Is It Possible To Purchase Life Insurance After The Age Of 65?

Everyone wants to be looked after as they age. If they are unable to financially or physically maintain themselves, senior citizens may feel lonely and depressed. As a result, life insurance becomes an important part of an older person's financial security. One of the most efficient ways to care for the elderly and assure their financial and emotional security is to get insurance. Term insurance is a type of plan that provides income to the family and dependents in the case of the life assured's death, allowing them to weather financial difficulty.

What Is Life Insurance?

A contract between an insurer and a policyholder details the financial benefits that the insurer will deliver over a certain time period or upon the policyholder's untimely death. In exchange for a maturity or death payout, the policyholder pays the insurer monthly or yearly premiums. When a person purchases life insurance, they are choosing to safeguard their family from life's hazards.

Term life insurance is the most cost-effective sort of life insurance since it provides a substantial quantity of coverage for a low charge over a specific time period. If the life insured dies during the policy's term, a term insurance policy protects the nominee financially. Term insurance plans are the only kind of life insurance that are designed only for the purpose of settling a claim.

Insurance Plans After 65 Years Of Age

The following are some of the most popular insurance plans available to people over the age of 65:

Bajaj Allianz eTouch Online Term Plan

It is one of the most cost-effective term plans that can be purchased fast and conveniently online. In the event of death, the policy guarantees a yearly reimbursement to the family for 15 years. The Internal Revenue Code's Sections 80D and 10 give tax benefits (10D). The plan allows for payouts in two different methods. The policy's maximum maturity age is 70 years. A 15-day trial period is included with the bundle.

Aviva Life Shield Advantage Plan

The plan provides complete security to the insured's family for a reasonable price. The premium paid will be repaid if the insured lives to the conclusion of the policy's term. The insurance policyholder has two options for paying the premium: monthly or in one lump payment. The tax advantages are offered under Sections 80D and 10 of the Income Tax Act of 1961 (10D).

Aditya Birla Sun Life Protector Plus Plan

At a low cost, the plan provides complete financial security. Allows you to increase the quantity of coverage while also protecting you from rising living costs. To supplement the policy's coverage, the plan includes an inbuilt complete and permanent disability payment. The death benefit could 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. The policyholder can save money on taxes by using Section 80D of the Income Tax Act of 1961.

Take Away

Senior individuals over the age of 65 can benefit from life insurance to safeguard and secure their families and dependents. Some insurance firms additionally offer premium exemptions, expedited death benefits, accidental death and disbursement coverage, and other living advantages. Several firms now offer insurance that does not need a medical exam, which is an excellent choice for people who do not want to deal with the hassles of an exam.

Also read - Investment Options For Senior Citizens

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.