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Can I Buy Life Insurance After 65 Years Of Age?

Published On Dec 19, 2021

Everyone wants to be cared for as they become older. Senior citizens may feel alone and sad if they seem unable to financially or physically support themselves. As a result, life insurance becomes a crucial component of an older person's security. Purchasing insurance is one of the most effective ways to care for the elderly and ensure their financial and emotional security.

Term insurance is a type of plan that serves as an income backup plan following the death of the life assured, allowing the family and dependents to survive financially difficult times. Though it is preferable to get insurance when you are younger, acquiring one when you are older offers its own set of advantages. To understand more about life insurance policies for senior citizens, read on.

What Is Life Insurance?

Life insurance is a contract between an insurer and a policyholder that outlines the financial benefits that the insurer will provide over a set time period or upon the policyholder's untimely death. The policyholder pays the insurer monthly or yearly premiums in return for a maturity or death payout. When a person buys life insurance, they are opting to protect their family against the risks of life.

Term insurance is the most cost-effective type of life insurance since it provides a considerable amount of coverage for a low price for a set period of time. A term insurance policy protects the nominee financially if the life insured dies within the policy's term. The only life insurance policies that are created for the sole purpose of paying out a claim are term insurance plans.

Insurance Plans After 65 Years Of Age

Following are some of the top listed insurance plans that individuals can purchase after 65 years of age -

1. Bajaj Allianz eTouch Online Term Plan

It is one of the most economical term plans that can be acquired easily and quickly online. The policy provides a guaranteed yearly payout to the family for 15 years in the event of death. Sections 80D and 10 of the Internal Revenue Code provide tax advantages (10D). Payouts are available in two distinct ways under the plan. The policy's maximum maturity age is 70 years. The package comes with a 15-day trial period.

2. Aviva Life Shield Advantage Plan

At a low fee, the plan gives entire security to the insured's family. If the insured lives to the end of the policy's term, the premium paid will be refunded. The insurance holder has the option of paying the premium in two ways: on a monthly basis or in one lump sum. The tax incentives are available under the Income Tax Act of 1961, Sections 80D and 10 (10D).

3. Aditya Birla Sun Life Protector Plus Plan

The plan gives absolute financial protection at a moderate premium expense. Protects you from escalating living costs while also allowing you to raise the amount of coverage. The plan offers an inbuilt total and permanent disability benefit to enhance the policy's coverage. The beneficiary might utilise the death benefit as a source of yearly income. The policy encourages people to have a healthy lifestyle. The policy contains rider options that expand the coverage of the policy. The policyholder can save money on taxes by using Section 80D of the Income Tax Act of 1961.


Life insurance for senior citizens over the age of 65 can be an excellent way to protect and secure their family and dependents. Premium exemptions, accelerated death benefits, accidental death and disbursement coverage, and other living benefits are also available from some insurance companies. Several companies now provide insurance without a medical exam, which is a good option for folks who don't want to deal with the difficulties of an exam.

You may also like to read - Life Insurance For Senior Citizens

Meaning Of Annuity And How It Works?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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