When this year I had a monetary problem in the family I had to withdraw part payment, the customer service team told me it will take 7 days but it only took 3 days. This made me really happy that I took this policy.
Term insurance is a policy offering which makes sure that your family is financially stable and secure in your absence. If an individual is insured under this policy, they will have to pay a specific amount at fixed intervals. However, if at any point of time the life insured dies, the nominees selected by him/her during the time of purchasing the policy, will be given an assured sum amount. Term insurance is the most effective form of insurance that provide financial protection to the insured individual and his/her family in case of sudden death.Read more about term insurance
Canara HSBC Oriental Bank of Commerce Life insuranceoffers online Term insurance plans which helps to secure your family financially in your absence.
iSELECT STAR TERM 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
iSelect Star Term Plan is online term insurance plan that provides one with enhanced protection options. It covers everything ranging from protection against sudden death to disability to secure a regular income for your family. Here are some other reasons to choose iSelect Star Term Plan
According to Section 80C, term insurance plan allows you to claim approximately 1.5 lakh each financial year for the premium you paid for yourself, your family, spouse, and children. iSelect Star term plan gives you access to claim such benefits each year by paying the minimum premium for the term policy. Looking at the tax benefits in legal terms, under Section 10(10D) any sum received at maturity of a Life Insurance Policy, is exempted from tax. This exemption however, is not applicable to: the amount received Section 80DDA(3) or 80DD(3), maturity benefits received under a Keyman Insurance Policy, sum received under any insurance policy issued on or after April 1, 2003, during the term of which the premium paid is more than 20 percent of the sum assured.
Term Insurance can help you plan your finance during unforeseen circumstances by offering solution to financial needs at the right time. The term plan deals with your vulnerable conditions by offering you a repayment plus interest of the premium you paid.
Just the way you financially protect your family from unforeseen circumstances, term insurance similarly protects your loved ones. The term plan replaces your income. It takes care of your family's financial needs in your absence.
Term insurance offers additional payouts in case of critical illness like kidney failure, heart attack, cancer, etc.
The term of the policy is the time period for which you want to offer financial protection to your family in case of an unfortunate event. Therefore, the duration of your term insurance should depend upon the time when you see yourself fulfilling all your financial goals. It is not necessary to opt for the maximum duration available. Besides, here’re the following factors that you need to consider while deciding on the duration of a term insurance policy
Your financial liabilities – Your financial liabilities will help you decide the term of the policy. For instance, if an individual has a loan of 10 years, then the duration of the term policy needs to be 10 years.
Dependents in your family – Considering how long your loved ones will be financially dependent on you will help you deciding on the term of your policy. For instance, if you are the sole breadwinner of the family, then buying a cover for long duration would be helpful.
Large one-time expense – It is the maximum one-time expense that can arise in future. Your family’s financial status also plays an important role in deciding the term of the policy. For example, if your child’s age is 10 years and the goal is to provide coverage till your child’s marriage or higher education, then the duration of your term insurance policy could be 20-25 years.
Your age – This is yet another factor to reckon with while deciding on the duration of the term insurance policy. For instance, your current age is 30 years and you opt for a 10-year plan, your plan will expire when you will turn 40. There are less chances that you will need coverage before this age. Moreover, if you plan to buy a plan at this point of time, then it will cost you a lot. Therefore, it is advisable to buy a term insurance at a younger age but for a longer duration.
There are several investment options in India that offer high returns. Some of these are ideal as short-term investments, while others make for excellent long-term investments.
Buying a term insurance policy is now just a click away. It is an easy, simple and hassle-free process. Moreover, it hardly takes 30 seconds to complete the whole process. Here’s a step-by-step guide that will help you buy term insurance plan online:
If your family relies on you for financial needs, you need term insurance more than anything. You don't know what the future holds. You can't stop the rain from falling, but you can take an umbrella to save you and your family from the storm. A term plan is your umbrella against the sudden financial storms.
You may have an ongoing loan on house, vehicle, or any of your property. If something happens to you, the loan repayment burden will fall on your family. With term plan's payout, your family will be able to repay your loans and save your property as well.
Critical illness like cancer, heart attack, kidney failure can take place at any moment. If something similar happens to you, your family may suffer emotionally and financially. Term insurance keeps your family safe from financial drain out so that they get enough time to recover.
Insurance experts recommend buying term insurance plans covering 15-20 times of your total annual income. For example, if your yearly salary is Rs. 8 lakh, term insurance must include a minimum Rs. 1 crore life insurance. Here are the other factors to consider while calculating term insurance plan coverage you need.
Individuals in the younger age bracket are generally of the view that one can pay the premium for a long time with less chances of illness in order to keep the premium rate low. While those in the older age bracket are more susceptible to diseases but a lesser capacity to pay and thus they have to pay higher premiums.
Each family has its lifestyle and expenses. You don't want your family's lifestyle to suffer if something happens to you. Hence, you must consider the current cost of the family to make sure you select the sum assured accordingly.
You don't want your children's education to be interrupted due to financial problems. Calculate sum assured that covers children's education.
If you are concerned about your children's wedding and want them to have it the best - no matter whether you are there or not - must consider it while calculating sum assured.
At last, you should calculate your ability to pay the premium. Premium amount must be more comfortable to pay so that you won't think of closing it down because of the inability to pay.
The claim settlement ratio includes the total number of claims the insurance company covers out of the claims filed when the insured individual dies. For example, if the insurance company has an 80 percent claim ratio, it means the insurer pays 80 out of every 100 claims filed.
The solvency ratio indicates the capability of the insurer to meet its debt obligations, which includes cases where the insurer has to pay the insurance cover to the beneficiary in case of death of the policy holder. It should be at least 1.5.
In order to know the service of the company, one can enquire existing customers about their experience with the insurance company. Another way can be to check online reviews and ratings of the company. Ensure that the customer experience is excellent to avoid emergence of any issues during the ongoing term policy period.
While choosing the insurance company, see the list of benefits they offer or enquire about the benefits you want to cover. Check out the below-given list of most common benefits you must look out for when choosing your best term insurance plan. 1.Regular income payout option 2. Number of critical illnesses covered 3. Accidental death benefit 4.Premium waiver in case of disability
Low risk of death when young, allows insurers to offer lower premium rates to policyholders.
Insurers don’t discriminate on the basis of gender, but life expectancy cannot be ignored. Women tend to live longer than men, hence low risk, which allows insurer to offer lower premium rates to women.
Not all professions are the same. While working, a miner is exposed to more risks than a software engineer. The risk perception reflects into the amount of the term insurance premium.
Term insurance is a promise to pay your family in the case of an unfortunate incident. A longer policy term means the insurer will be covering the risk for a prolonged period.
Some diseases are known to recur. If you have suffered from a chronic illness in the past, it may resurface in the future. Considering the risk, the premium for people with a history of certain illnesses is higher.
Smoking increases the risk of lung-related diseases. Similarly, consumption of alcohol is harmful to the liver. If you are a smoker or drink alcohol, you will have to shell out more for term insurance.
There is no certainty on when an irregular pulse rate or high cholesterol turns into a serious illness. Insurers ascertain your personal health before issuing a policy. The level of fitness decides the premium.
A high level of blood sugar can have an adverse effect on your heart and kidneys. The premiums for diabetic people are higher as they are more susceptible to cardiovascular and kidney diseases.
It is said that human needs change with age. A laptop may not be as crucial for a retiree as it is for a student. However, certain things are an exception to the rule, like Term Insurance.
A term insurance is equally important for people of all age groups, though the purpose may change with age. A college-going student may need a term insurance plan for a reason completely different from a married individual. The right question would be, who should buy term insurance and why?
A term plan is meant to provide your family with a financial buffer in your absence or in case you are diagnosed with a terminal illness.
Consider a hypothetical situation. Rohan, a management executive, loses his life in an unfortunate accident. He had prepared for the eventuality and bought a term plan with a cover of ₹50 lakh nine years before his death. His spouse, however, gets the shock of her life, when the insurance company rejects her claim. If your claim is rejected, would it not defeat the purpose of buying term insurance?
To protect your family from financial and emotional strain, take into account the claim settlement ratio before investing. The claim settlement ratio is the proportion of claims accepted versus the total number of claims filed in a year. With a claim settlement ratio of 98.12%*, you can rest assured that Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited will not let your loved ones down.
*Individual death claims settled and reported in public disclosure for FY 2019-20.
Canara HSBC Oriental Bank of Commerce Life Insurance Company promises a quick 1 day claim approval. With the ‘InstaPromise’ service initiative, we intend to provide approval of claims of up to 1 Crore amount within 1 day of the claim. To avail, one needs to submit their claim request, along with the mandatory/ required documents, at any branch or our head office and get the claims approved within a day.
The service has a few conditions, listed below:
Term insurance is a formal agreement between the insurer and the policyholder. But financial instruments are fraught with risks.
What if the insurer fails to pay your loved ones in your absence? The situation can be avoided by ensuring the financial stability of the insurance company. The credit rating provides information about the financial strength of the insurer. It tells if the insurer will be able to pay the claims of the policyholders or not.
Credit ratings are provided by independent agencies after analysing the financial metrics of the insurer. Credit ratings are symbolised by the name of the agency followed by alphabets like ‘A’, ‘B’ or ‘AAA’.
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited has the highest level of rating—CARE AAA . It simply means that the impact of an adverse external environment will be minimal on the claims-paying ability of the company.
Promise is all about faith. My family has faith in me. Similarly, I have faith that Canara HSBC Oriental Bank of Commerce Life Insurance will help me protect my family even in my absence.
A promise is a thing of faith. With Canara HSBC Oriental Bank of Commerce Life Insurance, we are confident that we will be able to keep our promises to each other.
With Canara HSBC Oriental Bank of Commerce Life Insurance, I will not only meet the financial requirements for my daughter’s wedding but also for various other life goals.
A promise has to be fulfilled. We had promised our son to send him abroad for education. We sent him there and fulfilled our promise. He also returned to India after completing his education as he had promised. Canara HSBC Oriental Bank of Commerce Life Insurance helped us fulfill our promise with Child Future Plan.
The customer service staff always gives a quick response. Usually, we get a personal message within 5-10 minutes of the query. Also, Canara HSBC Oriental Bank of Commerce Life Insurance has done systematic management of investments, which helps our money to grow.
Keeping my promises is a priority for me. Canara HSBC Oriental Bank of Commerce Life Insurance has ensured that my second innings will be as beautiful as my first.
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.
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:
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.