Best Life Insurance For Senior Citizens Over 80 Years
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India's elderly population is expanding every day, thanks to a rising life expectancy rate. Every individual wants to be taken care of in their old age. Senior citizens may feel alone and hopeless if they are unable to financially or physically support themselves. Therefore, life insurance becomes an essential part for the elderly to feel secure. One of the best ways to look after the elderly and make them feel financially and emotionally safe is to purchase insurance coverage.
The main reason behind getting insurance coverage is that these plans help senior citizens to supplement their income, and support themselves and their families. Insurance policies are also important as they help avoid financial stress since they act as both a savings and an income source, as the money received from these policies can be used to pay off other debts such as outstanding loans, medical expenses, etc. To find more info on life insurance policies for senior citizens, read on.
What Is Life Insurance?
Life insurance is a contract between an insurer and a policyholder that lays out the financial benefits that a company will provide over a set period or upon the policyholder's untimely death. The policyholder pays the insurer monthly or yearly premiums in return for a maturity or death benefit. An individual who buys a life insurance policy has decided to protect their family against the uncertainties of life.
Top Insurance Plans For Senior Citizens Over 80 Years
Following are some of the top listed insurance plans for senior citizens -
1. LIC’s E-Term Plan
Individuals between the ages of 18 and 60 can acquire the e-Term Plan, which is an online term insurance plan. This policy will cover the insured until he or she reaches the age of 75. Individuals interested in purchasing this coverage must choose a policy duration of 10 to 35 years. The aggregate category's minimum sum promised is Rs.25 lakh, whereas the non-smoker category's minimum sum assured is Rs.50 lakh. This policy's premiums must be paid every year.
2. Max Life Insurance Online Term Plan Plus
Max Life Insurance offers three types of Online Term Plans Plus - Basic Life Cover, Life Cover + Monthly Income, and Life Cover + Increasing Monthly Income. The life guaranteed is covered up to the age of 85 in all three variations of this insurance. Regular Pay and 'Pay till 60' are the two premium payment choices available with this plan. The nominee will receive a lump sum payout equivalent to the full sum assured in the event of the policyholder's death.
3. HDFC Life Check 2 Protect 3D Plus Plan
HDFC Life's Click2 Protect 3D Plus Plan is an online term insurance policy with nine plan variations. This insurance also includes a feature called Life Stage Protection, which allows policyholders to boost their coverage level at important points in their lives. This policy's maximum entry age is 65 years old. Except for the Life Long Protection Option and the 3D Life Long Protection Option, the maximum age at maturity for all plan versions is 75 years. The Life Long Protection Option and the 3D Life Long Protection Option protect the policyholder for the rest of their lives.
Endnotes
Life insurance coverage may be an excellent way for senior citizens over the age of 80 to protect and secure their families and dependents. Furthermore, some policy insurers also offer living advantages like premium waivers, accelerated death benefits, accidental death and disbursement coverage, etc., to individuals.
Several companies also provide insurance without a health checkup, which is a good option for individuals who don't want to deal with the headaches of the checkup.
Also read:
When Is The Right Time To Start Investing In A Retirement Plan?
What Is Retirement Planning And How Much Money Is Needed After Retirement In India?
Disclaimer: This article is issued in the general public interest and is 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.
