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Senior Citizens Protected by Customized Term Insurance Plans

 

 

Term Insurance for Senior Citizens

 

Get the Umbrella of Protection for Senior Citizen with Term Insurance


Use our Online Term Calculator to find the Cover Amount to Secure your Family

A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03)

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Tata AIA Life Insurance

Sampoorna Raksha Supreme

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During your lifetime, you have multiple responsibilities, which include excelling in your profession, taking care of your family, creating a financial plan for your loved ones and yourself and much more. Unfortunately, being caught up in the moment, most of us may simply miss out on securing our future.

However, in the future, this act of not having your future planned out may not be a wise move. Fortunately, when you are close to approaching retirement, you can easily get term insurance for senior citizens, which can help secure your post-retirement insurance needs. So, let’s look into what term insurance plans for senior citizens can do for you.

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 any and 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:

  • Cost-effective/affordable - Why Purchase Term Insurance Plans Online?

    Financial Security

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

  • Enhance Term Insurance coverage with Rider Benefits

    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. And if you surmise that a lump sum payout will benefit them better, you can choose that payout option for them. Similarly, some term plans may also offer a combination of both.

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    Whole Life Cover

    Term insurance plans for senior citizens with whole life cover take away the stress of buying a new term plan or renewing your existing one. In addition, you can get cover till 100 years of your age. Rest assured that your family will always be safeguarded under the term insurance plan for the long term.

  • Choose your sum assured to get coverage which is at least 10 times of your annual income

    Income Replacement

    Senior citizens who have a source of income and are still providing for their families should have term insurance for senior citizens. Then, in case of their untimely demise, a term insurance plan will ensure that the dependents do not undergo a financial lurch due to the loss of income.

Features of Senior Citizen Term Insurance

  • Senior Citizen Term Insurance Tax Benefits

    Income Tax# Benefits

    When you buy a term insurance plan, 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).

  • Whole Life Coverage with Term Insurance for Senior Citizen

    Insurance Coverage

    The life insurance coverage offered by senior citizen term plans can be for your whole life up to 100 years 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.

  • Affordable Premiums for Senior Citizen Term Insurance

    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.

  • Enhance Coverage with Optional Riders for Senior Citizen Term Insurance

    Optional Riders

    Riders^ are additional benefits that can be added as part of the 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.


 


Know More about our Best - Selling Term Insurance Plan – Tata AIA Sampoorna Raksha Supreme 

Happy Family With Dog Secured by Tata AIA Sampoorna Raksha Supreme Plan

A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03)
 

Tata AIA

Sampoorna Raksha Supreme

Key Features:
 
  • A comprehensive plan that gives your premiums back**

  • Increase life cover at important milestones

  • Get financial protection till 100 years^^ of your age.

  • Save Income Tax up to 46,800++

  • Enhance your protection with optional riders^

Things to Consider While Purchasing Term Insurance for Senior Citizens

It is simple to purchase a 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:

  • Get Flexible Premium Options with Senior Citizen Term Insurance
    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 comings.
  • Customize Your Senior Citizen Term Insurance Plan to Fit Your Needs
    Most term plans have a maximum entry age of 60 years, but a senior citizen term insurance plan has a higher entry age of up to 70-80 years with whole life coverage, enabling senior citizens under a wider age group to avail of term insurance coverage.
  • Comprehensive Coverage Amount for Senior Citizen Term Insurance
    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.
  • Check Eligibility for a Senior Citizen Term Insurance Policy
    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. 

Benefits of Term Insurance for Senior Citizens

  • Get High Sum Assured for Senior Citizen Term Insurance

    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. 

  • Longer Policy Duration for Senior Citizen Term Insurance

    Financial Independence for Spouse

    In case of any unfortunate events in life such as 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.

  • Term Insurance for Senior Citizens

    Rider Benefits

    The coverage of term plans for senior citizens can be enhanced with optional riders^. These riders, 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.

  • Tackle Inflation with Senior Citizen Term Insurance

    Tax Benefits

    Term plans for senior citizens offer tax benefits# 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.

Senior Citizen Term Insurance Premium Calculator

Calculate Your Term Insurance Premium

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

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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, 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.

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 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.

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.
 

Asides, 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 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.

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 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. 

What types of deaths are not covered in term insurance?

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.

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.

Disclaimer

  • The complete name of Tata AIA Sampoorna Raksha Supreme is Tata AIA Life Insurance Sampoorna Raksha Supreme (UIN:110N160V03) - A Non-Linked Non-Participating Individual Life Insurance Plan
  • **Under Life Plus Option, an amount equal to the 105% 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.
  • ^^Applicable for specific plan options. Please refer brochure for additional details.
  • ^Rider 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.
  • Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V02 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider, Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V02 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider,  Tata AIA Vitality Protect (A Non-Linked, Non- Participating Individual Health rider (UIN:110B046V01), Tata AIA Vitality Health (A Non-Linked, Non- Participating Individual Health rider (UIN:110B045V01) are available under this plan
  • Vitality is a trademark licensed to Tata AIA Life by Amplify Health Assets PTE. Limited, a joint venture between Vitality Group International, INC. and AIA Company Limited. The assessment under the wellness program shall not be considered as a medical advice or a substitute to a consultation/treatment by a professional medical practitioner.
  • #Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment 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.
  • ++Tax 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.
  • This plan offers pure risk premium option under Life Option and return of premium benefit under Life Plus Option along with other benefits. Please refer sales brochure for complete details.
  • 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/2022/Nov/2699