
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Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

Protect Your Family Protect Your Family

Aegon Life iTerm Plus Plan

This is a comprehensive term insurance plan, which provides financial security to the insured's family in case of emergencies. Along with the benefit of insurance coverage, the plan offers different in-built benefits such as accidental death and critical illness. Let's look at the features and benefits of the policy.

Features and Benefits of Aegon Life iTerm Plan:

  • The plan offers the option of insurance coverage until the age of 80 years.
  • The plan offers the option to choose coverage for 10 basic critical illnesses and 38 enhanced critical illnesses.
  • In the case of permanent disability and critical illness, the benefit of waiver of premium is offered by the policy.
  • The tax benefit is offered under section 80C of the Income Tax Act.
  • The policy offers a discount on premium rates for non-smokers and female policy buyers.
  • Under the option of increasing life cover, the insured can increase the life coverage of the policy.
  • The death benefit is offered to the beneficiary of the policy in case of an uncertain demise of the insured during the policy's tenure.

Types of Term Plans

IDBI Senior Citizen Term Insurance

This is a specifically designed term insurance plan for senior citizens. The plan offers comprehensive coverage to senior citizens and provides financial security to the family against any eventuality. 

Features and Benefits of IDBI Senior Citizen Term Insurance Plan:

  • This plan is specifically designed to cater to the requirements of the individual above 50 years of age.
  • The insurer promises to extend the policy's coverage without making the policyholder go through any medical test.
  • The policy offers maximum coverage of up to Rs.5 lakhs. It is applicable after the completion of 2 policy years from the date of commencement.
  • In case of the insured's demise within 2 years of policy initiation, 125% of the total premium paid is returned to the nominee of the policy.
  • The policy offers the benefit of tax exemption on the premium paid towards the policy up to the maximum limit of Rs.1.5 lakhs U/S 80C of the IT Act.
  • A term insurance plan offers only a death benefit, and no maturity benefit is offered under the policy.

LIC e-Term Plan

LIC e-term plan is a comprehensive protection plan that safeguards the financial future of the insured's family in case of any eventuality. The plan can be purchased online in a hassle-free and straightforward way. 

Features and Benefits of LIC e-Term Plan

  • As it is a LIC's online term insurance plan, the process of policy purchase is straightforward and hassle-free.
  • The policy provides special discounts for non-smokers and female policy buyers.
  • As a pure protection plan, the death benefit is offered under the policy.
  • Along with the benefit of insurance coverage, the insured can also take advantage of the tax benefit offered under the policy. The premium paid towards the policy is tax exempted up to the maximum limit of Rs.1.5 lakhs U/S 80C of IT Act.
  • The policy offers coverage till the age of 75 years.
  • The policyholder has the flexibility to choose the term of the policy ranging from a minimum of 10 years to a maximum of 35 years.

Max Life Insurance Online Term Plan Plus

This is a comprehensive term life insurance for senior citizens, which can be purchased online easily and simply. The plan comes with three different variants of cover options to choose from. The plan provides financial coverage to the family of the insured against any emergencies. 

Features and Benefits of Max Life Insurance Online Term Plan Plus

  • The plan offers the benefit to choose from three different cover options i.e
    • Basic Life Cover
    • Life Cover + Monthly Income
    • Life Cover + Increasing Monthly Income
  • All three different option of life cover provides coverage to the insured up to 85 years.
  • The plan offers two different options of premium payment i.e.
    • Regular premium payment option.
    • Pay till the age of 60 years.
  • The policy offers the benefit of tax exemption on the premium paid towards the policy up to the maximum limit of Rs.1.5 lakhs U/S 80C of the IT Act.
  • Add-on rider benefits are offered under the policy to enhance the coverage of the plan.
  • As it is an online term plan, the process of policy purchase is very simple and hassle-free.

SBI Life Poorna Suraksha Plan

This non-linked term insurance plan for senior citizens comes with an in-built critical illness cover. The plan provides comprehensive coverage to the family of the insured in case of any eventuality. 

Features and Benefits of SBI Life Poorna Suraksha Plan

  • The plan offers the benefit of increasing critical illness.
  • If a diagnosis of any critical illness, a premium waiver benefit is offered under the policy.
  • The plan adjusts the sum assured automatically between life and critical illness on completion of every policy year.
  • The premium of the policy is fixed throughout the tenure of the plan.
  • The policy offers the benefit of tax exemption on the premium paid towards the policy up to the maximum limit of Rs.1.5 lakhs U/S 80C of the IT Act.
  • The maximum maturity age offered by the policy is 75 years.

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