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What are the best term insurance plans for planning retirement

dateKnowledge Centre Team dateMarch 02, 2021 views113 Views
What are the best term insurance plans for planning retirement

Ever wondered about your life after retirement?

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 Oriental Bank of Commerce 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.

Benefits of Canara HSBC Oriental Bank of Commerce 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.

Canara HSBC Oriental Bank of Commerce Life Insurance Term Insurance Plans

iSelect Smart360 Term Plan

The iSelect Smart360 Term Plan offers a variety of choices in terms of coverage, premium payment and the payout for benefits. This individual non-linked premium life insurance term plan is an important addition to your financial portfolio. The maximum age of entry is 65 years. Once you reach the age of maturity, the assured sum will be paid out to you in monthly installments, lump-sum or as part lump sum and monthly income, based on your choice.

Benefits of Canara HSBC Oriental Bank of Commerce Life Insurance iSelect Smart360 Term Plan

  • Highly customized and affordable

    The iSelect Smart360 Term Plan’s high customizability allows the policyholder to customize their plan according to their financial conveniences. This alignment with your financial goals allows you to make the premiums smaller and affordable. Additionally, there is a discount on premiums for female lives or for higher assured sums.

  • Options for coverage

    You can choose to cover your life for a limited period or for 99 years, which covers your whole life. You can also choose to add your spouse in the same policy at a discounted rate, provided they are under the age of 50 (for a non-working spouse). You can also include additional inbuilt coverages that provide benefits related to Accidental Death, Child Support, Accidental Total and Permanent Disability Benefit etc. You can also increase your life cover according to your financial situation at various points of your life. This augmentation provides high levels of flexibility according to your key life milestones.

  • Options for benefits

    There is always the worry that leaving behind a lump sum amount for your family may not be the best idea, especially if the family is not very financially literate. You might be worried that they may use up the money very quickly. This is why having an option to receive the death benefits in monthly income amounts is a great relief. The iSelect Smart360 Term Plan also has the option for the nominee to receive the death benefit as a part lump sum part monthly income.

  • Choose between Life, Life with Return of Premium and Life Plus

    The iSelect Smart360 Term Plan offers three plan options - life, life with return of premium and life plus, and the life plan comes with the option to have either a level coverage or an increasing coverage. You can also add in-built covers including child support benefits.

  • Tax benefits

    You may be eligible for tax benefits on premiums paid/received benefits, provided it aligns with the prevailing tax laws.

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 Star Term Insurance Plan, there is no provision for increasing the coverage to a whole life plan (99 years).

Highly customizable

The Canara HSBC Orienta Bank of Commerce’s 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. You can also choose to pay the premium in an annual or monthly mode depending on the modal factors.

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 Oriental Bank of Commerce 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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