5 min read
Updated on Apr 24, 2023
As we age, insecurity about the future increases as well. We become more and more uncertain about life’s happenings (rather mishaps) and become wary of every moment. This is why buying term insurance is highly recommended for everyone to secure one’s future financially. More so for the elderly since they are more vulnerable to life’s risks overall. When buying term insurance plans for senior citizens, there are two primary factors to consider – cost of the policy and convenience in buying and paying premium. This is why purchasing a plan online makes so much more sense.
Here we discuss the importance of buying term insurance plans for senior citizens, the key features of the plan, and some of the best policies that you can purchase from the convenience of your home online.
The very premise of term insurance for the elderly is based on the fact that they need support – both physically and financially – at this stage of their life. With a term insurance plan in hand, they can be rest assured that the future of their spouse and other loved ones will be secured in their absence.
Here are some more benefits of buying term insurance for senior citizens in India:
Know More: What is Decreasing Term Insurance – Benefits and Features?
If you’re considering buying a term insurance plan for the elderly, these are some of the features of the policy that you should be aware of:
Also Read: Is Death by a Heart Attack Covered Under Term Insurance Cover?
The whole idea of buying a term insurance plan for the elderly is to make their life more comfortable, both while they’re around and in their absence (for their spouse/loved ones). One step forward in that direction is to buy the term insurance plan at the convenience of your fingertips, i.e., online.
A number of insurance companies in India offer the advantage of buying term life insurance policies to their senior applicants from the comfort of their homes. All they need to do is visit the official website of the insurer, download the application form for the plan they wish to purchase, submit the relevant documents and fee, and that’s it. They are now term insured with the company and ready for any uncertainties that life throws their way.
All the relevant details about the plan that you may require are all mentioned on the company’s website and you are highly advised to read the policy document thoroughly before investing.
Also Read: Best Term Insurance Plans in India 2022 from Top Term Insurance Companies
If you’re considering buying a term life insurance plan online for the elderly, here are some of the best options worth considering for investment:
|Name of the Plan||Eligible Age for Entry||Age of Maturity||Minimum Sum Assured|
|Aviva Life Shield Platinum Term Insurance||18-60 years||65 years||Rs. 50 lakh|
|Edelweiss Tokio Life Protection Plan||18-60 years||70 years||Rs. 15 lakh|
|IDBI Senior Citizen Term Insurance||25-60 years||70 years||Rs. 5 lakh|
|LIC e-Term Plan||18-60 years||75 years||Rs. 25 lakh|
|SBI Life – Poorna Suraksha Plan||18-65 years||75 years||Rs. 20 lakh – Rs. 2 crore|
Read More: Benefits Of Choosing A Term Insurance At Younger Stage Of Life
Term insurance for senior citizens is a helpful financial instrument in the hands of the elderly to secure the future of their loved ones behind them. It is truly one of the wisest decisions to make in a lifetime with a multitude of benefits for the survivors of the deceased policyholder. For more information on term insurance plans for senior citizens in India or other term insurance policies for various age groups, visit PayBima.
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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As a general practice, a 70-year-old may not be offered a 30-year term insurance policy by an insurer; however, they may still be able to avail a 10-year term plan. However, do check with your insurer once because different companies may have different terms and conditions about offering term insurance to the elderly. One may not need life insurance if they can comfortably continue paying bills and meeting everyday financial expenditures post retirement. As per financial experts, it is generally a good idea to have a life insurance plan until the age of 65 years; however, thereafter earnings should be more from savings or pensions. A 20-year term is ideal for term insurance and is also generally more popular among individuals and families both. After 10 years, the plan would expire, meaning that you will have no more coverage benefits from it. Also, the death benefit lasts only until the term end.
FAQs on Term Insurance for Senior Citizens
Can a 70 year old buy term insurance?
Should a 65 year old buy life insurance?
At what age should you stop paying term life insurance?
What is the best length for term life insurance?
What happens after 10 year term life insurance?
As a general practice, a 70-year-old may not be offered a 30-year term insurance policy by an insurer; however, they may still be able to avail a 10-year term plan. However, do check with your insurer once because different companies may have different terms and conditions about offering term insurance to the elderly.
One may not need life insurance if they can comfortably continue paying bills and meeting everyday financial expenditures post retirement.
As per financial experts, it is generally a good idea to have a life insurance plan until the age of 65 years; however, thereafter earnings should be more from savings or pensions.
A 20-year term is ideal for term insurance and is also generally more popular among individuals and families both.
After 10 years, the plan would expire, meaning that you will have no more coverage benefits from it. Also, the death benefit lasts only until the term end.
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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