Top 3 Term Insurance Plans For Senior Citizens In India In 2022

Unless one chooses to work as a consultant, retirement marks the end of a person's earning years. In order to reduce their tax burden while keeping a steady source of income, retirees must make effective and accurate use of their retirement savings. Putting up a retirement portfolio that contains a mix of fixed income and market-linked assets remains a challenge for many retirees.

The primary reason for having insurance is that it allows seniors to supplement their income and sustain themselves and their family. Insurance plans are also beneficial since they work as both a savings and an income source, as the money obtained from these policies may be used to pay off other obligations such as outstanding loans, medical bills, and so on. To find out more info on term insurance plans for senior citizens, read on.

What Is Life Insurance?

A life insurance policy is a contract that specifies the financial benefits that a firm will deliver to the policyholder over a certain time period or upon the policyholder's untimely death. And it's between a policyholder and an insurer. The policyholder pays the insurer monthly or yearly premiums in return for a maturity or death payout. When a person purchases life insurance, they are opting to safeguard their family from the risks of life.

Top Term Insurance Plans For Senior Citizens In 2022

Following are some of the top term insurance plans for senior citizens in 2022 -

• LIC’s E-Term Plan

The e-Term Plan, which is an online term insurance plan, is available to those between the ages of 18 and 60. The insured will be covered under this policy until he or she reaches the age of 75. Individuals who are interested in acquiring this coverage must select a policy period between 10 and 35 years. The minimum sum insured in the aggregate category is Rs.25 lakh, while the minimum value assured in the non-smoker group is Rs.50 lakh. The premiums for this product must be paid on a yearly basis.

• Aditya Birla Sun Life Protector Plus Plan

At a low premium cost, the plan provides total financial security. Protects against rising living costs and allows you to increase the amount insured. To supplement the policy's coverage, the plan includes an inbuilt complete and permanent disability benefit. The death benefit can be used as a source of yearly income for the beneficiary. Maintaining a healthy lifestyle is rewarded by policy. The plan 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.

• Aegon Life iTerm Plan

This plan is available for purchase online in a quick and straightforward manner. The policy's minimum entrance age is 18 years, while the policy's maximum entry age is 65 years. The policy's maximum maturity age is 80 years. Section 80D of the Income Tax Act of 1961 allows the insured to get tax advantages. The death benefit is given to the policy recipient in the event that the insured passes away. The plan allows for premium payment mode flexibility. Nonsmokers and female insurers will pay a reduced cost under the proposal.

Endnotes

Senior citizens over the age of 80 may find that life insurance is a fantastic method to safeguard and secure their families and dependents. Additionally, some policy insurers provide individuals with living benefits like premium exemptions, accelerated death benefits, accidental death and disbursement coverage, and so on. Several firms also provide insurance without a physical examination, which is a nice alternative for people who don't want to deal with the hassles of a physical examination.

Also read: 

When Is The Right Time To Start Investing In A Retirement Plan?

What Is Retirement Planning And How Much Money Is Needed After Retirement In India?

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.