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Why a Whole Life Plan with ROP is the Smarter Way of Buying Life Insurance?

dateKnowledge Centre Team dateMarch 09, 2021 views112 Views
Why a Whole Life Plan with ROP is the Smarter Way of Buying Life Insurance?

Life insurance is an ideal financial planning instrument due to the benefits it offers to the policyholders along with their nominees. As every person may have unique needs and financial circumstances, we cannot expect a single life insurance policy to be a fit for everyone. Precisely, the concept of “one-size-fits-all” may fail. For this reason, there are different types of life insurance policies that may cater to the specific needs and requirements of the potential policyholders. One such example is that of term insurance.

A term insurance is a life insurance policy that provides coverage for a certain period of time as chosen by the policyholder. If the life insured happens to pass away during that timeframe, and the policy is in force, the nominees will get the benefits of the policy to secure their financial future. However there’s a new age approach to choosing term insurance, where you can opt for a whole life cover, and stay protected until you turn 99! Even if someone outlives 99 years of age, they still get the entire sum assured, thereby making this term plan, a legacy planning instrument.

Benefits of Whole Life Insurance with ROP

With a whole life plan, you can get coverage till you turn 99 years old. The term insurance policy will stay in force till the premiums are paid by the policyholder. Canara HSBC Oriental Bank of Commerce Life Insurance offers iSelect Star Term Plan with whole life cover option and return of premium that can make your life easier.

Here are a few benefits that you may like to take into account, which may assist you in making an informed decision:

Cover for Lifetime

The life insured will get a cover till 99 years of age.

Survival Benefit

Term insurance plan with return of premium option offers survival benefits to the insured. If the life insured outlives the policy, all the premiums that were paid throughout the policy term will be paid back to the policyholder.

Additional Benefits with Riders

You can enhance your term insurance plan by adding optional riders to your plan. Riders may help you to customize your accidental death, accidental disability, and critical illnesses cover. A comprehensive term insurance plan may help you prepare better for your financial future.

Tax Benefits

Policyholders can enjoy tax benefits by buying a term life insurance under Section 80C of the Income Tax Act. Under this section, premiums paid are exempted from tax with a capping of Rs.1.5 Lakh.

Who should Opt for a Whole Life Term Insurance Plan?

A whole life plan with return of premium is a win-win buy for you. Nominees will get the death benefits in case the policyholder dies. And if the policyholder outlives the policy, in some cases, depending upong the policy parameters choen, the entire sum assured will be paid to the policyholder.

You should buy a whole life plan with return of premium if:

  • You are the sole bread earner of your family
  • You want to secure the financial future of your loved ones
  • You have already invested in retirement plan, but still consider other investment portfolios
  • You are just at the initial phase of your career

The Bottom Line

Choosing the right term insurance plan with whole life cover and return of premium will help you play the safest innings of your life. Prep up for “life ka powerplay” with iSelect Star Term Plan to protect yourself and your loved ones by paying premiums for 10 years. Stay secured and prepared for every ball that is thrown at you by insuring yourself today.

Click here for more information on iSelect Star Term Plan.

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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 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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