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How To Choose The Online Term Plan by Canara HSBC is helpful

How To Choose The Online Term Plan by Canara HSBC is helpful

how to choose the online term plan by canara hsbc is helpful

Life insurance is one of the most important investments one can make, owing to the protection it offers to the dependents of policyholders. With a life insurance policy in place, policyholders can rest assured that their family will be well looked after and will continue to enjoy the same standard of living that they currently do, even if they are no longer around.

While there are many different kinds of life insurance policies available for customers, term insurance is considered to be the most affordable option. The most distinctive benefit of a term insurance policy is the high sum assured that comes at nominal rates. One doesn’t have to compromise on coverage to avail of low premium rates. In addition to that, term insurance is one of the purest and most simplified insurance products and can be availed of by anyone, regardless of financial acumen.

iSelect+ Term Insurance Plan

The iSelect+ Plan from Canara HSBC Oriental Bank of Commerce, offers a number of benefits to policyholders at affordable rates. Read on to learn about what makes the iSelect+ Plan offered by Canara HSBC Oriental Bank of Commerce stand out.

Inexpensive Rates:

The iSelect+ Plan is available at premiums that are inexpensive and will not prove too costly, even in the long-term.

Flexibility:

The plan offers enormous flexibility in coverage. With the iSelect+ term insurance plan, you can choose and customize the coverage the plan offers, the regularity of premium payment and even, the payouts made to beneficiaries.

Short-term or Long-term Coverage:

With the iSelect+ Plan, you can choose to get coverage for your entire lifetime or for a limited period of time, as per your financial needs.

Enhanced Coverage with Riders:

With the iSelect+ Plan, you can get enhanced coverage through riders such as the Accidental Death Benefit, Child Support Benefit, Accidental Total, and Permanent Disability Benefit, all of which offer protection against a range of conditions and ensure that your dependents are well looked after.

Spousal Coverage:

The iSelect+ plan can be customized to include coverage for your spouse, too. What’s more, you can enjoy discounted rates while including your spouse under the same plan.

Flexibility in Premium Payments:

The iSelect+ Plan offers a range of flexible premium payment options to the policyholder. You can choose to pay for the entire term of your policy with a single bullet payment or you can opt to pay only when you’re a part of the workforce, which means you no longer need to pay premiums after you have turned 60 years of age. Additionally, premium payment terms also include the choice to make payments for a limited duration of either 5, 10, 15, 20 or 25 years, depending upon your personal and financial convenience.

Flexibility in Payout Options:

The iSelect+ Plan also offers policyholders the freedom and flexibility to decide how payouts will be made to their dependents and nominees, post their death. As a policyholder, you can choose whether you want your nominees to receive the entire sum assured at one-go as a lump sum amount or as a monthly income. With the monthly income option, the lump sum amount will be split into smaller installments which are paid to one’s beneficiaries at monthly intervals. You can also customize the plan and let your nominees receive part of the sum assured as a lump sum amount while the rest is paid out at monthly intervals.

Customizable Coverage:

While most life insurance policies set in place the amount of the sum assured well in advance, term insurance offers the advantage of that being altered from time to time. With an iSelect+ Plan, you can easily augment your coverage at any three key milestone moments in your life. You can also choose to increase or decrease your coverage periodically. With increasing term insurance, your sum assured increases at a rate of 5% every year and culminates in a 100% increase from the original sum assured at the end of the policy period. With decreasing term insurance, your sum assured decreases at a predetermined pace each year.

Incentives:

The iSelect+ Plan offers discounts for premiums paid towards policies that offer a higher Sum Assured amount. Discounts are also offered for female policyholders and non-smokers.

Tax Benefits:

In line with the Income Tax Act, 1961, there are several tax benefits available on payment of premiums towards term insurance and also during disbursal of the sum assured.

Conclusion: Term insurance is a great tool for those looking to ensure protection for their family, long after they are gone. The iSelect+ Plan, from Canara HSBC Oriental Bank of Commerce, is ideal for those looking for personalized and affordable coverage solutions for their families.

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