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The availability of life insurance coverage for individuals over 80 years of age may be limited. Most life insurance companies have an upper age limit for issuing new policies, typically around 65 to 70 years of age. However, there might be specialized insurance plans or options available for individuals over 80.
Term insurance plans are affordable and provide high coverage at a low cost. 80 Lakh term Insurance is a term life insurance policy that offers a sum assured of Rs. 80 Lakhs. In case of an unexpected death of the life assured during the policy term, a death benefit will be provided to the nominee mentioned under the term insurance policy. For a 30-year-old non-smoker, the annual premium for a 80 lakh term insurance policy might range from approximately Rs. 8000* to Rs. 10,000*.
Obtaining life insurance at 80 years old can be challenging, as many insurance companies have age restrictions and may be hesitant to offer coverage at such an advanced age. However, there are still some options available to explore. Compare life insurance quotes at the PolicyBachat website and get the best life insurance plan at the age of 80.
The cost of life insurance for 80 years old depends on various factors such as age, gender, health, occupation, and lifestyle. The cost also varies depending on the type of policy chosen by an individual. It is not easy to make the right decision when it comes to choosing the best life insurance for 80-year-old in India. The average cost of a term life insurance policy for an 80-year-old is between Rs. 20000/- to 30000/- per month approximately.
Yes. You can claim term insurance under 80D.
Yes. You can claim term insurance under 80C.
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