Best Term Insurance Policies For Senior Citizens
Updated On Apr 26, 2021
Table of Contents
Term insurance plans are an affordable and efficient way to ensure the financial security and stability of your family members as well as help you avoid financial strain in case of any mishaps such as accidents and critical illnesses. Needless to say, the possibilities of facing the aforementioned circumstances are high for senior citizens.
It is important, therefore, to purchase a term insurance plan for senior citizens. Not only does it help them worry less, but also helps their family lead a stress-free life. Term insurance plans also have simple terms and conditions which makes it easier for senior citizens, who are policyholders, to handle them better.
Also Read:- What are Retirement Plans? How Do They Work?
What Is A Term Insurance?
Term insurance provides coverage for a certain period of time known as the "term" for that particular plan. If the policyholder passes away during that period, the beneficiaries receive the death benefit. There is no maturity benefit. The policyholder can also add riders to their basic term insurance plan.
Riders cover accidental death, critical illnesses and more. You can choose according to your needs and circumstances. This is especially helpful for senior citizens whose condition may worsen anytime and who are frail. Although there is no benefit if the plan reaches its maturity, term insurance plans usually provide sufficient cover. This, combined with their cheap rates make for a very good buy.
Best Term Insurance Plans for Senior Citizens
There are hundreds of term insurance plans available currently. To help you with a choice, we have curated the best term insurance plans for senior citizens. Take a look at them below.
|
Term Insurance Plan |
Maximum Entry Age |
Minimum Sum Assured |
Maturity Age |
|
Bharti AXA eProtect Term Insurance Plan |
65 years |
Rs. 25 Lakh |
70 years |
|
Future Generali Flexi Online Term Insurance Plan |
55 years |
Rs. 50 Lakh |
75 years |
|
LIC e-Term Plan |
60 years |
Rs. 25 Lakh |
75 years |
|
SBI Life-Poorna Suraksha Plan |
65 years |
Rs. 20 Lakh |
75 years |
|
Canara HSBC eSmart Term Plan |
70 years |
Rs. 25 Lakh |
75 years |
|
Aviva Life Shield Platinum Term Insurance |
60 years |
Rs. 50 Lakh |
65 years |
|
Max Life Insurance Online Term Plan Plus |
60 years |
Rs. 25 Lakh |
85 years |
|
IDBI Senior Citizen Term Insurance |
60 years |
Rs. 5 Lakh |
70 years |
|
Aegon Life iTerm Plan |
65 years |
Rs. 10 Lakh |
75 years |
You May Also Like to Read:- Benefits of Purchasing Retirement Plans
When Is The Right Time To Invest In A Retirement Plan?
Endnotes
The choice of the right term insurance plan depends mostly on personal circumstances and needs, especially for senior citizens as they are frail and susceptible to more dangers than the young. Therefore, it is important to evaluate them before you decide to purchase a term insurance plan.
