Nowadays, getting insured is considered to be one of the most important things in one’s life. Do you know why? Well, given life’s uncertainties, they have gained immense traction in ensuring your loved ones remain secure in case of an unfortunate event.
In fact, you can buy them online. This has made it really convenient and hassle-free to become insured. Do you know what else makes online term plans advantageous? Well, there’s no need to run to different insurance offices to find a reliable one. Continue reading further to find the best term insurance online.
Exploring Types of Term Plans
One of the things you should do while buying a term plan is to understand its different types. While there are many term plans available in the market, it’s essential that you find a suitable one as per your goals and financial position.
Here are the different options you should look at:
| Term Insurance Type | Description | Benefits |
| Standard Term Insurance Plan | This term insurance plan requires you to pay a fixed sum regularly for a period of time, and it covers a specific life cover until you reach retirement age. | It offers affordable coverage and is good for securing dependents’ immediate needs. |
| Term Insurance with Return of Premium | The total premiums are paid back on the successful completion of policy terms. | It guarantees a return on investment if a claim is not made but typically comes with higher premiums. |
| Increasing Term Insurance | The sum assured increases at predetermined intervals throughout the policy term. | The coverage automatically adjusts for inflation, ensuring beneficiaries receive a payout that is relevant. |
| Convertible Term Insurance Plan | Allows converting the term plan into a whole life insurance plan during a specific window within the policy term. | It offers the flexibility to switch to a cash value accumulation plan. |
| Whole Life Insurance | Lifetime coverage with a death benefit and a cash value component. | It is typically more expensive than term insurance. |
| Joint Term Insurance | This term insurance plan usually covers two people. | It pays a benefit if either insured person departs within the policy term. |
| Term Insurance with Return of Premium | Pays back the total premiums paid on successful completion of the policy term. | Provides a return on investment guarantee in the event that no claims are filed, but the premiums are usually higher. |
4 Considerations to Secure the Best Term Insurance
The online insurance marketplace has a variety to offer. Therefore, you must consider a few factors to secure the best one. Here’s what might help you get insured with the best term insurance plan:
- Determine your coverage amount: The base of every term plan is the coverage amount, also called the sum assured. This is the lump sum that your nominated individuals receive if an unfortunate incident occurs. A few things to consider when calculating this value are your children’s education and needs, any outstanding debt, the cost of living and your spouse’s protection. Your term plan’s foundation is dependent on the coverage amount you receive.
- Tenure of the plan: The next step is to figure out the duration for which your term plan remains viable. Some factors to consider are your children’s age, spouse’s retirement age, and loan repayment.
- Balance cost and coverage: You must have noticed that younger applicants usually pay lower premiums as opposed to older policy buyers. This happens due to the risk of mortality. This means the lower your age, the lesser the premium. Also, make sure you review your term plan periodically and track any changes in the policy.
- Know premium costs: Insurance providers will usually charge higher premiums for individuals with risky lifestyles. For instance, smoking is known as a risky behaviour, so tobacco users will be expected to pay more (than non-tobacco users). Likewise, excessive alcohol consumption and dangerous activities (such as adventure sports) can mean a significantly higher premium.
Find Your Perfect Term Plan
Your term plan should provide you with comfort and meet your needs. Now that you know everything to consider before buying a term plan, you can invest early and create a brighter tomorrow.
To discover the ideal term plan for you, you can visit Canara HSBC Life Insurance. Their user-friendly official website makes it very easy to buy a term plan online. If you are looking for a reliable insurance provider, you can visit their official website to secure your plan today!