Is It Possible To Buy Life Insurance After 65 Years Of Age?
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Everyone wants to be looked for as they become older. Senior folks may feel isolated and depressed if they are unable to sustain themselves financially or physically. As a result, life insurance becomes an important part of an elderly person's security. One of the most efficient methods to care for the elderly and assure their financial and emotional stability is to get insurance. Life Insurance is a form of plan that acts as an income replacement plan after the death of the life guaranteed, helping the family and dependents to withstand financially tough times. Though it is ideal to obtain insurance when you are younger, doing so when you are older has its own set of benefits. Continue reading to learn more about life insurance coverage for older adults.
Insurance Plans for People Over the Age of 65
The following are some of the most popular insurance plans available to those over the age of 65:
1. Bajaj Allianz eTouch Online Life Insurance
It is one of the most affordable term plans available online, and it can be obtained fast and effortlessly. In the case of death, the policy guarantees an annual reimbursement to the family for 15 years. Sections 80D and 10 of the Internal Revenue Code offer tax breaks (10D). Under the proposal, payouts are accessible in two ways. The maximum maturity age of the insurance is 70 years. The bundle includes a 15-day trial period.
2. Aviva Life Shield Advantage Plan
The plan provides complete protection to the insured's family for a minimal cost. If the insured survives the policy's term, the premium paid will be returned. The insurance customer has two options for paying the premium: monthly or in one lump payment. Sections 80D and 10 of the Income Tax Act of 1961 provide tax breaks (10D).
3. Aditya Birla Sun Life Protector Plus Insurance Policy
The plan provides complete financial security at a low premium cost. It protects you from rising living expenses while also letting you to increase the amount of coverage. To supplement the policy's coverage, the plan includes a complete and permanent disability payment. The death benefit might be used by the beneficiary as a source of yearly income. People are encouraged to have a healthy lifestyle as a result of the policy. The policy includes rider options that extend the policy's coverage. Section 80D of the Income Tax Act of 1961 allows the policyholder to save money on taxes.
Endnotes
Senior individuals over the age of 65 who have life insurance can be a fantastic strategy to safeguard and secure their family and dependents. Some insurance firms additionally provide premium exemptions, expedited death benefits, accidental death and disbursement coverage, and other living advantages. Several firms now offer insurance without requiring a medical exam, which is an excellent choice for people who don't want to deal with the hassles of an exam.
Also read- Top Three Term Insurance Plans For Senior Adults In India In 2022
