Senior citizens in India are typically considered as individuals who have crossed the age of 60 years. Most senior citizens have adult children who are independent and rarely require the support of their parents, financially at least. That nearly negates the need for initiating a new life insurance plan in order to leave behind a corpus for their offspring.
But, in retrospection, senior citizens might require an active life insurance at any given point of time. Life expectancy in India averages around 60-65 years, with many people crossing the 80 year mark. A support plan for the future, if not already present, is a great idea to help your better half, if it be so unfortunate that your demise be untimely. In addition to that, some life insurance plans from Max Life also offer a return of investment in terms of monthly income or lump sum amounts.
Types of Senior Citizen Life Insurance Plans from Max Life:
Plans from Max Life Insurance aimed at senior citizens offer the flexibility of choosing the tenure and the cover amount and can be easily availed online.
- Endowment Plans:Endowment plans from are the cadre of insurance products from the private life insurer that cater to senior citizens. These plans don’t offer the higher amounts of life cover that one receives as per term plans, but there is an added benefit of flexibility in terms of investment that can be done through the options provided. Endowment plans can also add to the initial investment and serve as a wealth multiplier.
- Forever Young Pension Plan: A plan that is tailored to provide growth of investment in the form of premium and allows a return of up to 110% of the total premiums paid. It comes with two fund investment options that are suited for people with variable risk affinities.
- Pension Maximiser – Investment of premiums primarily in equity
- Pension Preserver – Investment of premiums primarily in fixed income instruments
How to purchase Max Life Insurance policies for Senior Citizens?
The entire range of insurance plans from Max Life can be reviewed and compared online at BankBazaar. The comparison will include key details like the premium amount to be paid, the sum assured, the maturity benefits, optional riders and details about the funds that premiums might be invested in. All the information will be presented in a concise, tabular format with pictorial references when and where needed.
Upon deciding on a particular plan, one can fill in details pertaining to the that is desired or the premium amount that one can pay and BankBazaar’s nifty online program will do the rest of the calculation and guide you further to the insurer, aiding you through every step of the process, till you get a policy in your name.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017