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Ask an Expert to Buy Life Insurance

We're happy to know that you're prioritizing your family's future. Our life insurance expert will assist you in finding the best insurance plan. To schedule a call, please share some of the below details.

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Our representative will reach out to you soon to guide you through our life insurance plans that fit your life goals

Why Seniors Should Buy Life Insurance

Buying a life insurance policy in your senior years may seem optional, but it offers several benefits. 

Here’s why one should buy life insurance for senior citizens:

 

  • Financial security for dependents after the policyholder’s death.

  • Help towards repaying outstanding loans or liabilities without affecting family assets.

  • Coverage for rising healthcare and medical costs that come with age.

  • Income replacement for retirees with dependents.

  • Tax-saving benefits under Section 80C of the Income Tax Act.**

  • Assistance in estate planning and passing on wealth to the next generation.

  • Peace of mind via the assurance of ensuring financial readiness for emergencies.

  • An additional safety net alongside pensions and other savings.

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Certain life insurance plans come with a savings or investment aspect. It can help create a financial corpus to support oneself during later years. 


Life insurance for senior citizens is a practical tool for protecting loved ones and ensuring security in retirement.

What are the Features of Life Insurance for Senior Citizens?

When considering life insurance for senior citizens, it is important to understand the key features that distinguish these plans.

Financial Safety of One’s Family

The most important benefit is securing the family’s future. Term insurance for senior citizens ensures that, in the unfortunate event of the policyholder’s passing, the family receives a lump sum to cover living expenses, utility bills, and other essentials. It can help them maintain their lifestyle without financial stress.

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Financial Independence

With rising healthcare costs and medical emergencies, seniors may have to face several financial liabilities. By opting for life insurance for senior citizens that offer regular payouts, individuals can have peace of mind about their regular expenses related to treatment or routine health needs.

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Meeting Financial Goals

Even in later years, individuals may still have financial goals, such as funding a grandchild’s education or leaving behind their savings for loved ones. A term plan with a return of premium feature can provide both insurance coverage and a savings element. This ensures goals are met without compromising protection.

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Debt Repayment

 

Many retirees continue to take care of home loans or personal loans. Life insurance ensures that these debts are cleared after the policyholder’s demise. It protects their loved ones from inheriting liabilities and safeguards assets like property.

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Creation of Legacy

 

A life insurance policy for senior citizens can act as a legacy-building tool. It allows seniors to leave behind wealth, savings, or funds for children and grandchildren. The money can provide emotional satisfaction as well as financial continuity for future generations.

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Tax Benefits**

The premiums you pay towards a life insurance policy for senior citizens can be claimed as deductions under Section 80C of the Income Tax Act. The payouts received, whether as maturity benefits or the death benefit given to nominees, are generally exempt from tax under prevailing laws.

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Other Benefits

Additional options like waiver of premium riders, accidental death benefit, and critical illness riders make these plans more comprehensive. 

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The benefits of life insurance provide a layer of flexibility and security, which can be especially relevant for seniors. In short, a life insurance policy for senior citizens can combine protection, financial planning, and peace of mind for both the insured and their loved ones.

What are the Benefits of Life Insurance for Senior Citizens?

Choosing life insurance for senior citizens provides multiple benefits:

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Financial Safety of One’s Family

The most important benefit is securing the family’s future. Term insurance for senior citizens ensures that, in the unfortunate event of the policyholder’s passing, the family receives a lump sum to cover living expenses, utility bills, and other essentials. It can help them maintain their lifestyle without financial stress.

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Financial Independence

With rising healthcare costs and medical emergencies, seniors may have to face several financial liabilities. By opting for life insurance for senior citizens that offer regular payouts, individuals can have peace of mind about their regular expenses related to treatment or routine health needs.

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Meeting Financial Goals

Even in later years, individuals may still have financial goals, such as funding a grandchild’s education or leaving behind their savings for loved ones. A term plan with a return of premium feature can provide both insurance coverage and a savings element. This ensures goals are met without compromising protection.

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Debt Repayment

Many retirees continue to take care of home loans or personal loans. Life insurance ensures that these debts are cleared after the policyholder’s demise. It protects their loved ones from inheriting liabilities and safeguards assets like property.

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Creation of Legacy

A life insurance policy for senior citizens can act as a legacy-building tool. It allows seniors to leave behind wealth, savings, or funds for children and grandchildren. The money can provide emotional satisfaction as well as financial continuity for future generations.

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Tax Benefits**

The premiums you pay towards a life insurance policy for senior citizens can be claimed as deductions under Section 80C of the Income Tax Act. The payouts received, whether as maturity benefits or the death benefit given to nominees, are generally exempt from tax under prevailing laws.

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Other Benefits

Additional options like waiver of premium riders, accidental death benefit, and critical illness riders make these plans more comprehensive. 

The benefits of life insurance provide a layer of flexibility and security, which can be especially relevant for seniors. In short, a life insurance policy for senior citizens can combine protection, financial planning, and peace of mind for both the insured and their loved ones.

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What Are The Different Types of Life Insurance for Senior Citizens in India?

When planning to choose the best life insurance for senior citizens, it is important to understand the different types of policies available. 

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Term Life Insurance

A straightforward and affordable option, term insurance plans provide coverage for a fixed tenure. If the policyholder passes away during the term, the nominee receives the death benefit. For seniors, this ensures protection for dependents at lower premiums. Some insurers also offer term insurance for senior citizens with features like limited premium payment options.

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Whole Life Insurance

This type of life insurance for senior citizens offers lifelong coverage, usually up to 99 years of age. It ensures that the nominee receives a guaranteed payout, which makes it ideal for legacy creation. Seniors who want to leave behind financial security for children or grandchildren often prefer whole life insurance.

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Retirement/Pension Plans

Also known as pension plans, these provide a regular income after retirement. The insured contributes a lump sum or periodic payments, which later generate a steady pension. A pension plan can be especially helpful for seniors without employer pensions, as it can ensure financial independence throughout retirement.

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Unit Linked Insurance Plans (ULIPs)

ULIPs combine insurance with investment. Along with a life cover, you also get the opportunity to invest in equity, debt, or balanced funds. ULIPs can be the best life insurance option for senior citizens who want to grow wealth while still maintaining insurance protection.

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Endowment Plans

These plans offer both savings and insurance benefits. Policyholders receive a lump sum at maturity, or their family gets the death benefit if they pass away earlier. Seniors looking for a disciplined savings plan often choose this option.

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Other Options

You can also opt for other life insurance options for senior citizens, such as money-back policies or plans with riders, like critical illness riders, that cater to senior-specific needs.

With the availability of several options, seniors have the freedom to choose an insurance plan that suits their financial profile, income, and long-term goals.

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Who Should Buy Life Insurance for Senior Citizens?

Life insurance is not just for younger individuals. Many seniors can still benefit from having coverage. 

Here are the groups for whom life insurance for senior citizens is most suitable:

Retired Individuals with Dependents

  • Seniors who continue to support a spouse, children, or grandchildren should consider insurance. Term insurance for senior citizens ensures financial protection for dependents. Options like waiver of premium riders make it easier to keep the policy active even during financial strain.
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Seniors with Liabilities

  • Many retirees still carry liabilities such as housing or personal loans. A term plan ensures that debts are cleared in case of death. It helps prevent heirs from facing financial pressure.
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Senior Business Owners

  • Retirees running small or family businesses can buy life insurance for senior citizens to protect business continuity. It provides working capital to successors and ensures liabilities are managed without stress.
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Parents Supporting Adult Children or Grandchildren

  • Parents still contributing to education or marriage expenses can rely on a life insurance policy for senior citizens to safeguard these commitments. They can even opt for a term plan with a return of premium feature to enjoy the refund of all premiums if they survive the policy term. 
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Seniors Who Want to Cover Funeral Expenses

  • Seniors without major financial obligations may still want to cover funeral costs or medical bills. A simple plan with riders like accidental death benefits can ensure dignity and reduce financial stress on family members during a difficult time. 
  • The above profiles show that life insurance for senior citizens can be customised for different needs, from clearing debt to creating a legacy.
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Eligibility Criteria for Life Insurance for Senior Citizens

The eligibility criteria to buy life insurance for senior citizens are as follows: 

 

Eligibility depends on the policy type, chosen coverage, and premium amount. To make your payment experience easier, you can opt for flexible payment options such as single pay or limited pay. Riders like critical illness or waiver of premium can be added for extra protection. These riders may also have certain eligibility criteria, depending on the plan and the insurer. 

How to Select the Best Term Insurance Plan for Senior Citizens?

When selecting the best life insurance for senior citizens, it is important to compare different factors to ensure the policy truly meets your needs. 

Sufficient Coverage Amount

 
  • Assess your family’s financial requirements, including living costs, debts, and medical needs. Use tools like a life insurance calculator to decide how much life insurance do you need.
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Useful Add-on Riders

 
  • Opt for riders such as waiver of premium, accidental death, and critical illness riders. These enhance protection and make life insurance for senior citizens more comprehensive.
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Claim Settlement Ratio of the Insurer

 
  • Always check the insurer’s claim settlement ratio published by IRDAI. A higher ratio indicates that the insurer is more reliable in settling claims on time.
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Premium Affordability

 
  • Seniors often face higher premiums. Compare rates across insurers and consider flexible payment options such as limited pay or single pay.
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Medical Requirements

 
  • Some policies may require medical check-ups. If you prefer a hassle-free process, look for plans with simple underwriting and minimal tests required. 
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Return of Premium Option

 
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Policy Tenure

 
  • Choose a tenure that aligns with your financial obligations. Shorter terms may be enough if debts will be cleared soon, while longer terms help in legacy planning.
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Insurer’s Reputation

 
  • Consider customer reviews, service quality, and ease of claim filing, along with IRDAI licensing, to ensure credibility.
  • By evaluating these points, you can select the best life insurance policy for senior citizens that balances the different aspects relevant to your age.
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What to Know Before Buying Senior Citizen Life Insurance

When buying life insurance for senior citizens, it is important to carefully review the policy details. Insurers often have specific conditions for older

age groups and understanding them helps you make an informed choice. 

Medical Examination

Most insurers require you to undergo a medical exam before buying the plan. It helps assess your health and determine eligibility, premium rates, and coverage. Some policies offer simplified or no-exam options, though these usually come with higher premiums or a lower sum assured.

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Premium Rates

Premiums for senior citizens can be higher due to increased health risks and age factors. That is why you should compare rates across insurers and choose a plan that balances affordability with adequate coverage. Plans with options, like the waiver of premium rider, can also help manage costs if you face financial difficulties later.

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Flexible Payment Options

Look for policies that offer different premium payment structures, such as single-pay, limited-pay, or annual instalments. Flexible payment options allow you to manage expenses better during retirement, especially if you rely on a pension or fixed income.

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Add-on Riders

 

Check if the insurer has riders, such as critical illness, accidental death, or waiver of premium riders. At a senior age, one becomes more vulnerable to critical illnesses and may greatly benefit from these riders.

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Customer Service

 

Good customer service is vital for senior citizens who may need assistance with premium payments, rider additions, or claims. Choose insurers with 24/7 support, clear communication, and easy accessibility online or offline.

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How To Buy Life Insurance for Senior Citizens in India from IndiaFirst Life?

Planning to buy life insurance for senior citizens with IndiaFirst Life?

 

  • Visit the IndiaFirst Life website and explore plans designed specifically for senior citizens.

  • Compare different policies to understand features, coverage, and rider options.

  • Use an online calculator to estimate your life insurance premium, based on age, health status, and sum assured.

  • Enter personal details, such as age, nominee information, and medical history.

  • Upload KYC documents, including Aadhaar, PAN, and proof of income, for verification.

  • Complete any required medical examination as part of the approval process.

  • Make the payment online through secure channels to finalise the purchase.

  • Receive your digital policy document instantly.

     

The step-by-step process makes it easy and transparent to buy life insurance online for senior citizens through IndiaFirst Life.

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FAQs on Life Insurance for Senior Citizens

View All FAQ

Is life insurance available for senior citizens?

Answer

Yes, life insurance for senior citizens is available in India. Individuals up to the age of 75 years or even beyond can opt for life insurance, depending on the insurer. To check the coverage amount and premium, you can use a life insurance calculator. It helps estimate costs and benefits before buying a policy.

Can we take insurance for someone who is 70 years old?

Answer

Yes, one can buy life insurance for senior citizens over 70 years old. The coverage may be limited, and premiums could be higher. Options like term plans, whole life insurance, and pension-based policies are available for people in this age group. The right life insurance plan can be the ideal addition to a senior’s portfolio. It can help provide financial protection alongside the regular income received from government pension schemes for senior citizens.

Can I get life insurance at the age of 65?

Answer

Yes, you can get life insurance at 65. You can even buy life insurance for senior citizens over 70 years of age. Policies such as term insurance, pension-linked plans, or whole life covers are available. While premiums may be higher, these plans can still provide essential financial security for dependents and help manage future expenses.

Can senior citizens buy life insurance online?

Answer

Yes, senior citizens can conveniently buy life insurance online. The process includes comparing policies, calculating premiums, submitting documents, and making digital payments. Buying a life insurance policy for senior citizens online allows one to customise their policy at their leisure and from the comfort of their home. 

Buyers can use the life insurance calculator, opt for flexible premium payment terms, make safe digital payments, and instantly receive policy documents without the need for multiple branch visits.

Should senior citizens buy life insurance?

Answer

Yes, senior citizens should consider life insurance if they have dependents or outstanding obligations. Even if such responsibilities are not present, it is recommended to buy life insurance for senior citizens. It provides financial protection to their family and ensures peace of mind during retirement.

Is there any reasonable life insurance option for seniors?

Answer

Yes, seniors can opt for term insurance for affordable coverage. Compared to other types of life insurance for senior citizens, term plans are cost-effective and simple to understand. To enhance protection while keeping premiums manageable, you can opt for a term rider like the critical illness rider or the waiver of premium rider.

How to select the best life insurance for elderly people?

Answer

The best life insurance policy for senior citizens should provide sufficient coverage while still being within budget. It should offer all the usual benefits of life insurance, such as financial protection and tax benefits, and also include senior-specific advantages such as riders and solid customer service.

What is the best life insurance product for elderly individuals?

Answer

The best life insurance policy for senior citizens depends on the insured’s needs. For coverage and protection, term insurance works well. Whole life plans help in legacy creation, while pension plans ensure a steady income post-retirement. ULIPs and endowment plans are suitable for those wanting both insurance and investment benefits. Evaluating financial goals and health is key to choosing the right plan.

What factors affect the premium rates of life insurance for senior citizens?

Answer

Premiums are influenced by age, health conditions, lifestyle habits, coverage amount, and the type of life insurance for senior citizens you choose. Add-on riders and payment frequency also impact premium rates.

** Tax exemptions are as per applicable tax laws from time to time.

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