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Can I Take Terminal Illness Cover With Term Insurance?

dateKnowledge Centre Team dateMay 27, 2021 views112 Views
Terminal Illness | Terminal Illness | Best Term Plan Online

While you run that additional mile to make life more comfortable for your loved ones or family at home, you tend to neglect yourself in this process. With regular work and possibly a contemporary and inactive lifestyle, your body is readily predisposed to numerous complications, which can drive you towards pressing health difficulties in the future.

You must never overlook the initial signs of any abnormality in your health or any genetic symptoms correlated to a terminal illness. Buying a term insurance with terminal illness cover will help you secure your life while protecting your loved ones financially.

Why is a Terminal Illness Cover Required when you are Buying a Term Insurance Plan?

When a person listens to anything associated with an ailment or hospitalisation, medical insurance coverage is the initial thing that crosses their mind. Unexpected medical emergencies can worsen the financial status of a person. If you do not have sufficient insurance coverage, medical treatment of severe or terminal illnesses can burn a hole in your pocket and future savings.

Certain loopholes in your health insurance can easily be filled when you opt for a terminal illness cover along with your term insurance plan. The treatment cost of terminal illnesses like liver and heart diseases or cancer is remarkably high. An only shot of medication in specific kinds of cancer can require a lot of money, and successful treatment demands several doses.

Hence, it might not be wrong to state that the expenses of terminal diseases require lakhs of rupees. Usually, the medical insurance policies only pay for the hospitalisation expenses and not the medications or expenses incurred on medicines.

Consequently, it becomes important for people to look for other avenues than a regular health insurance plan. Opting for a terminal illness cover with a term insurance plan can be one such avenue that can take care of your entire medical expenses along with providing mortality benefits.

4 Benefits of Taking Terminal Illness Cover with a Term Insurance

Term insurance plans are usually readily purchased for individuals who are fit and do not suffer from any prior health complications or diseases. However, if you comprehend that you previously suffered from a terminal illness, purchasing a term insurance cover may be a bit more complicated. Many insurance providers in present times hold stringent terms and conditions concerning term life insurance for people suffering from a terminal illness.

Many people opt for a health insurance policy that can assist them at the time of any medical emergency. However, health insurance might prove to be incompetent in a vast number of circumstances. After looking at all these challenges, many insurance providers presented people with an option of terminal illness coverage that they can opt for with their existing term insurance policy.

This term insurance plan with terminal illness coverage not only safeguards your family in case of the untimely demise of the policyholder but further protects them with all medical contingencies arising abruptly. If you plan to take a term insurance plan with terminal illness coverage, you must ensure that the term plan you choose provides you with maximum benefits.

Here are 4 benefits of taking a terminal illness cover with a term insurance plan:

1. Serves as an income replacement

Terminal illness cover taken along with a term plan presents supplemented advantages. You might be holding a normal medical insurance policy that will meet your hospital and health expenses.

A terminal illness plan with a term plan will present you with protection against any unfortunate event and further cover the cost of routine medical payments along with the expense of medicines. Also, some term plans offer return of premium option. In case you outlive the policy, you will receive all the premiums you have paid throughout the policy term at maturity.

Terminal Illness | Terminal Illness | Best Term Plan Online

Learn more about return of premium.

2. Protection against life-threatening medical conditions

Terminal illnesses account for over 60 percent of cumulative deaths in the country. If you simply have a term insurance plan without terminal illness cover, your family will not be entitled to receive a claim in case of your untimely demise.

Hence, if you think you might suffer from a terminal illness due to past family medical history or recently diagnosed with a terminal illness, you must immediately take a terminal illness cover as a top-up with your existing term insurance plan.

This terminal illness cover can provide you and your loved ones with a financial cushion at the time of medical emergency or loss of income that arises in case of ill health or demise of the policyholder.

3. Offers dual tax advantages

Apart from receiving monetary protection in case of a terminal illness or any other unfortunate event, a terminal illness cover taken with a term insurance policy can provide you with dual tax advantages and insurance premium paid for this terminal illness cover and a term insurance policy will be exempted in both section 80C and section 80D of the Income Tax Act, 1961.

4. Higher sum guaranteed with more inexpensive premium charges

Unlike conventional medical insurance policies, which impose different premium rates after distinct periods, a term insurance policy with terminal illness cover extends a higher coverage amount at the most economical premium rates.

This is because the mediocre expense included in handling terminal illnesses is as huge as Rs 20 Lacs. In addition to this, the number of policyholders encountering a terminal illness is reasonably more limited as contrasted to that of normal diseases incorporated by a medical insurance plan.

It is always best to take a terminal illness cover with a term plan instead of a medical insurance plan if you are suffering from any terminal illness.

Term insurance with terminal illness coverage is extremely advantageous. These insurance plans can assist you, and your loved ones surmount difficulties by outfitting you against unexpected accidents that can happen in the future.

If you are looking for term insurance with terminal illness cover, you must undoubtedly choose iSelect Star Term Insurance Plan by Canara HSBC Oriental Bank of Commerce. This term insurance plan provides extensive illness and mortality coverage at an affordable premium to ensure that you always remain guarded against unfortunate events.

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Frequently Asked Questions (FAQs) for Term Insurance

A person can only purchase a term insurance plan till the age of 65 years, and they can choose the risk coverage for up to 99 years of age. One can easily buy the best online term plan between the age of 18 to 65 years.

This being a term plan doesn't offer any payout after maturity or expiration date.

Each insurance company has its own term insurance premium calculator. If you want to check out the premium quote, go for the iSelect Star term plan calculator. It gives a premium amount based on your age, gender, habits, education, and annual income.

You can purchase an iSelect Star term plan anytime between 18 to 70 years of age.

It depends on your needs. For example, if you want to cover a child's education or wedding expenses, you have to include them in your coverage. Your premium will be calculated accordingly.

If your key purpose is to give your Family financial protection, go for the term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan.

Go for at least 12 times cover than your annual income. Or you can go as far as 20 times coverage as per your needs.

The right time is when you don't have anything to keep your Family safe from financial storms, and they rely on you for financial needs.

If you are unable to make the payment or suffering from a terminal illness, a term plan pays a part of the sum insured to treat your disease.

Term insurance riders are attachment or endorsements made, while taking the term insurance policy, as a supplementary coverage to policyholders. Apart from the core death benefit, term insurance riders offer below-given additional benefits:

  • Accidental Death Rider When a person suffers from a terminal illness, his/her family ends up spending a significant amount in treatment and medical expenses. Accelerated death rider pays a part of the sum insured in advance to cover such costs and save the family from running out of cash.
  • Accidental Disability Rider If the policyholder can't pay the premium because of an accident or permanent disability, a sudden disability this pays the premium on behalf of the policyholder till completion of policy term or for a defined duration.
  • Critical Illness Rider If the insured person gets a heart attack, cancer, or any other critical illness, this rider pays a lump sum on valid diagnosis.
  • Premium Waiver Rider If the policyholder is unable to make payments due to income loss or disability, a premium waiver rider waives off all future premium payments. And the term policy remains active until the expiration date.
  • Income Rider: The rider ensures that your family receives regular income + sum insured in case of unfortunate demise of life insured.

Anyone can go for life insurance as it offers some savings after the maturity date, but it doesn't cover the protection of your family . The best term insurance plan is solely designed for taking care of loved ones if something happens to you. Term plans act as a shield between your family and sudden financial fall. They make sure that your family lives a healthy life even after you. With a little amount paid per year, you can be worry-free from the family's financial conditions.

Questions that you need to Ask while Buying a Term Insurance?

  1. 1. Amount of premium you have to pay based on your age, habits, education, and monthly income
  2. 2. The total number of benefits covered in the term plan. Do they include benefits that you care about the most?
  3. 3. How to save money on tax if you pay for the term plan?
  4. 4. Do they offer regular income options?
  5. 5. Can you change the coverage and premium in the future?
  6. 6. Does the claim consider valid if death occurs outside India?
  7. 7. Which kind of death is not covered by insurance?
  8. 8. Can NRIs take term insurance? If yes, what are the conditions?
  9. 9. Does the term insurance plan have a cash value if you decide to cancel the policy?
  10. 10. Under what circumstances can a term insurance plan be cancelled?
  11. 11. Can I pay the premiums online or make electronic payments?
  12. 12. What will happen to the term plan if the life assured starts smoking after purchasing the policy?
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