What Are the Top Features of Term Insurance for Senior Citizens?

Written by : Knowledge Centre Team

2025-09-21

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We are in an era of advanced technologies. Every product or service we use is continuously evolving and is in line with our needs. Then why not our financial products? A term plan is a simple insurance plan that gives a lump sum amount to your nominee in case of your death. There were no other benefits. The time has changed, and so have the term plans.

Five Features of The Best Term Plan for 60 Plus

If you plan to buy a term plan after 60 years, you can look for the below features in the plan:

1. 99 Years Coverage

If you want your term plan to continue after 60, you may look to fulfil more than the safety goal with it. You can use term plans like iSelect Smart360 Term Plan from Canara HSBC Life Insurance to leave a legacy for your children.

This is possible with the 99-year term cover option under the plan. In case of your natural death, your dependents and nominee will get the benefit amount in lumpsum or as regular income.

2. Income Protection for Spouse

If your spouse is dependent on you post-retirement, you have to make sure when you are not around, your spouse continues to maintain the same living standard. For this to happen, you have to choose a term plan that lets you choose how to receive the death benefit.

iSelect Smart360 Term Plan gives you the option to choose the death benefit - you can take the sum assured as lump sum amount, monthly income, or as a mix of both. Depending on your financial situation, you can choose the option. If you have no loans or debts, a monthly income option will ensure your spouse receives regular income.

If you have some loans, the lump sum amount can help clear off the loans, and the remaining can be monthly income for your spouse. It is a must to have feature in your term plan as it gives you and your spouse a lot of flexibility.

3. Terminal Illness Cover

Illness always comes unannounced whether you are in your 30s or 60s. Illnesses affect you both physically and financially. Some illnesses like terminal illness can very quickly eat up all your savings. Savings you would have kept for your retirement years.

Benefits of addition terminal illness cover with your term plan

4. Protecting Dependents from Ongoing Debt

The term plan should have an option to pay the dependents a lump sum amount after your death. In case of your death, dependents need money to perform the last rites, and if you have debts on top of it, it could leave your family in trouble. To ensure this does not happen to your family when you buy a term plan in your 60s, it should have a life cover more than your remaining debt and liabilities.

Your term plan should be from an insurance company that has a high claim settlement ratio and easy settlement process. It will make sure your dependents get the lump sum amount conveniently to clear off all debts soon after your death.

5. Tax Savings

Last on the list, but very important to ensure you have it on your term plan. When you are in your 60s, you want to save maximum on the taxes since you have limited investment options to invest your money in (you cannot invest in high-risk options).

For this reason, your term plan should provide you with tax benefits so you can reduce your tax liabilities and increase your income. The sum assured your nominee will receive should also be fully exempted from taxes as part of your policy.

Why Have a Term Plan after 60?

You may be wondering what is the point of having a term plan after the age of 60, but there are many cases when having a term plan in the 60s makes sense. Below are a few reasons to have a term plan after the age of 60:

Your kids are financially dependent on you while you enter your 60s, having a term plan is mandatory. They may be doing higher studies and still depend on you. Or you may have dreams of spending on their marriage. In all these cases, having a term plan in the 60s will help you.
You are retiring and your spouse is dependent on you, you may want to have a life cover to secure your spouse's future with regular income. It will ensure they continue to live with dignity and self-respect even when you are not around.
You have loans and debts after you turn 60, it is always better to have a term plan to cover the cost of debts if something happens to you.

The modern term plan not only gives you a life cover at affordable prices but also survival benefits. When you buy a term plan, you protect yourself and your family from the harsh realities of life - Death, disability, and disease. With a modern term plan, you also save for your future.

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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.