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Want to Be Financially Responsible? Buy a Term Insurance Plan

dateKnowledge Centre Team dateMarch 15, 2021 views231 Views
Want to Be Financially Responsible? Buy a Term Insurance Plan

We are living in a world where everyone is hustling. We intend on earning enough to provide for our families along with saving for the rainy days. But, is doing that sufficient to protect our families against life’s uncertainties? Financial responsibility is a topic most ignored. The world has evolved and gone are those days when men used to be the sole bread earner of the family. We have come a long way smashing the stereotyping by empowering women to take charge too. Whether you are the woman of the house, or the man – buying a term plan will assist you in creating a financial cushion against the unexpected blows. Being financially responsible can work wonder for your finances. Take the first step by securing the future of your loved ones with a term insurance plan.

Buying a Term Insurance Plan – A Smart Financial Move

Saving money is healthy for your financial plan, but not investing it in different investment avenues may backfire in the long run. Buying a term life insurance is worth it, as it is a reliable backup to your financial plan. iSelect Star term plan by Canara HSBC Oriental Bank of Commerce Life Insurance offers a host of benefits to the policyholders.

Listed below are a few benefits of the term plan to help you make the right decision:

1. Whole life cover

You can choose whole life option that covers you for entire lifetime or till you turn 99! The policy will stay in force throughout the life or as long as you pay the premiums. If the life assured under this option passes away, the nominee receives the sum assured.

2. Return of premium

This is one of the most attractive features of a term insurance plan. Under this option, if the policyholder survives through the policy term, all the premiums will be paid back to them. However, if they happen to pass away in the middle of the policy term, the nominee will receive the sum assured.

3. Increase coverage option

The needs and requirements of your family may change over the years. Do you think your term insurance will be enough for managing your expenses? Did you take inflation into account while choosing the cover amount? If not, then shed your worries. With iSelect Star term plan, you can choose to increase the sum assured in an existing plan to align with your changing life stages and goals.

4. Addition of spouse in same policy

If you have tied the knot recently, then give your partner the gift and promise of a secured tomorrow. Add your spouse in the same policy at discounted rates. This is especially beneficial for non-working spouse. Otherwise, most of the life insurance companies do not provide insurance to people who do not have an income.

5. Multiple premium payment option

Pay as per your budget and financial circumstances. You can choose to pay premiums for 5/10/15/20/25 years or you can also pay during your working years, i.e., till you turn 60. This will ease the burden of paying premiums in the future.

How much Term Life Insurance do you need?

Determining exactly how much life insurance cover you need may pose as a challenge. You must take your income, monthly outgoings, assets and liabilities and a host of other factors into consideration to figure out the coverage amount. You can also use online calculator to know how much life insurance coverage you require.

How much coverage you can get depends on factors such as:

  • Age
  • Gender
  • Occupation
  • Existing Health Condition
  • Insurance History, if any

Knowing how much cover you may require will help you stay guarded on all fronts of financial shocks.

The Bottom Line

When you make a decision to buy a term insurance plan, you are counting on the insurance provider to be there for your family in the future. For that reason, it is important that you choose the right life insurance company you can trust. Hence, research about the company and the product you are considering to know the benefits it can offer you. While most of the term plans are simple, some companies like Canara HSBC Oriental Bank of Commerce Life Insurance’s iSelect Star term plan offer features that might be worth considering.

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Annual Income (In Lacs)

Our Products

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 a 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?
  9. 9. Does the term insurance plan have a cash value if you decide to cancel the policy?
  10. 10. Under what circumstances can a term insurance plan be cancelled?
  11. 11. Can I pay the premiums online or make electronic payments?
  12. 12. What will happen to the term plan if the life assured starts smoking after purchasing the policy?
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