If you are the sole breadwinner in your family, then you must include a term insurance plan in your financial portfolio. A term insurance policy is a life insurance product where the policyholder pays the premium and the insurance company admits to pay the nominee or beneficiary the death payouts in case of any unfortunate thing happens to the policyholder during the policy term. Term insurance is not an investment option, it’s a means that helps you secure your family’s financial future. There are several terms plans available in the market, therefore, you should choose the one that offers maximum benefits and fits your needs.
Canara HSBC’s iSelect Term Plan is a tailor-made plan that is designed specially to meet your insurance needs. This comprehensive insurance plan comes with some truly unique benefits at an affordable cost. It includes several options such as multiple premium payment option, whole life coverage, covering spouse, loyalty discounts, etc.
Why you need to buy iSelect+ Term plan?
Here’s why you must buy iSelect + term plan –
- Affordable – This is one of the most important benefits of buying an iSelect + term plan. This term plan comes with several new features and that too at a price that is easy on your pockets.
- Flexible premium payment option and policy term – This is yet another important feature of buying this new iSelect term plan. The insured person has got the choice to choose their payment term as per their requirement. It allows you to make payment for the entire term or in the durations of 5/10/15/20/25 years. Also, you have the flexibility to choose your payment option i.e., either monthly or annually.
- Cover for spouse – The new iSelect term plan offers the option to add your spouse within in the same policy at a discounted rate.
- Tax benefits – As per the prevailing tax laws, you can get tax benefits as per Section 80C of the Income Tax Act.
- Flexibility to increase life cover – In this new iSelect term plan, there’s also an option to increase your life cover as per your protection needs at different stages of life.
- Regular monthly income as death benefit
Eligibility Criteria to Apply For iSelect + Term plan –
The entry age required for iSelect term plan is minimum 18 years and maximum 65 years. For non-working spouse, the maximum age is 50 years.
What are the benefits of buying a new iSelect+ term plan?
This innovative version of iSelect term plan gives you the flexibility to choose from 3 plan options. Read on to know more about them –
- Plan Option Life – According to this plan option, if the policyholder dies or gets diagnosed with the terminal illness during the policy term, then he/she will get death payout. It covers both insured and spouse as per the policy terms and condition.
- Plan Option Life Plus – According to this plan option, you will receive death payouts if you die or get diagnosed with a terminal illness. In case you survive during the policy term, then you will receive the premiums paid by you at the time of maturity. Moreover, the policy will continue and will provide coverage up to 99 years.
- Plan Option Life with Return of Premium – According to this plan, if the policyholder dies or gets diagnosed with the terminal illness, then he/she will receive death payouts. And if the insured survives the policy term, then in that case, he/she will get the return on premium paid by you till maturity of the policy.
On the whole, a term insurance plan not just enhances your financial portfolio, but also ensures your family’s future financial security at a minimal cost. Besides, if you are looking to buy a term insurance online with all the above features, then choose to go with iSelect plus term insurance plan by Canara HSBC OBC Life Insurance. Our comprehensive term insurance plan offers protection along with regular monthly income as death benefit and also offer terminal illness benefits.