• Senior Citizen Term Insurance Plans

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    Life today is full of roles and responsibilities and its fast-paced nature has made it unpredictable too. In today’s world it is always good to carry a back-up plan for all your needs and duties. Term life insurance for senior citizens is one such tool that will help you ensure your loved ones are adequately cared for even when you are not around. Old age brings with itself several ailments that are expensive to treat and care for. Term Life Insurance for Senior Citizens is a plan being offered by various insurance companies, specifically for people who are aged 60 and above. At first, insurance companies were not so keen in offering insurance to people who had already hit the senior citizen mark. But, these companies have increasingly started to realize that this older segment is actually the one with substantial funds to pay for insurance schemes.

    Term Life Insurance is the most primitive form of insurance wherein an individual is provided coverage until the term of the policy. If the insured person loses his/her life during the term, the beneficiaries get the insurance amount. Term life insurance is an important financial tool for anyone who has dependents to support or any other financial liability that needs repayment.

    Senior citizens opt for term life insurance so as to leave amounts for their children or to cover any debts that they might be carrying or to ensure full coverage of their funeral expenses so that they aren’t a burden for anyone after their demise.

    Why opt for Term Life Insurance for Senior Citizens?

    Term Life Insurance for Senior Citizens is growing in popularity for various reasons, some of which are listed below –

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

    Features of Term Life Insurance for Senior Citizens:

    It is always good to know the pluses and minuses pertaining to a policy before deciding on it. There are several points about term life insurance for seniors that should be considered before availing this plan from an insurance provider.

    • In case the insured person dies within 2 years of commencement of the policy, the nominee stands to receive 125% of the sum insured. This clause holds true for most of the term life insurance policies for senior citizens
    • In case of the insured person’s death after 2 years of policy commencement, the sum insured will be paid to the nominee in case all the premiums are paid fully
    • Term life insurance for senior citizens has different age brackets depending upon different 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
    • Premiums, like for all other policies, depend upon the sum insured that you are looking at and the time frame you want to opt for
    • Smokers and non-smokers are expected different premium payments. Also, wellness record is taken into consideration by many companies before they provide insurance

    IDBI Termsurance Seniors Insurance Plan

    This term life insurance plan from IDBI is aimed to make senior citizens free of any financial worries that they might have regarding their loved ones and their associated financial liabilities. This scheme from IDBI helps people up to 85 years of age to buy insurance and that too without any medical check-ups. The sum insured has been restricted to Rs.5 lakhs and the benefit is limited to 125% of the sum insured in case the insured person dies within 2 years of commencement of the policy. The policy can be availed for different terms and sum insured and depends upon the age and the premium that the insured is ready to pay.

    Despite all the positives associated with term insurance for senior citizens, there is one major catch of higher premium payment. Hence, these policies have slightly higher premiums as compared to the regular term life insurance plans. Since, these policies are comparatively costlier, it becomes absolutely necessary to research well and compare all the available policy options before settling for one. Generally, the best way is to find out about all the available options and then weigh them in terms of lowest cost and maximum benefit so that the policy comes at an affordable rate.

    Compare Term Life Insurance Policies at BankBazaar.com

    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 login 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 term life insurance menu 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 also get to know the very intrinsic details about your term life insurance plan like Maximum Maturity Age, Claim Settlement Ratio and premium for new buyers etc.

    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 insured and lists down highlights pertaining to a particular term insurance plan.

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    Why Should Senior Citizens Avail Term Insurance? Reviews

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the Life Insurance Corporation of India and the customer service is good one with them. I would like to say that the overage value is good one with the Life Insurance Corporation of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 17, 2018
    • SBI Life Life Insurance
      "Looking for better feature and service"
      0.5 3.0/5 "Satisfactory"
      Performance of people they wont helpful, they don't realize whom they are dealing with. If anything happens also no body is there to help me. SBI life is average, I have tenure of 15 years, premium monthly 1500. I will maturity benefits lump sum amount its nominal, tax benefits, life cover accidental cover
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with LIC,the premium amount is 3800.i make direct payments at the branch.The policy coverage amount is one lakh, i feel its very less.The policy is for 15 years,I submitted documents via an agent.Plan name is Jeevan anand.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with LIC.The premium amount is 13800 in a year.The policy coverage is three lakhs,I make direct payments at the branch.I have no claim experience,its been nine years since i have taken this policy.The policy is for 15 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Very Good"
      0.5 4.0/5 "Great!"
      Taken a life insurance policy with LIFE INSURANCE CORPORATION OF INDIA. Its an attractive insurance policy. They have given very good benefits and its a right policy. I would end up saying that it is a very good with LIFE INSURANCE CORPORATION OF INDIA.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 16, 2018
    • Tata AIA Life Insurance
      "Good Investment"
      0.5 5.0/5 "Blown Away!"
      I took this Insurance some 2 years back and the experience with it has been pretty good. I have been paying Rs.25000 as premium in this Insurance. I would be getting a Money back for every 2 years. The overall experience with it has been pretty good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good to invest"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance policy from LIC. I am using the service for a very long time. I never contacted the customer service. It was taken through an agent. The policy coverage and the plan benefits. I believe its a cash back policy. I am paying monthly 8K through net banking.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • Max Life Insurance
      "Good Insurance"
      0.5 5.0/5 "Blown Away!"
      Like all my Life Insurance even this is a Money Back plan. Every 3 years I will be getting a cashback and at the end of term I would be getting a lumpsome amount. I have been paying Rs.15000 as a premium for this Insurance. Customer service of them is pretty good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good investment"
      0.5 5.0/5 "Blown Away!"
      I have taken a Money back policy in LIC, in which every 5 years I will be getting Cashback and also at the end of stint I will be getting a lumpsome amount. I have been paying Rs.25000 as an annual premium for this Insurance. They provide Loan on the basis of this Insurance. I have making my repayment for this Insurance using cheque mode.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Its Good"
      0.5 4.5/5 "Excellent!"
      I wont deal with any LIC agent, I make payment by myself through online, the payment gate is convenient. I took lot of policies, each has different tenure. Hope I will be getting good sum assured after the maturity period with the tax benefits.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2018
    • Max Life Insurance
      "Good Investment"
      0.5 4.0/5 "Great!"
      I have taken a policy in this Insurance wherein I would be getting a return at the end of my whole term. I have been paying Rs.25000 as an annual premium for this insurance. The payment is directly linked to my account through ECS. The return expected is around 8%.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with LIC,the policy is for 21 years ,the plan name is Endowment policy,I pay a premium amount of 15,000.I get a policy coverage of three lakhs,I make payments directly at branch,the executives are good and had explained the policy in detail.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with LIC,the policy is for 8 years ,the plan name is Endowment policy,I pay a premium amount of 10,000.I get a policy coverage of two lakhs,I make payments directly at branch,the executives are good and had explained the policy in detail.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the Life Insurance Corporation of India. I have felt that the customer service is good one with them and there is no hidden cost in it. I am happy with the Life Insurance corporation of India.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have a Life insurance service from Life insurance corporation of India,for the term period of 15 years. I have six policy's with Life insurance corporation of India. The payments where through cheques,they never update me with any offers or schemes. It is a average service from Life insurance corporation of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the Life Insurance Corporation of India. I have felt that the customer service is good one with them and there is no hidden cost in it. I am happy with the Life Insurance corporation of India.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India. Customer service is good and the response is fine one for me with them. Coverage value is also fine one with the Life Insurance Corporation of India of India.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken Life Insurance with LIC,the premium amount is 14,000 per annum.The total policy is 20 years.I make online payments,i have no claim experience so far.The policy coverage amount is two lakhs.The customer service is good they respond on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2018
    • SBI Life Life Insurance
      "Good for Protection"
      0.5 5.0/5 "Blown Away!"
      I got Life Insurance from SBI, when I took home loan from them. They have issued the policy copy on time, they collected one time premium around Rs. 35,000 for 20 years, it has life cover, accidental cover. If some thing happen they take loan insurance.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 15, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a Life insurance service from Life insurance corporation of India. I have taken two policy with Life insurance corporation of India one is Bheema gold ,jeevan saral policy. The term period is for 20 years both and the payments are through online. They use to update me regarding their new schemes and offers. It is a excellent experience with Life insurance corporation of India.
      Was this review helpful? 0
      , noida
      Reviewed on Feb 15, 2018
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