Senior Citizen Term Insurance Plans

Term life insurance is the most primitive form of insurance wherein an individual is provided coverage during the term of the policy. If the insured person loses his/her life during the term, the beneficiaries receive the insurance amount. Term life insurance is an important financial tool for anyone who has dependents or have other financial liabilities that need repayment.

Why opt for Term Life Insurance for Senior Citizens

is growing in popularity for various reasons, some of which are listed below -

1. If you are aged above 50 and have never availed a life insurance policy in your life, then you can go for one now.
2. The policy ensures monetary benefits for your spouse who might be left alone to fend for herself/himself in case you are not around.
3. You can leave a substantial sum of money for your children as an inheritance.
4. Debts, if any, can be paid through the sum received via term life insurance.
5. If you prefer not to burden your loved ones with spends like funeral expenses, and want to pay for it even when you are not around.
6. To compensate for property taxes and legal fees that the property you leave behind might attract.

Features of Term Life Insurance for Senior Citizens

It is always good to be aware of the pros and cons pertaining to a policy before deciding on it. There are several points about term life insurance for senior citizens that should be considered before availing the plan from an insurance provider.

1. Term life insurance for senior citizens has different age brackets, depending on the insurance providers. For example, some insurers have it for 50 years and above, up to 80 years; others may have it for people aged between 60-80 years.
2. Premiums, like all other policies, depend on the sum assured that you are looking at and the time frame you want to opt for.
3. Wellness record is taken into consideration by many companies before they provide an insurance policy.

Benefits of Senior Citizen Term Insurance Plans

The following are the key benefits of the senior citizen term insurance plans:

Provide Financial Independence to Surviving Spouse

Senior citizen term insurance plan provides the spouse of the policyholders a complete liberty while you are away. Your spouse can avail this benefit as a monthly source of income.

Repay Debts with Senior Term Plans

With the help of a senior citizen term insurance plan, you will be able to pay off the loan with the death benefits which has been guaranteed.

Top Term Life Insurance Plans for Senior Citizens

Most insurance companies offer term life insurance only for those aged around 25 years to 60 years. Here are five top term life insurance plans that you can choose from if you are a senior citizen.

IDBI iSurance Flexi Term

The iSurance Flexi Term by IDBI Federal Life Insurance Co. Ltd. is a unique term insurance plan that offers four variations that you can choose from. The death benefit can be availed as a lump sum, as a regular monthly income, a combination of both, and also with all of the above plus an addition of 7.5% of the regular monthly income.

1. The minimum age at entry is 18 years and maximum age is 60 years.
2. The age at maturity can be a maximum of 80 years.
3. The basic sum assured ranges from Rs.50 lakh to Rs.30 crore.
4. The premium ranges from Rs.6,030 to Rs.12,450.
5. The premium can be paid yearly, half-yearly, quarterly, or monthly.
6. An accidental death benefit is available wherein a pay-out is issued in the event the life assured dies due to an accident.

Bharti Axa Life Flexi Term

This term life insurance plan comes with three pay-out options - lump sum, monthly income, lump sum and monthly income. The monthly income increases at a rate of 10% annually.

1. The minimum and maximum age at entry are 18 years and 65 years respectively.
2. The maximum age at maturity is defined as 85 years under this plan.
3. The minimum sum assured is Rs.1 lakh and the maximum sum assured is subject to underwriting.
4. The premium payment modes available are annual, semi-annual, quarterly and monthly.
5. A rider named Bharti Axa Life Accidental Death Benefit Rider is available with the plan. The rider provides the complete sum assured in case of death of the life assured due to an accident.

Aviva i-Life

Aviva i-Life insurance plan has an added benefit of rebates. The higher the sum assured, the higher the rebate on the premium. Further, female lives hold an additional 5% rebate on the premium rates.

1. The minimum age at entry is 18 years and maximum age at entry is 55 years.
2. The maturity age cannot be more than 70 years.
3. The minimum sum assured is Rs.25 lakh and the maximum depends on the underwriting.
4. The premiums can be paid yearly or half-yearly.

HDFC Life Click2Protect 3D Plus

The Click2Protect 3D Plus is an extensive term life insurance plan that promises to cover the 3 Ds - Death, Disability and Disease. It has six options under the lump sum pay-out option and 3 options under the lump sum plus monthly income option. The plan has an added feature wherein the future premiums are waived in case the life assured is permanently disabled due to an accident.

1. The minimum age for entry is 18 years and maximum is 65 years.
2. The maturity age is extended up to 75 years.
3. The minimum basic sum assured is Rs.10 lakh.
4. The premium can be paid annually, semi-annually, quarterly and monthly.

Aegon Life Term Insurance

This term life insurance plan comes with two death benefit options. The first option is of a lump sum pay-out in the case of the death of the life assured. In the second option, 50% of the sum assured is paid immediately after the death of the sum assured and 3% of the sum assured is paid monthly.

1. The minimum entry age for this plan happens to be 20 years and maximum is 65 years.
2. The maturity age is up to 75 years.
3. The minimum sum assured is Rs.10 lakh and the maximum is subject to underwriting.
4. The premium can be paid yearly, half-yearly and monthly.

In all the term life insurances mentioned above, the maximum age is within 65 years and the maturity age ranges up to 85 years. This allows senior citizens to purchase a term life insurance policy even if he/she hadn't purchased one earlier. And as established, these plans, too, come with several benefits.

ICICI Prudential iProtect Smart

1. This plan offers financial coverage against terminal illness, disability, and death.
2. The policyholders will pay special premium rates if the are non tobacco smokers and non smokers.
3. The plan offers flexibility in paying premium amount at a time.
4. You will get an option to choose accelerated critical illness benefit as well as accidental death benefit.
5. Policyholders can wish to choose benefit in the form of lump sum or as a monthly income for ten years, or both.
6. The instant life cover with You provides insurance coverage to the policyholders till 99 years of age.
7. Avail tax benefits on benefits received as well as premium amount paid according to the current laws of Income Tax Act, 1961.

Max Life Smart Secure Plus

1. The policyholder will receive insurance coverage until the 85 years of age. 
2. You will get options to choose from various payout options at the claim stage such as monthly income, lump sum amount, part lump sum, and part monthly income.
3. You can select joint life cover where you can join the insurance policy with your spouse and secure them.
4. The policyholder will receive cover amount, as Accelerated Critical Illness (ACI), upon diagnosis of any of the 40 specified critical illnesses mentioned in the policy.
5. You can select from the list of rider options such as Waiver of Premium rider, Critical Illness rider, etc. to get extra benefits on your policy.

Tata AIA SRS Vitality Protect

1.  It offers  protection to the policyholders with an inbuilt wellness program.
2. The policyholder will get 5% discount on the first year of premium.
3. You can choose between the Term or Term with Return of Premium (RoP) options. 
4. The policyholders will get free health check up every year.

Bajaj Allianz Smart Protect Goal

1.  The policyholders will be provided with an option to choose Return of Benefit (ROP) as a maturity benefit. 
2. You can choose whole life cover option in which you will be getting financial coverage up to the age of 99 years.
3. The policyholders are given flexibility to select for regular, limited, or single tenure of paying premium. 
4. It also has the following additional cover options:

o   Accidental Death Benefit (ADB)

o   Accidental Total Permanent Disability Benefit (ATPDB)

o   Critical Illness Benefit (CIB)

o   Waiver of Premium (WOP)

SBI Life Poorna Suraksha Plan

1. The LifeStage Re-balancing feature optimizes the protection level covered by rebalancing between critical illness cover as well as the life cover.

1.  The plan provides coverage to 36 specified critical illnesses.

1. The premium amount of the policy remains the same throughout the entire policy tenure.

LIC e-Term Plan

1.  LIC e-Term plan provides good financial coverage at an affordable premium price.
2. The maximum maturity age of LIC e-Term plan is 75 years of age. 
3. There is no upper limit on the maximum sum assured amount provided by the insurance policy.

How to Compare Senior Citizen Term Life Policies

Are you muddled with all the insurance policy options that are open to you and with all the incessant agent calls that you have been receiving? Disconnect your phone and relax. Just log in to BankBazaar.com and compare a host of term life insurance policies in order to choose the most affordable and profitable policy for you and your family.

Simply browse to the and select your age, smoking habits, and employment type. Click the submit button and you will be taken to a page that displays all the available term life insurance options which you can read through, compare and then choose. You will also learn the very intrinsic details about your term life insurance plan like Maximum Maturity Age, Claim Settlement Ratio, premium for new buyers, etc.

The adjustable sum assured panel will let you adjust the sum to suit your pocket in terms of the premium that you are capable of paying. The tool calculates the premium based on the input sum assured and lists the highlights pertaining to a particular term insurance plan.

Other Term Life Insurance Plans

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