Best Life Insurance Plans For Elders

Elderly people feel lonely and helpless, because age slowly leads them to such a state that they no longer can help themselves physically or financially. One of the best ways to keep them mentally and financially protected is to buy them a life insurance policy specially designed for the senior citizens. The senior citizen life insurance policy will help in ensuring that your elders are not financially bothered even in your absence. 

There are many reasons a senior citizen must have a life insurance policy because income can suddenly stop after retirement and this can be one of the main reasons they should have a life insurance policy. The life insurance policy can act as a replacement of their income and ensure they maintain their living standards.

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Best Life Insurance Plans For Senior Citizen In India in 2021

There are many senior citizens life insurance plans, below mentioned are some of the popular life insurance plans for senior citizens. You can have a look at these plans for better understanding. 

(Source: IRDAI Annual Report - Claim Settlement Ratio for the year 2019-20)

1. Max Life Guaranteed LifeTime Income Plan

Max Life Guaranteed LifeTime Income plan is retirement plan. This plan offers 4 immediate annuity option which are Single Life Immediate Annuity for Life (without death benefit), Single Life Immediate Annuity for Life (with death benefit), Joint Life Immediate Annuity for Life (without death benefit) and Joint Life Immediate Annuity for Life (with death benefit). Max Life Guaranteed LifeTime Income Plan also offers 2 deferred annuity options which are Single Life Deferred Annuity for Life (with death benefit) and Joint Life Deferred Annuity for Life (with death benefit). This promises to offer guaranteed income lifelong.

Features and Benefits

• Availability of 4 Annuity Options
• Availability of 2 Deferred Annuity Options
• Flexibility to Choose Premium Payment Frequency
• Availability of Top-up Facility

2. Tata AIA Life Insurance Smart Annuity Plan

Tata AIA Life Insurance Smart Annuity Plan ensures that the life assured is financially independent in his/her post retirement period. This plan offers a regular income option that the life assured can avail to fulfil his/her financial requirements post retirement. This plan has three different annuity options that are Immediate Life Annuity, Immediate Life Annuity with Return of Purchase Price, and DeferredLife Annuity with Return of Purchase Price. 

Features and Benefits

• Availability of 3 Annuity Options
• Availability of Single or Joint Life Annuity 
• Flexibility to Choose from Different Annuity Payout Options
• Availability of Top Up Option

3. IDBI Federal Termsurance Seniors Insurance Plan

IDBI Federal Termsurance Seniors Insurance plan is specially designed for people who are above or 50 years of age. This plan promises to provide you with a whole life cover even if you are 50 years or above. To apply for this term insurance plan no medical tests are required.

Features and Benefits

• No Medical Examination Required
• Flexibility to Choose Premium Payment Frequency
• Fixed premium rates throughout

4. Kotak LifeTime Income Plan

Kotak LifeTime Income plan promises to provide income in your post retirement years and if any case you pass away the income will be provided to your spouse. This plan lets you ensure that you have a financial independent post retirement time period. Kotak LifeTime Income Plan offers 6 different annuity options that you can choose from, according to your requirements. 

Features and Benefits

• Plan available for individual customers and group customers as well.
• Availability of 6 Annuity Options
• Flexibility to choose Premium Payment Frequency 

Also Read:- Monthly Income Plans For Senior Citizens

Best Term Insurance Plans for Senoir Citizens

5. SBI Poorna Suraksha Plan

SBI Poorna Suraksha plan is a term insurance plan that is designed for the elderly people. This plan promises to offer dual benefits of life cover and in-built critical illness cover. Sbi Poorna Suraksha plan also offers Waiver of Premium benefit, if you are diagnosed with any of the 36 listed critical illnesses. This plan also comes with Life Stage Rebalancing in which the sum assured is balanced with the critical illness during the different stages of life insurance policy.

Features and Benefits

• Availability of Critical Illness Benefit
• Availability of Waiver of Premium
• Fixed Premium through policy term
• Availability of Life Stage Rebalancing