It is essential to have a backup plan for all of your expectations and obligations in the current world. One such tool that may help you ensure your loved ones are taken care of properly even when you are not around is senior-term life insurance.
According to the current age ranges that insurance companies offer, older citizens can also get term life insurance.
Term life insurance, which protects a person for the length of the policy, is the most basic sort of insurance.
Individuals who have dependents or debts that need to be settled may also view term insurance as a beneficial financial tool.
This article will look at the advantages of senior citizen term insurance plans and the top senior citizen term insurance options. Read on!
Senior Citizen Term Insurance Plans
The goal of a term insurance policy is to provide your loved ones with complete protection. Another advantage of the coverage that will ease your mind is the knowledge that your elderly parents will receive enough care in the future.
Due to the unpredictability and commitments of today’s fast-paced life, elderly people must get term insurance.
As a result, in the modern world, it is smart to always have a backup plan for all of your demands and commitments.
Senior Citizen Term Insurance is one such solution that might help you make sure that your loved ones are properly cared for even if you are not there.
The Best Term Insurance Options for Seniors in 2023
Reviewing the best senior citizens’ term insurance
|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 age is 18 and maximum age is 60.||65 Years|
|3.||Bharti AXA e-Protect Term Plan||Minimum age is 18 and the maximum age is 65.||70 Years|
|4.||Canara HSBC OBC eSmart Term Plan||Mimum age is 18 and maximum age is 70.||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||18/25 Years Minimum; 55 Years Maximum||75 Years|
|8.||IDBI Federal Termsurance Seniors Insurance Plan||25 years at a minimum and 60 years at a maximum.||70 Years|
Before Purchasing Term Insurance Policies for Seniors
Although it is straightforward to obtain senior citizen term insurance, there are a few factors to take into account when choosing the best senior citizen term insurance plan in India.
- Select the Appropriate Cover
One of the most frequent errors we make when buying term insurance is not choosing adequate coverage.
The most important responsibility, however, is selecting the right degree of coverage, which must always be done cautiously.
Always take into account your age, earnings, profession, health history, the amount of dependents you have, and your typical monthly expenses.
Then choose a term plan that can take into consideration each of these factors.
- Pick a term insurance plan with an appropriate duration.
Choosing the duration of the insurance coverage is the next critical choice. Once more, if you want good insurance coverage with a low monthly payment, it is normally advisable to purchase a term insurance plan when you are young.
Early policy purchase provides you with the longest insurance term possible, assisting you and your family in building a more secure financial bubble for your golden years.
- Never Withhold Any Information
To get the most out of your term insurance plan, you should never hide important information from your policy provider.
Assure your family members that they won’t run into any obstacles when trying to collect the money after your demise.
You may ensure that your term insurance claims will never be denied by disclosing to the insurance provider any risk factors, such as a history of heavy drinking or smoking, as well as any potential acute diseases.
- Add Necessary Relevant Riders
The opportunity to choose suitable riders is an optional benefit of a term insurance plan that provides you with greater coverage.
In addition to the benefits of standard life insurance coverage, these riders may also provide additional advantages.
- Select the Appropriate Insurance Company
Selecting the appropriate insurance provider is a critical factor you should take into account when purchasing a term insurance plan.
Considerations including the insurance provider’s experience, client feedback, claim settlement rate, and financial stability are crucial.
You must also place more emphasis on the client-centricity of the insurance provider company when considering choices for sales, assistance, and premium payment.
Top Senior Citizen Term Insurance Plans: An Overview
Below is a summary of some of the best senior citizen term insurance plans available in India:
1) Aegon Life iTerm Plan
Online purchasing for this plan is simple and quick. The minimum and maximum entrance ages for the insurance are 18 and 65, respectively.
The policy’s full maturity age is 80 years. In accordance with Section 80D of the Income Tax Act of 1961, the insured may be eligible for tax benefits. If the insured passes away, the death benefit is given to the chosen policy beneficiary.
Flexible premium payment alternatives are provided by the plan. Nonsmokers and female insurers will pay less under the plan.
2) Aviva Life Shield Platinum Term Insurance
The low-cost plan with good coverage, Aviva Life Shield Platinum, provides pure-term insurance.
Under such a plan, there is no maturity benefit, thus even if the policyholder lives out the policy duration, there is no money repaid.
Yet if the policyholder goes away, the nominee gets the guaranteed amount. The three possibilities in this approach, however, may be altered to meet your needs.
A pure-term insurance policy, using it to get a loan, or using it to replace your family’s income are all options.
3) Bharti AXA e-Protect Term Plan
A conventional term plan with a large sum insured of up to Rs. 25 lakhs is the Bharti AXA Life e-Protect Plan. You can buy this Traditional Plan Sans Bonus feature online.
The premiums under this Plan shall be payable during the Policy Term specified. As a result, the Maturity Benefit is not available under this plan.
Nevertheless, the policy would be canceled and the Amount Assured would be paid to the nominee as a Death Benefit if the Life Insured passes away within the Policy Tenure. The only purpose of this tactic is protection.
4) Canara HSBC OBC eSmart Term Plan
The Canara HSBC OBC Life e-Smart Term Plan is a term insurance policy that is available online.
As a result, it is a Conventional Plan without Bonus Facilities. The minimum Sum Assured for this plan is Rs. 25 lacs, and premiums are required to be paid for the whole policy period, which can be anywhere between 5 and 40 years.
5) Edelweiss Tokio Life Protection Plan
The Edelweiss Tokio Life Insurance Company provides the Edelweiss Tokio Life – Protection plan, a common-term policy.
The nominee will get the Sum Assured as a death benefit if the life insured dies during the policy term; however, if the life insured survives, the policyholder will not receive anything.
Hence, under this circumstance, there is no benefit to development or survival.
6) Exide Life My Term Insurance
You may affordably establish a strong financial foundation for your family with the aid of the Exide Life My Term Insurance Plan. The coverage amount for life insurance goes from 25 lakhs to 25 crores.
You may also choose to pay a limited premium. This plan lowers premiums, family income advantages, and a benefit for terminal illness.
7) Future Generali Flexi Online Term Insurance Plan
We make a lot of effort to maintain our way of life because it represents who we are. Given the unpredictable nature of life, it may be difficult to maintain this accustomed way of living; this is where Future Generali’s Flexi Online Term Plan comes into play.
This program gives an insured person’s family adequate support so that they may continue living even in the policyholder’s absence.
8) IDBI Federal Termsurance Seniors Insurance Plan
The IDBI Federal Termsurance Elderly Insurance Plan effectively serves as a complete life plan for anyone over 50. A term plan that lasts forever is a whole life plan.
A Death Benefit equivalent to 125% of the total premiums paid will be given to the nominee if the Life Insured passes away during the first two years of the plan.
The life insured by this plan is covered until death, although premiums are due up until the age of 90.
The finest sort of life insurance for your family’s financial security in the future is term insurance, which may help them achieve all of their financial goals even if they pass away.
The extensive coverage of a senior citizen term policy is designed to meet their needs for post-retirement insurance as well as many other things.
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Disclaimer: This blog is solely for educational purposes. The securities/investments quoted here are not recommendator