As we get older, the risk of medical emergencies increases significantly. Medical emergencies can be stressful and expensive, and they can leave us feeling vulnerable and helpless. That’s why it’s important to take steps to protect ourselves and our loved ones from these types of emergencies. One way to do this is by purchasing a term insurance plan.
The best-term plan provides financial protection in the event of unexpected medical emergencies. They offer coverage for a set period and can help to pay for things like medical bills, lost wages, and other expenses related to a medical emergency.
In this blog, we’ll discuss the importance of having a term life insurance plan and how it can provide financial security in the face of age-related medical emergencies. We’ll also explore the best term life insurance available, so you can find the right coverage for your needs.
Factors to Consider While Choosing the Best Term Plan
When it comes to choosing the best term insurance plan, there are several factors to consider. It’s important to find a plan that meets your specific needs and budget, and that provides the level of protection you need for yourself and your loved ones. Here are a few key factors to consider when selecting a term insurance plan:
1. Coverage amount
Make sure the plan provides enough coverage to meet your financial needs in the event of a medical emergency. Consider things like your current income, your debts and liabilities, and the cost of your future goals.
Look for a plan with affordable premiums that you can comfortably fit into your budget. Be sure to compare premiums from different providers to find the best deal.
3. Policy terms
Consider the length of the policy term and whether it aligns with your financial and personal goals. Some plans may offer longer terms, while others may be more flexible with shorter terms.
4. Insurance company reputation
Choose a reputable insurance company with a proven track record of financial stability and customer satisfaction.
One of the best term plan available in India is the by Canara HSBC Life Insurance. This plan offers a wide range of benefits such as whole life coverage, tax-saving benefits, optional coverage for critical illnesses or accidental death, special premium rates for non-tobacco users, and an early exit option. The policyholder can avail tax benefits on premiums paid as per Section 80C of the Act and the death benefit is also tax-free under Section 10(10D).
Plus, with its strong financial backing and excellent customer service, you can trust that you and your loved ones will be well-protected in the event of a medical emergency.
What is the best investment plan in India?
There are many different investment plans available in India, and the best one for you will depend on your specific financial goals and risk tolerance. Some best investment plans in India in India include:
1. Mutual funds
Mutual funds are investment vehicles that pool together money from multiple investors and use it to buy a diversified portfolio of stocks, bonds, or other securities. They offer a simple and convenient way to invest in a broad range of assets, and they can be a good choice for beginners or those with limited investment experience.
Buying individual stocks can be a more risky but potentially more rewarding way to invest. By picking the right stocks, you can potentially earn high returns over the long term. However, stock investing requires a good understanding of the market and the ability to manage risk.
3. Fixed deposits
Fixed deposit (FD) is the best investment plan in India which are low-risk investments that offer a fixed return over a fixed period. They are a popular choice for people looking for a stable and secure investment option with predictable returns.
4. Public Provident Fund (PPF)
PPF is a long-term investment option offered by the Indian government. It offers tax-free returns and has a lock-in period of 15 years. PPF is a good choice for those looking for a long-term, low-risk investment option.
5. National Pension Scheme (NPS)
NPS is a retirement savings scheme offered by the government of India. It allows investors to contribute a portion of their salary towards their retirement and offers a range of investment options to choose from.
Ultimately, the best investment plan for you will depend on your specific financial goals and risk tolerance. It’s important to do your research and consider the pros and cons of each option before making a decision.
Why iSelect Smart360 Term Plan by Canara HSBC Life Insurance the best investment plan?
The iSelect Smart360 Term Plan by Canara HSBC Life Insurance is a highly rated and popular term insurance plan in India.
Here are a few reasons why it is considered the best term plan:
➔ The plan provides the policyholder with increased coverage and protection through its terminal illness and death cover. In addition to this, it offers multiple plan options like Life Secure, Life Secure with Income, and Life Secure with Return of Premium.
➔ The policyholder also gets the option of whole life coverage, covering spouse in the same policy, multiple premium payment options including short tenure like 5 or 10 years, as well as the option to pay during the working years.
➔ These plans can be customized according to individual requirements and are affordable, with lower premiums and special premium rates for non-tobacco users.
➔ Furthermore, policyholders have the option to enhance their coverage via additional built-in coverages like Accidental Death Benefits, Child Support Benefits, Accidental Total, and Permanent Disability Benefits, Critical Illness Benefits, and Terminal Illness Benefits which covers 40 listed critical illnesses.
➔ The plan also provides the option to block the premium at inception and increase coverage up to 100 percent of Base SA in the coming five years under the Life Secure plan option. Moreover, it even allows the policyholder to add their spouse to the same policy with a discount on the rates for the spouse.
➔ The policyholder also gets the option of tax benefits on premiums paid as per section 80C of the Act and the death benefit is also tax-free under Section 10(10D).
Wrapping It Up
Age-related medical emergencies can be stressful and costly, and it’s important to take steps to protect ourselves and our loved ones from these types of emergencies. One effective way to do this is by purchasing a term insurance plan.
The best term plan available in India is the iSelect Smart360 Term Plan by Canara HSBC Life Insurance. This plan offers a variety of key benefits to its customers. These include the high sum assured at affordable premiums, easy-to-understand coverage, multiple death benefit payout options, additional riders such as income tax benefits, critical illness coverage, accidental death benefit coverage, and return of premium option.
We encourage you to explore the iSelect Smart360 Term Plan online to learn more about its coverage options and benefits. It is a smart and reliable investment that can provide peace of mind and financial security for you and your loved ones.