Term Insurance Plans For Elderly Parents

A term plan provides protection in the form of financial assistance on death but only for a given time period. The time period is decided during the inception of the policy. It applies only to the policyholder and the death benefit is paid to the family. The death benefit is the payout that the policy will provide to your family once you have passed away. 

The most important reason to buy a term insurance policy is to secure your family's future. It will provide financial stability and assistance to your family needs. The payouts will help your family live a comfortable life. Your family can clear all your existing debts. A term plan provides high cover at the cost of an affordable premium.  

Below is a list of the comparison of the top term insurance plans in 2021 for elderly parents.  

List of Popular Term Insurance Plans In India For Elders

Here's a list of the top term insurance plans in India: 

• Aditya Birla Sun Life Protector Plus Plan

The plan provides complete financial protection at a minimum premium rate. Protects against cost of living with the option of increasing the sum assured. The plan comes with an inbuilt total and permanent disability cover to enhance the coverage of the policy. The beneficiary can receive the death benefit as annual income. Policy rewards are offered for maintaining a healthy lifestyle. The plan offers rider options to enhance the coverage of the policy. The policyholder can save on tax under Section 80D of the Income Tax Act, 1961.

You may also like to read:- Why Term Insurance Is Pure Risk Protection? 

• Aegon Life iTerm Plan

This plan can be purchased online in a simple and easy process. The minimum entry age of the policy is 18 years, whereas the maximum entry age of the policy is 65 years. The maximum maturity age of the policy is 80 years. The insured can avail tax benefits under Section 80D of the Income Tax Act, 1961. In case of the demise of the insured, death benefit is paid to the beneficiary of the policy. The plan offers flexibility on premium payment mode. The plan offers a lower premium rate for non-smokers and female insurers. 

• Ageas Federal iSurance Flexi Term Plan

The policyholder can opt for an accidental death benefit rider option to increase the coverage of the policy. The policyholder can save on taxes under Section 80D of the Income Tax Act. The policy offers a rebate on a higher sum assured amount and for the female policy buyers. 

• Aviva Life Shield Advantage Plan

The plan provides a total protection to the family of the insured at a nominal cost. The premium paid towards the policy is returned in case the insured survives the term of the plan. The insurance holder can choose to pay the premium through a regular premium payment option or a single premium payment option. The tax benefits can be availed under the Section 80D and 10 (10D) of the Income Tax Act, 1961. 

• Bajaj Allianz eTouch Online Term Plan

It is one of the affordable term plans that can be purchased online in a simple and hassle free way. In case of demise, the policy offers a guaranteed annual payout to the family for 15 years. Tax benefits can be availed under Section 80D and 10 (10D). The plan offers two different options for payouts. The maximum maturity age of the policy is 70 years. The plan offers a free-look period of 15 days.

Also Read:- What Is Meant By Increasing Term Insurance Benefits?  

Conclusion

Most people buy a term insurance plan because of its simplicity and affordability. There are a lot of options to choose from. If the purchaser does not read and compare different policies he or she might not find the one which is best suited for them. Hence above given is a list of the most popular term insurance plans in India in 2021 for elders. 

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.