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With inflation rising at an unprecedented rate, medical costs are one of the first to increase exponentially. Right from the cost of diagnosis to the cost of hospitalization, any major illness is expected to prove a significant drain on your finances.
This has resulted in increased importance of the health insurance plans, which now offer increased coverage for a range of illnesses and conditions. Health insurance plans are ideal for unexpected medical emergencies which can arise out of the blue. Whether it’s for yourself or your parents, spouse or children; it is necessary to be adequately prepared to deal with any kind of illness, especially financially. For such situations, health insurance is ideal since it helps reduce a significant portion of the financial burden that would otherwise fall on you.
However, having a health insurance plan does not negate the need for a term plan. A term insurance policy brings a range of benefits that significantly differ from the benefits offered by a health insurance policy. While there are different types of term plans, it is important for you to have both health insurance and a term plan in order to be adequately prepared for any unexpected emergencies in life.
With the iSelect Smart360 Term Plan, available on Canara HSBC Oriental Bank of Commerce, you get a customized plan that will cover both you and your spouse within the same policy. You can also choose from a range of premium payment options ranging from a short tenure of 5 to 10 years till the time you turn 60 years old.
There are several benefits offered by term insurance plans that are simply not available with a health insurance plan. Read on to learn more about how the two differ from each other, and why it is necessary for you to opt for a term plan even when you have a health insurance policy.
A term insurance policy is often a great investment instrument, since it offers blanket coverage against the death of the policyholder. With the iSelect Smart360 Term Plan, available on Canara HSBC Oriental Bank of Commerce, you also get to opt between multiple premium payment tenures. There are also multiple options to choose from in terms of your nominees receiving the sum assured.
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