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Term Insurance Plans for Senior Citizens

While most providers offer term insurance plans for the youth, in recent times, insurance companies are also providing such policies to the senior citizens of the country. So, even a person in his 50s or 60s can purchase term insurance, and it will help serve as a source of income when they retire. Furthermore, these plans also provide coverage up to the age of 80 years. Such term insurance plans can be quite beneficial to those who have attained the age of 50 or 60.

The Necessity of Term Insurance Plans for Senior Citizens

It would help if senior citizens got themselves a term insurance plan. They can nominate their children or even their grandchildren so that they can enjoy the benefits of term insurance in case the senior citizen passes. Moreover, term insurance serves to provide for the senior citizen's family in the event of their demise. It can also be used to pay off all debts and liabilities and enable the nominees to lead a peaceful life. Likewise, there are several key benefits that term insurance offers for senior citizens and their nominees, some of which are given below:

  • Nominees can pay off all outstanding loans using the death benefit that the term insurance plans pay-out
  • With the help of term insurance, senior citizens can enable their children or grandchildren to lead a peaceful life after their demise and secure their financial future

  • Many term insurance policies have different options for pay-outs. So, the insured person can choose the pay-out that is most suitable for him or her

  • Term insurance can create a financial cushion by saving up for the future

  • It also acts as a replacement source of income and allows senior citizens to lead a peaceful retired life

Key Features of Term Insurance Plans for Senior Citizens

While term insurance plans have proven beneficial for senior citizens, it's always better to know the features and benefits before buying one. Here are some of them:

  • Age

    Most of the term insurance plans are meant for the younger population and come with minimum age brackets of 18 years, while the maximum age depends on the type of policy and the insurance provider. In most cases; however, the maximum age is 55 or 65, sometimes even going up to 80 years.

  • Coverage

    The best term insurance plans for senior citizens are pure protection plans that offer only death benefits to the nominees when the insured person passes. But there are also other types of term insurance plans such as the Term Return of Premium Plan that offer to return the premium paid when the policy matures.

  • Premium

    The premium payable for the different term insurance plans for senior citizens depends on several factors, the most prominent among which is the age of the insured person. So, if the person decides to buy term insurance at a later stage in his or her life, that insured person would be paying higher premiums than a person who purchases term plans early on in life.

  • Riders

    To enhance the coverage of the plans, insurance providers offer various riders for their term insurance policies. The riders vary from one insurance plan to the other and enable the policyholder to get additional benefits by paying extra premiums.

    So, the best term insurance plans for senior citizens come with a host of benefits. But more importantly, such plans help provide for their nominees in terms of securing their financial future. Moreover, policyholders can also purchase additional coverage in the form of riders to enhance the benefits offered by the different plans.

Best Term Insurance Plans for Senior Citizens

Various insurance providers claim to be the best when it comes to offering term insurance plans for senior citizens. But only a handful of them provides the benefits that most people seek. Given below are some insurance providers who provide term plans that senior citizens want.

Plan Name Sum Assured
Aegon Life iTerm Plan Minimum – INR 10 Lakh Maximum – No Limit
Aviva Life Shield Platinum Term Insurance Minimum – INR 50 Lakh Maximum – No Limit
Bharti AXA eProtect Term Plan Minimum – INR 25 Lakh Maximum – No Limit
Canara HSBC eSmart Term Plan Minimum – INR 25 Lakh Maximum – No Limit
Edelweiss Tokio Life Protection Plan Minimum – INR 15 Lakh Maximum – No Limit
Exide Life My Term Insurance Plan Minimum – INR 25 Lakh Maximum – INR 25 Crore
Future Generali Flexi Online Term Insurance Plan Minimum – INR 50 Lakh Maximum – No Limit
IDBI Senior Citizen Term Insurance INR 5 Lakh
India First Life Plan Minimum – INR One Lakh Maximum – INR 50 Crore
Kotak Preferred eTerm Plan Minimum – INR 25 Lakh Maximum – No Limit
LIC e-term Plan Minimum – INR 25 Lakh Maximum – No Limit
Max Life Insurance Online Term Plan Plus Minimum – INR 25 Lakh Maximum – INR One Crore
Pramerica U-Protect Term Plan Minimum – INR 25 Lakh Maximum – No Limit
SBI Life Poorna Suraksha Plan Minimum – INR 20 Lakh Maximum – INR Two Crore
Disclaimer: PaisaWiki does not endorse, rate, or recommend any particular insurer or insurance products offered by an insurer 
  • AEGON Life iTerm Plan

    The term insurance plan from AEGON Life offers a minimum sum of INR 10 Lakh, while there is no upper limit. It has a minimum entry age of 20 years and a maximum entry age of 65 years. The plan also has a maturity age of 75 years and offers the policyholder to pay his or her premiums yearly, half-yearly, or monthly. There is also a maximum maturity age of 80 years.

  • Aviva Life Shield Platinum Term Insurance

    The Aviva Life Shield Platinum Term Insurance plan offers a minimum sum assured of INR 50 Lakh with no upper limit. The minimum entry age is 18 years, while the maximum age is 55 years. Furthermore, the term plan from Aviva Life also has a maximum maturity age of 70 years and allows the policyholder to pay premiums on a yearly or half-yearly basis.

  • Bharti AXA e-Protect Term Plan

    The Bharti AXA e-Protect Term Plan for senior citizens offers a minimum sum assured of INR 25 Lakh with no upper limit. E-Protect have a minimum entry age of 18 years and a maximum age of 65, while the maturity age is 70 years. Also, the premium paying frequencies for the term plan from Bharti AXA is yearly and half-yearly.

  • Canara HSBC e-Smart Term Plan

    In the Canara HSBC e-Smart Term Plan, you get a minimum sum assured of INR 25 Lakh, while there is no upper limit. The policy lasts from five years up to a maximum of 40 years. There is also a minimum entry age of 18 years and a maximum entry age of 70 years, while the age for the policy's maturity is 75 years. The plan offers only one premium payment option, and the policyholder must pay his or her premiums every year.

  • Edelweiss Tokio Life Protection Plan

    The minimum sum assured by the Edelweiss Tokio Life Protection plan is INR 15 Lakh, while there is no limit to how much a policyholder can get. There is a minimum entry age of 18 years, with 65 years as the upper limit. The term insurance plan from Edelweiss Tokio offers a minimum sum of INR 15 Lakhs with no maximum amount assured. Furthermore, the plan offers only one premium payment cycle, and the policyholders are requested to pay their premiums annually.

  • Future Generali Flexi Online Term Insurance Plan

    The Flexi Online Term Insurance Plan from Future Generali comes with a minimum entry age of 18 years and a maximum age of 55 years. And, with a maturity age of 75 years, the policy assures a minimum sum of INR 50 Lakh to the policyholder. The plan comes with two premium paying frequencies of annual and monthly and has a minimum policy term of ten years.

  • IDBI Senior Citizen Term Insurance

    The minimum and maximum entry ages for this term plan are 25 and 60 years, respectively. And the term plan offers a sum assured of INR 5 Lakh. Moreover, it has a maturity age of 70 years and premium paying frequencies of yearly, half-yearly, quarterly, and monthly.

  • India First Life Plan

    The India First Life Plan offers a minimum sum of INR 1 Lakh and a maximum INR 50 Crore. It comes with a minimum entry age of 18 years and a maximum entry age of 60 years and a maturity age of 70 years. The plan offers premium paying frequencies of yearly, half-yearly, and monthly, lasting for a minimum term of 15 years and a maximum term of 25 years.

  • Kotak e-Term Plan

    The e-Term Plan from Kotak Life comes with a minimum entry age of 18 years and a maximum age of 65. With a maturity age of 75 years, the term plan offers a minimum sum of INR 25 Lakh and has premium paying frequencies of monthly and yearly. Also, the tenure of the policy ranges between ten and 40 years.

  • LIC e-Term Plan

    The e-term plan from LIC offers a minimum sum of INR 25 Lakh with no upper limit. It comes with a minimum entry age of 18 years and a maximum age of 60 years. The term plan also has a maturity age of 75 years and offers the policyholder to pay his or her premiums annually. LIC offers a tenure that ranges between ten and 35 years for its e-term plan.

  • Max Life Online Term Plan Plus

    The Max Life Online Term Plan Plus offers a minimum sum of INR 25 Lakh and a maximum INR 1 Crore to its policyholders. It comes with a minimum entry age of 18 years, with 55 years as its upper limit. The maturity age for this policy is 65 years.

  • Pramerica U-Protect Term Plan

    The Pramerica U-Protect Term Plan comes with a maturity age of 65 and offers a minimum sum of INR 25 Lakh with no upper limit. It has a minimum age of 18 years and a maximum age of 55 years for enjoying its benefits.

  • SBI Life Poorna Suraksha Plan

    The minimum entry age to avail of the facilities of the SBI Life Poorna Suraksha Plan is 18 years, and the plan has a maximum age of 65 years. There is also a maturity age of 75 years. The term plan from SBI Life offers a minimum sum of INR 20 Lakh and a maximum INR 2 Crore.

    Buying a term insurance plan is perhaps the smartest thing to do even for senior citizens. But make sure that you compare the different term plans before purchasing so that you get the most suitable policy.

FAQ

  • Q: Does Buying Term Insurance for Senior Citizens Make Sense?

    Ans: Term insurance helps provide insurance coverage for your nominees when you pass. So, yes. It makes sense even for senior citizens to buy term insurance as they can nominate their children or grandchildren, enabling them to lead a peaceful life after they pass.
  • Q: What are the Best Term Insurance Plans for Senior Citizens?

    Ans: There can never be one best term insurance plan for senior citizens. Different insurance providers offer term insurance plans for senior citizens and claim to be the best in terms of features. However, it also depends on the amount and type of cover that you need.
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