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In India, The Top Three Term Insurance Plans For Senior Adults In 2022

Published On Mar 16, 2022

The main benefit of having insurance for seniors is that it allows them to supplement their income and provide for themselves and their families. Insurance policies are also advantageous because they serve as both a savings and an income source, as the proceeds can be used to pay off other debts such as outstanding loans, medical bills, and so on. Continue reading to learn more about senior citizen term insurance plans.

Life Insurance Policy

A Life Insurance Policy is a contract that outlines the financial advantages that a company will provide to a policyholder over a set period of time or upon the policyholder's untimely death. It is a contract between an insurance company and a policyholder. In exchange for a maturity or death payout, the policyholder pays the insurer monthly or yearly premiums. When someone buys life insurance, they are choosing to protect their family from the dangers of life.

Best Term Insurance Plans In India

1. Aditya Birla Sun Life Protector Plus Plan

Aditya Birla Sun Life Insurance (ABSLI) Protector Plus Plan is a standard term insurance policy that provides financial protection at a low cost. Because it is a traditional plan, it ensures that the risk component is minimized, making it ideal for those who do not want to invest in high-risk financial products. 

  • Within 15 days of receiving the policy paperwork, every policyholder has the opportunity to cancel this Aditya Birla Sun Life Insurance Protector Plus Plan. If the policyholder opted for Distance Marketing options while purchasing the insurance, this period is extended to 30 days. The policyholder must send the company a written notice of cancellation, along with the reasons for the cancellation and the original documentation. After deducting certain fees, the corporation refunds the policyholder's premium.
  • If a policyholder is unable to pay their premium by the due date, they will be offered an additional 30 days to settle the unpaid premium amount. Terms and conditions apply; consequently, it is recommended that you read the policy booklet for more information.
  • The policyholder does not have access to a loan option, surrender value, or paid-up value under the plan.

2. LIC’s E-Term Plan

Those between the ages of 18 and 60 can apply for the e-Term Plan, which is an online term insurance plan. This coverage will cover the insured until he or she reaches the age of 75. Those interested in purchasing this insurance must choose a policy length between 10 and 35 years. The aggregate category's minimum sum insured is Rs.25 lakh, while the non-smoker group's minimum value ensured is Rs.50 lakh. This product's premiums must be paid on a yearly basis.

  • The Aggregate Plan offers a high sum promised, starting at Rs.25 lakh for smokers and Rs.50 lakh for non-smokers.
  • Policyholders can choose between a minimum of 10 years and a maximum of 35 years for the life of their insurance.
  • The policy covers you until you are 75 years old.
  • The Income Tax Act of 1961, Sections 80C and 10(10D), respectively, allow tax benefits on premium payments and sums promised.

3. Aegon Life iTerm Plan

This plan can be purchased in a simple and basic method online. The policy's minimum admission age is 18 years old, while the maximum entry age is 65 years old. The policy's maximum maturity age is 80 years. The insured can benefit from Section 80D of the Income Tax Act of 1961. In the event that the insured passes away, the death benefit is paid to the policy recipient. Premium payment modes are flexible under the plan. Under the idea, nonsmokers and female policyholders will pay a lower premium.

  • Benefits for Terminal Illness that are built-in
  • Life insurance up to the age of 80 is an option.
  • Option to enhance your life insurance coverage as your needs change as you become older.
  • Females and nonsmokers pay lower premiums.
  • Several riders can be selected to protect themselves from accidental death, critical illness, and disability.

Take Away

Life insurance may be a great way for senior individuals over the age of 80 to protect and secure their families and dependents. Furthermore, certain insurance insurers offer living advantages such as premium exemptions, expedited death benefits, and accidental death and payout coverage, among other things. Several companies now offer insurance without a physical exam, which is a good option for folks who don't want to deal with the difficulties of a physical.

Also Read: Is the Post Office Monthly Income Scheme For Senior People?

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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