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Old age is the time when most individuals want to enjoy their life comfortably. For most individuals, entering the age of 50 or above is to have laid back time and enjoy the earned benefits during the working days. Buying a term insurance cover above 50 years is comparatively unheard of. However, there are term insurance plans specifically for those above 50 years of age. Term insurance is a must-have plan as it takes care of your family and their requirements in case of any unforeseen event.
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Note: Know more about what is term insurance first before reading this article.
Let’s discuss more about over 50 term insurance in detail:
Term Plans
Here are 3 examples that will help you understand why buy term insurance for over 50s:
Example 1: Your children might be dependent on you financially
If you have decided to have kids in the future, they are bound to be dependent on you economically. So, by the time you are over 50 years, your children might be studying or thinking to start a career. Having a term insurance plan will make sure that they are secured financially for the future even in your absence.
Example 2: You want your spouse to be independent
If you have a spouse who doesn’t work, making sure their financial protection after you becomes your responsibility. With term insurance, they will be financially secured.
Example 3: If you have financial liabilities
Paying off some major loans and debts can create a problem for your family in case of your death. In order to avoid stressing your loved ones in such cases, it is a smart way to have a term insurance plan. The death payouts received can be used to pay off any outstanding debt/loan amounts.
here are a number of reasons why a 50 year or above individual needs a term insurance plan. If you are over 50 years, the following are the most important reasons to buy a term plan:
Term plan cover will help your nominees/beneficiaries to pay off your debts and loans.
This plan coverage takes care of the financial requirements of your nominee
The sum assured amount is sometimes sufficient to help your nominee maintain the lifestyle they used to enjoy.
Nowadays, many individuals work after 50 years. If you also do it, then you should ensure that your loved ones keep receiving the monthly income that you maintain right now. The term life cover will help you in achieving that.
Here are the features of Over 50s term insurance plans:
The plan offers death benefits to the nominees/beneficiaries in case of your death (policyholder’s demise)
You can also purchase rider benefits to increase the coverage of your current base plan. You can think of buying riders like:
Waiver of Premium Rider
Critical Illness Cover
Return of premium
Accidental Death Benefit
The premium amount paid towards the term insurance plan over 50s can be claimed for the tax deductions u/s 80C of the ITA, 1961.
The plan provides protection against different minor and major health conditions if you choose critical illness cover.
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Buying term insurance is easy and convenient. You can get assured within a couple of clicks. But this is mainly for young and active individuals. It is relatively difficult for individuals above 50 years to get insured. Following are the few challenges faced by individuals over 50 when purchasing a life cover.
Age: Term insurance plans become more expensive as you age. It is quite challenging to search for the term insurance plan in 50 years. So, take time to research and compare term plan, before you buy an over 50 years’ term insurance plan.
For example, a married person at 60 years of age will have to spend an Rs. 70,000 to seek coverage of a 1 crore term plan of 15 years. On the contrary, a person at 50 years of age has to spend roughly around 34000 to seek 1 crore term plan coverage for 30 years.
Health: With your age, your health concerns and chances of getting diseased with chronic infections also increase. For old people, this is quite difficult to get a term insurance plan as they are considered more at risk in comparison to others by the insurer.
Higher Premium amounts: The premium rates are lower for your term insurance plan in your 20s or 30s. The annual and monthly installments are somewhat more affordable. However, after 50 years, the premium amount tends to be very high.
Most insurers offer term life insurance plans only for those around 20 to 60 years of age. Here are term insurance plans that you can choose from if you are over 50 years:
| Name of the Insurer | Term Insurance for Over 50s | 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 | |
| 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 easily calculate the term plan premium by using the term insurance calculator online tool.
Purchasing term insurance for over 50s has become quite convenient these days because now you can easily complete the entire procedure online by following the below steps:
Spend some time comparing the term plans to determine which one suits your requirements
Visit the insurance provider’s official website and provide them with your basic details such as age, address, contact details, and identity proofs.
Then choose an online payment mode such as annually/bi-annually/quarterly/monthly of your choice to complete the entire process
Choose riders i.e.., additional covers, and then fill out the KYC form
The company will contact you within a few days to intimate you if your insurance request is approved and they will send the important documents once the plan is finalized
The insurer can also ask you to undergo a medical examination
If the plan suits you, make the payment online
erm insurance plan comes with different features. Following are the ones you need to be aware of:
The maximum entry age for buying a term insurance plan for over 50s may vary depending on the insurers. However, the term insurance age limit in most plans is 60 years but it differs from one plan to another.
The premium amount generally increases with age. So, the premium for an over 50 term insurance plan would be higher than that for the younger individual.
Various insurance companies require you to undergo a medical examination. However, some providers do not ask you to go through a medical test. They only need medical history records.
Purchasing term insurance over the 50s has become much more convenient nowadays with the online buying process. You can compare term plans online and determine which one suits you the best. Then, you have to apply for the policy and pay the premium online. After approving the policy, the insurance company will send you the required documents.
One of the significant features of any term plan is an insurance rider. The term riders are add-on covers or features that you can attach to your plan to increase the existing plan term insurance benefits.
As discussed, the premium amount depends on the policyholder’s age. So a 50-year-old individual needs to pay a higher premium amount compared to a younger person.
Note: Check out the 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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