Term insurance plans are the purest and most traditional form of life insurance. They are primarily protection plans that take care of the individual's loved ones in their absence. Every term insurance plan has a fixed time period associated with it, which is known as the plan term. In the event that the policyholder/life insured dies during the policy term, his or her nominees receive the predetermined sum assured from the insurance company.
term insurance plans are offered via offline and online medium. Today, individuals have the option to go through the entire process to purchase term insurance online. Research shows that online term plans can be cheaper by as high as 40% as compared to offline term plans. Currently, insurance providers are continually improving their websites and mobile interfaces to make online term plans much more user-friendly and intuitive. It has become extremely safe to select and purchase term plans online. One can even compare plans from different insurance providers easily online. Online term insurance plans have a variety of advantages such as convenience, quick responsiveness and cost-effectiveness. Canara HSBC Oriental Bank of Commerce's iSelect Term Plan is an online term plan that offers life insurance and terminal illness coverage, cover against accidental death/accidental disability and the option for the dependents to have a secure monthly income in the absence of the insured.
There are a variety of different types of term plans available in the market. They can be categorized as such:
With the plethora of term insurance plans available in the market, each of the plans have their own unique pros and cons. You can easily compare the variety of plans available and pick the one most suitable for the current financial needs and future life goals of your loved ones.