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It’s often suggested to buy term plan early in life, ideally in your 20s or 30s. However, that doesn’t mean you can’t buy it at a later age. Even senior citizens over 60 can purchase a term insurance plan to safeguard their loved ones financially in case of an untimely demise.
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Don’t let the misconception that seniors aren’t eligible for term life insurance stop you from protecting your family’s future. Read on to learn more why term insurance is important for senior citizens, its features and benefits, and tips for selecting the right plan.
Term life insurance for senior citizens helps financially protect your family members and dependents in case of your unfortunate death. The features and benefits of a term plan for senior citizens are similar to those of a term plan bought at a younger age. This plan can be purchased by a person on behalf of elderly parents to ensure the financial protection of loved ones and avail of term insurance tax benefits u/s 80C.
Term Plans
Let’s understand term life insurance for senior citizens with the help of an example:
Mrs Rai, a 60-year-old retired government employee, has limited income from her savings and pension. She also faced a medical issue which required regular medication and doctor visits. To seek financial security and peace of mind, she bought a senior citizen term insurance plan with a 15-year policy term and a sum assured of Rs. 25 Lakhs. Some years later, Mrs Rai had a heart stroke and incurred medical bills amounting to Rs. 3 Lakhs. Her term insurance plan came to her help, safeguarding her savings from depletion.
Here is a list of best term life insurance plans for senior citizens available in India in 2024 that you can purchase to secure your loved ones.
| Name of the Insurer | Term Insurance Plan | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | Aditya Birla DigiShield Plan | 458 | 18-60 years | 85 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Click 2 Protect Super | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Max Life Insurance Company Limited | Max Life Smart Total Elite Protection | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Promise | 776 | 18-65 years | 100 years |
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
*The term plan for senior citizens listed above are available for a 60 year old non-smoking, salaried male for a 1 Crore life cover till 75 years of age.
Note: Check out the term insurance plan in India and choose one that suits your requirements.
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Term life insurance is a type of life insurance plan for the financial security of your family members that can help them fulfil their financial objectives, even in case you are not with them. A term plan for senior citizens is designed to provide comprehensive coverage, considering their after-retirement needs. The following are the reasons why an individual should consider purchasing a term life insurance for senior citizens.
Term insurance for senior citizens help secure your dependents' financial future.
Some of the term insurance for senior citizens comes with the benefit of selecting different payout options. Thus, the policyholder can choose the option of payouts as per one's requirement and suitability.
Term life insurance for senior citizens allows the life assured to create a legacy for their family members 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 provides income replacement for the family in case of an eventuality.
With term life insurance for senior citizens, you can get coverage until you turn 99 or 100.
Term plan for senior citizens ensures that your spouse is financially stable in the event of your untimely demise.
Here is a list of all the features of term life insurance for senior citizens in India 2024:
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 plan for senior citizens, the maximum entry age ranges from 55 years to 65 years. Moreover, the maximum maturity age of the policy can go up to 99/100 years.
As term insurance plans 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 life assured 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 life assured at the time of maturity of the policy.
Even though term insurance plans are considered the most affordable life insurance policy to purchase, the premium rate of the term insurance for senior citizens 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.
Flexibility in Pay-out Options: Term plan for senior citizens have flexible payout options so that if your loved one needs a regular source of income, you can plan for it. And, if lump sum
While purchasing term insurance for senior citizens, the insurance buyer may need to take the 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 life assured 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 a suitable term plan for senior citizens.
Various important term insurance riders are offered under the term insurance plans for senior citizens 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.
Here is a list of benefits of buying term insurance for senior citizens in India:
Term insurance for senior citizens will pay out the sum assured or the death benefit to the family in case of the policyholder’s untimely death during the policy term. The family can use this benefit amount to pay their rent and child’s fees and cover other monthly expenses.
The maturity payout received from TROP plans can help provide the financial stability required in the absence of the monthly income post-retirement.
Your family can use the benefit amount from term insurance plans for senior citizens to fulfill their financial goals in your absence, like paying for the child’s higher education or wedding.
In case you have taken any student, business, or other loans, your family might be burdened trying to pay off the remaining debt in your absence. The death benefit amount can help them take care of such liabilities.
With term insurance for senior citizens, you can create a legacy for future generations in your absence. You can buy whole life insurance to ensure guaranteed financial benefit for your family in the event of your unfortunate absence.
Life cover of the term plan for senior citizens can be enhanced with riders like critical illness, hospicare, terminal illness, accidental death, accidental total and permanent disability, and waiver of premium riders. You can also enhance the life cover using the life stage benefits at different milestones like marriage, childbirth, or home loans.
You can claim term insurance tax benefits under sections 80C, 80D, and 10(10D) of the Income Tax Act, 1961, as per the prevailing tax laws.
Let us take a look at the points to keep in mind while selecting term insurance for senior citizens in India:
While selecting suitable term insurance plans for senior citizens, you need to ensure that you opt for the right life cover. This is because this amount will be paid to your family in your absence. Thus, you should make sure that the life cover is enough to cover their financial needs in your absence.
The CSR of the company gives us an insight into the company’s claim settlement capabilities in the past year. Therefore, you should always opt for a term plan for senior citizens from a company with a high CSR ratio of over 95% as per the IRDAI regulations
Adding the relevant riders can enhance the base cover of your term insurance for senior citizens at nominal premiums. Hence, it is suggested that you go through the list of available riders and add the relevant riders to the base term life insurance for senior citizens.
Here is a list of all the riders available with term insurance plans for senior citizens in India:
This rider provides an additional amount on top of the base sum assured of the term plan for senior citizens on the accidental death of the policyholder during the policy term.
On the diagnosis of a terminal illness, the insurer will pay a part or the entire life cover in advance to help take care of the hefty medical bills and seek top-class treatments.
Under this term insurance for senior citizen riders, the additional amount will be offered to the life assured in case of an accidental total permanent disability during the policy term.
In case the policyholder is diagnosed with a critical illness covered under the term insurance for senior citizens, the insurer will pay the rider sum assured to help cover the treatment costs.
On the diagnosis of a critical illness or accidental total permanent disability, if the policyholder suffers a job loss, the insurer will waive off all the term plan for senior citizen premiums.
Once you understand what is term insurance, it is fairly clear that the premium rate of a term plan increases with age. Not only that, the risk of premiums increasing due to age-related illnesses also increases further the older you get. Thus, if you want to secure a large life cover for your loved ones at affordable premiums, you need to buy term insurance plan for senior citizens early.
It is easy to buy term plan for senior citizens: however, here is a list of things that one should needs to keep in mind to choose term plan for senior citizens in India 2024:
As you age, the premium amount you pay typically rises to address the increased risk associated with health conditions and illnesses. Nevertheless, senior citizen term plans provide elevated coverage, offering a means to safeguard your family without worrying about financial uncertainties.
Senior citizen term insurance plan comes with whole life coverage, enabling senior citizens under a wider age group to avail of term insurance.
Several life insurance providers extend the advantage of requiring minimal medical check-ups and documentation for senior citizens who have no health conditions or family medical history. However, this is contingent upon the specific terms and conditions outlined by the insurer in individual term plans.
You can buy term plan for senior citizens online by comparing different policies and choosing the one that meets your needs. Tata AIA Life Insurance not only offers a convenient online process but also enables you to calculate premiums for term insurance for senior citizens online.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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