Life Insurance for Senior Citizens

To help avoid the financial stress at their golden days, insurance companies in India have introduced various coverage policies for senior citizens, such as Whole Life Insurance, Term Insurance and Guaranteed Life Insurance. Senior citizen plans allow insurance holders to save systematically and generate the much-needed corpus to make the autumn days more contented. Below are the middle 4 senior citizen life insurance plans offered by various insurers:

Plan Name

Entry Age

Policy Term

Benefits

Reliance Super Golden Years Plan

Minimum: 66 years

Maximum: 75 years

10 years
  • The plan offers a flexible unit-linked pension product.
  • The insured can choose from eight different investment funds.
  • In the event of an unfortunate death of the policyholder, the beneficiary will receive the Sum Assured.
  • There is flexibility in paying a premium as a regular and single option is available. Top-up benefits also can be availed.
  • The premium paid is free from the tax deduction
  • On vesting, one can buy annuity plan for full fund value.

 

 

 

HDFC Life Click2 Protect Plus Term Plan

 

Minimum: 18 years

Maximum: 65 years

Maturity Age: 75 years

10-40 years
  • Life coverage is offered to the nominee in case of a sudden demise of the insured.
  • Under Section 80C and 10D of Income Tax Act, 1961, the insured can avail tax benefit for the premium paid towards life insurance policy.
  • On the death of the insured, the nominee will receive the policy amount and a monthly allowance for next 10 years.
  • The nominee will also receive the pre-decided amount along with the remaining sum assured, divided into monthly incomes for the next 15 years.

 

SBI Life e Shield

Minimum: 18 years

Maximum: For increasing cover: 60 years

For level cover-65 years

 

Minimum: 5 years

Maximum: 30 years
  • The death benefit is offered to the nominee
  • No survival benefit is provided
  • An accidental death benefit equal to the sum assured can be availed.
  • A free-look period of 15 days is offered, within which the insured can cancel the policy if not satisfied.
  • The non-smokers can avail discount on premiums.
  • It offers two riders options adding to a compressive coverage.
  • Avail tax benefits for the premium paid

 

Aegon Life Insta Pension Plan

For Self

Minimum: 50 years

Maximum: 75 years

 

For Spouse

Minimum: 50 years

Maximum: 75 years

 
  • The insured and the spouse are offered with an income for a lifetime based on the annuity payout.
  • Free-look period of 15 days is offered to cancel the policy if not satisfied with the services.
  • In case of a sudden demise of the insured, the annuity will be continuously paid to the spouse without fail.