Life Insurance for Senior Citizens: Is it worth buying it..?

Life insurance for senior citizensIs it worth buying life insurance for senior citizens…?


It may or may not…

As it totally depends on your scenario…

If you have people dependent on you or have debt which needs to be paid then it totally make sense to buy insurance.


People buy insurance so that their family can lead a comfortable life even after their death.

Thus if they have any debt which remained unpaid during their lifetime can now be paid with the claim amount.

Thus with insurance by your side your family would not have to go through any financial trauma.

Under what circumstances would you want to buy life insurance for senior citizens…?

If you have any financial obligation then you may want to consider buying a plan for yourself. This way:

“You will not leave your dependents in lurch even if life leaves you”

Thus consider buying life insurance if you have:

1. Dependents:

They not only include your kids but your wife as well.

Your wife may be dependent on you...

It’s a rare scenario that your kids will financially depend on you in your old age. But your wife may surely will. She may be dependent on your pension and may not have any other source of income.

Thus here it will become all more important to financially secure your life so you could secure her future.

2. Work after retirement:

Work after retirement

If you work even after your retirement then, you would want to secure the contribution in family’s income. This will give financial comfort to them and peace of mind to you.

Though the loss of life will be irrevocable but they will be saved from getting into any financial hardships.

3. Unpaid liabilities:

Do you have any debt to pay...?

You may not want to force your liabilities onto your family, who won’t even have income to cover it.

If you have major debt standing on your head like car loan or home loan then try to secure enough cash that it can be paid off. But sometimes it is not possible either because of lack of money or you have other commitments to fulfill.

Here is where your life insurance will work wonders. Just buy enough cover and your liabilities will be taken care off.

If you consider yourself under anyone of the above given scenarios then life insurance for senior citizens is meant for you.

Now that you understand the importance of buying life cover for seniors, here is what you might be thinking…

Is it easy buying a policy for people over 60’s or 70’s…?

And the answer to that is…

Definitely not…!




Many a time’s companies don’t provide coverage for people over 70’s. And other times the premium they charge is good enough to eat up your entire budget.

To buy a simple term insurance plan for senior citizens, here is the max age limit. If you are above this limit then, you won’t be eligible to buy a plan from them.

Take a look,

Life insurance for Senior Citizens
(Term insurance Plan)
Maximum eligible age
ICICI prudentialiProtect70 years
HDFC LifeClick2Protect Plus75 years
Max Life insuranceTerm Plan70 years
Bajaj AllianziSecure70 years
SBI life insurance eShield65 years
Aegon Religare life insurance iTerm75 years
Bharti Axa life eProtect75 years
Birla Sun Life insuranceProtect@Ease80 years
Reliance Life insurance Online Term 75 years
India First life insurance Anytime Plan70 years

To stay insured for long you would want to choose a company that offers max maturity age.

Thus if you are planning to buy term plan anytime soon then Birla sun life would be a good fit as it offers max maturity age of 80 years.

But again this should not be your only decision driving factor as you may also want to consider:

  • Consider them as wellAffordability of premium paid,
  • Flexibility in paying premium,
  • Riders, that take care of critical illnesses,
  • Online flexibility,
  • Claim settlement ratio etc. For full list of what factors to look at before buying term plan, take a look here.

Now that you know what it takes to buy a plan, you may want to consider a policy that is affordable and doesn’t shake up your finances.

But since you are buying insurance in your old age, things may not come easy to you.

Check out the list below to find how much you have to shell out to buy a cover of Rs.1 Cr. if you are in your 50’s or even in 60’s.

Please note:

The quotes given below are for 10 year tenure as there are not many companies offering longer term plans.

Life insurance for Senior Citizens
CompanyProduct PlanClaim Settlement ratePremium you have to pay
Pnb MetlifeMera term plan92.9%Rs. 27,038/-Rs. 38,675/-
Edelweiss TokioMyLife+57.1%Rs. 31361/-Rs. 45,110/-
Bharti AXAeProtect+80.9%Rs. 32117/-Rs. 61,007/-
Birla Sun LifeProtect@Ease95.5%Rs. 35967/-Not Known
HDFC Life Click2Protect plus90.5%Rs. 37775/-Rs. 60,836/-
Reliance Online Term83.8%Rs. 41219/-Not Known
Max LifeOnline Term plan95.5%Rs. 42523/-Rs. 66,120/-
Aegon ReligareiTerm89.8%Rs. 47994/-Rs. 81,738/-
SBI LifeeShield89.4%Rs. 50,195/-Rs. 79,664/-
Bajaj Allianz iSecure91.9%Rs. 58317/-Rs. 90,551/-
ICICI PruiProtect93.8%Rs. 59622/-Not Known

Did you see how much difference your age brings in your insurance premium…!

Premium is higher in old age

That’s why it is always advised to buy when young. Early movers get lots of advantages like:

  • Affordable premiums,
  • Stable payouts and
  • Higher sum assured.

But since you are buying in your seniority then looking at the kind of premium you would have to shell out, buy only when it is strictly unavoidable.


If you can afford then do buy it, otherwise:

“Delay will only bring PROBLEMS, lots of it, not only for you but your family as well”