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.
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.
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.
Senior citizens up to the age of 65 can opt for the iSelect Smart360 Term Plan. The iSelect Star 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.