There are a lot of life insurance policies for the young and middle-aged people in the market. What about senior citizens? Do they also have life insurance policies for themselves? And, if yes, then what life insurance policies are good for them.
Many senior citizens are troubled by all these questions, when it comes to getting a life insurance for themselves. They too want to feel protected. With the improved life expectancy rate in India, the elderly population of this country is on a rise. At present, there are nearly 95 million people in this country, who are above 60 years and among them there are 8 million people, who are over 80 years. Additionally, in the following years, it is estimated that nearly another 80 million people will touch the 60 years mark.
In such a scenario, it becomes even more important to get a senior citizens life insurance. Everyone wants care in their elderly age. Senior citizens can often feel helpless and lonely, since they cannot help themselves like young people can, both physically as well as financially. Therefore, it is best to get an insurance policy for them, which makes them feel mentally as well as financially secure.
Life insurances for senior citizens are especially created to provide protection to the elderly people, so that they can relax and enjoy their old age. By insuring your old parents with a senior citizens life insurance, you can protect and care for your dear and near ones. Moreover, you can save them from any untoward financial trouble that can arise for them in future by providing them good life insurance coverage. Even, when you are not there, these life insurance policies will take care of the financial requirements of your elders.
How to select the right senior citizens life insurance policy?
Selecting the right life insurance policy for senior citizens is a hard task, like selecting life insurance policies for young people. There are a lot of options and plans in the market, which are offered by different insurance providers. This makes it more difficult to choose the best one among so many. Although, all the insurance plans are easy to access, their comparison and then getting the best one for yourself, as per your budget and needs is a bit tedious task.
When you are choosing a life insurance policy, no matter if it is for elderly people or for young people, you should always compare different policies offered by several companies. Look for the pros and cons of every policy and then select the best one among them, as per your requirements and budget. Additionally, when you are looking for a good senior citizens life insurance, make sure that you consider the unique and different challenges faced by seniors.
When elderly people choose a life insurance policy for themselves, they may face problems due to their age. Moreover, some may even find that they are not covered by good life insurance policies due to their poor health. Therefore, you must evaluate and consider the several challenges and needs of seniors, in addition to comparing the benefits, costs, merits, and demerits of the different senior citizens life insurance plans in order to get the right insurance plan for seniors.
Best senior citizens life insurance plans in India
There are a number of life insurances for senior citizens in India. Among them, the best ones are:
- Reliance Life Super Golden Years Term 10 Senior Citizen Plan
- Varishtha Pension Bima Yojana by LIC
- LIC’s New Jeevan Nidhi Plan
- Features of the Reliance Life Super Golden Years Term 10 Senior Citizen Plan
- An organized investment plan in order to protect your future
- Option of 8 different investment funds
- Option of switching between different funds
- Top-up premium, single, and regular payment options
- A unit-linked and flexible pension plan
- You can receive tax free commutation up till one third of the fund value
- Features of the Varishtha Pension Bima Yojana by LIC
- Death benefits
- Pension payments of instant annuity as per the pensioner’s choice
- Features of LIC’s New Jeevan Nidhi Plan
- Vested benefits
- Optional benefits for accidental death coverage and basic plan’s death benefit
- Death benefits
You can choose any of these senior citizens life insurance or opt for some other one, if you find any other life insurance for senior citizens better than these.