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Why a Whole Life Plan with ROP is the Smarter Way of Buying Life Insurance?

dateKnowledge Centre Team dateMarch 09, 2021 views112 Views
Why a Whole Life Plan with ROP is the Smarter Way of Buying Life Insurance?

Life insurance is an ideal financial planning instrument due to the benefits it offers to the policyholders along with their nominees. As every person may have unique needs and financial circumstances, we cannot expect a single life insurance policy to be a fit for everyone. Precisely, the concept of “one-size-fits-all” may fail. For this reason, there are different types of life insurance policies that may cater to the specific needs and requirements of the potential policyholders. One such example is that of term insurance.

A term insurance is a life insurance policy that provides coverage for a certain period of time as chosen by the policyholder. If the life insured happens to pass away during that timeframe, and the policy is in force, the nominees will get the benefits of the policy to secure their financial future. However there’s a new age approach to choosing term insurance, where you can opt for a whole life cover, and stay protected until you turn 99! Even if someone outlives 99 years of age, they still get the entire sum assured, thereby making this term plan, a legacy planning instrument.

Benefits of Whole Life Insurance with ROP

With a whole life plan, you can get coverage till you turn 99 years old. The term insurance policy will stay in force till the premiums are paid by the policyholder. Canara HSBC Life Insurance offers iSelect Smart360 Term Plan with whole life cover option and return of premium that can make your life easier.

Here are a few benefits that you may like to take into account, which may assist you in making an informed decision:

Cover for Lifetime

The life insured will get a cover till 99 years of age.

Survival Benefit

Term insurance plan with return of premium option offers survival benefits to the insured. If the life insured outlives the policy, all the premiums that were paid throughout the policy term will be paid back to the policyholder.

Additional Benefits with Riders

You can enhance your term insurance plan by adding optional riders to your plan. Riders may help you to customize your accidental death, accidental disability, and critical illnesses cover. A comprehensive term insurance plan may help you prepare better for your financial future.

Tax Benefits

Policyholders can enjoy tax benefits by buying a term life insurance under Section 80C of the Income Tax Act. Under this section, premiums paid are exempted from tax with a capping of Rs.1.5 Lakh.

Who should Opt for a Whole Life Term Insurance Plan?

A whole life plan with return of premium is a win-win buy for you. Nominees will get the death benefits in case the policyholder dies. And if the policyholder outlives the policy, in some cases, depending upong the policy parameters choen, the entire sum assured will be paid to the policyholder.

You should buy a whole life plan with return of premium if:

  • You are the sole bread earner of your family
  • You want to secure the financial future of your loved ones
  • You have already invested in retirement plan, but still consider other investment portfolios
  • You are just at the initial phase of your career

The Bottom Line

Choosing the right term insurance plan with whole life cover and return of premium will help you play the safest innings of your life. Prep up for “life ka powerplay” with iSelect Smart360 Term Plan to protect yourself and your loved ones by paying premiums for 10 years. Stay secured and prepared for every ball that is thrown at you by insuring yourself today.

Click here for more information on iSelect Smart360 Term Plan.

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Return of Mortality Charge is available on Maturity under all three cover Options

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Get double life cover in case of accidental death

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