Only understanding what is a life insurance policy is not enough. You must know what type of life insurance policy will be suitable for your needs. In addition to the amount of coverage you need, you should also figure out what type plan you need. Of all the types of life insurance plans available, there are two major questions that will help you determine the right policy –
1) How long you want your life insurance coverage to last?
2) What goal do you wish to prioritize and save for?
Answer these questions and find a life insurance plan that suits your needs.
For example, if you want a life cover where you can add your spouse too, then look for insurance plans that offer such benefits. iSelect Smart360 Term Plan allows you to add your spouse in the same life insurance policy at discounted rates. Secure their financial future by helping them get a life cover.
How to Claim Life Insurance after Death of the Policyholder?
In the event of an untimely death of the insured, the insurance company pays the sum assured to the nominee. The claims process is very simple; the insurance company has to be informed as soon as possible after the death of the insured. The nominee has to fill a claims form and submit with required documents like death certificate. The insurance company verifies the claim and releases the benefit. In some cases, the insurance company may choose to examine the claim. You will have to provide additional documents and the claim settlement will take slightly more time. Claims can be paid out in a lump sum or in regular monthly instalments. You can choose the way you want the nominees to receive the death benefit. If the policyholder passes away, as a beneficiary of the plan, you can follow these 3 steps to file a claim:
1. Death Certificate
You will be asked to submit a copy of the death certificate of the policyholder when you start the claim process. The life insurance company may need a certified copy, hence, you must keep this document handy, if you do not want to delay the process.
2.Contact the Insurer
Contact the life insurance company and inform them. Although, when a loved one passes away, we have a lot on our plates to deal with. However, the sooner you start the entire process, the better it is.
3. Documentation
The life insurance company may need a lot of other documents such as claim form. Ensure that all the necessary documents are ready with you before you start the claim process.
Do I Need a Life Insurance Plan?
Yes! Life insurance policies are a guarantee for your loved ones. Buying the best life insurance policy can help in providing financial assistance to your family in an unfortunate event. This covers accidental death, permanent and temporary disability, and child support. You need a life insurance plan if:
a) You are married
b) You have children
c) You are unmarried
Whether you are single, married or have kids, you need a life insurance plan to stay protected. If your family relies on you for financial support, it is better you consider buying the best life insurance plan. The cost of education is spiraling and building an education fund right from the beginning is the only solution if you want to secure their future. Also, even if you are single, unexpected expenses may pop up anytime, catching you completely off-guard.
How much Life Insurance Cover do I Need?
Life insurance cover depends on your beneficiary’s monthly income and expenses. You need to evaluate your liabilities and assess your financial goals. It requires a thorough self-assessment of retirement corpus and life goals. However, experts suggest that you should always buy a life cover at least 10 times of your income. You can be assured that you have adequate life cover for you and the beneficiaries. Not buying the right policy cover may put you in a fix. You do not need to pay premiums beyond your budget. Analyze your existing financial circumstances and calculate the premium before making any decisions.
How much Does a Life Insurance Plan Cost in India?
The actual cost of buying a life insurance policy depends on the following few factors:
1. Life cover amount
2. Your current age
3. Lifestyle and habits
4. Current and history of physical health
5. Family health history
6. Policy tenure you are intending to choose
Is Buying a Life Insurance Policy Worth it?
A life insurance policy aims to protect your family. In simple terms, the death benefit received by the nominee(s) replaces the financial assistance you provided to your dependants. In the wake of the pandemic, more people are scrambling to buy the best life insurance. Because of the financial security it provides, buying a life insurance plan is worth it. In a way, this smart financial tool must be an integral part of financial planning. Your family will be financially savvy in case something happens to you. If you protect your loved ones with the promise of a life insurance plan, you can be assured of fulfilling all the promises you had made to them, even if you are not around. And Canara HSBC Life Insurance will always keep “Aapke Vaade Sar Aankhon Par”. Listed below are our top life insurance plans that you consider:
1. Guaranteed Income4Life Plan
Guaranteed Income4Life, as the name suggests, this life insurance plan guarantees regular income along with providing a life cover. It is a highly customizable plan that offers flexibilities in terms of premium payment options and increasing life cover. The plan has 3 different variants to suit your financial requirements and goals. Whether it is lifelong protection for you and your spouse or fulfilling your child’s education needs, preparing you for early retirement or giving you that extra income to make sure every promise is fulfilled; Guaranteed Income4Life has it all covered.
2. Guaranteed Savings Plan
It is a guaranteed income plan which ensures that you get a guaranteed maturity benefit. The premiums to be paid are high, but you receive a better value in return. The GSP covers for the entire life term even though you pay premiums for a limited time. Customize your savings horizon as align them accordingly with your financial goals to meet your milestones. Whether you are planning to build an education fund for your child’s future, or you want to save for your child’s marriage, or you want to retire and lead a happy life – this savings plan may help you achieve your life goals.
3. iSelect Smart360 Term Plan
iSelect Smart360 Term Plan is a life insurance plan that offers a limited premium payment option. It is tailored to suit the Indian market as it is budget-friendly. The plan offers the option of adding the spouse, thereby adding a discount for the spouse. Also, it has a return of premium option. That means, if the policyholder outlives the policy term and has paid all the premiums, then the premiums will be paid back at maturity. This is a win-win! The plan also offers a variety of riders that you can add for enhanced protection.
