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Gift your Partner a Secured Tomorrow with a Term Plan

dateKnowledge Centre Team dateMarch 12, 2021 views141 Views
Gift your Partner a Secured Tomorrow with a Term Plan

The pearl necklace set, perfume, a hand written letter with a bouquet of flowers, may be a vacation to an exotic location – you may have already listed all these things whenever you think of gifting your partner. You are still not convinced by the gifting ideas and hence, you are trying to figure out something unique and out-of-the-box that may leave an imprint for a long period. Give your partner the gift of financial security with a term plan. A timeless gift that may remain etched in their memory forevermore.

Seize the moment and add your spouse in the same term insurance plan as yours. After all, you both had promised to be together no matter what. Why leave them behind when it comes to life insurance?

How will a Term Insurance Benefit your Spouse?

A term plan offers financial protection to your loved ones by insuring your life. In fact, you can add your spouse in the same policy at affordable premiums. In case, the policyholder passes away, their spouse does not have to use their accumulated savings. Even in your absence, life cover protection for the spouse will continue to be in force.

Adding of spouse in the same policy may prove to be beneficial for non-working spouse as they don’t have an income. However, if both of you are working and your family is dependent on both of you – then buying individual term insurance plan will be a better option.

How to Find the Best Term Plan Online in India?

To find the best term plan online in India, you don’t have to do much. Figure out the cover amount and policy term that will align with your financial goals and requirements. Calculate the monthly premiums that you can afford using term insurance premium calculators. Browse through online term plans available to understand their features and how they can benefit you or your spouse. Check the claim settlement ratio of the insurance company before you make a decision.

iSelect Star Term Plan – Gift of a Secured Tomorrow

iSelect Star Term Plan is a complete term insurance plan available online that offers 100% return of premiums. That means all your premiums will be paid back if the policyholder survives the policy term. Also, it allows you to add your spouse in the same policy at discounted rates. You will also get an option of increasing the sum assured with changing life stages to help you beat inflation.

Buying a term insurance plan and adding your spouse in it will be one of the smartest financial decisions. It it better to give a protection gear to your loved ones so that they can manage financial hurdles with ease after you. Gift them a secure tomorrow with iSelect Star Term Plan as it keeps you prepared for every twist and turns of life.

Khelo life ka powerplay with iSelect Star Term Plan. Know more.

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TERM Insurance PLAN

TERM Insurance PLAN

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

Flexibility of switching between the fund options to take benefits of market movements or change in risk preference

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Hassle free

Get double life cover in case of accidental death

Choice of flexible premium payment and policy term

Avail tax benefit on premium paid

Frequently Asked Questions (FAQs) for Term Insurance

This being a term plan doesn't offer any payout after maturity or expiration date.

Each insurance company has its own term insurance premium calculator. If you want to check out the premium quote, go for the iSelect Star term plan calculator. It gives a premium amount based on your age, gender, habits, education, and annual income.

You can purchase an iSelect Star term plan anytime between 18 to 70 years of age.

It depends on your needs. For example, if you want to cover a child's education or wedding expenses, you have to include them in your coverage. Your premium will be calculated accordingly.

If your key purpose is to give your Family financial protection, go for the term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan.

Go for at least 12 times cover than your annual income. Or you can go as far as 20 times coverage as per your needs.

The right time is when you don't have anything to keep your Family safe from financial storms, and they rely on you for financial needs.

If you are unable to make the payment or suffering from a terminal illness, a term plan pays a part of the sum insured to treat your disease.

Term insurance riders are attachment or endorsements made, while taking the term insurance policy, as a supplementary coverage to policyholders. Apart from the core death benefit, term insurance riders offer below-given additional benefits:

  • Accidental Death Rider When a person suffers from a terminal illness, his/her family ends up spending a significant amount in treatment and medical expenses. Accelerated death rider pays a part of the sum insured in advance to cover such costs and save the family from running out of cash.
  • Accidental Disability Rider If the policyholder can't pay the premium because of an accident or permanent disability, a sudden disability this pays the premium on behalf of the policyholder till completion of policy term or for a defined duration.
  • Critical Illness Rider If the insured person gets a heart attack, cancer, or any other critical illness, this rider pays a lump sum on valid diagnosis.
  • Premium Waiver Rider If the policyholder is unable to make payments due to income loss or disability, a premium waiver rider waives off all future premium payments. And the term policy remains active until the expiration date.
  • Income Rider: The rider ensures that your family receives regular income + sum insured in case of unfortunate demise of life insured.

Anyone can go for life insurance as it offers some savings after the maturity date, but it doesn't cover the protection of your family . The best term insurance plan is solely designed for taking care of loved ones if something happens to you. Term plans act as a shield between your family and sudden financial fall. They make sure that your family lives a healthy life even after you. With a little amount paid per year, you can be worry-free from the family's financial conditions.

Questions that you need to ask while buying Term Insurance?

  1. 1. Amount of premium you have to pay based on your age, habits, education, and monthly income
  2. 2. The total number of benefits covered in the term plan. Do they include benefits that you care about the most?
  3. 3. How to save money on tax if you pay for the term plan?
  4. 4. Do they offer regular income options?
  5. 5. Can you change the coverage and premium in the future?
  6. 6. Does the claim consider valid if death occurs outside India?
  7. 7. Which kind of death is not covered by insurance?
  8. 8. Can NRIs take term insurance? If yes, what are the conditions?
  9. 9. Does the term insurance plan have a cash value if you decide to cancel the policy?
  10. 10. Under what circumstances can a term insurance plan be cancelled?
  11. 11. Can I pay the premiums online or make electronic payments?
  12. 12. What will happen to the term plan if the life assured starts smoking after purchasing the policy?
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