Top Three Term Insurance Plans For Senior Adults In India In 2022
Table of Contents
Retirement signals the end of a person's earning years unless they opt to work as consultants. Retirees must make effective and precise use of their retirement funds in order to lower their tax burden while maintaining a stable source of income. For many retirees, putting up a retirement portfolio that includes a mix of fixed income and market-linked assets remains a struggle. The main benefit of having insurance for seniors is that it helps them to supplement their income and provide for themselves and their families. Insurance policies are also advantageous since they serve as both a savings and an income source, as the proceeds may be used to pay off other debts such as outstanding loans, medical expenses, and so on. Continue reading to learn more about senior citizen term insurance policies.
The Best Term Insurance Plans For Senior Citizens
The following are some of the best senior citizen term insurance policies for 2022 -
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The E-Term Plan of LIC
Those between the ages of 18 and 60 can apply for the e-Term Plan, which is an online term insurance plan. This coverage will cover the insured until he or she reaches the age of 75. Those interested in purchasing this insurance must choose a policy length between 10 and 35 years. The aggregate category's minimum sum insured is Rs.25 lakh, while the non-smoker group's minimum value ensured is Rs.50 lakh. This product's premiums must be paid on an annual basis.
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Aditya Birla Sun Life Protector Plus Plan
The plan gives absolute financial protection at a moderate premium expense. Protects you from escalating living costs while also allowing you to raise the amount of coverage. The plan offers an inbuilt total and permanent disability benefit to enhance the policy's coverage. The beneficiary might utilise the death benefit as a source of yearly income. The policy encourages people to have a healthy lifestyle. The policy contains rider options that expand the coverage of the policy. The policyholder can save money on taxes by using Section 80D of the Income Tax Act of 1961.
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iTerm Plan by Aegon Life
This plan may be purchased in a simple and basic method online. The policy's minimum admission age is 18 years old, while the maximum entry age is 65 years old. The maximum maturity age of the insurance is 80 years. The insured can benefit from Section 80D of the Income Tax Act of 1961. In the event that the insured passes away, the death benefit is paid to the policy recipient. Premium payment modes are flexible under the plan. Under the idea, nonsmokers and female policyholders will pay a lower premium.
Endnotes
Life insurance may be a great way for senior individuals over the age of 80 to protect and secure their family and dependents. Furthermore, certain insurance insurers offer living advantages like as premium exemptions, expedited death benefits, and accidental death and payout coverage, among other things. Several companies now provide insurance without a physical exam, which is a good option for folks who don't want to deal with the difficulties of a physical.
Also read- Is Term Life Insurance Required for Senior Citizens?
