Life Insurance Plans for Senior Citizens

Are you planning to secure the future of your family in the best possible way? If so, then there can be nothing better than buying a life insurance plan that provides financial protection to your loved ones even when you are not around. So, if you have been looking for a life insurance plan for senior citizens, then this is the right place. Scroll through the section to know more. 

Understanding Life Insurance 

Life insurance is basically a contract between an insurance company and a policyholder where the former agrees to provide financial compensation to the nominees in case they meet an unfortunate death. There are basically two types of life insurance, term insurance and investment. In order to get relevant benefits from a life insurance plan, policyholders need to pay a specific amount which is called a life insurance premium. Moreover, there are a number of factors that affect life insurance premiums such as age, lifestyle habits, pre-existing medical conditions, and many more. So, before buying any life insurance plan, consider the different factors and only buy a plan that best suits your needs. 

Best Life Insurance Plans For Senior Citizens

Many life insurance companies in India provide savings and protection plans for senior citizens. Some of the best plans offered by these companies are highlighted below: 

Let’s understand the features and benefits of each plan in detail: 

ICICI Prudential iProtect Smart

• This life insurance plan provides whole-life coverage to policyholders. 
• The plan provides protection against both death and disability. 
• Enhance the plan coverage by including accidental death benefits and critical illness benefit riders. 
• Flexibility to pay a premium in a lump sum or choose a limited premium payment option. 
• Policyholders are eligible for tax benefits as per the prevailing sections of the Income Tax Act, of 1961. 

HDFC Life Click 2 Protect Super

• This senior citizen life insurance plan is available in 3 variants- Life, Life Plus, and Life Goal. 
• Policyholders can enjoy comprehensive protection up to 85 years of age. 
• Select from single, regular, and limited premium payment options. 
• Include the return of the premium payment rider to get maturity benefits. 
• Low premium rates for non-smokers. 
• Life stage protection benefit option to increase the coverage of your plan on certain life stages. 

Aegon Life iTerm Prime

• It is a pure-term life insurance plan offered by the company. 
• Policyholders can select from 4 additional riders to enhance the plan's coverage. 
• Select from single and regular premium payment options. 
• A nominee is eligible to get death benefit upon the demise of the policyholder. 
• Enjoy tax benefits under Section 80D and Section 10C of the Income Tax Act, 1961. 

SBI Life eShield Next

• It provides life coverage for up to 100 years
• It is available in two options - level and increasing cover
• It comes with a whole-life option
• This plan also provides tax benefits as specified under section 80C of the Income Tax Act
• There are two riders that you can include in this plan to further enhance its benefits

PNB MetLife Mera Term Plan Plus

• It is an individual, non-linked, non-par, pure risk premium, life insurance product
• With this plan, you will get protection against temporary/partial disability, death, and critical  illness
• This plan can also be customised as Return of Premium to further enhance its benefits
• The minimum age of entry is 18 years and the maximum age is 60 years
• The minimum sum assured for this plan is Rs. 25 lakhs, however, there is no limit on the maximum sum assured
• The premium can be paid in yearly, half-yearly, quarterly, or monthly basis
• The different riders that you can include in this plan include critical illness riders, accidental disability riders, and more. 

Conclusion

So, analyse your requirements and buy a desired life insurance plan for senior citizens. You can also explore more life insurance plans on InsuranceDekho’s official website.

Also read: Is Life Insurance Mandatory for a Home Loan?