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After having worked hard to make a decent earning an entire lifetime, you don’t want to be squandering every penny of it to keep yourself fit and healthy after your retirement. This is why it is wise to plan for your future in your present when you’re hale and hearty and, most importantly, have the physical and mental ability to earn. Term insurance is the best way to ensure a financially secure future for yourself and your family in the golden period of your life.
The best part about buying term life insurance for your loved ones is that you can be rest assured that their financial needs will be well taken care of when you’re not around. Some other reasons why it’s a good idea to invest in term insurance are:
Now that we know that buying a term life insurance policy for a secure future for your loved ones is absolutely essential, let’s look at some of the best options available in the market to put your hard-earned money into:
The following table details the eligibility criteria and sum assured under some of the term insurance plans for senior citizens listed above. It also lists out the Claim Settlement Ratio (CSR) of all the insurance companies offering these plans to help you make an informed choice while investing. Note that it is always wiser to choose a company with a higher CSR value since it enjoys a better and credible reputation in the market.
|Name of the Plan
|Max Age of Entry for the Plan
|Age of Maturity Under the Plan
|Total Sum Assured Under the Plan
|Claim Settlement Ratio of the Insurer
|Aegon Life iTerm Plan
|Max Life Insurance Online Term Plan Plus
|SBI Life Poorna Suraksha Plan
The ideal time to start investing in a term insurance plan is when you’re younger and as soon as you start earning a decent income. This is because at a younger age, you’d be able to invest in term insurance for a longer time, securing your old age and even the life of your loved ones in your absence. However, if you haven’t already, it’s time to start investing in a term insurance plan at least when you turn 50. You can look for the best term insurance plan for senior citizens in India on PayBima and choose the one that best suits your budget and requirements.
Also Read: What are the Best Benefits of Term Insurance if You Have a Loan? | Benefits Of Choosing A Term Insurance At Younger Stage Of Life | Is Death by a Heart Attack Covered Under Term Insurance Cover?
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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