Top 5 Features of Term Insurance for Senior Citizens

Financial inclusion for senior citizens is a very essential matter that needs special address. As a senior citizen, you may have a variety of needs and requirements that need to be duly taken care of. A variety of factors like retirement and the absence of a regular monthly income, expenditure on the life goals of children like marriage etc. and the general financial dependence on children may be involved and thus, you may feel the need to have a significant life cover for you and your dependent spouse. When it comes to choosing a suitable term insurance cover for senior citizens, there are certain factors that must be taken care of.

Following are the top five features of term insurance for senior citizens:

1. Scope of coverage:

   As you mature, your policy protection requirements also change. As you will have less financial obligations at the time, you can easily opt for plans that can help with your well-being. Many companies offer affordable and cheap term insurance covers to choose from. Whether you are 80 or 50, insurance companies will provide you options that will be easy to maintain for you and make you financially independent. The sum assured must be sufficient to offer cover for you and your dependent spouse.

2. Go online:

   In this age of online plan comparison, there is no need for you to go anywhere. Sitting in the comfort of your home, you can conduct an online comparison of various plans being offered by various insurance providers. This will give you a fair idea of whatever is being offered by way of being in thorough fulfillment of your requirements. Online availability of a plan helps you in securing the policy quickly in a timely manner. Besides, there are no hassles of agent-visits and excess documentation, which further saves your time and eases the procedures involved.

3. Payable premiums:

   This is very essential as this gives a fair viewpoint of affordability of a plan and whether you can set aside a particular amount every month (or as per the chosen frequency) for the chosen plan.

4. Riders:

   A suitable term plans comes with various riders which allow you to enjoy extra cover in return for a degree of higher premium. These riders are in the form of riders for critical illnesses, accidental death or disability or waiver of premiums. Choosing a suitable rider also rids you of the need to purchase a different plan in case you feel that the existing cover does not offer complete benefits.

5. Flexibility of pay-outs:

   A suitable term insurance plan must offer complete choice of receiving the payable benefits as a one-time lump-sum amount or as monthly, regular payouts, depending on your own convenience.

HDFC Life offers Click 2 Protect Life an online term insurance plan that offers guaranteed financial protection against the unforeseen maladies like death, disease and disabilities. It seeks to protect your family's financial needs, even in your absence.

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