Best Term Insurance Plans for Retirement | Canara HSBC Life Insurance

2021-05-11

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Most people imagine a quiet and serene life spent with their loved ones taking care of them, living off the pensions that their organization may or may not offer them. While it is good to have the reassurance that your children or other close family members will bear the burden of looking after you when you stop having a stable income, isn’t it a lot better to have a little income of your own even then, so that you can still contribute to the household?

During peak years of work, Indians put in the time and effort to save up for their kids’ marriage, upgrading their house, buying cars, and providing their children with a world-class, expensive education. In their hurry to make things easier for their kids, people often forget to think about themselves a few years in the future.

It is true that many organizations in the organized sector have begun to offer retirement and pension plans that can cover the costs of your basic needs after retirement. But on the very likely chance that a health emergency pops up, or one of your children are in urgent need of money, it is ideal that you have a sum of money put away safely or that you get a fixed amount every month without fail. Even if you are a government employee whose pensions are pretty much guaranteed, it is a great idea to invest in a retirement insurance policy.

Canara HSBC Life Insurance offers the best term plan that satisfies the universal standards of retirement plans and goes the extra mile to make sure that you are never in need of anything after your retirement. Their settlement option allows you to receive the entire maturity amount in monthly installments or at any frequency chosen by you if you do not want to receive the full amount in one go.

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Benefits of Canara HSBC Life Insurance Term Plans

Smaller premiums: The policyholder can get an impressive life coverage from a term insurance plan even if they pay a smaller and more affordable premium amount. This is ideal for families who are not from a strong economic background. The premium will be even lower if you start very early.
Life coverage: Most term plans these days offer a full life coverage up to 99 years of age. This ensures that the policyholder will be covered for their entire life, and their family members will never have to experience financial difficulties.
Sum insured payout: Term insurance plans usually provide an assured sum to the family members of the policyholder if they die an unprecedented death. Some plans also have the option to split this assured sum into monthly premiums to evenly distribute it over a longer period.
Tax benefits: Most term insurance plans come with tax benefits under Section 80C and Section 80D. This means the total expenditure for one family for insurance will be considerably less when the cumulative tax cuts are subtracted from the total amount paid as premiums.
Coverage for terminal illness: If the policyholder is diagnosed with terminal illnesses like AIDS or Cancer, some term insurance plans offer lump-sum payouts on the diagnosis. This money can help with the treatments, proceedings, etc., protecting the family finances.
Accidental death benefit: To avoid your nominee’s claims being rejected by the insurer in case it is untimely/accidental, most term plans offer an accidental death benefit that offers protection against any misunderstandings in the future.

POS - Easy Bima Plan

2. POS - Easy Bima Plan

This pure-term life insurance plan has a return of premium on the date of maturity, providing a safe source of financial support after retirement. There is also the option to nominate a loved one, who will be eligible for a death benefit on the policyholder’s untimely demise, provided it is not an accidental death. The maximum age of entry is 55 years, and the maximum age of maturity is 65 years - unlike the iSelect Smart360 Term Plan, there is no provision for increasing the coverage to a whole life plan (99 years).

Highly customizable: The Canara HSBC Easy Bima Plan offers customizability at all levels of the policy. The policyholder first gets to choose their sum assured based on their financial requirements. There is a rule that the sum assured amount has to be a multiple of Rs. 50,000. Then the policyholder can choose the premium payment term as well as the policy term.

The shorter the term, the higher the premiums will be, additionally influenced by your age at the time of taking up the policy, the sum assured, the premium payment frequency as well as your gender (because women tend to live longer, insurance companies can offer smaller premium payments to them). The minimum sum assured is Rs. 50,000 while the maximum is Rs. 1,50,000 - however, there is no maximum premium limit as it depends upon the chosen sum assured. Depending on the modal factors, you can also choose to pay the premium in an annual or monthly mode.
Tax Benefits: The policyholder is eligible to avail tax benefits on the paid premium amount applicable based on Section 80C of Income Tax Act, 1961.
There you have it – Canara HSBC Life Insurance offers the best term plan that is comprehensive, profitable, and capable of securing your future in times where uncertainty lurks around every corner. Since some of these plans double up as life insurance, you can have all your insurance needs – saving plans, retirement plans, and life insurance – all in one place. The high customizability and safety nets provided by the plans allow you to rest easy. The best age to take up such a plan is as early as possible so call your advisor today!

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Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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