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Life insurance for elderly people helps secure the financial future of individuals over 60 years of age. These plans can help you build wealth in the long run, provide death benefits to your family in the event of your unfortunate death, and help you save on your taxes. The payout from these plans can also provide you with a regular income after the end of your earning days. Let us see the most affordable life insurance for elderly provided by Indian insurers in 2024.
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Here is the list of all the affordable life insurance for elderly people offered by insurance companies in India.
| Name of the Insurer | Life Insurance for Elderly in 2024 | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Click 2 Protect Super | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Axis Max Life Insurance Company Limited | Max Life Smart Total Elite Protection | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Promise | 776 | 18-65 years | 100 years |
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
Note: You can use a life insurance premium calculator to estimate the amount you would need to pay as premiums.
Note: Check out the term insurance policy in India and choose one that suits your requirements.
Term Plans
Let us take a look at some of the benefits of buying life insurance for elderly parents.
Secure Retirement: Life insurance plans are one of the ways to secure your post-retirement future. They provide financial independence through regular income in the absence of monthly income.
Inheritance: The payout from life insurance for elderly people can help your family members like children and spouse to take care of their financial needs.
Increasing Life Expectancy: In the past few years the life expectancy of Indians has been on the rise and is expected to rise even further. Term life insurance for elderly parents can help your parents live a comfortable and stress-free life.
Fulfilling Lifelong Goals: Life insurance can help you build a corpus in the long run like going on an expensive vacation or buying a house.
Debts and Loans: The payout from life insurance for elderly people can be used to pay off any remaining loans like home loans or car loans.
Note: You should also check the benefits of term insurance if you are planning to purchase the term insurance plan.
Some of the key features of the most affordable life insurance for elderly are as follows:
Low Premium Rates: You can compare and buy affordable life insurance for elderly online in just a few clicks from the comfort of your home.
Family Protection: A life insurance plan helps secure your family members in case of an unfortunate event by providing them with a death benefit.
Benefit Payout: The benefit payout received from a life insurance policy can be selected to be paid on a monthly, quarterly, annual, or semi-annual basis.
Wealth Building: Several life insurance plans such as savings plans help you build your wealth over time with the feature of investment (ULIPs). The returns from these savings plans can be used to fund the marriage, education of your child, or your unexpected medical expenses in the long run.
Tax Benefits: The life insurance policies can help you save on your yearly taxes under sections 80C and 10(10D) of the Income Tax Act of 1961.
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You can buy the life insurance for elderly in India by following the below steps:
Step 1: Visit the life insurance page
Step 2: Enter information regarding your name, gender, date of birth, and contact number
Step 3: Click on ‘View Plans’ and answer correctly about your smoking and drinking habits, occupation type, annual income, and educational background
Step 4: Select the most suitable plan and proceed to pay
Here is a list of factors that you need to consider before buying life insurance for elderly parents.
Family’s Medical History: The insurer will want to know of all the medical issues that run in your family and assess if they are hereditary and severe or not.
Age: If you are planning on buying life insurance for elderly people, you should purchase the plan as soon as possible. This is because the premium rates for term plans increase with age.
Add-on Riders: You should always go through the available riders in the term plan of your choice. Including the available riders in your base plan can enhance your life cover.
Compare Term Plans: Always compare term plans on the basis of life cover, premium rates, CSR values of companies, and benefits offered to buy the most suitable term plan.
Note: Know what is term life policy first and then buy a term plan for your loved ones.
Note: It is suggested to calculate the term plan premium on the term plan calculator online tool by Policybazaar before buying.
Buying life insurance for elderly people can secure your family against any eventuality, build a corpus, and help you save on your taxes every year. The payout received from the life insurance plan can be used to fulfill your lifelong goals and help you live a financially independent post-retirement life.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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