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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 backup plan for all your needs and duties. Term life insurance for senior citizens is one such tool that will help you ensure that your loved ones are adequately cared for even when you are not around.

Term life insurance can be availed by senior citizens as the age brackets provided by insurance companies, today, make way for such purchases. At first, insurance companies were not very keen on offering insurances to people who had already hit the senior citizen mark. But these companies have started to realise that the older segment is actually the one that has substantial funds to pay for insurance schemes.

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.

Senior citizens opt for term life insurance to leave a certain amount for their children, or to cover any debts that they might carry, 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 benefits 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 an inheritance.
  • Debts, if any, can be paid through the sum received via term life insurance.
  • 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.
  • 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.

  • 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.
  • Premiums, like all other policies, depend on the sum assured that you are looking at and the time frame you want to opt for.
  • Wellness record is taken into consideration by many companies before they provide an insurance policy.

Top Five 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 4 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.

  • The minimum age at entry is 18 years and maximum age is 60 years.
  • The age at maturity can be a maximum of 80 years.
  • The basic sum assured ranges from Rs.50 lakh to Rs.30 crore.
  • The premium ranges from Rs.6,030 to Rs.12,450.
  • The premium can be paid yearly, half-yearly, quarterly or monthly.
  • 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 3 pay-out options – lump sum, monthly income, lump sum and monthly income. The monthly income increases at a rate of 10% annually.

  • The minimum and maximum age at entry are 18 years and 65 years respectively.
  • The maximum age at maturity is defined as 85 years under this plan.
  • The minimum sum assured is Rs.1 lakh and the maximum sum assured is subject to underwriting.
  • The premium payment modes available are annual, semi-annual, quarterly and monthly.
  • 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.

  • The minimum age at entry is 18 years and maximum age at entry is 55 years.
  • The maturity age cannot be more than 70 years.
  • The minimum sum assured is Rs.25 lakh and the maximum depends on the underwriting.
  • 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 6 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.

  • The minimum age for entry is 18 years and maximum is 65 years.
  • The maturity age is extended up to 75 years.
  • The minimum basic sum assured is Rs.10 lakh.
  • 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.

  • The minimum entry age for this plan happens to be 20 years and maximum is 65 years.
  • The maturity age is up to 75 years.
  • The minimum sum assured is Rs.10 lakh and the maximum is subject to underwriting.
  • 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.

Compare Term Life Insurance Policies at BankBazaar.com:

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 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 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 Other Life Insurance Plans Popular Life Insurance Plans

Why Should Senior Citizens Avail Term Insurance? Reviews

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  • Bajaj Allianz Life Life Insurance
    "Safe plan for future"
    0.5 5.0/5 "Blown Away!"
    I have life insurance with Bajaj Allianz, I used to pay Rs. 12,000 for one year policy, it has the tenure of 40 years, Its a totally term plan for the value of 1 crore, they give lump sump amount to the nominees, the claim ratio is good and also terminal waiver on premium.
    Was this review helpful? 0
    , pune
    Reviewed on Dec 14, 2018
  • SBI Life Life Insurance
    "Best ULIP Policy"
    0.5 5.0/5 "Blown Away!"
    I have purchased a market based policy 2 years ago. I have chosen SBI LIFE because it was suggested by my friend. I pay the premium amount of Rs. 10000. I make the premium through online. The growth was pretty good and tenure period of the policy is 10 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Best policy in LIC"
    0.5 5.0/5 "Blown Away!"
    My money back policy was taken with LIFE INSURANCE OF INDIA. I pay the premium amount of Rs. 5000 in a month. I have selected LIC because of the returns. I make the premium through ECS. Total tenure period of the policy is 25 years. My friend has referred me about this policy
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Good LIC policy"
    0.5 5.0/5 "Blown Away!"
    I'm just paying the premium and i have never get the sum assured amount and i will get it after 25 years of tenure period. I'm making the premium through ECS. I pay the premium amount of Rs. 5000 every month. I will get a coverage value of Rs. 1.27 Cr.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • Bharti Axa Life Life Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance from the Bharti Axa life as it has good returns i make the payment through on-line banking annually . This policy covers accidental and critical illness benefits with the tenure period of 15 years . Overall am satisfied with my policy .
    Was this review helpful? 0
    , faridabad
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Useful policy"
    0.5 4.0/5 "Great!"
    In the month of February, i have purchased a money back policy from Life Insurance corporation of India. I pay the premium amount of Rs. 15000. Last time i have paid the payment through cheque and in future i make through online. One of sister who is working as a LIC agent has referred this policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Useful policy"
    0.5 4.0/5 "Great!"
    I have purchased a term insurance policy 1.5 years back. There is no particular reason for choosing the LIC. I pay the premium amount of Rs. 26000 and i have chosen the annual payment mode. Sum assured amount was Rs. 70 lakhs. Total tenure period of the policy upto 70 years of my age.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have a life insurance policy with LIC from last 4 years and it is a long term policy. I pay my premium once in 6 months through direct payment and i am convenient with the payment options. Tenure period for this policy is 18-20 years. The returns and benefits are good in this policy.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    I have purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA where the name of the policy is ENDOWMENT PLAN and i am using it from past 10 years. The maturity period of this policy is till 67 years of my age. This gives the policy coverage of 4 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Good Policy with Life Coverage"
    0.5 5.0/5 "Blown Away!"
    I have agent who coordinate with me for my life insurance, they are responding well, the customer support is good, they have different payment options. The policy name called Jeevan labh its for 15 years I get the benefits as lump sum amount with life cover.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Life insurance corporation of India,the agent had clearly explain me about the policy coverage, plan benefits etc, there premium amount they have charged me was nominal,they charged in quarterly basis,overall service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 13, 2018
  • HDFC Life Life Insurance
    "Fine policy for emergency purpose"
    0.5 5.0/5 "Blown Away!"
    Along with my personal loan they have provided me a life insurance policy from HDFC LIFE. I have to pay the premium amount of Rs. 6000 in a year. I used to pay the premium through online. Total tenure period of the policy is 4 years. I'm getting a sum assured amount of Rs. 3 lakhs.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Dec 13, 2018
  • SBI Life Life Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I took this Life insurance from Sbi life mainly because of the good returns. The payment am doing through online every year through online payments . The best about the policy is it covers accidental coverage and critical illness There customer service and customer response is also good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    Based on the benefits and returns i have chosen this life insurance corporation of India . I am satisfied with the amount which am making for the policy . Am making the payment yearly through online . This policy cover accidental benefits . Overall am happy with it.
    Was this review helpful? 0
    , faridabad
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have purchased a life insurance policy in my wife's name. 5 years back i have bought the Jeevan saral policy with Life Insurance Corporation of India. Since its a better company, i have selected the LIC. I pay the premium amount of Rs. 5400. Its a long term policy. I have selected the annual payment mode.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Best Service"
    0.5 5.0/5 "Blown Away!"
    I am using LIC using thee policies same policies life insurance coverage and two more different policies i am never contact customer Service for everything contact with agent only Responsiveness very good , Promised Interest Rate is less in LIC but trust worthy , Fees & Charges is use to pay by agent only. Hence i can give rating 5 for best service
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 13, 2018
  • IDBI Federal Life Insurance
    "Very Good"
    0.5 4.5/5 "Excellent!"
    IDBI Life cover policy for my children there is more benefits in this policy i have to pay 30k every year after his age of 16 partially amount will received for his education after few years for marriage and in risk factor also amount will provide once terms will complete total Amount will be received in 3 terms for this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Very good"
    0.5 4.5/5 "Excellent!"
    I am using Life Insurance policy and need payment in six month once i am happy with LIC insurance policy . Since long time i am using Life cover policy so i am only trust to LIC for Life insurance payment is made in cheque and sometimes in cash which one collected by agent for service i can give rating 4.5 very good service.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 13, 2018
  • HDFC Life Life Insurance
    "Every salary holder must taken this policy"
    0.5 4.0/5 "Great!"
    I have purchased the HDFC accidental policy nearly 4 years before. I have been paying the premium amount of Rs. 80000. I used to make the premium through my credit card and i covert into EMI basis. This is annual payment mode policy. This policy has coverage value of Rs. 15 lakhs and all my member covered in this policy
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Good policy in LIC"
    0.5 4.5/5 "Excellent!"
    Since its a Government undertaken i have selected Life Insurance corporation of India for my life insurance policy. One of my agent who referred me about the Jeevan Anand policy. I had purchased this policy in 2013. I used to make the premium amount of Rs. 30000 and i have selected the yearly payment mode. The policy will get over by 2033.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 13, 2018
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