• 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 Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I pay a premium of 30000 Per year, I make payments via ECS, directly debited from the account. The sum assure dis 7 lacs. SO far there hasn't been any issues with the services of LIC.The payment options are also flexible with the LIC.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've a life insurance policy for a while. I am paying the premium 5000 quarterly. The sum assured is 50 Lacs. The tenure of the policy 10 years. I make the premium payments via ECS. I just have to keep the money in the account its that easy. Overall it has been a hassle free experience with them so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the LIC. I am paying a premium of 600 per month. I don't the know the sum assured. I make payments LIC website. No issues, there needs have dedicated customer care for handling customer inquiries. They need to establish a proper response system to support their services.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I've two life insurance policy with the LIC. I am paying a premium of 600 Rs per month.The customer support services are good. The premium gets auto debited from the account. I never had any issues with their services so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2018
    • Bharti Axa Life Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      Customer service is good one with the Bharti axa life insurance company and the coverage value is around 25 lakh Rupees. I am really happy with them till now, also am happy with them till now. I have not faced any such issues with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 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 would like to say that the response is good one for me with them and the benefits are good too. There are no issues with the LIC of India.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2018
    • LIC Life Insurance
      "Better"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the Life Insurance Corporation of India and the premium amount is depends upon the policy, Coverage value is fine one with the Life Insurance Corporation of India. Customer service is not really up to the mark.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 23, 2018
    • LIC Life Insurance
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I am having the life insruacne policy with the LIC of India. Customer service with the Life Insurance Corporation of India is good and the plan benefits are fine one too. Payment option are really fine one too, I have done it though ECS.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2018
    • Max Life Insurance
      "BEST"
      0.5 5.0/5 "Blown Away!"
      It is a term insurance that i am using from the max. I am using since 1 year. The documentation i have done it through the on line. Payment i do through the on line for yearly once. Premium is very normal when compared to the others. The tenuity is for 40 years.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the Life insurance policy from the LIC for a while. I am paying premium 30000 per year, the tenure of the policy is 10 years and I make premium payments via the agent. So far I haven't faced any issues with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance jeevan policy from Life insurance corporation of India . This policy covered with accidental coverage and critical illness coverage . This is good policy with good benefits . Overall am satisfied with customer service and response . I have choose tenure period of 25 years with policy coverage of 55 years and make the payment yearly through on-line net banking.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I pay a premium of 1 lac per year, it is so easy to make payments through the revamped LIC payment interface. I never faced any problems with their service and as it is run by the govt the service is trustworthy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 21, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the LIC Jeevan Saral life insurance policy from the LIC. I pay a premium of Yearly 85000, the premium gets auto debited from the account. I never had any issues with their services. LIC is a recommendable insurance provider as it is run by the Government.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the LIC Jeevan Umang Life insurance policy for a while. I pay a premium of 8700 per year, The tenure of this policy is 15 years. The premium gets auto debited from the account. I never had any issues with the services of LIC.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy for a while. I am paying a premium of 7000 Per year, my agent makes payment for this policy via cheque. I never had any issues with the service so far. LIC is a reliable insurance provider as far as I am concerned.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the LIC Jeevan Anand Life insurance policy for a while. I am paying the premium of 10000 every 6 months. I never had any issues with their services. It is also easy to make payments. Being a govt run company the security for your money is guaranteed with the LIC.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my life insured with LIC from last 1 year and it is a long term policy. The tenure for this life insurance policy is for 20 years. I pay my premium once in 3 months by cash and i am convenient with the payment options. I am happy with the returns and benefits of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I have my life insured with LIC from last 8-9 years and it is a money back policy. I am happy with the coverage and returns of this policy; I pay my premium once in 3 months through net banking and i am satisfied with the terms and conditions of this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 21, 2018
    • LIC Life Insurance
      "Trusted Policy"
      0.5 3.0/5 "Satisfactory"
      I do online payment for this LIC policy. Good life secured policy. I found LIC is trustworthy to invest. I've been holding this policy more than 8 years. Risk coverage policy. Accidental and death benefitable policy. I used to pay the premium of Rs. 5000 every month. Its a life time policy. After 60 years it will get matured. I will get a sum assured amount of Rs. 10 lakhs
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I am using the life insurance policy from the LIC for which I am paying a premium of almost 1 lac. Their services are good and never faced any issues so far. The payment options are also nice with the LIC. Being a Govt company the security for investment is certainly there with the LIC,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2018
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