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Term Insurance for Senior Citizens

Term insurance for senior citizens is life insurance designed for individuals over the age of 60, especially those who are retired or close to retirement. An insurance policy of this type covers the policyholder for a set period of time. When the policyholder dies during this period, the insurance company pays the nominee a fixed amount (called a death benefit).

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What is Term Insurance for Senior Citizens?

Term insurance plan for senior citizens is a policy which provides financial protection dependents for a period of time. These plans provide a death benefit to your dependents in case of your untimely demise during the policy term. This death benefit can be used to pay off outstanding debts or any other expenses. With the senior citizen term insurance, you are covered for a fixed policy term. This term can be chosen depending on your needs.

Why is Term Insurance Important for Senior Citizens?

Term insurance, in general, is an optimal life insurance product for your family’s future financial security and can help them fulfil all of their monetary objectives, even if you are not around.

A term policy for senior citizens is also designed to offer extensive coverage, keeping in mind their post-retirement insurance needs and much more. Here are some reasons why term insurance is important for senior citizens:

Financial Security

Even when you retire, it is important to secure your family’s future with enough funds to ensure their daily maintenance and meet other emergency needs. In your absence, a term plan with adequate life insurance coverage can serve as a financial support system.
Flexible Pay out Options

Term plans for senior citizens have flexible payout benefits, so that if your family needs regular income, you can plan the same. If you think a lump sum payout may be more suitable for them, you can pick that payout option. Similarly, some term plans may also offer a combination of both.
Whole Life Cover

Term insurance plans for senior citizens with whole life cover tend to reduce the stress of buying a new term plan or renewing your existing one. In addition, you can get coverage till 100 years of your age. This ensures that your family is safeguarded under the term insurance plan for the long term.
Income Replacement

Senior citizens who have a source of income and are still looking after their families should have term insurance. In the event of their untimely demise, a term insurance plan will ensure that the dependents are financially supported, helping them avoid financial hardship due to the loss of income.

Features of Senior Citizen Term Insurance

Term insurance for senior citizen offers financial protection tailored to their age, health conditions, and ongoing responsibilities. The following are the key features of the term insurance plan for senior citizens:

Income Tax⁵ Benefits

When you buy a term insurance plan for senior citizens, you can get Income Tax benefits as per applicable income tax laws. The premiums paid by you qualify for tax deduction under Section 80C of the Income Tax Act, and the death benefit received by the nominee qualifies for tax deduction under section 10(10D).
Insurance Coverage

The life insurance coverage offered by senior citizen term plans can be for your whole life up to 100 years⁷ of age and is quite flexible enough to cover your entire family’s needs. This is because senior citizens' insurance needs differ from those of younger policyholders.
Premium Rates

Term plans can have high premiums due to the insured’s old age. However, in the case of senior citizens, these rates can be made more affordable through a suitable choice of policy term and premium paying terms and by using a term insurance premium calculator.
Optional Riders

Riders⁶ are additional benefits that can be added to a basic term insurance plan offered to senior citizens to increase the plan coverage. The riders offered may vary as per the product. One can purchase a rider by paying a nominal premium amount.

Tata AIA

Sampoorna Raksha Promise

Key benefits:

Up to 18.5% discount¹⁰ (1st year premium)
Option to get all premiums back⁹

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Tata AIA

Maha Raksha Supreme Select

Key benefits:

Up to 18.5% discount¹⁰ (1st year premium)
Waiver of premium if diagnosed with terminal illness

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Benefits of Term Insurance for Senior Citizens

A term insurance policy for seniors helps cover expenses like medical bills, outstanding loans, or daily living costs in their absence, giving their loved ones peace of mind. Among the other benefits that policyholders may receive are the following:

Financial Support for Children

In your absence, the term insurance sum assured can help your children pursue their choice of education and career training options. In addition, the coverage will ensure that the shortage of financial resources does not affect their dreams and goals.
Financial Independence for Spouse

In case of any unfortunate events in life, such as the death of the life assured, the death benefit can save your spouse from the hassle of finding a new source of income during their old age. The amount from the coverage can enable them to lead a dignified life without having to depend financially on anyone else.
Rider Benefits

Look for term insurance for critical illness, which has various rider benefits. These riders⁶, such as a critical illness rider or a similar health rider, can protect your family from the costs and risks of medical emergencies not covered under your term plan.
Tax Benefits

Term plans for senior citizens offer tax benefits⁸ under Section 80C of the Income Tax Act, where the premiums paid are eligible for tax deductions, and the death benefits qualify for tax exemption under Section 10(10D) of the Income Tax Act.
Create a Legacy

Purchasing term insurance for senior citizens can leave a legacy for your descendants in the future. You can purchase whole life insurance to ensure financial benefits for your family in the event of your unfortunate demise.
Pay off Loans and Liabilities

In case you have taken any loans, your family may be burdened trying to pay off the loans in your absence. The death benefit amount can help your family pay off a loan and take care of any other liabilities.

Senior Citizen Term Insurance Premium Calculator

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Use our online term insurance calculator to check the coverage you need to secure your family today!

List of Term Plans for Senior Citizens in India

Here is the list of senior citizen term insurance plans available with Tata AIA that you may consider to secure your loved one.

Plan Name	Type	Entry Age years	Maximum Coverage Age	Key Features
Tata AIA Sampoorna Raksha Promise	Term Insurance	18-65	Up to 100 years⁷	Life cover with return of premium⁹ option, terminal illness benefit, and premium discounts
Tata AIA Maha Raksha Supreme Select	Term Insurance	18-65	Up to 100 years⁷	High sum assured, waiver on terminal illness, rider⁶ options

Types of Coverage Options in Term Insurance for Senior Citizens

Senior citizens can choose from a variety of term insurance coverage options based on their financial needs, such as a suitable sum assured, policy terms, premium payment methods and riders⁶.

Endless Coverage : Endless coverage, also called whole-life term insurance, covers seniors for life instead of a set amount of time. Unlike traditional term policies that expire at a specific age, these policies provide lifelong coverage, so beneficiaries receive the sum assured whenever the policyholder passes away.

Particularly for people who wish to provide some financial security for their dependents, this option may be beneficial. However, this type of term insurance for senior citizens comes with higher premiums than regular term insurance due to the long life span of coverage. Therefore, before choosing such coverage, seniors should consider their financial situation.
Return of Premium Coverage: Under this option, when the policyholder outlives the policy, they are entitled to the total premium paid. Traditional term plans for seniors only provide death benefits, however, return-of-premium plans eliminate premium losses. Thus, elderly clients who need protection against loss of investments may find this option suitable.

The premium rates for ROP term insurance are generally higher. For seniors seeking a balance between risk coverage and financial returns, this option can be suitable.

Things to Consider While Purchasing Term Insurance for Senior Citizens

It is simple to purchase term life insurance for senior citizens; however, here are some things one needs to keep in mind to choose the best term insurance plan for senior citizens in India:

Premium Increases with Age

The amount of premium you pay always increases with age to cover the potential risk to life due to health conditions and illnesses. However, senior citizen term plans also offer higher coverage, which can help secure your family without the concerns of financial uncertainties.
Wider Age Coverage

Several term plans have a maximum entry age of 60 years, but term insurance for senior citizens has a higher entry age of up to 70-80 years with whole life coverage. This enables senior citizens under a wider age group to avail of term insurance coverage.
Medical Check-ups and Documentation

Many life insurance providers offer the benefit of minimal medical check-ups and documentation for senior citizens without any health conditions or family medical history. This may, however, be subject to the insurer’s terms and conditions under individual term plans.
Compare Different Policies

You can buy the best term insurance plan for senior citizens online by comparing different policies and choosing the one that meets your needs. Tata AIA Life Insurance not only offers a convenient online process but also enables you to calculate term insurance premiums online.

Why You Should Buy Term Insurance Without Any Delay?

A term insurance plan can be helpful if you are a senior citizen planning to secure your family's financial future. Senior citizens can consider term insurance for senior citizens due to its affordable premiums, flexible payouts, add-on riders, and income tax advantages. The financial future of your loved ones will be secured, and you can also live with peace of mind, knowing your family is not financially burdened in your absence.

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FAQs on Term Insurance For Senior Citizen

Can a senior citizen purchase a term insurance plan?

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.
What is the maximum age to purchase term insurance for senior citizens?

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.
How do you determine the required life cover?

To determine the life cover of your term insurance plan, consider your family’s future financial needs and goals. For instance, consider your children’s further education or setting up a retirement fund for your spouse and so on, to determine the required life cover. The sum assured should be adequate to cover these requirements and any unforeseen emergencies.
Is life insurance important after 60 years of age?

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.
Can senior citizens buy term insurance online?

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.
How to purchase the best term insurance plan for senior citizens?

Choosing a suitable term insurance plan for senior citizens depends on your needs and your financial capacity to pay the premiums in accordance with the selected sum assured. For example, suppose your family 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 riders⁶ to your term policy to enhance its coverage so that other unforeseen risks can also be covered under your term plan.
What are the factors affecting the term insurance premium for senior citizens?
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
What are the tax benefits of purchasing a term insurance plan?

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. Aside, you can also save tax up to 46,800⁺⁺ when you buy a term insurance plan.
What are the different premium payment options for senior citizens?

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

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.
Can I change the sum assured and the premium during the policy term?

The sum assured can be changed based on the plan feature. Some term insurance plans offer an option to increase the coverage during important milestones in life, such as marriage or the birth of a child. This will depend on the plan option chosen and the terms and conditions of the policy.
What types of deaths are not covered in term insurance?

Though term insurance plans cover different causes of death, many term plans do not cover death by suicide or deaths caused due to intentional harm to oneself within 12 months of policy issuance. Other factors may depend on the policy terms and conditions.
Can I pay the term insurance premium online?

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.

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Disclaimers
- Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V07)
- Tata AIA Maha Raksha Supreme Select - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V11)
- ¹89,43,554 families protected till May 31, 2025.
- ²Individual Death Claim Settlement Ratio is 99.41% for FY 2024 - 25
- ³As on 31st May 2025, the company has a total Assets Under Management (AUM) of Rs 130,053 Crores
- ⁴Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of Rs. 50 lakhs. Applicable for branch walk in. Time limit to submit claim to Tata AIA Life Insurance is 2 pm on working days. Subject to submission of complete documents. Not applicable for ULIP policies and open title claims.
- ⁵Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
- ⁶Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch.
- ⁷Not applicable under PoS, please refer sales brochure for more information
- ⁸Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess, if any will be charged extra as per prevailing rates. The Tax Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
- ⁹Under Life Promise Plus Option, an amount equal to the 100% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier.
- ¹⁰As per the duly approved product design and terms & conditions of the product, this product offers first year digital discount of 10% and first year Salaried discount of 8.5% for Limited Pay/Regular Pay. For Single Pay, 1% digital discount and 1% salaried discount will be provided in the first year
- This product is underwritten by Tata AIA Life Insurance Company Ltd. This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
- Insurance cover is available under this product. For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale.
- In case of sub-standard lives, extra premiums will be charged as per our underwriting guidelines.
- Buying a Life Insurance policy is a long-term commitment. An early termination of the policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.
- This publication is for general circulation only. This document is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. This document is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
- Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company and this document is not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
- L&C/Advt/2025/Jul/2590