Insurance is one of the first investments made by people when they begin working. This is because an insurance policy offers coverage against unexpected events that may prove unfortunate or even catastrophic to a family.
Of all insurance policies, a term plan is the most sought after owing to its uncomplicated terms and conditions. A term insurance policy can be of many types but it essentially offers coverage to the policyholder’s beneficiaries and nominees, after the death of the policyholders.
For those looking to obtain all the benefits of a term insurance policy without any complications, you can opt for the iSelect+ Term Plan, available on Canara HSBC Oriental Bank of Commerce. This plan not only allows you to pay your premiums at a tenure that is acceptable to you, but also allows you to increase your coverage with the changing stages in your life.
Every stage of your life will see your goals evolve in line with your requirements and responsibilities. As a result, your requirements from your term plan will evolve as well. With changing goals, your requirements from your term insurance policy are likely to change. As you age, your priorities will change and your responsibilities will increase - resulting in an urgent need to upgrade your policy.
Read on to learn more about the goals you should be setting with your term insurance policy in line with your increasing age.
- Young and Unmarried: As a young and unmarried adult who is earning their living for the first time, it may be important to think of your responsibilities towards yourself and your parents. Especially if your parents are close to retirement and might not be too well disposed towards taking care of their own health, you might be keen on doing the best you can for them. Your term plan, at this stage of your life, is expected to ensure that your parents are taken care of in case anything happens to you.
- Newly Married: Once you are married and on your way towards starting a new family, your priorities are likely to change. While you would still want to ensure your parents’ well being in case something happened to you, your responsibilities would now expand to include your new spouse. When you start a new family, additional responsibilities may also crop up as you take loans to buy a new home or car. Your term insurance policy may now extend to ensure that your spouse is not left with a huge burden of debt in case you are no longer around to help repay the loans. Additionally, you might want to help your spouse get term insurance as well at a reasonable rate. You could opt for the iSelect+ Term Plan, available on Canara HSBC Oriental Bank of Commerce, through which you can add your spouse into the same policy with discounts on the premium rates for your spouse. Since you can augment your coverage at different stages of your life, this policy is perfect for any stage of your life and can be the ideal insurance tool for you.
- Young children: Children change the structure of any family from the minute they are born. The parents start focusing on their responsibilities towards the child, and begin to dream about the child’s future. At this point in your life, you will want your term insurance plan to be more inclusive and wide enough that it can help your child achieve their dreams in the long term.
- Children in High School: The cost of education is enormous and continues to be on the rise. Higher education is especially expensive and as a parent, it is natural that you want to be prepared to spend a large amount for ensuring your child can study whatever they wish to and follow their dreams comfortably. No parent wants to stifle their children’s dreams owing to a lack of funds and with the ideal term insurance plan, you can make sure that your children are never compromising on reaching their goals.
- Close to Retirement: Retirement is a time of your life that you need to begin planning for early on in your life. Ideally from the time you begin working, you should start setting aside funds that will come in useful when you retire. However, even if you haven’t, there is no cause for worry. All hope is not lost if you have opted for a term plan which increases coverage with changing stages of your life.
The iSelect+ Term Plan, available on Canara HSBC Oriental Bank of Commerce, is thus, one of the best term insurance policies available in India. The policy ensures that you are covered at all the different stages of your life by offering you the option to augment your coverage at different stages in your life. There are also options available in terms of how frequently you wish to pay premiums and how you want the sum assured to be disbursed to your nominees - thereby ensuring that you have time to carefully plan for a situation when you are no longer around.