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As a working professional, a term insurance policy is one of the first things that you should invest in. Contrary to popular belief, a term policy is not just a basic policy without additional benefits. There are different ways in which you can customize your policy and extract more benefits out of it. Before getting into these details, let us define what a term plan is.
A term plan, as the name suggests, is an insurance plan for a specific term which could be anything from 5 years to 10 years, 20 years, etc. It is a pure life cover without maturity benefits. This means that if you outlive the policy term, there is no payout on completion of the term. However, in the event of your death within the policy term, your family receives the full sum assured regardless of the number of pending premiums. The further premiums are then waived off. One of the important features of a term plan is that it offers a large sum assured
If you are a newly employed working professional, you must consider a term insurance policy as one of the first investments to make. An excellent choice would be Canara HSBC life insuracne’s iSelect Term Plan. It is purely a protection plan which provides terminal illness cover and life insurance, along with options like spouse cover, accidental death cover, and accidental disability cover. What’s more, this online term plan is only a few clicks away!
On its face, a term plan might seem like a very specific without a lot of extra benefits, especially when compared to investment tools. However, there are a variety of ways to boost your existing term insurance cover. Term insurance riders are just one of them. Here are the different ways in which you can add more value to your plan.
You might have taken your term insurance before getting married. Even if you take it after your marriage, you might later feel the need to take another policy in the name of your spouse. With a plan that offers an in-built spouse cover option, you can save yourself the effort. In the event of your spouse’s death, their sum assured is paid while your policy continues as it was.
With these lucrative options, a term insurance covers a lot more than basic life cover and also saves you some of the expenses and efforts of buying more policies. Hence, opt for a policy like Canara HSBC iSelect Term Plan which offers all of the above-mentioned benefits in one plan. Just a few clicks and you can secure the biggest online deal- your family’s well-being!
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