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Best 5 Term Insurance Plans for 70 year old in India

Term insurance is a pure protection plan which offers coverage to the insured person’s family in case of any miss happening. Suppose the subscriber of an insurance policy dies because of any reason. In that case, the beneficiaries of the same policy get a coverage amount as per the norms of a term insurance plan.

 This amount from the insurance plan can not fill the void created in the lives of the insured person’s family members because of that person’s unfortunate demise. Still, it can work as a replacement for income for the family’s short-term and long-term requirements, which is why Best term plans for senior citizens in India are launched. 

Earlier, such policies were available for younger policy buyers only, but now there are Best term plans for senior citizens in India also. There is Top 5 term insurance for 70-year-old in India, the 50s, and 60s, are available; one more advantage is that these Best 5 Term insurance for 70-year-old in India offers coverage up to 75-80 years of age. 

Top 5 term insurance for 70 years-old in India

The following is the Best 5 Term insurance for 70-year-old in India. Let us have a look at these:

Top 5 term insurance for 70 year-old in IndiaEntry AgeMaturity AgeSum assured
Aviva Life Shield Platinum Term Insurance Min – 28 years
Max – 60 years

65 years
Min – 50 Lakhs
Max – no upper limit
Canara HSBC e-smart Term PlanMin – 18 years
Max – 65 years

75 years 
Min – 20 Lakhs 
Max – no upper limit
Exide Life My Term Insurance Min – 25 years
Max – 60 years

70 years 
Min – 25 Lakhs
Max – 25 Crore
Future Generali Flexi Online Term Insurance PlanMin – 18/25 years
Max- 55 years

75 years
Min – 50 Lakhs
Max – no upper limit
Kotak preferred eTerm PlanMin – 18 years
Max – 65 years
 75 yearsMin – 25 lakhs 
Max – no upper limit
Updated 2023

Now that we have seen the Top 5 term insurance for 70-year-old in India let us discuss some details one by one so that we have complete knowledge about the Best 5 Term insurance for 70-year-old in India. 

Top 5 term insurance for 70 years-old in India in detail: 

 1) Aviva Life Shield Platinum Term Insurance:

This is the very first term insurance for senior citizens in India we will be talking about, which is comprehensive and provides security financially to the family of the insured person in case of any kind of emergency. Not only does this 70-year-old term insurance plan offer insurance coverage, but also this term insurance for 70-year-olds offers other benefits that are in-built such as accidental death and severe illness. 

Benefits of one of these Best 5 Term insurance for 70-year-old in India:-

  • The first feature of this term insurance for senior citizens in India is that the insured person can get insurance coverage until age 65. 
  • Another feature of this term insurance for senior citizens in India is that the insured can cover himself for serious and enhanced serious illnesses. 
  • In case the insured person gets permanently disabled or suffers from any critical illness, the insured receives the benefit of a waiver of premium under the term insurance plan. 
  • The next benefit of term insurance for senior citizens in India is the tax benefit offered by the Income Tax Act under section 80C.
  • This one of the Best term plans for senior citizens in India provides a discount on the premium Plan for people who do not smoke and for female buyers. 
  • The insurance buyer gets this benefit to increase the life coverage of the policy as the option of increasing life cover is provided by one of the Top 5 term insurance for 70-year-old in India. 
  • Under the death benefit of this term insurance for senior citizens in India, the beneficiary gets to use this policy In case of the unfortunate demise of the insured. 

2) Canara HSBSC eSmart Term Plan

This Term insurance plan for senior citizens up to 70 years is a non-linked term insurance plan for 70 years old with in-built coverage for serious illness. This is the Best term plan for senior citizens in India because this provides insurance coverage to the family of insurance buyers in case of any miss happening with the insured person. 

Let us now discuss the features and benefits of one of India’s Best 5 Term insurance for 70-year-old.

  • The first benefit of this term insurance for senior citizens in India is that this Plan offers the advantage of increased critical illness. 
  • In case the insured person is diagnosed with any severe illness, the benefit of premier waiver is provided under this term insurance for 70 year old. 
  • The next benefit of this 70-year-old term insurance is the automatic adjustment in the sum assured as the policy completes a year between life and serious illness. 
  • The premier of this Term insurance for senior citizens in India is fixed throughout the term insurance period for 70 year old. 
  • The maximum maturity age provided by this term insurance plan for seniors up to 70 years is 75 years of age. 
  • This term insurance for 70-year-old offers a tax relaxation if the premium paid towards the 70-year-old term insurance is up to the maximum limit of Rs.1.5 lakhs as per the Income Tax Act under section 80C.

3) Exide Life My Term Insurance

This term insurance is also among the Best 5 Term Insurance for 70-year-old in India because this is specifically designed for senior citizens. This is the Best term plan for senior citizens in India because this provides financial security to the family of the insurance buyer in case of any miss happening with the insured person. This a comprehensive term insurance for 70 year old and is very beneficial. 

Let us look at the benefits this 70-year-old term insurance provides:

  • This Term insurance plan for seniors up to 70 years is specifically designed to cater to the needs and requirements of senior citizens. 
  • One of these Top 5 term insurance for 70-year-old in India promises to extend the policy coverage without making the insured go through any medical test. 
  • This is one of the Best term plans for senior citizens in India as it offers the sum assurance of Rs.5 lakhs after the completion of 2 years of the policy from the date of starting this term insurance for 70-year-old. 
  • In case of the policyholder’s unfortunate demise, benefits of the policies will be given to the beneficiary of this 70-year-old term insurance. 
  • One of these Top 5 term insurance for 70-year-old in India offers a tax relaxation if the premium paid towards the 70-year-old term insurance is up to the maximum limit of Rs.1.5 lakhs as per the Income Tax Act under section 80C.
  • As per this 70-year-old term insurance plan, only death benefits are provided, and no maturity benefits are offered for this Term insurance plan for seniors up to 70 years. 

4) Future Generali Flexi Online Term Insurance Plan

One of the Best 5-term insurance for 70-year-old in India is comprehensive term insurance for 70-year-old as it safeguards the financial security of the policyholder’s family in case of any unfortunate event. Another feature that makes this policy one of the Best term plans for senior citizens in India is that this policy can be taken online without any hassle and without going to any particular office.

This term insurance for senior citizens in India provides several benefits; features of one of the Top 5 term insurance for 70-year-old in India are given below:

  • You can easily purchase this best-term insurance plan for seniors up to 70 years as it is available online, making buying this policy hassle-free. 
  • This one of the Best term plans for senior citizens in India provides a discount on the premium Plan for people who do not smoke and for female buyers. 
  • Being a pure protection plan, this term insurance for seniors up to 70 years provides only death benefits. 
  • One of these Best 5 Term insurance for 70-year-old in India offers a tax relaxation if the premium is paid towards the term insurance for 70-year-old up to the maximum limit of Rs.1.5 lakhs as per the Income Tax Act under section 80C.
  • This 70-year-old term insurance provides policy coverage till the age of 75 Years. 

5) Kotak preferred eterm Plan.

One of the Best 5 Term insurance for 70-year-old in India is complete term insurance for 70-year-old and also can be purchased online by sitting in your home, and there is no need to go anywhere out. This Plan is one of the Top 5 term insurance for 70-year-old as it provides three types of cover options from which you can choose whichever suits you. During any emergency requirement, this one of the Best term plans for senior citizens in India provides financial help to the policyholder’s family. 

Below are given some of the benefits provided by this term insurance for senior citizens in India:

  • This 70-year-old term insurance is readily available online, which makes it hassle-free and easy to operate from wherever you are. 
  • This term insurance plan for seniors up to 70 years provides a Regular premium Payment option, which can be very beneficial as it doesn’t burden the policyholder all at once.
  • One of these Best 5 Term insurance for 70-year-old in India offers a tax relaxation if the premium is paid towards the term insurance for 70-year-old up to the maximum limit of Rs.1.5 lakhs as per the Income Tax Act under section 80C.
  • Other benefits like Add-on rider benefits are provided under this Term insurance plan for seniors up to 70 years. According to this benefit, you can extend your Plan’s coverage. 
  • As this policy is available online, purchasing one of these Top 5 term insurance for 70-year-old in India is very simple and hassle-free as well. 

Why should you buy a term insurance plan for seniors up to 70 years? 

There are so many reasons to buy term insurance for a 70-year-old; below are given some of them just to make you aware of what makes it important to buy a 70-year-old term insurance. 

  • Best-term plans for senior citizens in India provide a death benefit, according to which, in case of the policyholder’s unfortunate demise, the policy benefits are given to the nominee of the policy and the family. Using that amount, the family can fulfill their short-term and long-term requirements and pay the debts, if any. 
  • Term insurance plan for seniors up to 70 years help in securing the financial future of the dependent of the policyholder, for example, the education of children, marriage, etc. 
  • Best-term plans for senior citizens in India provide different payout options as a benefit. If you want to purchase any of the best term plans for senior citizens in India, you can choose one of the payout options at your convenience. 
  • With the help of any of the Top 5 term insurance for 70-year-old in India, the policyholder can easily create a financial cushion in the long term. 
  • If a person is working even after retirement to support the financial needs of the family, in that case, they should consider purchasing one of the top 5 terms of insurance for 70-year-old in India because, in case of any miss happening, this term insurance for 70-year-old will work as the replacement of monthly income for policyholder’s family. 

Frequently Asked Questions

Q1. What basic features are provided by the Best 5 Term Insurance for 70-year-old in India? 

Ans. The basic features provided by the Best 5 Term Insurance for 70-year-old in India are:

  • Age limit
  • Insurance coverage
  • Premium Rate
  • Medical test
  • Riders, etc. 

Q2. Does this Best 5 Term insurance for 70-year-old in India provides options for payout? 

Ans. Yes, the Best 5 Term insurance for 70-year-old in India provides different options for payout, and you can choose one according to your suitability. 

Q3. What is the age limit required for the Best term plans for senior citizens in India? 

Ans. The age limit varies as per the insurance plans. Some have an age limit of 65 years, whereas some have 75 years, so the age limit is not fixed for any of them. 

Q4. Can you name some other insurance plans other than Are these top 5 term insurance for 70-year-old in India? 

Ans. Yes, we can name some other insurance plans which are not included in the top 5 term insurance for 70-year-old in India are:

  • Aditya Birla Sun Life Term Insurance Plan
  • Bharti AXA eProtect Term Plan
  • Bajaj Allianz Term Insurance Plans
  • Edelweiss Tokio Term Insurance Plans
  • Aegon Life iTerm Plan, etc.

Are some of the other Best term plans for senior citizens in India available in the market? 

Q5. Can policy coverage be extended in the Top 5 term insurance for 70-year-old in India? 

Ans. Yes, most of the top 5 term insurance for 70-year-old in India provide this benefit of extension of your 70-year-old term insurance coverage. 

Q6. What is term insurance? 

Ans. Term insurance is a contract between the insurance buyer and the company. According to this contract, the company which is providing the term insurance collects money which is name as “premium“ on a particular period, let’s say monthly, and during this contract, if the policyholder passes away because of any unfortunate reason, according to the contract mentioned above, a fixed amount of money is given to the family or the nominee of the policy so that they can handle their economic condition. 

Q7. At what age can we buy a Best term plan for senior citizens in India? 

Ans. You can buy insurance plans for the age of 50s, 60s, and 70s. It is up to you at what age you feel you should start investing in Term insurance for senior citizens in India. 

Q8. What consequences can occur after buying one of the Top 5 term insurance for a 70-year-old in India? 

Ans. Buying one of India’s top 5 term insurance for 70-year-olds has no such consequences. You do not need to fear anything, and for more clarification about any specific term insurance for a 70-year-old, you can check out the website of the company you want to buy a 70-year-old term insurance from. 

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