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Term insurance has traditionally been considered a protection policy that is best purchased when you are younger. Since many individuals commonly get retired between 60 years to 65 years, term plans are usually more planned so that they provide coverage until the policyholder reaches the age of 65 years. Now the term insurance is not only limited to the age of 65 years.
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Note: Know more about what is term insurance first before reading this article.
Most of the senior citizens are showing interest in continuing to remain insured. Term insurance also provides life coverage to the male policyholders of 65-year-old. Let’s discuss in detail:
Let’s understand the requirement of term insurance at an old age using the following examples:
Example 1: Your children might be dependent on you financially
If you have decided to have kids in the future, they will be financially dependent on you. So, by the time you reach 60 years, your kids will either be taking higher education or going to start a career. Having a term plan will make sure that they are financially protected for the future, even in case of your absence.
Example 2: You want your spouse to be self-dependent
If you have a non-working partner, making sure their financial stability in old age in case of your absence, solely becomes your responsibility. This way, if anything happens to you, they will be financially secured with a term plan.
Example 3: If you have financial liabilities
Repaying debts, and loans can create problems in your retirement days also. In case of your demise, all these liabilities will fall on your family members. So, in order to avoid stressing your loved ones in such cases, it is good to have a term policy under your name. The death payouts received can be used to pay off any outstanding debt/loan amounts.
The term insurance features for a 65-year-old male in India are the same as a standard term insurance plan. Let us discuss in detail:
The plan provides death benefits/payouts to the beneficiaries/nominees in case of the death of the policyholder
You can also purchase rider to increase the coverage of your existing term policy. You should consider purchasing riders like:
Critical Illness Cover
Accidental Death Benefit
Waiver of Premium
Return of Premium Cover
The premium amount that is paid towards the term plans for 65-year-old males i.e., senior citizens can be claimed for deductions on tax u/ section 80C of the ITA, 1961. Moreover, the death benefits received by the nominees are free of taxes u/ section 10(10D). And, these tax benefits on term plan help you to save money.
The plan provides protection against various major and minor health problems if you choose to buy critical illness cover
Enjoying a term insurance plan life cover after the age of 65 years is now more feasible than it was before. Let’s understand why:
Term insurance plans come with a specified policy term like 10, 20, or 30 years. Insurance companies also offer term insurance plans that come up with the option of whole life coverage. Importantly, this means that your plan can offer a protective cover after 65 years of age till you become 99 years of age.
When you purchase term insurance, it generally includes death benefits to your nominees/beneficiaries. However, by attaching or adding term riders to the base term plan, you can enjoy different types of benefits over & above the promised life cover. The riders enhance the base coverage by paying a minimal amount of premium.
Most insurers offer the option of limited premium payment in which you only have to pay a premium for a fixed tenure such as 5 or 10 years. It also provides you the chance to limit your liabilities to only a few years instead of stretching them till the policy expiry. So, you can also choose to go for a limited premium payment term during your working time and enjoy a life cover after you have retired.
The premium amount typically increases with age. So, the premium rates for a senior citizen plan would be higher than that of a younger individual.
The maximum age for purchasing a term insurance plan is generally 60 but it varies from one plan to other. These days, there are term plans which are specifically designed for senior citizens. There is a wide variety of choices available in the market.
A lot of insurance companies require you to go through a medical examination. But for some term plans, medical history is sufficient.
Purchasing term insurance for 65-year-old males has become much easier these days with online processes. You can compare plans online and determine which one is the right for you. After doing this, apply and then pay online for them. Once the plan is finalized, the insurance company will send you all the required documents.
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
After considering all the points, it is clear that senior citizens receive a number of term insurance benefits. Before selecting your term insurance plan, read all the options, so you can enjoy the maximum amount of coverage at the best possible premium rates. Always ensure that if your insurer is offering a limited premium payment option, so you can complete all the premium payments for your plan during your working time, to enjoy a steady source of income. Also, make sure to add relevant riders to your term plan since they can be very important after crossing 65 years. It is advisable to plan early to secure your and your family’s life objectives.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†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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