Home Insurance Is buying term insurance policy a sensible decision for the senior citizens?
Is buying term insurance policy a sensible decision for the senior citizens?

Is buying term insurance policy a sensible decision for the senior citizens?

by Ragini Salampure

As we talk about term insurance, most of us assume that the age of the insured to be under 30 years or at least under 35 years. The fact is that the lesser the age is, the better the benefits are and the lesser the premium that you need to pay. And term insurance for senior citizens is something that very few of us even think about. If the senior citizens buy term plans, the premium amount they have to pay will be higher and they even may find it difficult to purchase term insurance as most of the companies are reluctant in selling term insurance to people above 60 years of age. However, it would also be wrong to say that there is no term insurance plan for people above 60 years of age. And it is of course prudent to invest in something than nothing. Therefore, here are some of the term plans that you as a senior citizen can take a look at.

  • LIC Tech Term: The maximum entry age for this plan is 65 years. The maturity age is 80 years. The minimum sum assured is INR 50 lacs, and the claim settlement ratio of the company is 96.69%.
  • LIC Jeevan Amar: The maximum entry age for the LIC Jeevan Amar plan is 65 years. The maturity age is 80 years. The minimum sum assured under this plan is 25 lacs. The claim settlement ratio is 96.69%.
  • HDFC Click2Protect Plus: This is again one of the term insurance plans for senior citizens as the maximum entry age for the plan is 65 years. The maturity age is 85 years. The minimum sum assured is INR 10 lacs. The claim settlement ratio of the company is 99.07%.
  • Max Life Online Term Plan Plus: The minimum entry age for this plan is 60 years. Therefore, if you are entering the age group of senior citizens, you can consider this plan. The maturity age is 85 years. The minimum sum assured is INR 20 lacs. The claim settlement ratio is 99.22%.
  • SBI Poorna Suraksha: Offered by one of the most sought-after banks in the country, SBI, this plan enables candidates under 65 years of age to buy this plan. The maturity age is 75 years, and the sum assured is INR 20 lacs. The claim settlement ratio is 94.52%.
  • Tata AIA Maha Raksha Supreme: The entry age for this plan is 65 years and the maturity age is 85 years.  The minimum sum assured is INR 50 lacs.  The claim settlement ratio is pretty good, which is 99.06%.
  • ICICI Prudential iProtect Smart Term Plan: Like many other term insurance plans, the entry age even for this plan is 65 years. The maturity age is 75 years. The sum assured depends on the minimum premium that you can pay. The claim settlement ratio of the company is 97.84%.
  • Bajaj Allianz Smart Protect Goal Term Plan: This term insurance plan enables people under 65 years of age to buy this plan.  The maturity age is 85 years. The minimum sum assured under this plan is INR 50 lacs. The claim settlement ratio is 98.02%.
  • Canara HSBC OBC iSelect Star Term Plan: The entry age for the plan is 65 years. Therefore, if you have recently retired from your job, you can still invest your money in this term insurance plan. The maturity age is 80 years. The minimum sum assured is INR 25 lacs. The claim settlement ratio is 98.12%. 
  • Aditya Birla Sun Life Insurance Life Shield Plan: The minimum entry age for this plan is 65 years. The maturity age is 85 years. The minimum sum assured is INR 25 lacs, and the claim settlement ratio of the company is 97.54%.

Besides these, there are many other term insurance for senior citizens that you can opt for. To check out some of the best term insurance plans for people more than 60 years of age, you can visit the website of IIFL. You can find a long list of such plans and can even compare all of them. This will even help you to make a sound decision after knowing all the details about each plan. For better information, you can log in to the website of IIFL.

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