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Do Senior Citizens Qualify for a Term Insurance Online?

Do Senior Citizens Qualify for a Term Insurance Online?

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.

Canara HSBC Oriental Bank of Commerce iSelect Star Term Plan

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

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Frequently Asked Questions (FAQs) for Term Insurance Plans

A person can only purchase a term insurance plan till the age of 65 years, and they can choose the risk coverage for up to 99 years of age. One can easily buy the best online term plan between the age of 18 to 65 years.

This being a term insurance plan doesn't offer any payout after maturity or expiration date

Each insurance company has its own term insurance premium calculator. If you want to check out the premium quote, go for the iSelect Star term plan calculator. It gives a premium amount based on your age, gender, habits, education, and annual income.

You can purchase an iSelect Star term plan anytime between 18 to 65 years of age. This is a term plan with return of premium option – that means all the premiums paid throughout the tenure will be paid back to you if you outlive the policy.

It depends on your needs. For example, if you want to cover a child's education or wedding expenses, you have to include them in your coverage. Your premium will be calculated accordingly when you buy the best term plan in India.

If your key purpose is to give your Family financial protection, go for the best term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan. iSelect Star is a term plan with return of premium option. All the term insurance premium will be paid back to you, if you outlive the policy term.

Go for at least 12 times cover than your annual income. Or you can go as far as 20 times coverage as per your needs.

The right time is when you don't have anything to keep your Family safe from financial storms, and they rely on you for financial needs.

If you are unable to make the payment or suffering from a terminal illness, the best term insurance plan pays a part of the sum insured to treat your disease.

Term life insurance plan riders are attachment or endorsements made, while taking the term insurance policy, as a supplementary coverage to policyholders. Apart from the core death benefit, term insurance plan riders offer below-given additional benefits:

  • Accidental Death Rider When a person suffers from a terminal illness, his/her family ends up spending a significant amount in treatment and medical expenses. Accelerated death rider pays a part of the sum insured in advance to cover such costs and save the family from running out of cash.
  • Accidental Disability Rider If the policyholder can't pay the premium because of an accident or permanent disability, a sudden disability this pays the premium on behalf of the policyholder till completion of policy term or for a defined duration.
  • Critical Illness Rider If the insured person gets a heart attack, cancer, or any other critical illness, this rider pays a lump sum on valid diagnosis.
  • Premium Waiver Rider If the policyholder is unable to make payments due to income loss or disability, a premium waiver rider waives off all future premium payments. And the term insurance policy remains active until the expiration date.
  • Income Rider: This rider in a term insurance plan ensures that your family receives regular income + sum insured in case of unfortunate demise of life insured.

Anyone can go for life insurance as it offers some savings after the maturity date, but it doesn't cover the protection of your family . The best term insurance plan is solely designed for taking care of loved ones if something happens to you. Term insurance plans act as a shield between your family and sudden financial fall. They make sure that your family lives a healthy life even after you. With a little amount paid per year, you can be worry-free from the family's financial conditions.

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

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