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Best Term Insurance Policies For Senior Citizens

Term insurance plans are an affordable and efficient way to ensure the financial security and stability of your family members as well as help you avoid financial strain in case of any mishaps such as accidents and critical illnesses. Needless to say, the possibilities of facing the aforementioned circumstances are high for senior citizens. 

It is important, therefore, to purchase a term insurance plan for senior citizens. Not only does it help them worry less, but also helps their family lead a stress-free life. Term insurance plans also have simple terms and conditions which makes it easier for senior citizens, who are policyholders, to handle them better. 

Also Read:- What are Retirement Plans? How Do They Work?

What Is A Term Insurance?

Term insurance provides coverage for a certain period of time known as the "term" for that particular plan. If the policyholder passes away during that period, the beneficiaries receive the death benefit. There is no maturity benefit. The policyholder can also add riders to their basic term insurance plan.

Riders cover accidental death, critical illnesses and more. You can choose according to your needs and circumstances. This is especially helpful for senior citizens whose condition may worsen anytime and who are frail. Although there is no benefit if the plan reaches its maturity, term insurance plans usually provide sufficient cover. This, combined with their cheap rates make for a very good buy.

Best Term Insurance Plans for Senior Citizens

There are hundreds of term insurance plans available currently. To help you with a choice, we have curated the best term insurance plans for senior citizens. Take a look at them below.

Term Insurance Plan

Maximum Entry Age

Minimum Sum Assured

Maturity Age

Bharti AXA eProtect Term Insurance Plan

65 years

Rs. 25 Lakh

70 years

Future Generali Flexi Online Term Insurance Plan

55 years

Rs. 50 Lakh

75 years

LIC e-Term Plan

60 years

Rs. 25 Lakh

75 years

SBI Life-Poorna Suraksha Plan

65 years

Rs. 20 Lakh

75 years

Canara HSBC eSmart Term Plan

70 years

Rs. 25 Lakh

75 years

Aviva Life Shield Platinum Term Insurance

60 years

Rs. 50 Lakh

65 years

Max Life Insurance Online Term Plan Plus

60 years

Rs. 25 Lakh

85 years

IDBI Senior Citizen Term Insurance 

60 years

Rs. 5 Lakh

70 years 

Aegon Life iTerm Plan

65 years

Rs. 10 Lakh

75 years

You May Also Like to Read:- Benefits of Purchasing Retirement Plans

When Is The Right Time To Invest In A Retirement Plan?

Endnotes 

The choice of the right term insurance plan depends mostly on personal circumstances and needs, especially for senior citizens as they are frail and susceptible to more dangers than the young. Therefore, it is important to evaluate them before you decide to purchase a term insurance plan.

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