Can I buy Life Insurance for Senior Citizens in India?
November 13, 2019
Are you nearing your retirement? Wondering if it’s too late to purchase an insurance policy? Or are you looking to get your retired parents covered by life insurance? Find all that you need to know about senior life insurance, right here.
In India, people aged above 60 years are considered senior citizens. However, the definition of senior citizens varies from insurer to insurer. While some consider people above the age of 50 years as seniors, others use 60 as the defining number.
Coming to the question addressed in this topic, “Can I buy life insurance for a senior citizen in India?” The answer is Yes.
While it’s highly recommended that you take life insurance in your early years, there may be situations where you have failed to do so. Financial constraints, family obligations, or lack of awareness – there are several reasons why people fail to take a life insurance plan until their retirement years.
This is why; several insurers in India offer life insurance for seniors. These are insurance plans specifically designed to meet the requirements of senior citizens.
Very often, we hear the question, “Is life insurance for senior citizens over 60 worth it?” The answer is Yes. While most people assume that by the time a person reaches 60, he/she would have completed all their financial commitments, the reality is not always so.
Here are a few reasons why Senior Citizens require Life Insurance:
Financially Dependent Kids
Today, it’s common for people to get married and have children only in their late 30s or even after that. This means, by the time you retire, your kids would not have become financially independent. They are likely to be pursuing their higher education or just getting started in their careers.
When you avail of life insurance for senior citizens, you can continue protecting your children financially, even when you have retired from your regular job.
Increasing Life Expectancy
Thanks to medical advancements, today, people are living well up to their 80s and 90s. And, seniors are more active than ever before – travelling the world, taking up new hobbies and rekindling old passions. All of which requires money.
By getting an investment plan in your 50s and 60s, the policy provides you with regular monthly payouts and other benefits well in your 70s, 80s and beyond that.
Leave Behind a Legacy
When you choose a life insurance policy for seniors over 80, you can leave behind a legacy for your children and grandchildren. What better way to show your love to your family members, than providing them with a huge financial gift, even when you are no more?
Take Care of your Life Partner Always
When you choose a life insurance policy for seniors over 70, you can get immediate coverage. There is no waiting period. This means, even if you pass away within a few years of availing of the policy, the insurer will pay a lump sum to your surviving partner. This helps him/her take care of their personal needs, without depending on children.
While it’s highly recommended that you avail of a life insurance policy at the earliest, it’s never too late. Check out the different life insurance for senior citizens in India, and secure the future of your loved ones.
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