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Cheapest term insurance plans for all age groups

dateKnowledge Centre Team dateFebruary 05, 2021 views125 Views
Cheapest term insurance plans for all age groups

Now, if you are thinking of getting insurance, you must have come across Term Insurance. Although it deviates from conventional health insurance, it is one of the best betting investments when it comes to protecting the future of your loved ones.

Let's take a closer look at all aspects of the best timing insurance policies.

Why buy early insurance?
Your premium is determined by the age at which you purchase the policy and remains the same, for the rest of your life.
Premiums can increase between 4-8% annually after your birthday
Your policy request may be denied or the premiums increase by 50-100%, if you have a lifestyle disorder

What is a Term Insurance Policy?

Term insurance is a contribution that ensures your family is financially stable and secure in your absence. If a person has insurance under this policy, they will have to pay a certain amount from time to time. However, in the event of death at any time, the insured, the nominees nominated by him at the time of purchase policy, will be provided with a guaranteed sum of money. Term insurance is the most effective form of insurance that provides financial security for an insured person and their family in the event of sudden death.

  • Benefits of Term Insurance:

1. Financial Protection - Term Insurance can help you plan your finances unexpectedly by providing a timely financial solution. The term plan works with your risk by providing you with payment and the premium interest you have paid.

2. Security of Dependents - Just as you protect your family financially in the event of an emergency, term insurance also protects your loved ones. The term plan replaces your income. It takes care of the financial needs of your family in your absence.

3. Protection from serious illness - Term insurance offers additional benefits in the event of serious illnesses such as kidney failure, heart disease, cancer, etc.

4. Tax Benefits - Under sections 80D and 80C, the term plan gives you tax benefits and additional tax savings if your time plan includes a serious illness.

Things one should remember during the purchase of Term Insurance

  • Term insurance should provide the family with sufficient income in the event of an unfortunate death.
  • The duration of the term plan should cover the length of time it normally works. Term insurance must be for at least 65 years old.

Canara HSBC Oriental Bank of Commerce Life Insurance Company

Canara HSBC Oriental Bank of Commerce Life Insurance Company was founded in 2008 as one of India's top insurance companies. The company was formed by two of India's largest public banks - Canara Bank and Bank of Commerce and HSBC Insurance Holdings Limited. Canara HSBC Oriental Bank of Commerce Life Insurance has around 60 million customers. With a large network of banks and distribution channels, the company provides insurance products accessible to everyone across the country.

Interesting Facts About Canara HSBC Oriental Bank of Commerce Life Insurance Company

  • The Company has introduced a multilingual, collaborative, multilingual testing program called Life Insurance Simulator (LIS) for financial awareness.
  • In 2013-14, the company introduced the concept of online policy renewal, empowering customers to return an outdated policy and pay their premiums online, making the whole process easier, faster and less expensive.
  • Canara HSBC Oriental Bank of Commerce Life Insurance is the first to introduce 'Death Payment Provision Time', providing immediate fund value for death claim registration under unit-related policies.

Cheapest term insurance plans for your age and stage

Life insurance is not about investing your money to get a return on it; it's about financial protection for your loved ones. The most effective known way to do that is through a term insurance policy. You only pay for insurance, and after the policy expires, you do not get any money. But for those who die during the policy, it pays a lot of money to those who are nominated. See the premium (time plan costs) and record for payment of insurance claims.

We enumerate the premium rates of other policies for the guaranteed amount of 1 crore over three years of policy terms are 30, 25 and 20 years. A list of 15 policies is sorted based on the claim rate. The claim payment rate is measured by the amount of benefit or guaranteed amount, as the lower payment rate reflects higher ticket size policies that are rejected.

Name of the Insurer Canara HSBC Oriental Bank of Comm. Life Insurance
Plan iSelect Term Plan
Premium in Rs. As per age (yrs) of policyholder Age

30-7379

35-8849

40-11,464
Claim settled (%, FY17) 94%

Canara HSBC Oriental Bank of Commerce Life Insurance Company Health Insurance Policy Claim Process

The company provides you with a quick and easy way to resolve claims, ensuring that your beneficiaries and you receive the appropriate amount on time. Canara HSBC Oriental Bank of Commerce Life Insurance was the first to introduce 'Immediate Payment by Death Registration'. The insurance claim process is described below:

Step 1: Claims and Registration: The nominee or applicant can complete the death claim form and send it to the company's product office with a valid photo ID and proof of the complainant's address. Upon receipt of a properly completed claim form, the company will register your claim.

Step 2: Payment of the Fund Fund and Documentation: Upon registering the claim, the company will transfer the fund amount and send you a package of claims and related forms.

You need to submit the forms below through the claim review process:

  • Death Claim Form (Form C): Completed by the complainant.
  • Medical Statement (Form P): A form completed by medical personnel who have visited the deceased and a general practitioner/family physician.
  • Medical Certificate (Form H): This form must be completed by managing the hospital where the deceased is being treated.
  • Employer's Certificate (Form E) / School / College Certificate (Form S): The deceased's employer must complete this form. In the event of a minor, this should be completed by the school/college administration.

Along with the completed forms, the following documents must also be submitted:

  • Original policy document
  • Death Certificate issued by Municipal management
  • Copy of Bank Pass Book / Cancel Check
  • Hospital records or other medical information
  • Photo ID and proof of plaintiff's address
  • Chemical post-mortem & viscera report (if done)
  • Doctor's Statement.

For unnatural/accidental deaths, the following documents must be submitted:

  • Police reports (FIR, Panchnama, police investigation report)
  • Newspaper cutting (if any) (Description of the incident)

Verification/certification of KYC documents must be done with any of the following:

  • Company Agent
  • Company Relations Manager
  • Branch Manager of the distribution bank
  • Bank Stamp Aided by a Rubber Stamp
  • Declared Officer
  • Head Master / Govt Principal. School
  • Magistrate
  • Any company activity

Also, the company reserves the right to request additional documentation.

Step 3: Processing and Payment: Upon receiving the documents and forms, the company upon receipt of the documents issues the remaining amount.

Here are some important points to keep in mind when buying online insurance:-

  • The premium may vary in the future - The online price you receive is provided on the basis that you are considered to have a general health risk, occupation, and medical history of your family. After submitting all the relevant documents, the insurer may ask you to undergo medical tests to cover the policy's cost. If medical reports indicate that you are facing certain risks, your insurance premiums may increase.
  • Don't let the policy go into an obsolete state - The act of buying an online insurance plan is certainly a wise move. However, it would be best to let the policy end with the loss of premium payments. Since there would be no insurance agent to remind you of the premium payment date, it is easy to miss out on renewal insurance. It is recommended that you send ECS authorization to your bank so that the premium can be deducted automatically on the due date.
  • Do not hide the relevant facts when applying - If you smoke or use tobacco in any other way, your insurance premium will be 25% -30% higher than for a non-smoker. However, you should never hide this information in your insurance application. At the time of the claim, if the insurer finds that the customer is hiding the details, the claim will be rejected. The insurance company can also cancel the policy, as it applies.

Extensive market knowledge and excellent insurance experience, coupled with Canara Bank, HSBC and Oriental Bank of Commerce’s proven product range and bancassurance capabilities, make the company one of India's leading life insurance companies. The company is a complete union of financial strength, technology and trust. With more than 300 years of combined experience in the field of financial services in the country, the shareholder has a good understanding of the people's socio-economic needs. The bank has been awarded many awards for demonstrating its potential and success. The company had a claim rate of 95.22%. The company has 60 million customers and a pan-India network of more than 8000+ branches.

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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?
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