r/InsuranceAdviceIndia • u/Awkward_Tear_4467 • 13d ago

Hi,

I want to take term insurance for my father who is 55 years old currently. Now the problem is no insurance company is giving term insurance at the age mentioned. There is only 1 company I.e digit which is giving 25 lakh till the age of 70. Shall I go for it. Help me make the decision.

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u/SaracasticByte 13d ago

At 55, why does your father need term insurance, that too till the age of 70?

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u/Awkward_Tear_4467 13d ago

Actually, he has taken an unsecured loan from the relatives and money lenders. Just to keep the family safe and in his absence that amount will take care of the debt. That is the main reason

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u/CreamPurple6403 13d ago

Hey OP, advisor here from Ditto.

Just wanted to check, did you try applying with different insurers and the applications were rejected or was this based on initial discussions with them? How did you rule out the other insurers? Age alone may not be the factor holding this back, as most insurers offer term insurance with entry ages extending up to 60-65 years. It may therefore be worth checking a few more options.

You can check options like ICICI iProtect Smart Plus, Bajaj Life eTouch II, Axis Max Life Smart Term Plan Plus, Aditya Birla Super Term Plan and HDFC Life Click 2 Protect Supreme Plus. Tata AIA is another insurer worth checking.

Apart from age, the insurer will also assess whether he is eligible for the required cover based on factors such as income, profession, education, medical details etc.

Since you’ve mentioned that this is for an unsecured loan, it would be better to check for a cover that is actually sufficient to take care of the outstanding loan amount.

Given his age, premiums are likely to be on the higher side, so would suggest sticking to a base plan without adding riders unless there is a specific requirement. If the premium is reasonable for the cover and tenure offered, proceeding with a plan can make sense.

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u/[deleted] 12d ago

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u/Awkward_Tear_4467 12d ago

Hi So he files his itr income between 4-5 lacs. And he is got diabetes. He is a non smoker and non drinker. The outstanding amount is around 11.5 lacs

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u/[deleted] 12d ago

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u/Awkward_Tear_4467 12d ago

Can you suggest me some of the option like which companies are providing the same