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Is there any good term life insurance with return of premium?

dateKnowledge Centre Team dateJanuary 28, 2021 views212 Views
Is there any good term life insurance with return of premium?

Life insurance is a contract for a person where the company promises to pay a certain amount of money (known as sum guaranteed) in exchange for premium payment by that person. The program covers certain events and pays a guaranteed amount to the nominee when the merged event occurs. Life insurance policy is considered one of the safest and most secure financial tools that protect the policyholders and their families in difficult times. Life Insurance is a simple concept where you buy a policy that offers your guaranteed policy benefit as death or maturity compensation. It offers a lump-sum payment or payment in specified instalments as may be determined by agreement. Online life insurance plans are also available and can be purchased online through some simple steps.

Life 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 them 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.

Who are the riders of Term Insurance?

Insurance riders are benefits added to your basic insurance policy by paying an additional premium. Basic term coverage may not meet your life insurance requirements, and you may feel the need to add your coverage. Passengers serve as integration enhancements, and you are charged with obtaining a variety of life insurance passengers that can be beneficial for long life.

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 at least 65 years old.

How Canara HSBC Oriental Bank of Commerce Life Insurance can help you?

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.

Types of Life Insurance Plans offered by Canara HSBC Oriental Bank of Commerce Life Insurance:-

Canara HSBC Oriental Bank of Commerce Life insurance offers online insurance programs that help protect your family financially in your absence.

1. iSelect Star Term Plan

  • All life cover option is available
  • Enlarge your health cover by changing health categories
  • Premium restoration with built-in protection options
  • Multiple premium payment options
  • Get tax benefits on premiums paid according to tax laws

Eligibility:-

Minimum Age of Entry 18 years
Maximum Age of Entry 65 years
Age of Maturity Min: 28 years

Max: 80years
Term of the Policy Minimum:

Plan Option Life-5years* except for Decreasing Coverage Option where it I 10 years Other Plan Option- 10 years

Maximum:

Plan Option Life- 62 years except for Whole life Coverage where it will be fixed at 99 minus Age at Entry

For Decreasing Coverage Option, Policy Term availability is subject to the period during which cover decrease being at least 5years Other Plan Option- 30 years
Sum Assured Rs. 25 lakhs

For ADB- Rs. 3,00,00,000

For ATPD PPP- Rs. 1,00,00,000

For non-working spouse- Rs. 25,00,000
Premium Paying Term i) Single Premium (not available for whole life coverage)

ii) Limited Pay- 5/10/15/20/25/ Up to Age 60 years

iii) Regular Pay- Equal to the Policy Term
Premium Paying Frequency Yearly/Half Yearly/ Monthly/ Quarterly

2. POS - EASY BI SYSTEM

  • Double life cover in the event of your accidental death
  • Premium return on maturity
  • Premium payment term options
  • Tax benefits

Reason to Purchase Term Life Insurance:-

  • Provides Financial Securities
  • Highly Flexible
  • Low claim Rejection
  • No brokerages
  • Low Premium

Eligibility:-

Minimum Age of Entry 18years
Maximum Age of Entry 55 years
Age of Maturity Min: 28years

Max: 65years
Term of the Policy 10/15/20 years
Sum Assured Min: Rs. 50,000

Max. 15 lakhs
Premium Paying Term 5 years for 10 years

10 years for 15 years

10 years for 20 years
Premium Paying Frequency Annually and Monthly

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 term plan includes a serious illness.

How can a Term Insurance Plan from Canara HSBC Oriental Bank of Commerce Life Insurance help you?

  • Canara HSBC Oriental Bank of Commerce Life Insurance is a joint venture of two major state-owned enterprises in India called Canara Bank and Punjab National Bank and HSBC Insurance (Asia Pacific) Holdings Limited. Canara HSBC Oriental Bank of Commerce was launched in 2008 to provide life insurance for people seeking financial freedom in adverse conditions. The organization provides various life insurance schemes that make premium payments easier, and payments benefit policyholders.
  • In-depth knowledge of two well-known public sector banks combined with years of experience with HSBC makes Canara Oriental Bank of Commerce Life Insurance stand out from the rest. The company knows the needs of today's families and relies on a few people for financial needs. They know when tragedy strikes, how families suffer because of a lack of money. That's why Canara HSBC Oriental Bank of Commerce Life Insurance offers a variety of products that cater to different consumer financial needs. Its products guarantee a lifetime income, uninterrupted children's education, customizations, etc.

Key Features of Term Life insurance plan

  • Security at Affordable Premiums: Your financial freedom comes with low cost and term insurance. The term plan covers all your misfortunes with a small premium, depending on your age, even if you suffer from a serious illness.
  • Very Easy to Buy: Buying a term plan online is easy. Everything is available online, from form to term insurance calculator where you know the premium you have to pay according to your terms.
  • Valuable Future Investments: Investments are important to protect your future. Therefore, term insurance can be seen as an investment as it helps a person protect their family from financial disaster.
  • Payment Options and Conditions: The naming system gives you many payment options to choose from as per your agreement. You can pay monthly / quarterly / annually.
  • Various payment options: If you are worried that your family will not forgive the amount you received due to lack of financial planning, you can choose different payment options. For example, you can ask an insurance company to pay your family every month, as an ordinary income.
  • Extensive Custom Offering: Term insurance comes with custom premium offers depending on your age and habits. For example, a non-smoker gets an extra discount on premium prices, unlike a smoker. Similarly, women get additional benefits from premium prices.

How does the Term Plan work?

  • Duration: Term insurance programs are available at various times. You can choose anytime at your convenience.
  • Payment Option: You can choose any monthly, quarterly, semi-annual or annual, as applicable, premium payment.
  • Medical Examination: You may be required to provide medical evidence about your health and your families health certificates to the insurance company.
  • Terms and conditions: The terms and conditions complement the payment options guidelines in various cases. For example, if you die before the policy's expiration date, the beneficiary will receive a face value. If the insurance survives during the policy, there will be no payment, depending on the insurance policy.
  • Insurance Renewal: If nothing happens to you until the term insurance policy ends, you can renew it. The premium will depend on your current age and health status.
  • Premium Calculation: The insurer calculates your premium based on age, health and life span. For example, a 30-year-old non-smoker should pay about R. 3500 per year while the smoker must pay about Rs. 4500 per year.

Canara HSBC Oriental Bank Of Commerce Life Insurance is committed to help customers secure their financial future. Their mission is to provide reliable and innovative insurance options that meet all customers' needs and objectives. With this in mind, they offer a wide range of insurance policies such as health insurance, term insurance, Unit Linked Insurance Plan, retirement plan, pension plan and child education program and other benefits.

The main focus while providing these products is to ensure that customer needs and expectations are met through their life cycle. Inexpensive financial solutions cater to each customer segment and are supported by high-quality service with an unwavering determination to stay in touch with the customer through relationships. So, get insurance today.

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TERM Insurance PLAN

TERM Insurance PLAN

Whole life cover option available

Increase your life cover with changing life stages

Return of premium & in-built protection options

Multiple premium payment options

Avail tax benefits on premiums paid as per tax laws

ULIP PLAN

Unit Linked Insurance Plan

8 funds and 4 portfolio strategies to invest

Loyalty additions and wealth booster

Return of Mortality Charge is available on Maturity under all three cover Options

Flexibility of switching between the fund options to take benefits of market movements or change in risk preference

Pos Easy Bima Plan

Top Benefits

Hassle free

Get double life cover in case of accidental death

Choice of flexible premium payment and policy term

Avail tax benefit on premium paid

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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