It is almost impossible to always anticipate the financial emergencies that might arise in our lives. That is why one of the most essential financial advice that can benefit all individuals and families alike is to avail a reliable, trusted term insurance plan. But exactly what is term insurance?
A term insurance plan is essentially a type of life insurance that offers life coverage at a fixed rate for a specified number of years, or ‘term’. In the event of the demise of the insured during this period, his nominees are liable to receive a death benefit. However, term insurance also comes with the option of various add-on features known as ‘riders’ that offer additional coverage based on specific circumstances.
One of the greatest benefits of term insurance plans is that unlike traditional life insurance policies, it offers a great deal of flexibility to the policyholder. Despite this, only 21% of urban Indians are reported to avail term insurance . A major reason behind this is the lack of awareness about the many ways in which term insurance plans can be customised to suit individual needs.
To find out what is the term insurance customisation perfect for your financial needs, let us take a look at the various types of riders it offers:
To protect one’s finances against such an event, one can avail an Accidental Disability Rider. Depending on the insurance provider, your Accidental Disability Rider can cover either permanent disability, temporary disability or both. Certain term insurance plans can include a rider that accounts for both Accidental Death as well as Accidental Disability in its coverage.
Alternatively, they might be unable to pay their premiums due to a medical emergency or disability. To protect your coverage from such circumstances, you can avail a Waiver of Premium rider with your term insurance plan. With this rider, if you find yourself unable to pay premiums due to the aforementioned reasons, your future premiums are waived by the insurer. Your policy and coverage can therefore continue and your future premium payments are insured.
To that end, the iSelect Star Term Plan, available on Canara HSBC Oriental Bank of Commerce Life Insurance , offers a variety of add-on riders that provide greater coverage and benefits. You also get the option to choose from a variety of tenures, including coverage up to age 80, as well as payment options.
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