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Senior-Friendly Fintech: From Digital Gold To Insurance, How Seniors Are Adopting Fintech in Their Daily Life

From gold investments to insurance and wellness apps, senior citizens are embracing fintech more than ever — but awareness, security, and simplicity remain key

Senior-Friendly Fintech
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India’s population is ageing at a rapid pace, and seniors are increasingly taking to digital adaptability to keep pace with the changes in lifestyle habits as a result of the growing influx of digital technology in every aspect of day-to-day life. Senior citizens are steadily learning to navigate this complex digital landscape, be it in the domain of health and wellness, or financial matters of digital banking, investments, and insurance.

Fintech platforms, once thought to be too complex for elderly are now being designed with senior-friendly interfaces, thus allowing for easier adoption, while also providing empowerment by way of greater convenience, independence and financial literacy at fingertips, thereby making management of finances, including banking and insurance, practically easy for senior citizens.

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App For Everyday Use


One such app that promises to be a one-stop solution for seniors is Khyaal. According to its founder and CEO, Hemanshu Jain, “this one-stop solution offers wellness sessions, digital literacy, financial planning, community events, and easy investment tools”, all in one.

Whether it’s booking a doctor’s appointment, attending a memory workshop, or learning to invest in gold, the app simplifies day-to-day decisions and builds a digital community that supports the ageing journey. At present, Khyaal has over three million users aged above 50, primarily in Tier 1 and Tier 2 cities. 

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Digital Gold

Jain said seniors can also use the app to store digital gold by trusted custodians in secure vaults, thus helping eliminate risks of theft or loss, which is usually associated with traditional physical gold.

One of the apps’s new feature “Khyaal Digi-Gold SIP, is a smart, safe, and easy way for senior citizens to invest in 24K, 99.99 per cent pure gold starting from Rs 100. Seniors can invest small amounts regularly to grow their wealth steadily over time in a disciplined and accessible manner. The digi-gold SIP (systematic investment plan) allows for goal-based investments that can be leveraged to create a corpus for education, a vacation, or other important occasions and life milestones, he said.

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As an extra measure of safeguard and security, seniors can also authorise loved ones to monitor or manage aspects of their fintech activities on the app, he added.

Digital Insurance and the Rise of Senior-Friendly Platforms


Insurance was once a paper-heavy domain but fintech has now made it relatively less cumbersome and even senior-friendly. InsurTech platforms are now simplifying their offerings with larger fonts, regional language options, voice support, and family-access features. These additions are proving vital because family members often play a central role in helping seniors understand and compare policies to choose accordingly, especially in health and life insurance. In addition, these fintech platforms now also allow for paperless onboarding, faster claim processing, and digital know-your-customer (KYC) authentication — all from the comfort of home.

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Chetan Vasudeva, senior vice president at Elephant.in, an insurance platform, says “While seniors may not be as tech-savvy as the younger generation, many have grown comfortable with a hybrid (phygital) approach — where they can complete some processes digitally while receiving guidance when needed.”

Incidentally, post-COVID, there's been a 25-28 per cent increase in health insurance adoption among senior citizens. 

Is KYC and Paperless Claim is Helpful

According to Vasudev, KYC, paperless claims, and app-based support are helping senior citizens in a big way, as they can manage the on-boarding and customer service process from the comfort of their homes. He added that these processes are easy to understand and have a quicker turnaround time. “Insurance experts further guide them with every step so that the processes are more streamlined and easier for them to understand,” he adds.

Motor and Home Insurance Made Simple

The elderly continue to drive and own property and many are now relying on digital channels to buy both motor and home insurance. Mobile apps platforms, which provide comparative rates of insurance costs on motor car, home and others, and also provide options of buying, renewing or making claims, are now very popular with seniors, especially in the 60-65 age group, in metro cities. However, seniors in the smaller towns still prefer consultation with insurance advisors.

The biggest hurdle remains the fine print which means understanding the terms, the exclusions of insurance and documentation requirements. Fintech platforms are addressing this with simpler workflows through image-based claim initiation, and step-by-step guidance.

Similarly, home insurance was once rarely considered by seniors, has also shown greater adoption.  Through digital platforms, seniors can insure household goods and upload documents online. They can also track inspection visits for theft or damage claims. Features like call-back options and regional languages along with biometric access further enhance usability of these apps.

Security Concerns and Digital Safety


Despite growing comfort with digital tools, cybersecurity remains a concerning threat.

Seniors often fear online fraud, phishing, and data breaches due to which they take the more uncomfortable route of purchasing policy via directly visiting the insurance offices or by consulting insurance brokers. 

Adds Vasudeva, “Seniors are aware of the threats — sometimes more than younger users — but they need systems that support them with extra safety checks.”

To protect senior users, fintech companies now employ features, such as biometric logins, fraud alerts, two-factor authentication, and secure vault storage (in the case of digital assets).

Future of Fintech for Seniors Insurance


The next step for fintech includes innovations like AI-powered customer support or AI chatbots that show predictive analytics, and hyper-personalised policy offerings. Optical Character Recognition (OCR) and Big Data can help tailor insurance products based on age, income, and medical history, cutting down costs and increasing relevance, according to experts.

Says Vasudeva: “Automation and faster claim settlement processes will be game-changers for the senior population.” Faster approvals, fewer exclusions, and transparent processes will make insurance and financial planning less stressful for elderly.

Moreover, there’s growing awareness around cyber insurance — though it’s still largely underutilized by seniors. Fintech platforms are working to simplify this too. These reforms include offering secure logins, fraud detection tools, and dedicated help desks to guide users at every step.

Embracing Change, Safely


The rise of senior-friendly fintech is a promising shift in how the Indian fintech industry is slowly adapting its digital interface for easy adoption and use by the senior population. While digital tools are not a substitute for human interaction, they offer quicker access, independence, and empowerment. For seniors, this means greater control over health, money, and well-being.

For their families, it’s the peace of mind that their loved ones are supported, informed, and protected. As the digital wave continues to move steeply upwards, the key lies in building systems that are not just inclusive but intuitive, empathetic and secure. 

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