- Why Buy Term Insurance for Senior Citizens?
- Features of Term Insurance for Senior Citizens
- Best Term Insurance Plans
- Aegon Life iTerm Plus
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.Read more
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
Table of Content
The following are the reasons why an individual should consider purchasing a term plan for senior citizens.
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
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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|
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
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:
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:
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
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
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
04 May 2022Term insurance is the pure protection life insurance plan that...
04 May 2022A homemaker’s contribution to the household is uncountable and...
04 May 2022Aegon Life iTerm Forever Insurance is whole life term insurance...
04 May 2022Term insurance is a pure and simple life insurance product. When...
04 May 2022Keeping your family members secured against any unfortunate...