Best Term Insurance Policies For Senior Citizens

What Is A Term Insurance?
Best Term Insurance Plans for Senior Citizens
Endnotes

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.