Phone NumberTo Buy: 1800-258-5899 (9 am to 6 pm)



Locate BranchLocate Branch

Secure Your Family’s Future in This Pandemic With Term Insurance Plans

Secure Your Family’s Future in This Pandemic With Term Insurance Plans

Term Insurance in Pandemic

The world is in the grip of fear and uncertainty because of Covid-19 outbreak. The virus has impacted the whole world, to its remotest corners. The number of those contracting the disease is rising every day.

To contain the pandemic, most countries like India have implemented lockdown measures. Thus, the outbreak of Coronavirus has not only impacted families and individuals but crushed the economy and business. All prospects of fortunes for businesses have been dashed with them struggling to retain former levels of turnover. But, in spite of such challenges, the insurance industry is serving its customers or policyholders via seamless service.

Life Insurance During the Outbreak

In the middle of the pandemic, purchasing an insurance cover seems to be a beneficial step since the risk of spreading of infection is high, and there is no discoverable cure till now. Also, with the looming crisis in India, many insurance companies have come up with Covid-19 insurance schemes and some other insurance benefits.

Life insurance has witnessed a 20% growth rate during the national lockdown. The pandemic has made all people aware of the benefits of life insurance in these troubled times. Hence, opting for life insurance during this period is surely a good decision.

When a policyholder of life insurance dies due to the virus infection, the death benefits are payable to the nominee of the policyholder. But when you are purchasing a life insurance policy, you must know that insurance companies will determine your premium on the basis of your medical history and current health condition. For instance, if you already tested positive for the virus, your policy application will be rejected by the insurance company.

What Is Term Insurance?

It is a policy which ensures the financial stability of your family in your absence. The individual who has opted for this insurance policy will have to pay a specific amount (premium) at fixed intervals. If at any time during the policy term, the policyholder dies, an assured sum will be paid out to his/her nominee. As such, term insurance is the most effective form of insurance, which offers financial protection to the individual and his family in the event of sudden death.

Need for Term Insurance
  • For family: You must surely have a term cover if you are the breadwinner of your family. You do not know what the future holds. A term plan is like an umbrella you give your family to protect from the rain of misfortune or contingencies.
  • For assets: You may have a continual loan for your car, home etc. The burden will fall on your family in case of your demise. With the pay-out from the term plan, your family can repay the loan and secure the assets.
  • Lifestyle risks: Critical illness like the Corona pandemic, cancer or heart attack can occur at any moment. If you encounter such medical conditions, your family can suffer both emotionally as well as financially. Term insurance keeps your family safe from financial ruin, so they get enough time to recover.
Need for Term Insurance

iSelect Star Term Plan

This is a comprehensive term plan offered by Canara HSBC OBC Life Insurance, which comes with an in-built Terminal Illness cover.

The iSelect Star Term plan is an online term insurance plan which offers one with improved protection. It covers everything ranging from death and disability to regular income for the family. The following are the reasons to go in for the iSelect Star Term Plan:

  • Long term of coverage: This plan covers clients up to their age 80 plus, which ensures most prolonged financial security.
  • Spouse cover: This plan considers your spouse as part of your policy and provides both of your maximum coverage against financial misfortunes.
  • Accidental death coverage: The plan protects you and your family in the event of accidental death or disability. You are protected from financial adversity.
  • Financial security of family: You desire that your family is always financially secure. This plan offers a monthly income option to meet the financial needs of the family in your absence or disability. It provides for the financing of children’s education. With premium return facility, you are guaranteed total payment paid on maturity of the policy.
  • Increased cover: When you age, your responsibilities mature also. You require more facilities and coverage which takes care of accidents or illnesses which come with ageing. The Plan provides total flexibility on your coverage and premium. The term plan allows an increase of 25% coverage every 5 years based on ageing needs. When you are opt-in for flexible options of ageing, you will gain 100% more coverage than the original one stipulated while taking the policy, originally.
  • Tax benefits: When persons weigh different term insurance plans, they always worry about the extra sum they have to pay in terms of security. But often they are not aware of the big sum of tax benefits they can earn on their policy.

Term insurance works in 2 ways: in one way, it offers tax benefits under Sections 80 D and 80 C. In the other way, it offers financial security for the family even after your death.

As per 80C, term insurance plan permits you to claim around Rs. 1.5 lakh every financial year for a premium paid for yourself, children, parents or spouse. The iSelect Star term plan helps you avail of such benefits every year by paying a minimum premium for a term policy. These are all some of the ways in which you can protect your family from the uncertainties of the times.

Speak to an insurance specialist now!

Frequently Asked Questions (FAQs) for Term Insurance Plans

A person can only purchase a term insurance plan till the age of 65 years, and they can choose the risk coverage for up to 99 years of age. One can easily buy the best online term plan between the age of 18 to 65 years.

This being a term insurance 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 65 years of age. This is a term plan with return of premium option – that means all the premiums paid throughout the tenure will be paid back to you if you outlive the policy.

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 when you buy the best term plan in India.

If your key purpose is to give your Family financial protection, go for the best term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan. iSelect Star is a term plan with return of premium option. All the term insurance premium will be paid back to you, if you outlive the policy term.

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, the best term insurance plan pays a part of the sum insured to treat your disease.

Term life insurance plan 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 plan 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 insurance policy remains active until the expiration date.
  • Income Rider: This rider in a term insurance plan 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 insurance 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 the Best Term Insurance Plan?

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