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.

• 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