A life insurance policy provides financial freedom to the policyholder’s family in the case of any unfortunate eventuality. Life insurance is slowly transitioning from a luxury to a necessity for Indian households. While working-class Indians should ensure that life insurance forms a critical part of their own financial portfolio, they must also ensure it figures in their parent’s portfolio. With age, the risk of mortality rises, and it is, thus, recommended that your parent’s purchase life insurance well in advance, in order to benefit from more comprehensive coverage at lower premium rates.
Life insurance comes in numerous types and forms. These include ULIPs (Unit Linked Insurance Plans), Whole Life Insurance, Endowment Plans, Term Life Insurance, Money Back Life Insurance, and more. Considering the range of options one has at their disposal, one of the most difficult conundrums can be how many life insurance policies one’s parents should select to gain an optimum amount of coverage. This debacle, however, can easily be solved.
When debating the number of life insurance policies your parents should opt for, you should take into consideration the following factors:
What’s the verdict - single or multiple life policies? Though your parents can purchase multiple life insurance policies, it can become expensive and time-consuming. Instead, you can select a life insurance policy, which provides comprehensive benefits, like critical illness coverage, cover against accidental death/ disability, spousal cover, and more! Insurance plans are evolving to offer all-inclusive benefits to policyholders, and your parents can take advantage of such policies.
However, the ultimate decision of whether to purchase single or multiple life insurance policies rests on your parents, their unique needs and your own future goals. Depending on these needs and goals, your parents can decide on either a comprehensive life insurance policy or multiple life insurance plans that cater to different needs respectively. They must, however, arrive at this decision after conducting comprehensive research, comparing and contrasting plans online and understanding the scope of their own requirements thoroughly.
Conclusion: Your parents can consider Canara HSBC Oriental Bank of Commerce’s iSelect+ Term Plan which can provide far-reaching financial benefits. There are multiple covers to choose from, including Accidental Death Benefit (ADB), Accidental Total & Permanent Disability (ATPD) - Premium Protection, Accidental Total & Permanent Disability (ATPD) - Premium Protection Plus, and Child Support Benefit (CSB). In addition to that, spousal coverage is also offered at discounted rates. Policyholders have the utmost flexibility and can tailor their plans to their unique needs. There are multiple premium payment options, multiple payout options (ranging from lump-sum payouts to monthly income payouts), and multiple coverage options (ranging from increasing coverage to decreasing coverage). What’s more, policyholders are also offered the return of premium benefit! The iSelect+ Term Plan makes for the most comprehensive plan your parents can benefit from.
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