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Term Insurance For Over 50s

Old age is the time when most individuals want to enjoy their life comfortably. For most individuals, entering the age of 50 or above is to have laid back time and enjoy the earned benefits during the working days. Buying a term insurance cover above 50 years is comparatively unheard of. However, there are term insurance plans specifically for those above 50 years of age. Term insurance is a must-have plan as it takes care of your family and their requirements in case of any unforeseen event. 

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Why Buy Term Insurance For Over 50s?

Here are 3 examples that will help you understand why buy term insurance for over 50s:

Example 1: Your children might be dependent on you financially

If you have decided to have kids in the future, they are bound to be dependent on you economically. So, by the time you are over 50 years, your children might be studying or thinking to start a career. Having a term insurance plan will make sure that they are secured financially for the future even in your absence.

Example 2: You want your spouse to be independent

If you have a spouse who doesn’t work, making sure their financial protection after you becomes your responsibility. With term insurance, they will be financially secured.

Example 3: If you have financial liabilities

Paying off some major loans and debts can create a problem for your family in case of your death. In order to avoid stressing your loved ones in such cases, it is a smart way to have a term insurance plan. The death payouts received can be used to pay off any outstanding debt/loan amounts.

What is the Importance of Buying Term Insurance over 50s?

here are a number of reasons why a 50 year or above individual needs a term insurance plan. If you are over 50 years, the following are the most important reasons to buy a term plan:

  • Term plan cover will help your nominees/beneficiaries to pay off your debts and loans.

  • This plan coverage takes care of the financial requirements of your nominee

  • The sum assured amount is sometimes sufficient to help your nominee maintain the lifestyle they used to enjoy.

  • Nowadays, many individuals work after 50 years. If you also do it, then you should ensure that your loved ones keep receiving the monthly income that you maintain right now. The term life cover will help you in achieving that.

Features of Term insurance for Over 50s

Here are the features of Over 50s term insurance plans:

  • The plan offers death benefits to the nominees/beneficiaries in case of your death (policyholder’s demise)

  • You can also purchase rider benefits to increase the coverage of your current base plan. You can think of buying riders like:

    • Waiver of Premium Rider

    • Critical Illness Cover

    • Return of premium

    • Accidental Death Benefit

  • The premium amount paid towards the term insurance plan over 50s can be claimed for the tax deductions u/s 80C of the ITA, 1961.

  • The plan provides protection against different minor and major health conditions if you choose critical illness cover.

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What are the Challenges Faced by an Individual Buying Term Insurance Over 50 years?

Buying term insurance is easy and convenient. You can get assured within a couple of clicks. But this is mainly for young and active individuals. It is relatively difficult for individuals above 50 years to get insured. Following are the few challenges faced by individuals over 50 when purchasing a life cover.

  • Age: Term insurance plans become more expensive as you age. It is quite challenging to search for the best term insurance plan in 50 years. So, take time to research and compare term plan, before you buy an over 50 years’ term insurance plan.
    For example, a married person at 60 years of age will have to spend an Rs. 70,000 to seek coverage of a 1 crore term plan of 15 years. On the contrary, a person at 50 years of age has to spend roughly around 34000 to seek 1 crore term plan coverage for 30 years.

  • Health: With your age, your health concerns and chances of getting diseased with chronic infections also increase. For old people, this is quite difficult to get a term insurance plan as they are considered more at risk in comparison to others by the insurer.

  • Higher Premium amounts: The premium rates are lower for your term insurance plan in your 20s or 30s. The annual and monthly installments are somewhat more affordable. However, after 50 years, the premium amount tends to be very high.

Best 5 Term Insurance for Over 50s

Most insurers offer term life insurance plans only for those around 20 to 60 years of age. Here are 5 top term insurance plans that you can choose from if you are over 50 years:

Term insurance plans Entry Age Maturity Age Sum Assured Policy Term
Bharti AXA Life Flexi Term Plan 18-65 years 85 years Min: 10 Lakhs
Max: 25 Lakhs
5/10/15/20 years
HDFC Life Click2Protect 3D 18-65 years 85 years Min: 50,000
Max: No Limit
5-40 years
SBI Life e-Shield Next 18-65 years 100 years Min: 50,000
Max: No Limit
5-85 less entry age
ICICI iPotect Smart Plan 18-65 years 75 years Min: Subject to Minimum Premium
Max: No Limit
5-20 years
Max Life Smart Secure Plus 18-65 years 75 years Min: 25 Lakhs
Max: No Limit
10-35 years

Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

How to Purchase Term Insurance for Over 50s?

Purchasing term insurance for over 50s has become quite convenient these days because now you can easily complete the entire procedure online by following the below steps:

  • Spend some time comparing the term plans to determine which one suits your requirements

  • Visit the insurance provider’s official website and provide them with your basic details such as age, address, contact details, and identity proofs.

  • Then choose an online payment mode such as annually/bi-annually/quarterly/monthly of your choice to complete the entire process

  • Choose riders i.e.., additional covers, and then fill out the KYC form

  • The company will contact you within a few days to intimate you if your insurance request is approved and they will send the important documents once the plan is finalized

  • The insurer can also ask you to undergo a medical examination

  • If the plan suits you, make the payment online

Things to Keep in Mind about Term Life insurance for over 50s

erm insurance plan comes with different features. Following are the ones you need to be aware of:

  • The maximum entry age for buying a term insurance plan for over 50s may vary depending on the insurers. However, the term insurance age limit in most plans is 60 years but it differs from one plan to another.

  • The premium amount generally increases with age. So, the premium for an over 50 term insurance plan would be higher than that for the younger individual.

  • Various insurance companies require you to undergo a medical examination. However, some providers do not ask you to go through a medical test. They only need medical history records.

  • Purchasing term insurance over the 50s has become much more convenient nowadays with the online buying process. You can compare term plans online and determine which one suits you the best. Then, you have to apply for the policy and pay the premium online. After approving the policy, the insurance company will send you the required documents.

  • One of the significant features of any best term plan is an insurance rider. The term riders are add-on covers or features that you can attach to your plan to increase the existing plan term insurance benefits.

  • As discussed, the premium amount depends on the policyholder’s age. So a 50-year-old individual needs to pay a higher premium amount compared to a younger person.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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