Best Term Insurance Plan for Senior Citizens 2024

05 January 2024
8 min read
Best Term Insurance Plan for Senior Citizens 2024
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A backup plan for all your demands and responsibilities in the modern world is wise. Senior-Term Life Insurance is one such instrument that can assist you in making sure your loved ones are adequately cared for even when you are not there.

In addition, senior individuals can obtain term life insurance because of the current age ranges that insurance providers provide.

The simplest type of insurance is Term Life Insurance, which covers a person for the duration of the policy. Those with dependents or obligations that must be paid off may also consider Term Insurance a valuable financial instrument.

This blog will examine the benefits of senior citizen Term Insurance plans and the best Term Insurance prepared for Senior Citizens. Read on!

Understanding Senior Citizen Term Insurance Plans

A Term Insurance Policy is intended to offer your loved ones total security. In addition, the assurance that your ageing parents will receive proper care in the future is another benefit of the coverage that will give you peace of mind. 

Term Insurance is crucial for older individuals to buy, as today's fast-paced life is unpredictable and full of tasks and obligations. Therefore, it is wise to constantly have a backup plan for all your needs and obligations in today's world.

One such option that may assist you in ensuring that your loved ones are appropriately looked after even if you are not present is Senior Citizen Term Insurance.

Top Term Insurance Plans for Senior Citizens in 2024

Let us review the top-term insurance for Senior Citizens-

S.No.

Top Term Plans for Senior Citizens

Entry Age

Maturity Age

1.

Aegon Life iTerm Plan

Minimum – 20 Years / Maximum – 65 Years

75 Years

2.

Aviva Life Shield Platinum Term Insurance

Minimum – 18 Years / Maximum – 60 Years

65 Years

3.

Bharti AXA e-Protect Term Plan

Minimum – 18 Years / Maximum – 65 Years

70 Years

4.

Canara HSBC OBC eSmart Term Plan

Minimum – 18 Years / Maximum – 70 Years

75 Years

5.

Edelweiss Tokio Life Protection Plan

Minimum – 18 Years / Maximum – 60 Years

70 Years

6.

Exide Life My Term Insurance

Minimum – 18 Years / Maximum – 65 Years

75 Years

7.

Future Generali Flexi Online Term Insurance Plan

Minimum – 18/25 Years / Maximum – 55 Years

75 Years

8.

IDBI Federal Termsurance Seniors Insurance Plan

Minimum – 25 Years / Maximum – 60 Years

70 Years

Factors to Consider Before Investing in Term Insurance Plans for Senior Citizens

It is simple to get senior citizen term insurance; nevertheless, there are a few considerations to make to select the finest senior citizen term insurance plan in India.

  • Select the Appropriate Cover

When purchasing a term insurance plan, one of the most common mistakes we make is not selecting enough coverage. The most crucial duty, however, is choosing the appropriate level of coverage, which must always be done with caution.

Always consider your age, income, career, medical history, the number of dependents you have, and your average monthly costs. Then decide on a term plan that can account for all of these variables.

  • Choose the Adequate Duration of The Term Insurance Plan

The next crucial decision is deciding on the length of the insurance coverage. Again, getting a term insurance plan at a young age is generally advised if you desire more excellent insurance coverage at an affordable instalment.

Early policy acquisition gives you the longest possible insurance duration, which helps you and your family create a more secure financial bubble in their senior years.

  • Never Withhold Any Information 

You should never withhold crucial information from your policy provider to get the most out of your term insurance plan. In addition, make sure that your family members do not encounter any difficulties while claiming the money after your passing.

By telling the insurance company about any risk factors, such as a history of heavy drinking or smoking, as well as any potential acute illnesses, you may guarantee that your term insurance claims will not ever be turned down.

  • Add Necessary Relevant Riders

A term insurance plan's optional perk that gives you more coverage is the ability to pick good riders. These riders can offer extra benefits in addition to the advantages of basic life insurance coverage.

  • Select the Appropriate Insurance Company

Another crucial aspect you should consider before buying a term insurance plan is selecting the right insurance provider. It is essential to look at factors including the insurance provider's expertise, client testimonials, claim settlement percentage, and financial stability.

Regarding sales, help, and premium payment options, you must also give more importance to the client-centricity of the insurance provider organization.

Top Senior Citizen Term Insurance Plans: An Overview

The following is an overview of some of the top Senior Citizen Term Insurance Plans in India-

1) Aegon Life iTerm Plan

This plan is easily and quickly accessible for purchase online. The policy has a minimum admission age of 18 and a maximum entry age of 65.

The policy has an 80-year full maturity age. The insured may receive tax advantages under Section 80D of the Income Tax Act of 1961. The death benefit is paid to the designated policy beneficiary if the insured passes away.

The plan offers flexible premium payment options. Under the scheme, nonsmokers and female insurers will pay a lower price.

2) Aviva Life Shield Platinum Term Insurance

Pure-term insurance is offered by Aviva Life Shield Platinum, which is a low-cost plan with solid coverage.

There is no maturity benefit in such a plan; thus, no money is returned even if the policyholder lives the policy period. However, the nominee receives the sum promised if the policyholder passes away. However, this plan contains 3 alternatives that may be customized to your needs.

You can choose a pure-term insurance policy, utilize it to secure a loan or use it to replace your family's income.

3) Bharti AXA e-Protect Term Plan

The Bharti AXA Life e-Protect Plan is a standard term plan with a high amount assured of up to ₹25 lakhs. This Traditional Plan Sans Bonus feature is available for purchase online.

Till the conclusion of the selected Policy Term, premiums under this plan must be paid. Therefore, this plan does not offer a Maturity Benefit. However, if the Life Insured passes away during the Policy Tenure, the policy would be cancelled, and the Sum Assured would be given to the nominee as a Death Benefit. This strategy serves just as a form of protection.

4) Canara HSBC OBC eSmart Term Plan

A term insurance plan offered online is the Canara HSBC OBC Life e-Smart Term Plan.

It is a Traditional Plan sans Bonus Facility as a result. This plan's minimum Sum Assured is ₹25 lacs, and premiums must be paid for the whole policy term, which can range from 5 to 40 years.

5) Edelweiss Tokio Life Protection Plan

The Edelweiss Tokio Life - Protection plan is a standard term policy offered by the Edelweiss Tokio Life Insurance Company.

If the life insured dies during the policy term, the nominee will receive the Sum Assured as a death benefit, but the policyholder will not receive anything if the life insured survives. Therefore, there is no advantage to development or survival in this situation.

6) Exide Life My Term Insurance

With the help of the Exide Life My Term Insurance Plan, you may create a solid financial foundation for your family at a reasonable price. The life insurance coverage ranges from ₹25 lakhs to ₹25 crores.

You also have the option of paying a restricted premium. This plan reduces premiums, a benefit for family income, and a benefit for terminal sickness.

You may also want to know the Difference Between Term Insurance and Life Insurance

7) Future Generali Flexi Online Term Insurance Plan

We work hard to preserve our lifestyle since it is a reflection of who we are. However, this habituated way of life might be challenging to sustain given the unpredictable nature of life, which is where Future Generali's Flexi Online Term Plan comes into play.

This program provides enough assistance to an insured person's family, enabling them to carry on with their lives even in the absence of the policyholder.

8) IDBI Federal Termsurance Seniors Insurance Plan

For those over 50, the IDBI Federal Termsurance Seniors Insurance Plan essentially functions as a whole life plan. A term plan with an infinite duration is a complete life plan.

If the Life Insured passes away during the plan's first two years, the nominee will receive a Death Benefit equal to 125% of the total premiums paid. This plan's coverage lasts until death, but premiums must be paid until the life covered is 90 years old.

Summing Up Life Insurance for Senior Citizens

Term Insurance is the best type of life insurance for your family's financial stability in the future and may support them in achieving all of their financial goals even if you are no longer alive.

A Senior Citizen Term Policy is made to provide broad coverage, taking into account their demands for post-retirement insurance and much more.

You May Also Be Interested to Know-

1.

The Life and Health Insurance Checklist

2.

Everything You Should Know About Insurance Premium

3.

Best Health Insurance Plans in India

4.

Best Term Insurance Plan in India

5.

Best Child Insurance Policies in India

Disclaimer: This blog is solely for educational purposes. The securities/investments quoted here are not recommendatory.

To read the RA disclaimer, please click here
Research Analyst - Himanshu Sinha

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