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Term insurance plans can be an effective method of guarding against life’s uncertainties and ensuring the security of your family in adverse circumstances. Such policies offer protective coverage for a fixed period of time to those dependent on the policyholder through the payment of death benefits in the event of their passing on. Their main point of difference from traditional life insurance is in the durations of policies which are fixed rather than continuing throughout the policyholder’s life. Some types of term plans may or may not provide investment options and maturity benefits as in the case of traditional life insurance policies.
This coverage is provided in the form of payments made either periodically or in lump sum amounts by the policyholder, which are referred to as premiums. Most types of term plans often demand relatively smaller premium payments when compared to conventional life insurance policies due to the relatively shorter tenures involved.
When purchasing term insurance, the coverage amount or minimum Sum assured is one of the most important aspects of the policy to consider. It should be carefully corroborated with your family’s existing needs as well as any potential additions to those needs in the future. The minimum sum assured can either be paid out in a lump sum amount on filing the claim or be disbursed in staggered amounts over a predetermined period of time. Keeping the term period in mind is also crucial in such situations. Depending upon the type of term plan, the sum assured may also increase or decrease over the course of the tenure in order to deal with issues such as inflation or debt respectively.
There are a number of important factors to consider when determining the ideal minimum sum assured for your needs :
Once all these factors have been carefully considered and accounted for, you may be able to arrive at an estimate for a level of coverage from your term insurance policy that is sufficient for your family’s needs. The various types of term plans available on the market have been structured to meet the needs of people from a variety of financial situations and backgrounds. If you opt for the iSelect Smart360 Term Plan from Canara HSBC Life Insurance, you’ll get flexibility in coverage amounts as well as whole life cover, premium return and short tenures of up to 5 years to ensure your family’s financial security in any situation
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