Term Insurance 193 views May 7, 2021

Term Insurance is a pure protection plan that offers life cover to the insured. So, in case you die during the policy term, a death benefit is paid to your nominee. But term insurance isn’t only for young people! Even those who are retired can buy the same and secure the future of their loves ones in their absence. There are many term insurance plans where the maximum entry age is 60+. Moreover, such term insurance plans provide coverage up to 70-80 years of age. Let’s read this page further and learn more about term insurance for people aged above 60 years.

Term Insurance

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Term Insurance Plan for 60+

If your age is more than 60 years and you are looking for a term insurance plan, check out these plans below –

Aegon Life iTerm Plus

Under this term insurance plan, you will get InstaCover™ benefit where the insurer will pay the Base Sum Assured to the nominee in case of your death during the policy term. The InstaCover™ Period will start from the date when the insurer receives the completed application form, including the premium. Aegon Life will issue an ‘InstaCover™ Letter’ at the start of the InstaCover™ Period.

Death Benefit for a Single Pay Policy – 

  1. 1.25X the Single Premium
  2. Effective Sum Assured

whichever is higher.

Death Benefit For Regular & Limited Pay Policy –

  1. 11X the Annualized Premium
  2. 105% x Total Payable Premiums (excluding taxes) as on the Date of Death
  3. Effective Sum Assured

whichever is the highest

Post acceptance of the death claim, the insurer will pay 100% of the Lump Sum Benefit; and 1.2% of the Income Benefit up to 100 months to the beneficiary.

If you survive till the age of 60 years, the insurer will pay a survival benefit of 5% of the Base Sum Assured in a lump sum and 0.1% of the same monthly till the date of maturity, death or diagnosis of terminal illness, whichever is earlier.

NoteAegon Life iTerm Plus provides you Life Cover till the age of 100 years, and the maximum entry age for this term insurance is 65 years.

Bharti AXA eProtect

Bharti AXA eProtect provides you life cover by which your family will receive the chosen sum assured in case you die during the policy term. Also, the policy comes with a Family Care Benefit where the insurer will pay INR 1,00,000 to the nominee within 48 hours of submission of all relevant claim documents in case of your death. After the payment of the Family Care benefit, the balance Sum Assured shall be paid to the nominee.

The maximum age at entry for Bharti AXA eProtect Plan is 65 years, and the minimum sum assured is INR 25 Lakh

Note – The Family Care benefit is payable if the life insured has completed two policy years from the date of issuance of the policy or the date of the latest reinstatement.

Canara HSBC eSmart

Canara HSBC eSmart is a pure life insurance plan that provides life cover to the insured. This plan comes with two options –

  1. Option A
  2. Option B

Under option A, your nominee will get a sum assured in case you die during the policy term. And, if you choose option B and dies due to an accident, the sum assured plus accidental death benefit shall be payable to the nominee.

The maximum entry age for Canara HSBC eSmart Plan is 70 years, and the minimum sum assured is INR 25 Lakh, whereas the maximum sum assured is INR 1 Crore.

Note – Accidental Death Benefit is equal to the sum assured.

Max Life Online Term Plan Plus

Under this term insurance plan, you will get a sum assured up to INR 100 Crore, and the following are the life cover options that you can choose from –

  1. Basic Life Cover – 100% of the policy Sum Assured under the option
  2. Life Cover Plus Level Monthly Income Death Benefit – 100% of the policy Sum Assured + 0.4% of the policy Sum Assured per month will be payable for up to 10 years.
  3. Life Cover Plus Increasing Monthly Income Death Benefit – 100% of the policy Sum Assured + Increasing monthly income for 10 years (Interest increases from 0.4-10%)

The above-mentioned life cover benefits shall be payable to the nominee in case of your death during the policy term. Max Life Online Term Plan Plus maximum entry age is 60 years, and the minimum premium amount is INR 2,200 per annum.

SBI Life Poorna Suraksha

SBI Life Poorna Suraksha Plan offers you two benefits

  1.  Life Cover – In case of your death during the policy term, the insurer will pay the sum assured to the nominee
  2. Critical Illness Cover – You will get financial coverage in case you are diagnosed with a major illness.

The maximum entry age for SBI Life Poorna Suraksha Plan is 65 years, and the premium starts from INR 250 per month. You can get a maximum sum insured up to INR 2.5 Crore as per Board Approved Underwriting policy.

Note – The Sum Assured under life cover will reduce over the term, whereas the critical illness cover will increase.

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