With the rise in mortality rate in most parts of the world, people have taken to getting themselves insured in case of any accidents or critical sickness.
We all have friends and family members in our lives who are with us even in the toughest of times. But life is difficult for all of us and it is very much possible that when we need our friends and family they might be going through difficult financial stresses themselves.
To safeguard ourselves from these tough times we need to get ourselves insured. There is a false belief that only the younger generation needs to get themselves insured but the reality is that even the senior citizens feel the need to take care of their expenses on their own.
With the rise in our age, our medical history along with our medical expenses keep on increasing. Because most of us are not single and have a family to fend for, good term insurance policies will take care of the expenses not only in times of need but also if there is a sudden death of the insurer.
In that case, the premium that is submitted by the insurer to the insurance company every month or whichever way they are paying it will go to the nominee that is chosen by the insurer.
Top 5 Term Insurance for 70 year old in India
| Best Insurance Plans for People over 70 | Sum Assured | Coverage | Eligibility | Age |
| Aegon Life iTerm Insurance Plan | A minimum of rupees 10 lakh with no upper limit. | 75 years | A person needs to be over the age of 20 years. | An individual has to be at least 20 years to 65 years of age. |
| IDBI Senior Citizen Term Insurance Plan | A minimum of rupees 50 lakh with no upper limit. | 70 years | A person needs to be over the age of 25 years. | An individual has to be at least 25 years to 60 years of age. |
| LIC e-Term Insurance Plan | A minimum of rupees 25 lakh with no upper limit. | 75 years | A person needs to be over the age of 18 years. | An individual has to be at least 18 years to 60 years of age. |
| Max Life Insurance Online Term Plan Plus | A minimum of rupees 25 lakh and maximum rupees 1 crore. | 85 years | A person needs to be over the age of 18 years. | An individual has to be at least 18 years to 60 years of age. |
| SBI Life-PoornaSuraksha Insurance Plan | A minimum of rupees 15 lakh and maximum rupees 2 crores. | 75 years | A person needs to be over the age of 18 years. | An individual has to be at least 18 years to 65 years of age. |
Top 5 Term Insurance for 70 year old in India
- Aegon Life iTerm Plus Plan
This term insurance for senior citizens in India is one of the best term insurance plans. This term insurance plan provides a security blanket to the family of the person who has insured themselves in case of unforeseen situations.
The best term insurance for 70 years old in India not only provides the advantage where not only the chosen term insurance for 70 years old in India insurance plan is covered by the company but the distressed are also provided with added benefits such as death by accident or critical illness.
Characteristics of Aegon Life iTerm Plus Plan
- This term insurance for senior citizens in India offers families and individuals a lengthy coverage of best term insurance plans of over 80 years.
- Term insurance policies as this also provide the insured with the benefit of a choice of whatever illness they want to be covered. The insurer has a coverage of over 10 most common critical illnesses and 38 enhanced critical illnesses.
- A benefit of tax is provided by the companies to the insured under this term insurance for senior citizens in 70 years old in India.
- In case an insurer faces an accident that causes him to turn disabled for life, this term insurance for senior citizens in India offers to waive the premium according to its policy.
- Term insurance policies and best term insurance plans offer a discount on all the premium rates to their non-smoker and female insurers.
- IDBI Senior Citizen Term Insurance Plan
This is one of the best term insurance plans and term insurance policies provided to the citizens of India that will not only get them insured but also stay with them for life.
This term insurance for senior citizens in 70 years old in India proves to be a security blanket for all the insurers for the times when they are faced with emergencies.
These term insurance policies are one of the best term insurance plans in India because it provides citizens with not only term insurance for senior citizens in 70 years old in India against sickness but also with some amazing benefits which will also be covered by the best term insurance plans company.
Characteristics of IDBI Senior Citizen Term Insurance Plan
- This term insurance for senior citizens in India is created to specifically cater to the needs of individuals above the age of 50 years old.
- This is one of the best term insurance plans and term insurance policies because the insurance company promises the clients that they will extend their coverage of the term insurance for senior citizens in 70 years old in India without the need for a medical test.
- This term insurance for senior citizens in 70 years old in India provides coverage of rupees 5 lakh. This happens only when the insurer has completed two years since he had bought the best term insurance plans or term insurance policies.
- If an insurer suddenly dies, in two years since they bought a best term insurance plan or term insurance policies, 125% of the total insurance premium paid by the insurer will go to the nominee the insurer has put up in his term insurance for senior citizens in 70 years old in India.
- These types of term insurance policies and the best term insurance plans only offer the benefit to the insurer in case of death and do not provide any maturity benefit under this term insurance for senior citizens in 70 years old in India.
- LIC e-Term Insurance Plan
These term insurance policies are one of the best term insurance plans for senior citizens. This insurance plan is a cover that people need to safeguard themselves in times of financial crisis.
Term insurance for senior citizens in 70 years old in India is essential as they need to have a security blanket to fall back to in times of need. These term insurance policies not only provide the premium that is submitted by the insurer in case of unforeseen emergencies but also provide various other benefits to the insurer if they buy this term insurance for senior citizens in 70 years old in India.
Characteristics of LIC e-Term Insurance Plan
- The process of buying this insurance plan is very easy and hassle-free as the insurer can buy this insurance plan online, which makes it one of the best term insurance plans.
- This term insurance plan for senior citizens in 70 years old in India is good for females and non-smokers as they provide special discounts to them when they buy this term insurance for senior citizens in India.
- Only the death benefit is provided to the nominees of the insurer and no maturity benefit is provided to the insurer under this term insurance for senior citizens in India.
- Under this best term insurance for 70 years old in India, the insurance company provides not only the coverage of the best term insurance plans but also the benefits of tax policies, which the insurer can take advantage of.
- This term insurance for senior citizens in 70 years old in India provides term insurance for senior citizens in India to cover till the ripe age of 75 years old.
- Max Life Insurance Online Term Plan Plus
This term life insurance for senior citizens in India is one of the best term insurance plans. These term insurance plans for senior citizens in India act as a security blanket that safeguards them from any unforeseen accidents that will harm the insurer financially.
This is the best term insurance for 70 years old in India because it can be purchased online simply and easily. This is one of the best term insurance plans and term insurance policies in India as it offers a variety of coverage options that an insurer can choose.
Not only that, these kinds of term insurance for senior citizens in 70 years old in India provide the insurer’s family significant insurance cover in case of any kind of emergencies.
Characteristics of Max Life Insurance Online Term Plan Plus
- This term insurance for senior citizens in India cover various options like:
- Basic Life Cover
- Life Cover plus Monthly Income
- Life Cover plus Increasing Monthly Income
- This term insurance for senior citizens in 70 years old in India provides insurance cover to all its insurers till the ripe age of 85 years old.
- Under this best term insurance for 70 years old in India, the term insurance for senior citizens in India company provides not the coverage of term insurance for senior citizens in 70 years in India but also the benefits of tax policies, which the insurer can take advantage of.
- This term insurance for senior citizens in India provides rider benefits to all its insurers under any insurance policy provided by the insurance company.
- SBI Life PoornaSuraksha Insurance Plan
This term insurance for senior citizens in India is one of the best term insurance plans for senior citizens. This term insurance for senior citizens in 70 years old in India is a cover that people need to safeguard themselves in times of financial crises.
Term insurance for senior citizens in 70 years old in India is essential as they need to have a security blanket to fall back to in times of need. These term insurance policies not only provide the premium that is submitted by the insurer in case of unforeseen emergencies but also provide various other benefits to the insurer if they buy this term insurance for senior citizens in India.
Characteristics of SBI Life PoornaSuraksha Insurance Plan
- This is one of the best term insurance plans and term insurance policies for senior citizens in India because it provides the benefit in case of critical illnesses of an insurer increase.
- Term insurance policies as this waive the premium as a benefit to the insurer in case an insurer is diagnosed with a critical illness.
- This plan is one of the best insurance term plan and term insurance policies in India because the term insurance for senior citizens in India insurance company itself adjusts the sum assured between life insurance and critical illness when each insurance policy year gets completed.
- Under this best term insurance for 70 years old in India, the best term insurance company provides not the coverage of the best term insurance for 70 years old in India but also the benefits of tax policies, which the insurer can take advantage of.
- Under this term insurance for senior citizens in 70 years old in India, this best term insurance for 70 years old in India plan offers a maturity age which is 75 years old.
Best 5 Term Insurance for 70 years-old in India – FAQs
Q1. Which is the best term insurance for 70 years old in India?
Ans. SBI Life PoornaSuraksha is one of the best term insurance for 70 years old in India is one of best term insurance for 70 years old in India. This term insurance for senior citizens in India is a cover that people need to safeguard themselves in times of financial crises.
Best term insurance for 70 years old in India is essential as they need to have a security blanket to fall back to in times of need.
Q2. What is the main benefit of the IDBI Senior Citizen Term Insurance Plan?
Ans. If an insurer suddenly dies, in two years since they bought term insurance for senior citizens in India, 125% of the total insurance premium paid by the insurer will go to the nominee the insurer has put up in his best term insurance for 70 years old in India.
This type of term insurance for senior citizens in India only offers the benefit to the insurer in case of death and does not provide any maturity benefit under this best term insurance for 70 years old in India.
Q3. Why do I need an insurance plan for myself?
Ans. We all have friends and family members in our lives who are with us even in the toughest of times. But life is difficult for all of us and it is very much possible that when we need our friends and family they might be going through difficult financial stresses themselves.
To safeguard ourselves from these tough times we need to get ourselves insured.
Q4. Why should I consider buying an Aegon Life iTerm Insurance Plan for my parents and myself?
Ans. In case an insurer faces an accident that causes him to turn disabled for life, this term insurance for senior citizens in India offers to waive the premium according to its policy.Best term insurance for 70 years old in India as this offers a discount on all the premium rates to their non-smoker and female insurers.
Q5. The maximum maturity age of the term life insurance can go upto?
Ans. The maximum maturity age of the term life insurance can go upto 85 years.
Q6. Which institution gives the highest maturity age?
Ans. Under Max life insurance (online term plan plus) you will get a maximum maturity age of 85 years.
Q7. What happens if a person has outlived his insurance?
Ans. In this case, the person will no longer have life insurance coverage but you can convert it into a permanent policy or can buy a new one.
Q8. Can I enjoy tax benefits under the insurance?
Ans. Yes, you can enjoy tax benefits upto Rs. 1.5 lacs on annual premium paid under section 80C of the income tax act and as per section 10 (10D).
