Life is very unpredictable and you never know what is coming next. Thus, one must always be prepared for any unexpected challenges. So, if you are the only breadwinner for your family and you have financial dependents, then it's important for you to buy a term insurance plan. Having a term plan will not just safeguard the future of your family, but will also make them financially independent when you are not around.
Term insurance is one excellent way to secure your loved one's future in case of an unfortunate event. This affordable life insurance plan offers high life cover at lower premium rates. It forms a safety net around your family that will help them deal with all sorts of financial difficulties. Term insurance plan comes with three major benefits - protection, cost-effective premiums, and tax saving benefits. Also, on the death of the policyholder, death benefits are paid to the insured person's beneficiary or nominee.
Therefore, it's a wise decision to buy term plan if you are the only breadwinner in your family. There are several term plans available in the market as per your insurance needs and choices. One such reliable term insurance plan online is iSelect term insurance plan by Canara HSBC OBC Life Insurance. This comprehensive plan offers high life cover to protect you and your family.
About iSelect term plan-
Canara HSBC OBC Life Insurance iSelect term plan is designed specially to secure your family's financial future so that they live a comfortable life even when you are not around. This cost-effective insurance plan comes with terminal illness coverage along with accidental death benefits. Read on to know more about the plan -
Key Features:
- Entry age is 18 years
- Policy Term-5-40 years
- Premium Payment Option-Monthly/Yearly
- Premium payment term is regular
- It offers optional in-built protection, which includes-
Accidental Death Benefit (ADB)
Accidental Total and Permanent Disability (ATPD)
Benefits of having multiple life insurance plans
Mentioned below are the following benefits of iSelect term insurance plan-
- Terminal Illness or Death Cover - If the policyholder dies or is diagnosed with some kind of illness, then sum assured will be payable.
- Accidental Death Cover (If Chosen)- If the policyholder dies due to an accident, then the beneficiary will get the sum assured along with an extra lump sum amount.
- Accidental total and Permanent Disability Cover (If Chosen)-If in case the policyholder suffers from accidental total and permanent disability, then in such case, the policyholder will get the desired sum assured followed by the termination of the policy.
- Tax Benefits - You can enjoy tax benefits as per Section 80C of the Income Tax Act.
Types of Coverage Options-
At iSelect Term Plan, you can find two types of coverage options-
1-Level Coverage- The sum assured is fixed in this coverage option.
2-Increasing Coverage- The sum assured will increase by 25% after every fifth year. Still confused? Take a look at the below table to understand better -
| Policy Year | Increase in Sum Assured |
|---|---|
| 1-5 Years | 100% |
| 6-10 Years | 125% |
| 11-15 Years | 150% |
| 16-20 Years | 175% |
iSelect Term Plan Coverage and Sum Assured-
| Coverage | Sum Assured |
|---|---|
| Death/Terminal Illness | 25 Lakhs (subject to underwriting) |
| Accidental Death | 25 Lakhs and above |
| Accidental Total and Permanent Disability | 25 Lakhs and above |
| Spouse Cover | 25 Lakhs (fixed) |
On the whole, these aforementioned features and benefits best explains why term insurance is perfect for you. So, if you are planning to buy one, then choose to go with Canara HSBC OBC Life Insurance iSelect Term Plan.
