Best Term Insurance Plans for Senior Citizens

Life today is full of tasks and obligations, and its swift existence has made it volatile. It's still nice to have a contingency plan for all your needs and duties in today's world. Term life insurance for elderly persons is one such tool that can help you to enable your cherished ones to be well cared for and though you're not around.

Many insurance providers sell life insurance only for people between 25 and 60 years of age. Here are five top-level life insurance policies that you can select from if you're a senior citizen.

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Best Term Insurance Plans for Senior Citizens

Following are the best term insurance plans available for senior citizens in India:

1. IDBI insurance Flexi Term

IDBI Federal Life Insurance Co.'s insurance Flexi word. Ltd. is a unique term insurance package that provides four options that you can select from. The death payment should be used as a lump sum, a regular monthly pension, a mix of both and all of the above plus an extra 7.5% of the standard monthly salary.

• The base age of entry is 18 years, and the mean age is 60 years.
• Age at maturity can be a limit of 80 years.
• The simple volume guaranteed ranges from Rs.50 lakh to Rs.30 crore.
• The premiums range from Rs.6,030 to Rs.12,450.
• The premium can be paid on an annual, half-yearly, quarterly or monthly basis.
• An accidental death benefit is possible where payment is made if the life insured dies due to an accident.

2. Bharti AXA Life Flexi Term

This term life insurance package provides three payout plans – fixed sum, annual income, lump sum and recurring income. Monthly salary rises at a rate of 10% per year.

• The minimum and the median age at entrance is 18 years and 65 years respectively.
• The maximum age at maturity is specified as 85 years of age under this package.
• The minimum amount insured is Rs.1 lakh, and the actual amount insured is subject to indecision.
• The applicable premium payment options are yearly, semi-annual, quarterly and weekly.
• The scheme involves a rider named Bharti Axa Life Accidental Death Benefit Rider. The passenger shall have the entire value of the life insured in case of death due to an accident.

3. Aviva I-Life

Aviva i-Life insurance scheme provides an extra gain from rebates. The higher the volume assured, the higher the insurance refund. Also, women's lives are subject to an additional 5% discount on the premium rate.

• The minimum age of entry is 18 years, and the mean age of entry is 55 years.
• The age of adulthood cannot be more than 70 years.
• The minimum amount insured is Rs.25 lakh, and the actual amount depends on the amount insured On the subscription.
• The premiums may be charged on an annual or semi-annual basis.

4. Click2Protect 3D HDFC Life plus

The Click2Protect 3D Plus is a generous life insurance scheme that aims to cover 3 Ds-Death, Injury and Cancer. It has six options under the lump sum payment option and three options under the lump sum plus monthly benefit option. The package includes an added benefit in which additional payments are waived if life insurance is completely disabled due to an injury.

• The base age for admission is 18 years, and the mean age is 65 years.
• The age of maturity is increased to 75 years.
• The minimum guaranteed necessary number is Rs.10 lakh.
• The premium can be paid on an annual, semi-annual, quarterly and monthly basis.

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5. Aegon Life Term Policy Insurance

This term life insurance package comes with two options for the death payout. The first choice is to pay a lump sum in the event of life's death. Under the second alternative, 50% of the amount insured shall be paid directly after the end of the amount insured, and 3% of the amount insured shall be paid annually.

• The minimum age of entry for this package is 20 years, and the highest age is 65 years.
• The age of maturity is up to 75 years.
• The minimum volume guaranteed shall be Rs.10 lakh, and the maximum shall be subject to subscription.
• The fee may be paid on an annual, half-yearly and monthly basis.

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Take Away

Of all the life insurance periods alluded to above, the median age is 65 years, and the age of maturity is 85 years. This helps senior citizens to buy a term life insurance package even though they did not purchase one before. And as set out, these plans, too, come with a range of perks.