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Term Insurance In Your 50s

Name: Buy Term Insurance in Your 50s: Smart Life Cover Options | Canara HSBC Life Insurance
Brand: Canara HSBC Life Insurance
Rating: 4.3 (10243 reviews)

A quick guide to choosing the right term insurance plan in your 50s for long-term financial security.

Turning 50 is a major life milestone. It often marks a shift in financial goals, moving from wealth creation to wealth protection, retirement planning, and securing the future of your loved ones. While many believe life insurance is only for the young, the reality is quite different. At this stage in life, term insurance can play a crucial role in offering peace of mind, covering liabilities, and ensuring your family stays financially protected even in your absence.

Whether you're planning for a comfortable retirement, protecting your spouse, or supporting your grown-up children through key life milestones, term insurance in your 50s can be a wise and timely decision. This guide is here to simplify your choices, answer your concerns, and help you make an informed decision based on your needs.

Key Takeaways

Term insurance after 50 offers peace of mind during retirement years
It provides financial support for your spouse or dependents
You can enjoy tax benefits under Sections 80C and 10(10D)
Riders enhance your coverage for critical illnesses or accidents
Coverage at this age can support ongoing liabilities, like home loans, healthcare needs, and children’s education

What is a Term Insurance Plan?

A term insurance plan is one of the simplest and most effective forms of life insurance. It provides a financial safety net for your loved ones in the event of your untimely demise during the policy term. In exchange for a fixed premium, paid either monthly, annually, or as a one-time lump sum, you secure a lump sum payout (also called the sum assured) that is given to your nominee if something happens to you.

Unlike other insurance products that come with investment or savings components, term insurance focuses purely on protection. It ensures that your family is financially supported to manage day-to-day expenses, pay off debts, or fund long-term goals, like education or retirement, even in your absence.

Calculate Term Insurance Premium

A term insurance calculator is a useful online tool that helps you determine how much coverage you need based on your income, lifestyle, and family’s needs.

My Income

My current Cover

Additional Details

Our Recommendation

My Income

My current Cover

Additional Details

Our Recommendation

I am {age} years old,

My Monthly income is {amount}

Additionally, I hold existing Insurance Cover of Rs {insurenceamount}

and loan amounting to Rs{amount}

My name is {name}

my mobile number is {contact}

50 Lakh

12.5 Lakh

75 Lakh

Zero

1 Crore

Where do you stand

Additional Life Cover

Hi {name}

To secure your family’s financial future and protect their dreams, you’ll need an additional cover of

rs 10,000

Note: This is a very brief calculation of HLV

Secure Now

Recalculate

Desclaimer-

The above calculation and illustration of figures are indicative only and not on actual basis.

Why Having Term Insurance is the Best Bet In Your 50s?

In the 50s, you carry financial responsibilities, like loans or future retirement needs. Buying term insurance after 50s provides your family with financial protection during a critical period.

Continued Financial Responsibilities: In your 50s, you may have home loans, car EMIs, or children’s education expenses. A term insurance plan gives your family the financial support they need if something happens to you. It helps them manage these responsibilities without worry or lifestyle changes.
Health Risks Increase With Age: As you grow older, health risks naturally increase. A term insurance policy ensures that your family doesn’t face financial stress during tough times. It acts as a protective shield, helping them deal with unexpected health-related emergencies without affecting their savings or daily life.
Complements Your Retirement Planning: In your 50s, you may focus on building a retirement fund. A term insurance plan adds an extra layer of financial security. It ensures your family remains protected even if something happens to you. This way, you can plan your retirement without worrying about your loved one’s future.
Guaranteed Payout to Your Family: When you invest in term insurance in your 50s, your family receives the full sum assured in case of your passing during the policy term. This lump sum enables them to maintain their lifestyle, cover essential expenses, and achieve future goals without financial hardship, thereby giving them confidence and stability.
Tax Benefits Under Indian Laws: Term insurance offers attractive tax advantages. Premiums paid qualify for deductions under Section 80C of the Income Tax Act. Additionally, the death benefit your nominee receives is tax-free under Section 10(10D), making it a smart way to protect your loved ones while also saving on taxes.
Flexibility to Add Riders: At this stage in life, you can enhance your base term plan with riders that suit your needs. Add-ons like critical illness, accidental death, or waiver of premium ensure wider protection. These riders offer additional payouts or benefits, adding an extra layer of security for your family’s well-being.

How Does Age Affect Term Insurance Premiums?

At 50, purchasing term insurance is still a wise decision. However, your age plays a significant role in determining the amount you pay and the type of coverage you receive.

Here’s what you need to know:

Premiums Increase with Age: By the time you reach 50, insurance companies see you as a higher health risk. This means the cost of your premium is significantly more than what someone in their 30s pays. Starting earlier would have meant lower premiums, but now, the protection is worth the price.
Fewer Plan Choices and Riders: At this stage in life, insurers may not offer you as many flexible features or rider options. You might notice that some add-ons, like critical illness or disability cover, are either limited or cost more than they do for younger applicants. It’s still possible to customise your plan, but the range of choices tends to be smaller.
Medical Underwriting Gets Stricter: When you apply for term insurance in your 50s, you will likely need to go through several health checkups. We want to understand your medical condition before offering a policy. Any existing health issues can lead to a higher premium, or in some cases, certain exclusions. Younger applicants often face fewer medical requirements, but at 50, it becomes a necessary part of the process.
Shorter Coverage Periods: The older you are, the shorter your available policy term. A 50-year-old usually gets coverage options that last for about 15 to 20 years. While this may not stretch across a full retirement, it can still cover key financial responsibilities, like home loans or your child’s education. It provides a crucial safety net during your working and early retirement years.

Term Insurance - Top Selling Plans

Canara HSBC Life Insurance offers online term insurance plans to secure your family financially in your absence.

Family Shield: Enhanced Protection

iSelect Smart360 Term Plan

3 Plan options
Life cover till 99 years
Steady income benefit
Block your premium at inception

Start Young, Pay Less, Stay Secured

Young Term Plan

Life cover till 99 years
Coverage for spouse
Block your premium rate
Covers 40 critical illness

Family Shield: Enhanced Protection

Affordable prices
Multiple premium payment option
Get Tax benefits
Hassle-free purchase process

Age-Based Comparison: Best Term Insurance Approach

Your age plays a significant role in determining your premium. As you grow older, your premium will also increase. This is calculated through the Young Term plan calculator by Canara HSBC Life Insurance.

Age	Sum Assured	Annual Income	Monthly Premium
40	₹1 Crore	₹1000000	₹1510
50	₹1 Crore	₹1000000	₹3006
60	₹1 Crore	₹1000000	₹6665

*These premiums exclude GST

Things to Consider Before Buying Term Insurance in Your 50s

Before purchasing a term insurance plan, here are the key factors that you should consider:

Evaluate Current and Future Liabilities: Make a list of all your current loans, children's education needs, and caregiving expenses. This helps you decide how much life cover is enough. The right coverage will protect your family’s lifestyle and allow them to manage expenses smoothly in your absence.
Compare Plans and Premiums: All term insurance plans are different. Use the Canara HSBC term insurance calculator to compare features, premiums, and rider options. Pick a plan that balances strong coverage and affordability, so that you get the best value for your money.
Choose the Right Tenure: Select a policy duration that aligns with your family’s long-term needs. A longer plan gives more protection but may cost more. Consider your spouse’s age, children’s dependency, and retirement goals while choosing the tenure.
Disclose Health Conditions: Share complete and honest details about your health. This helps us to give accurate premium quotes and ensures that claims are settled without problems. Being transparent now prevents any future delays or disputes.

Did You Know?

A term plan purchased online can be up to 25% cheaper than its offline version.

Source: Economic Times

Why Canara HSBC Life Insurance?

When you buy term insurance from us, you’re choosing a partner who understands your life and priorities.

Trusted by Millions: At Canara HSBC Life Insurance, we offer a high Claim Settlement Ratio of 99.43% and ensure your loved ones receive the promised payout without unnecessary delays.
Custom Plans for Seniors: Our term insurance plans are tailored to meet the specific needs of individuals in their 50s. You can choose from flexible payout options, premium payment terms, and essential add-ons like critical illness or accidental death cover, so your plan adapts to your lifestyle, health condition, and financial priorities with ease.
Simple Online Process: Managing your policy is quick and hassle-free with our digital tools. You can purchase your plan online, track your premiums, update policy details, and even calculate your premium using our easy-to-use term insurance calculator, all without stepping outside your home. It’s insurance made simple, secure, and completely on your terms.

Canara HSBC Life Insurance

We have over 15 years of experience in delivering exceptional value to our customers through our range of individual and group insurance solutions, designed to meet their various needs, including savings and investment, retirement, protection, and more.

15,700+ Partner Branches

Canara Bank, HSBC India, Other Alternate Channels

₹436,385 Mn Assets Managed

Assets Managed as of Jun' 25

99.43% Claims Settled

Individual Death Claims settled for FY 2024 - 2025

200.42% Solvency Ratio

Way Above the IRDAI Mandate

Final Words

Buying term insurance in your 50s might feel like you’re late to the game, but in reality, it’s the perfect time to reassess and secure your financial future. At this stage, your priorities shift: you’re thinking about retirement, ensuring your spouse's well-being, supporting your children’s aspirations, and leaving behind a legacy of financial stability.

The right term insurance plan not only provides a strong layer of protection for your loved ones but also offers tax-saving benefits and peace of mind, knowing that your responsibilities will be taken care of, even in your absence. With Canara HSBC Life Insurance, you can explore reliable and flexible plans tailored to your life stage, backed by trust, transparency, and years of experience.

It’s never too late to make a smart financial decision. Secure your family’s future today, and step into retirement with confidence and comfort.

Glossary

Rider: An add-on benefit that enhances policy coverage.
Premium: The amount paid periodically to keep the insurance active.
Sum Assured: The guaranteed amount paid to your nominee after the unfortunate demise.
Claim Settlement Ratio: Percentage of claims paid by the insurer.

FAQs

You can typically buy term insurance until the age of 65, though some insurers may offer plans up to 70. The earlier you buy, the lower your premium is likely to be.

Yes, some term insurance plans offer limited coverage without medical tests after 50, but most comprehensive plans typically require a health check-up to assess risk.

Premiums are higher than for younger ages, but still affordable for many.

Yes, you can add critical illness riders for extra protection.

If you survive the policy term, there’s no payout under a standard term plan. However, if you opt for a Return of Premium (ROP) plan, your premiums are refunded.