Financial apprehension is an observable fact among most of the senior citizens along with middle and lower income households too. But it can grow big even in a higher income group if they are not properly covered by any financial products against unforeseen risks. Senior Citizens are perceived to have reasonable financial deposits and better financial literacy due to their financial backup like retirement benefits (in lump sum), gratuity, and Provident fund. This paper aims to assess the financial products (such as Mutual fund) penetration and financial apprehension among Senior Citizens in South Malabar region of Kerala. It was found that serious disparity among the senior citizens retired from organized sector and senior citizens retired from unorganized sector contemplative issues in financial apprehension and financial health at large. The Mutual Fund penetration even at the higher income groups amongst senior citizens is not found to be comprehensive considering the Human Life Value metrics of Mutual Fund. This awkwardness reflects for more awareness drives to educate the senior citizens retired from unorganized sector at large.