Life Insurance For 70 Year-Old Man In India. If the policyholder dies within two years of taking the plan, his nominee gets only 125% of the total premiums paid till then. The maximum cover is rs 5 lakh, but it kicks in only two years after the plan is in force.
These rates are merely a rough guide. Launched by lic on 4th may 2017, pradhan mantri vaya vandana yojana is a government's pension plan, which is exclusively designed for people above 60 years of age (indian residents). Life insurance for senior citizens is available for different age categories, viz.