Yes, a senior citizen can purchase term insurance plan, which is designed to meet the life insurance needs of senior citizens. The maximum entry age of such term plans is between 55 – 70 years of age.

The maximum entry age to buy term insurance for senior citizens can be as high as 65-70 years; however, some term plans may have a maximum entry at 75 years as well. The same will depend on the policy eligibility criteria and will vary as per the insurance policy. 

To determine the life cover of your term insurance plan, consider your family’s future financial needs and goals. For instance, your children’s further education or setting up a retirement fund for your spouse and so on can be taken care of by the term insurance in your absence. Hence, the policy sum assured should be adequate to cover these requirements and any unforeseen emergencies.

Yes, life insurance is important and much required, even if you are a senior citizen. However, since you are no longer earning a salary if you are retired, in the event of your demise, your family should not have to bear any financial hardships.
 

Since health emergencies can be more daunting during retirement years, creating a financial support system for your loved ones through a life insurance plan is necessary.

Yes, term insurance for senior citizens is available online. With several different term plans to choose from, you can easily compare the plans and select a term policy for senior citizens that matches your needs.

Choosing the best term insurance plan for senior citizens will be based on your needs and your financial capacity to pay the premiums in accordance with the selected sum assured. For example, suppose your family may need to fulfil some major financial goals in the future; select a term policy for senior citizens that lets them fulfil those needs and also keeps them financially stable in your absence.
 

You can also add optional riders^{^} to your term policy to enhance its coverage so that other unforeseen risks can also be covered under your term plan.

The important factors that affect the term insurance premiums for senior citizens are:
 

• Family’s Medical History
• Existing Health Conditions
• Term Plan Sum Assured
• Premium Paying Term
• Smoking/Lifestyle Habits

A Tata AIA Life Insurance term plan will be eligible for tax^# benefits per the prevailing tax laws and may be subject to changes. The premiums paid on the policy qualify for tax deductions of up to Rs. 1.5 Lakh under Section 80C, while the death benefits qualify for a tax exemption under Section 10(10D) of the Income Tax Act, 1961.
 

Asides, you can also save tax up to 46,800⁺⁺ when you buy a term insurance plan.

The premium payment option will differ as per the plan option chosen and terms and conditions of the policy. Most term insurance plans offer premium payment mode as – Single Pay, Limited Pay, Regular Pay and as per the following frequencies – monthly, quarterly, half-yearly, and annually.

Yes, when buying your term insurance plan, you can opt for a regular income payout if you want your beneficiaries to receive the death benefit as a regular income in your absence.

The sum assured can be changed basis the plan feature. Some term insurance plans offer increase in plan coverage during important milestones in life such as marriage or birth of child. This will depend on the plan option chosen and terms and conditions of the policy. 

Though term insurance plans cover different causes of death, most term plans do not cover death by suicide or deaths caused due to intentional harm to self within 12 months of policy issuance.  Other factors may depend on the policy terms and conditions.

Yes, you can pay your term insurance premium online when purchasing your term insurance plan. Once the policy has been purchased online, you can pay the upcoming premiums on or before their due dates by logging on to your insurer’s official website and accessing your term insurance policy.