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Ref. No. KLI/22-23/E-BB/492
Buying term insurance for senior citizens is essential. It will ensure that your loved ones are taken care of. Here are reasons as to why you should avail of a term insurance policy.
Term insurance is a policy, which is designed to offer complete protection to your loved ones. The policy will also provide peace of mind by ensuring that your ageing parents will be well looked after in the future. Buying term insurance for senior citizens is essential. It will ensure that your loved ones are cared for even in your absence.
When we put light on the importance of life insurance for senior citizens in India, it highlights that even in your absence, the term insurance cover will have them covered and protect your family from landing into financial trouble.
Term insurance is a type of insurance which will provide coverage for a particular period. In case of the insured’s death during the policy tenure, the nominee will receive a death benefit. If the policyholder survives the term, he/she is not eligible for any returns. The idea behind an online term plan is to provide for the well-being of the policyholder’s family if an untoward incident occurs.
Parents are the most important part of our lives. Taking care of their needs and requirements is a duty. When you choose to get term insurance for senior citizens, you are not only ensuring that your parents will be taken care of but also that they will be comfortable, free, and independent.
In addition to this, term insurance for senior citizens is also important because the benefit received from these policies helps manage debts, loans, medical expenses, etc.
If you are a senior citizen, listed below are the reasons why you should avail of a term insurance policy.
In many cases, children depend financially on their parents for their expenses. When you buy term insurance, you give them the financial freedom to take care of themselves until they start earning, particularly when you are not around.
Term insurance for senior citizens can provide complete financial independence to your spouse during your absence.
When you are no longer there to look after your family, you can leave behind a legacy. It is nothing but a wish to help loved ones and ensure that they remember you in difficult times. In case of an unfortunate event, the insurer will provide your dear ones with a lump sum to take care of their financial requirements.
Imagine a scenario wherein you are the only earning family member and have taken a loan. Due to an unfortunate incident, the burden of repaying the loan comes to your family in your absence. This situation could leave your family members in a pile of debt. However, with an online term plan, the family members can pay off the loan with the sum assured they receive as the death benefit.
Selecting the right life insurance for senior citizens in India can be a difficult and time-consuming task, given the huge number of policies that are available in the market. However, it is advised that you must take ample time and explore the market before opting for term insurance.
Here are some important steps that you must follow to select the right senior citizen’s term insurance:
Let’s have a look at some of the key features of a good term plan for senior citizens:
Buying the best term insurance plan in India will ensure that you feel honoured and do not worry about the financial future of your family. In addition, you can avail of income tax benefits under Section 80C of the Income Tax Act, 1961. A term plan helps in curbing financial needs in the absence of a partner, maintaining the lifestyle without worrying about the financial burden, and creating an emotional connection that keeps you in the memory of your loved ones all the time.
The maximum age for term insurance plans is 60 years old, and the term insurance plan length is specified against the premium (75 for individuals who are 60 years old)
In their 50s and 60s, people can acquire a variety of term insurance plans. Additionally, these term insurance policies offer insurance protection for ages 75 to 80.
One could get a term insurance plan for their parents for various reasons, like financial security and tax benefits on the term insurance. Here are the elements that influence senior citizen term insurance:
Is life insurance a good investment for the elderly?
There are several factors that make life insurance coverage necessary for senior folks. The primary reason, however, is that these insurance plans may be able to supplement their income and enable them to live out their remaining years on their own.
Ref. No. KLI/22-23/E-BB/2435