Can Senior Citizens Get Term Insurance Online?

Written by : Knowledge Centre Team

2026-02-27

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Indians are known to be extremely family-oriented people. We do not let go of our children and take responsibility for their wellbeing well into our old age. However, in the midst of this, one’s own future and financial security might be compromised. According to Canara HSBC’s Future of Retirement Program study, 35% of people in their fifties have not planned for retirement. 32% of parents have no life insurance. The lack of planning for one’s old age is a worrying statistic. However, it’s never too late to plan for one’s future. Even at the age of 60, you can opt for a life insurance policy to secure you and your loved ones. You can do this with the help of term insurance - one of the cheapest and simplest forms of life insurance.

Contrary to popular belief, one can avail of a term insurance policy even past the age of 60. Although some may believe that term insurance may not be feasible after the big six-oh, senior citizens can handily take advantage of such plans.

Why Term Insurance for Senior Citizens?

Helps supplement income: Those who can’t afford to retire by 60 still toil away at their jobs, well past the so-called retirement age. In the event of the breadwinners’ absence, the sudden loss of income could leave the family financially vulnerable. Thus, if you see yourself needing to work past the age of 60, it is best to develop a sound contingency plan to make up for lack of income, in your absence.
Support dependents: If a senior citizen has a non-earning spouse and dependent children, they would be left with a financial burden, if the senior citizen passes away. Life insurance for senior citizens will ensure that there is enough money to help the family live independently.
Pay off debts and liabilities: Debt is not the ideal inheritance that you would want to leave your family with. If you are backed by life insurance, your family can use its proceeds to pay off any pending debt. They can also be used for medical expenses, funeral expenses, etc. which usually come with a death in the family.

Term insurance for Senior Citizens

Term insurance is a life insurance plan taken out for a specified term. If the policyholder passes away within the term, their nominee receives the sum assured. There is usually no payout upon maturity, in the event the policyholder outlives the term - unless it is a term plan with return of premium policy. Term plans are known to provide high sums assured at lower premiums.

Things to keep in mind about term life insurance for senior citizens

The amount of premium generally increases with age. So, the premium for a senior citizen term plan would be higher than that for a younger person. However, the benefits definitely exceed the price.
The maximum age for buying a term plan is usually 60, but it differs from plan to plan. Nowadays, there are plans specially suited for senior citizens. There is ample choice available in the market.
A lot of insurers require you to undergo medical tests. But for some, medical history is enough.
Buying term insurance for senior citizens has become much easier nowadays with online procedures. You can compare policies online and determine which one is best for you. Once you do, you have to apply and pay online. Once the policy is approved, the insurer will send you the required documents.

With the increasing diversity and benefits of insurance plans, senior citizens are no longer just eligible but can also reap huge benefits from term plans. They have worked hard for their families all their lives, and in their retirement, they deserve to be free to enjoy their time.

iSelect Smart360 Term Plan From Canara HSBC Life Insurance

Senior citizens up to the age of 65 can opt for the iSelect Smart360 Term Plan. The iSelect Smart360 Term Plan provides optimum flexibility in terms of premium payments, policy payouts, coverage amounts and riders for enhanced coverage. If you’re a senior citizen, it’s never too late to secure your future; if you’re younger, it’s never too early to get yourself and your loved ones a contingency plan. You can do so with the iSelect Smart360 Term Plan now.

Questions that you need to ask while Buying the Best Term Insurance Plan?

Are you buying a term plan with return of premium?
Amount of premium you have to pay based on your age, habits, education, and monthly income
The total number of benefits covered in the term insurance plan. Do they include benefits that you care about the most?
How to save money on tax if you pay for the term life insurance plan?
Do they offer regular income options?
Can you change the coverage and premium in the future?
Does the claim consider valid if death occurs outside India?
Which kind of death is not covered by a term insurance plan?
Can NRIs take a term insurance plan? If yes, what are the conditions?
Does the term insurance plan have a cash value if you decide to cancel the term insurance policy?
Under what circumstances can a term insurance plan be cancelled?
Can I pay the premiums online or make electronic payments?
What will happen to the term life insurance plan if the life assured starts smoking after purchasing the policy?

Protect Your Family with Affordable Term Insurance

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Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.