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What is Term Insurance for Senior Citizens?
Term life insurance for senior citizens is an insurance plan that helps you secure your family’s or dependents’ financial future in case of your unfortunate demise. A term plan ensures that your dependents are financially protected even in your absence.
Buying a term plan at an early stage of life is always advisable to get protection for a longer period at affordable premiums. But, did you get caught up in life and miss out on securing your future?
No worries, you can still secure your future with term insurance even if you are a senior citizen, i.e. more than 60 years old. Term life insurance plans for senior citizens offer similar benefits as that of a term plan purchased at a younger age, but the premiums will be higher due to the higher risk involved. Under the senior citizen’s plan, you’ll get coverage for an entire life - till 100 years of age.
How Does Term Plan for Senior Citizens Work?
To understand how a term life insurance plan for senior citizens works let’s take a simple premium illustration.
Mr. Sharma, a 60-year-old retired employee has limited savings. He is worried about the financial future of his divorced daughter after him. So he bought a TATA AIA SRS Vitality Protect term plan with a sum assured of Rs 50 lakhs to make sure her daughter is financially secure even in his absence.
| Policyholder’s Age | Name of the Plan | Sum Assured | Policy Tenure | Annual Premiums |
|---|---|---|---|---|
| 60 years | TATA AIA SRS Vitality Protect | Rs 50 lakhs | 40 years | Rs. 3,46,693 |
Key Takeaways: In the case of Mr Sharma’s demise during the policy tenure, a sum of Rs 50 lakhs would be paid to his daughter who is the nominee of the plan.
List of Best Term Insurance Plans for Senior Citizens in India in 2025
Here, we’ve listed the best term insurance plans for senior citizens in India in 2025. However, the plans listed below are available for a person above 60 years old, non-smoker, salaried male, for a 50 lakhs cover till 100 years of age.
| Name of the Plan | Claim Settlement Ratio of the Company Selling the Plan | Entry Age | Life Cover | Policy Term | Monthly or Annual Premiums |
|---|---|---|---|---|---|
| ICICI Prudential iProtect Smart | 97.8% | 18 - 65 years | 50 Lakhs | 40 years | Rs. 24,102/month Rs.2,82,271/year |
| TATA AIA SRS Vitality Protect | 99.0% | 18 - 65 years | 50 Lakhs | 40 years | Rs. 30,613/month Rs. 3,46,693/year |
| IndiaFirst Life Guaranteed Protection Plus | 97.0% | 18 - 65 years | 50 Lakhs | 40 years | Rs.67,863/month Rs. 7,80,039/year |
| Bharti AXA Flexi Term Pro | 99.1% | 18 - 65 years | 50 Lakhs | 40 years | Rs.50,656/month Rs. 6,07,872/year |
| Edelweiss Life Zindagi Protect Plan | 99.2% | 18 - 65 years | 50 Lakhs | 40 years | Rs.48,358/month Rs. 5,80,292/year |
Overview of Best Term Plans for Senior Citizens
Here is a brief overview of the senior citizens’ term insurance plan:
ICICI Prudential iProtect Smart
ICICI Prudential iProtect Smart is a simple term plan for senior citizens that ensures financial protection for your loved ones in case of your demise during the policy tenure. This plan allows you to choose from a range of benefits such as accidental death benefits, accelerated death benefits, etc.
Key Features of ICICI Prudential iProtect Smart
- Special premium prices for non-tobacco users.
- Special discount on first year’s premiums for salaried individuals.
- Flexibility to choose premium payment tenure.
- Avail of need-based payout with this plan.
TATA AIA SRS Vitality Protect
Tata AIA SRS Vitality Protect is a term plan that comes with an inbuilt wellness program. This plan offers you a free health checkup every year.
Key Features of TATA AIA SRS Vitality Protect
- 5% discount on first-year premiums.
- Option to choose between term plan or return of premium option.
- Renewal premium discount and cover booster up to 15%
- Enhance your cover with additional rider benefits.
IndiaFirst Life Guaranteed Protection Plus
IndiaFirst Life Guaranteed Protection Plus is a term plan that offers you 3 coverage options to choose from. You have the flexibility to choose death benefits as a monthly lump sum or a combination of both.
Key Features of IndiaFirst Life Guaranteed Protection Plus
- Coverage up to your whole life (till age 99) by paying limited premiums.
- Get your premiums back with the return of the premium option.
- Option to reduce your sum assured by 50%.
- Option to provide coverage to your spouse under a single policy.
Bharti AXA Flexi Term Pro
Bharti AXA Flexi Term Pro is a term plan for senior citizens that allows you to cover your spouse under the same plan which saves additional premium costs. You can choose a policy term as low as one year with this plan.
Key Features of Bharti AXA Flexi Term Pro
- Three death benefit payout options to choose from.
- Multiple premium payment options.
- Return of premium option to get all your premiums back.
- Life coverage up to 99 years of age.
Edelweiss Life Zindagi Protect Plan
Edelweiss Tokio Life - Zindagi Plus is a term life insurance plan for senior citizens designed to provide comprehensive protection to their families. It not only covers your present requirements but also provides the flexibility to take care of your changing responsibilities as well as the increasing cost of living.
Key Features of Edelweiss Life Zindagi Protect Plan
- Multiple plan options to choose from.
- Top-up benefits to choose from at every policy anniversary.
- Life stage sum assured can be added to the policy while the policy is in force.
- You can choose the better half benefits with this plan.
Why Should Senior Citizens Buy Term Insurance?
In general, a term insurance plan for senior citizens is an ideal way to secure your family’s financial future and help them fulfil monetary objectives when you’re not around. Apart from this, there are plenty of reasons why senior citizens aged over 60-65 years should buy term insurance for themselves:
Leave an inheritance for your loved ones
With the senior citizen term plan, older people can leave an inheritance for their partner, grandchildren or kids after their demise.Financial security for your dependents
Term insurance for senior citizens offers your life partner financial security in the event of your unfortunate death.Helps to cover your liabilities
Life cover can help your kids fulfil monetary objectives like paying liabilities that remain unpaid by you.Ideal plan for breadwinners of the family
In case a senior citizen is one of the earning members of the family, having senior citizen term insurance will ensure that your family receives life cover for the devastating income loss resulting from their demise.Helps to create legacy
Term life insurance for senior citizens helps to create a legacy for future generations in your absence. They can get a lump sum benefit to complete their financial requirements.
Features of Senior Citizen Term Insurance
Here are the features of a senior citizen term insurance plan in 2025:
Insurance coverage
With term life insurance for senior citizens, you can avail of life coverage up to 100 years of age. However, the plan is designed to cover you and your entire family’s needs because older people’s needs are different from those of younger policyholders.
Premium rates
Term insurance plans for senior citizens premiums will be higher as compared to term plans purchased at a younger age. But you can still avail yourself of the affordable deal by picking a suitable choice of policy term and premium payment option and by using a term insurance premium calculator.
Optional riders
Similar to the regular term plan, you can add an optional rider as part of the senior citizen term plan to enhance coverage. However, the rider’s availability may vary from insurer to insurer; you can add a rider in exchange for a nominal premium amount.
Medical test
It is mandatory to take a medical examination while buying a senior citizen term plan in India. Please note that the insurer will bear the cost of these medical tests. It is done to indicate any health risk so the insurer can determine the adequate coverage and premium amount for your plan. Undergoing a medical test minimizes the chance of claim rejection.
Benefits of Term Insurance for Senior Citizens
Buying a term life insurance for senior citizens offers a range of benefits. Here are some of the benefits of a senior citizen term plan:
Financial support for children
In case of your unfortunate demise, the life cover will help your kids financially to pursue their higher education and secure their careers. It’ll ensure that the devastating financial loss does not affect their life goals.Tax benefits on premiums paid
Under Section 80C of the Income Tax Act, 1961, you can claim a tax deduction of up to Rs. 1.5 lakh in a financial year for premiums paid towards the policy. You can also get a tax exemption under Section 80D if you opt for any additional health riders like critical illness and disability rider or accidental death cover.Tax benefit on payout
Under Section 10 (10D) of the Income Tax Act, 1961, the death or maturity benefit earned from a senior citizen’s term insurance policy is tax-free.Financial independence for partner
In the event of your unfortunate death, your life partner will receive death benefits to save them from the struggle of depending on someone financially during their old age. A life cover allows them to lead a stable life.Rider benefits
The life cover of the senior citizen term plan can be enhanced by add-on riders of your choice. However, depending on the type of in-built cover selected, senior citizens can get additional protection for certain conditions. These riders include critical illness rider, accidental death benefit, terminal illness benefit, accidental total permanent disability benefit, waiver of premiums, etc.
How to Choose the Best Term Insurance Plan for Senior Citizens
To choose the best senior citizen term plan you have to consider certain parameters. These parameters help you choose the right term insurance.
Choose a suitable life cover
Choosing a suitable life cover ensures that your loved ones are financially secure in your absence. You should choose the sum assured that is feasible as per your needs.
Opt for only necessary riders
You should only choose the necessary riders as every rider costs you additional money. Choosing unnecessary riders increases your premiums.
Compare various available options
You must compare other plan options available before making a choice. Doing so helps you to choose the best senior citizen term plan.
Check if the plan aligns with your needs
You must check if the plan you are considering to buy aligns with your financial goals or not.
Look for customer testimonials and reviews
Check the customer testimonials and reviews of the plan you are opting for as it gives you a better idea of the plan you are choosing.
In a Nutshell
Term life insurance for senior citizens in India offers a financial safety net for individuals aged 60 and beyond. It ensures that their loved ones receive essential financial support if they pass away during the policy term. Premiums for senior citizen term insurance may be higher due to age-related risks. So it’s vital to compare different insurance providers and policies to find the most suitable and affordable options. Additionally, insurers may require a pre-medical check-up before offering the policy. Certain term insurance plans for senior citizens also offer add-on riders to enhance the coverage of your plan.
If you are looking for the best senior citizen term insurance policy you can contact us at PolicyX.com or call us at 1800-420-0269. We believe in No Spam, No Gimmicks, No Mis-selling, and Only Expert Advice.
Term Insurance Plans for Senior Citizens: FAQs
1. Are there term plans available for senior citizens in the market?
Yes, Senior Citizens can purchase term plans, if you are above the age of 50 years of age you can avail a term insurance product and ensure that the future of your loved ones remain safe and secure as the nominee receives a lump-sum amount called the death benefit in case of your demise.
2. I am 70 years old, can I avail term insurance for senior citizen?
Yes, it is possible to avail term insurance for senior citizens. Many term insurance companies allow individuals over 65 to purchase an insurance policy. You can also buy term insurance even over the age of 70 years.
3. What are the best term insurance plan for senior citizens in India?
There are multiple insurance plans designed specifically for senior citizens. Best Term Insurance plan for senior citizens depends entirely upon the needs and requirements of an individual. Insurance providers like Kotak, HDFC, SBI Life offer multiple effective senior citizen plans that can be analysed.
4. Can I buy term insurance plan for senior citizens for my 75 year old mother?
Yes, you can purchase life insurance for your parents to help cover their final expenses.
5. What is the maximum age for term life insurance for senior citizens?
Usually, the maximum age for term life insurance is 89 years, senior citizens who want to purchase insurance over 80 should consider buying whole life insurance.
6. Are term insurance premiums higher for senior citizens?
Yes, premiums for term insurance tend to be higher for senior citizens due to increased mortality risk. However, it remains an affordable way to secure their financial neds.
7. Can senior citizens get term insurance with pre-existing medical conditions?
Some insurers may impose restrictions or require a pre-medical check-up. However, coverage can still be obtained, and the terms may vary based on the individual& 039;s health condition.
8. What are riders in Term Insurance for Senior Citizens?
Riders are optional add-ons that enhance the coverage of a term insurance policy. For seniors, these riders may include critical illness coverage, accidental death benefits, or disability waivers.
9. Is Term Insurance for Senior Citizens available for extended coverage beyond a specific age limit?
Yes, some insurance companies offer term plans that extend coverage up to the age of 99, providing prolonged financial protection for senior citizens and their families.
10. Can senior citizens buy term insurance if they are already retired?
Yes, senior citizens can purchase term insurance even after retirement, as long as they met the age eligibility criteria set by insurance providers, typically up to 65 years of age.
11. What’s the cost for term insurance for a 70-year-old?
The premiums for term life insurance for senior citizens over 70 are usually higher due to the risk involved in providing life coverage.
12. Can a senior citizen apply for term insurance?
Yes, a senior citizen can apply for term insurance that can help them secure the financial future of their family members.
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Written By: Himanshu Kumar
Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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