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Is it a Good Idea to Invest in Short Term Plans During the Pandemic?

dateKnowledge Centre Team dateDecember 16, 2020 views123 Views
Is it a Good Idea to Invest in Short Term Plans During the Pandemic?

The COVID-19 pandemic has been a major setback to the whole world. It has made us realise how we lacked in our healthcare infrastructure as well as decision-making skills. Nevertheless, the pandemic has also provided us the time to decide what will be best for our families and our future. It has been one of the major reasons many people are investing in life insurance policies to secure their future and financial goals.

Regardless of the age group that you fall into, whether you have just received your first paycheck or you are thinking about retirement, you can find a short term insurance plan that suits you. They can be the best answer to secure your near future against the aftereffects of COVID-19.

The Indian economy has already experienced a startling downfall during the lockdown imposed in the wake of the pandemic. One needs to plan their future accordingly so that they do not face any issue to address their future financial needs.

Key Reasons to Invest in Life Insurance Plans

  • Financial Freedom:

    It is yet to be predicted about the impact of COVID-19 on our economy. With a life insurance, you can ensure that you and your family will be financially free by paying affordable premiums.

  • Easy to Buy:

    You do not have to go through a complicated process or circle the bank to buy a term insurance plan. You can get your desired plan through a few clicks on your computer.

  • Varied Payment Options:

    You do not need to manage your premiums with regular payments. With flexible payment options, you can choose to pay a quarterly or yearly premium.

  • Convenient Payout Options:

    We understand that every family has its own unique needs and may need different payout options. You can choose to get the returns monthly, like a regular salary or at any frequency that may suit you. This offers you flexibility and a constant source of income.

  • Additional Benefits:

    Once you buy a term insurance plan, you can get customised benefits such as extra discounts based on your habits, age, medical history, profession, and gender.

The Best Life Insurance Plans to Invest in During the Pandemic

We offer an array of term insurance plans that can fit the needs of a myriad of people living in India. One of such plans is the iSelect Star Term Plan. The plan includes the best features that one can need in term insurance plans and comes with customisable options so that all your requirements are satisfied.

Top 5 Features of iSelect Star Term Plan

  • Ensure Financial Security and Freedom of Your Family.

    With iSelect Star Term Plan, you can make sure that your family is never left in want of anything due to monetary issues. With monthly income options, you can fulfil their financial needs when you are unable to do so.

  • Tax Benefits

    Under section 80C and 80D on Income Tax Act, buying a term insurance plan will provide you with tax benefits. You no longer need to fret about paying extra for security as it will be covered by the tax savings you make.

  • Ensure the Financial Security of Your Spouse.

    With the iSelect Star Term Plan, you can include your spouse as a part of the term policy. They will get maximum benefits of the insurance plans whenever you need financial coverage.

  • Complete Coverage in case of Disability and Accidental Death.

    When you choose the iSelect Star Term Plan, you are taking a firm step towards ensuring that all your financial needs are met if you meet an accident resulting in sudden disability or death.

  • Discounts and Subsidies.

    For existing customers, female term plan buyers, and those who pay higher sums will be eligible for additional benefits, including discounts on premiums.

    The pandemic has been a lesson for people that one needs to be prepared for any adversities that may come in life. An investment plan for as short tenure as 5 to 10 years can ensure the financial safety of you and your family in the near future. It also safeguards you in the times of unforeseen tragedies.

    With a well-planned investment, you can maintain the standard of living of your family during any financial fallout. Get a life insurance plan for your peace of mind even in the uncertain times of pandemic.

    iSelect Star Term Plan is customisable and inclusive to address each requirement that a family or person may have. You can buy the insurance plan from the comfort of your home online anytime you want.

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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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