Best Term Insurance Plans For Senior Citizens

The Aegon Life iTerm Plan is a non-linked, non-participating term insurance plan for citizens aged 18 to 65. It offers financial security to senior citizens by providing a lump sum to their nominee in the event of their untimely death within the policy term. The plan provides a base payment insured of INR 25 lakh and above.

The policy period might range from 5 to 40 years, depending on the demands and budget of the older citizen. It has a very simple online application process and no medical exams are required up to the age of 70, making it very easy for older persons to obtain this protection. The Aegon Life iTerm Plan ensures that senior individuals can leave appropriate assets for their family’s future requirements even after they pass away.

Key Features

• Life insurance coverage for a specified term of 5 to 40 years.
• In the event of the insured person’s untimely death during the policy term, the sum promised is paid to the nominee.
• Customers can save consistently by making monthly or annual premium payments.
• A portion of each premium is allocated to life insurance, with the remainder invested in funds of the customer’s choosing.
• Cash values accumulate over the policy term as premium amounts are invested.
• Section 80D of the Income Tax Act of 1961 may provide tax benefits to the insured.
• When a terminal illness is diagnosed, a 25% share of the sum assured might be paid in advance.
• This policy may be accompanied by four riders. These riders come with their own set of advantages.

Additional Riders

• Aegon Life AD Rider – Provides additional death benefit up to 100% of base sum assured in case of accidental death of the insured.
• Aegon Life WOP Rider on CI – Waives all future premiums if insured is diagnosed with any of the 35 critical illnesses.
• Aegon Life iCI Rider – Pays lump sum amount if insured is diagnosed with one of the listed 36 critical illnesses.
• Aegon Life Women CI Rider – Specific rider for women providing lump sum payment if diagnosed with illnesses like breast cancer, cervical cancer etc.

Eligibility Criteria

• Entry Age: Minimum – 18 years, Maximum – 65 years
• Maturity Age: 75 years
• Policy Term: 5 to 40 years
• Premium Paying Frequency: Yearly, Quarterly and Monthly
• Sum Assured: INR 25 lakh and above

When it comes to term life insurance, one option is Aviva Life Shield Platinum Term Insurance. If the insured were to die during the policy’s term, the family would be protected financially. The plan provides coverage for 10, 15, 20, or 30 years with a high sum assured of up to INR 50 lakh and above. It gives tax-free death benefits and the option to increase the sum assured at any time without undergoing any extra exams. When compared to other term plans on the market, the premiums are rather inexpensive.

The plan’s flexibility is enhanced by the availability of optional riders, such as an accidental death benefit rider, a critical illness rider, etc. Affordable and extensive life insurance protection can be found with Aviva Life Shield Platinum Term Insurance.

Key Features

• Flexibility: Policyholders can choose from three different payout options in the event of the life insured’s demise: Life Protection, Income Replacement, and Loan Protection.
• Policyholders can also choose to take a combination of these payout options.
• Affordability: The plan offers competitive premiums, especially for non-smokers and those in good health.
• High sum assured: The plan offers a high sum assured, with no upper limit.
• Long policy term: The plan offers a long policy term of up to 70 years.
• Riders: The plan offers a variety of riders, such as accidental death benefit, critical illness benefit, and waiver of premium rider, to provide additional protection.
• Tax benefits: Premiums paid for Aviva LifeShield Platinum are eligible for tax deduction under Section 80C of the Income Tax Act, 1961.

Covers

• Life Protection

Life protection is the primary benefit of term insurance. In the event of the policyholder’s death, the life insured’s nominee receives a lump sum payout. This payout can be used to meet the nominee’s financial needs, such as paying off debts, covering funeral expenses, and providing for the family’s future.

• Income Replacement

Income replacement is a feature that is offered by some term insurance plans. This feature provides the nominee with a regular monthly income for a specified period of time in the event of the policyholder’s death. This income can help the nominee to maintain their standard of living and meet their financial obligations.

• Loan Protection

Loan protection is a feature that is offered by some term insurance plans. This feature pays off the outstanding loan amount in the event of the policyholder’s death. This can help to protect the family from financial hardship in the event of the policyholder’s untimely demise.

Eligibility Criteria

• Entry Age: Minimum – 18 years, Maximum – 60 years
• Maturity Age: Minimum – 28 Years, Maximum – 75 years
• Policy Term: 10 to 40 years
• Premium Paying Frequency: Yearly, Quarterly and Monthly
• Sum Assured: INR 50 lakh and above

Edelweiss Tokio Life Protection Plan for Senior Citizens is a term insurance policy that provides financial protection to the policyholder’s loved ones in the event of their untimely death. The plan is available to those between the ages of 50 and 80, and it includes a variety of sum assured alternatives. The plan provides a baseline payment assured starting at INR 15 lakh. Premiums can be paid annually, semi-annually, quarterly, or monthly, according to the customer’s preference. The policy duration is between 5 and 15 years.

If the policyholder dies during the policy period, the nominee/beneficiary receives the entire basic sum assured. If death occurs as a result of an accident, the plan provides an additional payout of 25% of the basic sum assured.

Senior citizens have very low premiums because rates do not rise with age. The plan offers long-term security at a moderate cost. It provides financial security for senior citizens’ families even after they retire. The concept is a basic yet efficient solution for senior folks’ protection needs.

Key Features

• Sum assured is guaranteed regardless of market performance.
• Premiums paid and benefits received are eligible for tax benefits under Section 80C and Section 10(10D) respectively as per applicable IT laws.
• Premiums can be paid regularly (yearly/half-yearly/quarterly/monthly) or as a single premium as per the customer’s needs and budget.
• Customers can enhance the coverage by adding optional riders like accidental death benefit rider, critical illness rider, etc. at a nominal extra cost.
• Coverage can be increased over time by increasing the sum assured without any additional medical tests as per changing life stage needs.

Additional Riders

The Edelweiss Tokio Life Protection Plan for Senior Citizens includes the following riders:

• Critical Illness Rider: This rider provides a lump sum payment if the policyholder is diagnosed with any of the plan’s 12 catastrophic illnesses. Cancer, heart disease, stroke, kidney failure, and multiple sclerosis are among the ailments.
• Accidental Death Rider: If the policyholder dies in an accident, this rider pays out an additional sum assured.
• Waiver of Premium Rider: If the insured becomes terminally sick or fully and permanently incapacitated, this rider waives all future premiums.

Eligibility Criteria

• Entry Age: Minimum – 18 years, Maximum – 60 years
• Maturity Age: Minimum – 28 Years, Maximum – 70 years
• Policy Term: 10 to 30 years
• Premium Paying Frequency: Yearly, Half-yearly, Quarterly and Monthly
• Sum Assured: INR 15 lakh and above

Bharti Axa Life Flexi Term is a non-linked non-participating term insurance plan that provides financial protection to senior citizens between 50-85 years of age. This plan offers a basic sum assured ranging from INR 5 lakh to INR 50 lakh for a policy term of 20, 25 or 30 years. It offers life cover at affordable premium rates for senior citizens to financially secure their family in case of their unfortunate demise. The premium rates are payable regularly during the policy term and the sum assured is paid to the nominee in case of the life assured’s unfortunate death during the policy term. This plan is a pure protection solution ideal for senior citizens who want to financially protect their family and dependents during their retirement years through affordable term insurance.

Key Features

• Available to elderly individuals between the ages of 50 and 85.
• Policy terms range from 20 to 30 years.
• Options for sum assured range from INR 5 lakh to INR 50 lakh.
• Affordably priced premiums based on the entry age and policy duration selected.
• In the event of the tragic death of the life assured during the policy term, life insurance for the full sum promised is provided.
• If the policyholder lives to maturity, he or she will receive 100% of the Sum Assured, as well as any Terminal and Accrued Reversionary bonuses.
• Premium payments can be made yearly, half-yearly, quarterly, or monthly, depending on the customer’s preference.
• Throughout the policy duration, premium rates stay consistent.
• There is no need for a medical exam when purchasing the policy.
• Tax advantages on premiums paid and sum insured obtained in accordance with applicable IT regulations.
• Simple online purchasing and paperless documentation.
• In the event of a claim due to death, the nominee receives the whole sum insured.
• Provides financial security to family members and dependents during retirement.

Additional Riders

• Bharti AXA Life Hospital Cash Rider: If policyholders choose this rider, they will receive a specified amount of benefit for each day of hospitalization. It also assures that a predetermined sum is paid if the policyholder is admitted to an Intensive Care Unit. In addition, a lump sum payment is offered in the event of surgery.
• Bharti AXA Premium Waiver Rider: In the event of total permanent disability, serious illness, or death, Bharti AXA Life will waive and pay 100% of all future premiums under the base insurance, depending on the option.
• Bharti AXA Life Accidental Death Benefit Rider: This regular pay and non-linked rider guarantees 100% of the Sum Assured in the event of the policyholder’s death due to an accident for the duration of the policy.

Eligibility Criteria

• Entry Age: Minimum – 18 years, Maximum – 60 years
• Maturity Age: Maximum – 85 years
• Policy Term: 20, 25 & 30 years
• Premium Paying Frequency: Yearly, Half-yearly, Quarterly and Monthly
• Sum Assured: INR 5 to INR 50 lakh

The Canara HSBC OBC eSmart Term Plan is a non-linked, non-participating term insurance plan that provides financial security to your family in the event of your untimely death. This plan offers your nominee with a lump sum payout that can be utilized to repay loans or satisfy other financial commitments.

This plan’s core characteristics include variable policy durations ranging from 5 to 40 years, life insurance ranging from INR 25 lakh and above depending on your age, and consistent premiums throughout the policy term. If the life cover is less than INR 50 lakh, no medical examinations are necessary. You can also enhance your life insurance coverage during the term without having to undergo any further medical examinations.

In the event of a catastrophic disease, such as cancer or a heart attack, the plan offers an advance payout of 50% of the sum assured. Because there are no yearly dividends, premiums are less expensive than in standard plans.

Key Features

• Flexible insurance lengths ranging from 5 to 40 years, depending on your needs.
• Life insurance policies start at INR 25 lakh and go up from there, depending on your age.
• Premiums are fixed for the duration of the policy. If the life cover is less than INR 50 lakh, no medicals are necessary.
• Option to enhance life insurance coverage during the term without undergoing any further medical testing.
• In the event of a catastrophic disease such as cancer or a heart attack, 50% of the sum insured is paid as an advance.
• Premiums are less expensive than typical plans with no yearly returns.
• After three years of premium payments, the policy gains a surrender value.
• Provides financial security for the family at a low cost and with flexibility.
• In the event of the policyholder’s untimely death, the nominee receives the whole sum assured.
• The benefit might be used to repay loans or fulfill other family financial responsibilities.
• Quick claim settlement and no-questions-asked compensation.

Additional Riders

• Accidental Death Benefit (ADB) Rider: This rider provides an additional sum assured in the event of the life insured’s death due to an accident.
• Accidental Total and Permanent Disability Benefit (ATPD) Rider: This rider provides a waiver of all future premiums and an additional sum assured in the event of the life insured becoming totally and permanently disabled due to an accident.
• Critical Illness Benefit (CI) Rider: This rider provides a lump sum payout in the event of the life insured being diagnosed with a critical illness, such as cancer, heart attack, or stroke.
• Child Support Benefit (CSB) Rider: This rider provides a monthly income to the life insured’s children in the event of the life insured’s death before the children reach a certain age.

Eligibility Criteria

• Entry Age: Minimum – 18 years, Maximum – 70 years
• Maturity Age: Maximum – 75 years
• Policy Term: 5 to 40 years
• Premium Paying Frequency: Yearly, Half-yearly, Quarterly and Monthly
• Sum Assured: INR 25 lakh and above

Max Life Smart Secure Plus is an individual, pure-risk premium, non-linked, non-participating, age-60-80-specific life insurance policy. In the event of your untimely death within the insurance period, your loved ones will be protected financially.

Depending on the customer’s preference, premiums can be paid annually, semiannually, quarterly, or monthly, and the plan provides life insurance coverage of up to INR 50 lakh. It provides the nominee with a death benefit regardless of the cause of death, and it also reimburses the policyholder for the full amount of premiums paid. Policyholders are safeguarded for the whole 10, 15, 20, or 30-year duration of their coverage.

Key Features

• After paying premiums for ten years, policyholders can choose a one- or two-year premium break. During the interval, life insurance remains in effect, but supplementary benefits are suspended. Premiums can be resumed without any health concerns following the hiatus.
• If no claims are filed, all premiums paid will be refunded at the end of the policy period. This ensures that the customer receives their insurance money back.
• Customers can pay additional premiums during the insurance term to raise the total insured by 100%. Higher levels of protection are available for major life goals and events.
• Customers can abandon the plan after 10 policy years and earn the higher of Guaranteed Surrender Value or Special abandon Value. Customers benefit from this flexibility if their protection requirements decrease.

Additional Covers

• Terminal Illness Cover – In the event that the policyholder is diagnosed with a terminal disease, the policy will provide for his or her financial needs. After the medical certificate is verified, the insured will receive the full death benefit amount promised by the policy.
• Death Benefit – The Max Life Smart Secure Plus Plan provides financial support to the policyholder’s family as a death benefit under the Increasing Life Cover or Life Cover option. The policyholder has the option of selecting the preferred variant.
• Maturity Benefit – The insured will receive a maturity benefit if he or she outlives the policy’s term and opted for the return of premium while acquiring the plan. The insured might choose to receive a refund of all premiums paid at the end of the insurance period.
• Accelerated Critical Illness – With Accelerated Critical Illness (ACI), upon diagnosis of one of 40 different types of defined critical diseases, the insured is immediately entitled to the entire insurance sum.
• Accident Cover – If the insured person is killed in an accident, his or her family will get the sum insured in addition to the basic death benefit. The policyholder has the option of including accidental coverage in the term plan at any moment throughout the period for which premiums are being paid.
• Joint Life Benefit – The joint life benefit provided by the Max Life Smart Secure Plus Plan will ensure that your spouse’s financial needs are taken care of in the event of your death.
• Riders – In the event of your death, your spouse will receive a joint-life benefit from the riders included in the Max Life Smart Secure Plus Plan.

Eligibility Criteria

• Entry Age: Minimum – 18 years, Maximum – 65 years
• Maturity Age: Maximum – 85 years
• Policy Term: 10 to 67 years
• Premium Paying Frequency: Yearly, Half-yearly, Quarterly and Monthly
• Sum Assured: INR 50 lakh