5 Best Term Insurance Plans Online for Senior Citizens in India

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Looking to buy term insurance for a senior at home? Now it’s literally available at your fingertips! Learn more about buying term insurance online for senior citizens.

As we age, insecurities about the future also increase. We become more and more uncertain and wary of life’s events (rather than accidents). That is why buying term insurance is highly recommended for everyone to protect one’s future financially. More so for the elderly as they are more vulnerable to the risks of life as a whole. When buying Term insurance For senior citizens, there are two main factors to consider – the cost of the policy and the convenience of purchasing and paying the premium. That’s why buying a plan online makes so much sense.

Here we discuss the importance of buying term insurance for senior citizens, key features of the plan and some of the best policies you can buy online at the comfort of your home.

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Why buy term insurance plans for senior citizens?

Term insurance for senior citizens is based on the fact that they need physical and financial support at this stage of their life. With a term insurance plan in hand, they can rest assured that the future of their spouse and other loved ones will be secure in their absence.

Here are some more benefits of buying term insurance for senior citizens in India:

Term insurance provides a fixed cash death benefit to the surviving spouse to help them continue financially in the absence of the partner in case of the unfortunate death of the policyholder.
The benefit from term insurance can be used to settle the upcoming debts that the policyholder may have left after his death and ensure that the burden does not fall on their spouse/other family members.
Children can also be guaranteed a lump sum as inheritance.
This amount can be used to pay property tax on the property left behind.

Learn more: What is Decreasing Term Insurance – Benefits and Features?

Key Features of Term Insurance Policy for Senior Citizens

If you are considering buying a term insurance plan for senior citizens, here are some features of the policy that you should be aware of:

The premium for the plan is decided by the insurer based on the sum assured and the policy term chosen by the policyholder.
Term insurance for old age is offered to different age groups such as 50-80 or 60-80 years.
Most of the insurers require the applicant to undergo a medical examination or health check-up, considering the age factor, to decide whether or not to issue a policy to the applicant.

Why Buy Term Life Insurance Online for Senior Citizens?

The whole idea of buying a term insurance plan for senior citizens is to make their lives more comfortable when they are around and when they are away (for their spouse/loved ones). Take a step in that direction and buy a term insurance plan at your fingertips i.e. online.

Many insurance companies in India offer their senior candidates the benefit of purchasing term life insurance policies from the comfort of their homes. All they have to do is visit the official website of the insurer, download the application form for the plan they want to purchase, submit the documents and payment, and that’s it. They are now term insured in the company and are prepared for any uncertain situations that may arise in life.

All the relevant details about the plan that you need are mentioned on the website of the company and you are advised to read the policy document thoroughly before investing.

read more: Best Term Insurance Plans in India 2022

5 Best Term Insurance Plans Online for Senior Citizens

If you are considering buying a term life insurance plan online for senior citizens, here are some of the best options to consider for investment:

Project name	Eligible age for entry	Age of maturity	Minimum sum insured
Aviva Life Shield Platinum Term Insurance	18-60 years	65 years	Rs. 50 lakhs
Edelweiss Tokio Biosecurity Project	18-60 years	70 years	Rs. 15 lakhs
IDBI Senior Citizens Term Insurance	25-60 years	70 years	Rs. 5 lakhs
LIC E-Term Plan	18-60 years	75 years	Rs. 25 lakhs
SBI Life – Poorna Suraksha Scheme	18-65 years	75 years	Rs. 20 lakhs – Rs. 2 crores

Briefly

Term insurance for senior citizens is a helpful financial tool in the hands of senior citizens. This is one of the wisest decisions to take during the life of the deceased policyholder with many benefits to the survivors. For more information on term insurance plans for senior citizens in India or other term insurance policies for different age groups, visit PayBima.

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Frequently Asked Questions on Term Insurance for Senior Citizens

Can a 70 year old buy term insurance?

As a general practice, an insurer should not offer a 30-year term insurance policy to a 70-year-old; However, they can still get a 10-year plan. However, check with your insurer once as different companies may have different terms and conditions regarding offering term insurance to senior citizens.

Should a 65-year-old buy life insurance?

If one can comfortably continue paying bills and meeting day-to-day financial expenses after retirement, one does not need life insurance.

At what age should term life insurance be discontinued?

According to financial experts, it is generally better to have a life insurance plan till the age of 65; However, the income thereafter should be greater through savings or retirement.