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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:
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.
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.
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.
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.
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).
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.
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.
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.
Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V01)
Tata AIA
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.
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.
Look for term insurance for critical illness which has various rider benefits. 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.
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.
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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:
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.
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