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Term insurance

What are the best top term insurance plans which cover the critical illness?

Term insurance plans provide risk cover to the policyholder against the risks arising due to various threats to life. Term insurance plans are a pure protection plan which helps in ensuring the financial security of your loved ones in your absence. It is the most basic and most affordable life insurance plan available in the market.

Term insurance plans will provide a lump sum amount to your beneficiary in case of your sudden demise. This lump sum is known as death benefit and it ensures that your family is financially secure even when you are no more to support them. The death benefit obtained can be used by your nominee to pay off your debts and other liabilities. It can also be used to fulfil some of the long term goals of your family members such as higher education of your children, the marriage of your children, etc.

Moreover, you can include certain additional features into your base insurance policy in the form of riders. These riders help in enhancing the overall coverage provided by the term insurance plan and can be of great benefit to you.

Critical illness cover

Many insurance providers offer additional benefits along with the base plan in the form of riders or add-ons. One such rider is the Critical illness rider which provides cover against any diagnosed critical illness in the policyholder. You can avail this additional benefit by paying an additional premium to your insurance provider.

In this case, if you are diagnosed with any critical illness which is mentioned in your policy brochure then your insurance provider will provide a lump sum to you. This lump sum can be used for the treatment of the diagnosed critical illness. Major illnesses like Cancer, Angioplasty, Liver disease, Major burns, Chronic lung disease, etc. are covered under the critical illness rider.

Best term insurance plans which cover critical illness

Kotak Life e-Term Life

Kotak Life e-Term Life is designed in such a way that it ensures complete financial protection of your family. Your nominee can receive the benefits of your demise according to one of the three available options.

  1. The first option is ‘Life Option’ in which the sum assured is obtained by your nominee on your death.
  2. The second option is ‘Life plus Option’ in which your nominee can obtain the sum assured and accidental death benefit on your demise.
  3. The third option is ‘Life Secure Option’ which includes the sum assured and waiver of premium on the total and permanent disability.

The Kotak Life e-Term Life provides coverage for 37 critical illnesses and the maximum sum assured is s. 1 crore. The minimum age for entry into the plan is 18 years of age and the maximum age is 65 years.

Bharati AXA Flexi Term

This term insurance plan offers 3 types of critical illness cover out of which one has to be selected.

  1. Comprehensive cover which provides coverage for 34 critical illnesses.
  2. Major illness cover which provides coverage for 15 major critical illnesses.
  3. Heart and Cancer cover which covers 9 critical illnesses related to heart and cancer.

The payout of sum assured can be done by 3 methods i.e.

  1. One- time payment of the sum insured.
  2. The monthly payout can be done for 15 years in which there will be an increase in the income by 10% every year.
  3.  Half of the sum assured is paid in a lump sum and the remaining half is paid as monthly income for the upcoming 15 years.

SBI Life Insurance Poorna Suraksha

  1. The SBI Life Insurance Poorna Suraksha is a non-linked term plan providing critical illness cover for 36 critical ailments.
  2. The maximum coverage amount is Rs. 2.5 crores and you can split your sum assured between life cover and critical illness cover in a proportion of 80:20. This feature is known as the ‘Life Stage Rebalancing’ and is designed in such a way that a balance is made between the life cover and the critical illness cover.
  3. The critical illness cover will increase by a certain percentage every year and the life cover will decrease by an equal proportion.

Edelweiss Tokio My Life+

  1. The Edelweiss Tokio My Life+ is a non-linked and non-participating term insurance plan.
  2. It provides a cover for 12 critical illnesses and is extremely helpful in cases of critical ailments.
  3. The lump-sum payout can be done in two ways i.e.
  4. The payout can be done as a single lump-sum payout.
  5. It can be done by a monthly payout procedure by which your family can receive a monthly income benefit.

ICICI Pru iProtect Smart Plan

  1. The ICICI Pru iProtect Smart Plan provides life cover as well as cover against around 34 different critical illnesses.
  2. On the diagnosis of the critical illness, the lump sum for critical illness cover is paid out.
  3. The benefits are paid out by 4 options i.e. Life Benefit, Life plus Benefit, Life and Health benefit and all in one.

Aviva i-Term Smart Plan

  1. Aviva i-Term Smart Plan provides the benefit of critical illness rider along with a disability rider.
  2. This is a non-linked rider and covers 16 critical illnesses and disability.
  3. The payout for the critical illness rider would be paid on the diagnosis of the illness and you will not have to submit hospitalization bills as well.
  4. After the payment of the critical illness rider payout, the original sum assured remains the same.
  5. The rider has to be purchased along with the base term insurance plan.

Hence, critical illness riders are quite necessary as they help in alleviating the various expenses that arise due to some critical ailments. Treatment for critical ailments can be a reason for financial and mental trauma nowadays. So, a critical illness rider is a must-have to meet such situations of medical emergencies in the future.

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Term insurance

How to Save Your Term Insurance Policy Premium- Free Tips

Risk cover plan is another name for Term Insurance Plan. It is the easiest and the most commonly adopted insurance that mitigates financial risks for your family. It provides coverage at a fixed rate of amount for a given period of time for the relevant term. 

Term Insurance policy does not demand a lot of investment, but at the time of crisis, it has you covered. No harm shall come to your family even after you are long gone. Premium rates are not high, unlike other insurance plans. In fact, they are very reasonable. This is one reason why Term Insurance policy is so popular. 

In simple words, term insurance policy as a source lumpsum source of income when the earning member of the family passes away. They are extremely reliable and are the most affordable plan for a common man. You don’t need to make a big investment, at you get a considerably huge amount in return. Besides this, there are many strong reasons to avail a Term Insurance Plan. Some of the most convincing reasons include:

  • Term Life Insurance helps you save money on repetitive brokerage fee.
  • It provides you with extensive coverage for a longer tenure. This ensures extra security to your family and their needs.
  • Term Life Insurance plans have low claim rejection possibilities.
  • And above all, you get tax benefits.

These are some very strong reasons to opt for Life Term Insurance plan. It appears as if the Term Insurance plan is designed to meet the needs of the common man. With easy access and low investment requirements, it is the ideal choice for any man, any day. And the benefits you get in return make it all the more appealing. Life term insurance plans allow you to look after your family even when you are long gone. Life insurances aren’t meant for the dead; they are meant for the living.

Top #6 Tips to keep in mind, to ensure some extra saving on your Term Life Insurance

Term Life Insurance already comes with a bounty full of benefits, but what is the harm in adopting some extra measures.

  • Buy a Life Insurance at an early stage

The earlier you get a life Insurance Policy; the better will be its benefits and instalments. Get a Life Insurance as early as possible, and it will be easier for you to save up on your term premiums.

  • Maintain a Healthy Lifestyle 

It is important to take care of your health as the premium rate of life insurance, and acceptance of it depends on the physical condition of the applicant. The premium of the insurance may affect if the client has habits like smoking, drinking or addiction to drugs. The company has very simple concepts while determining premium rates. It is set on the basis of the mortality risk of the individual, and if the client maintains a healthy lifestyle, it automatically avoids all such barriers while buying a Life Insurance Policy

  • Know your financial goals 

Don’t buy life insurance just for the sake of it. Understand and analyze your financial requirements choose a plan accordingly. It is important to know why you need life insurance and how much of benefit your family can avail when you are not around.

  • Choose the right Life Insurance company 

Find out the best companies that offer great plans with good rates and benefits. The professional relationship with the company you choose is important as it will encourage a better understanding of the policies and the benefits of your insurance. There is a large number of companies that offer Life Insurances. Make sure you do a thorough background check. Go through the company’s history of older policies. This will give you an insight into the functioning of the company.

  • Buy your Insurance Online 

Technology has taken over, and it’s super easy to track buy and compare everything online. Even Life Insurance Policies for that matter. One can save a lot of money which goes into looking for a broker, agent etc. and paying their commissions. Hence buying a Life Insurance Policy online can save you that additional cost of any middlemen. Also, the Internet has made everything super easy these days. Comparison of Life Insurance Policies, its benefits and premium rates has all become easy, convenient and reliable online. It allows the client to check and review its history and the company’s overall score. It will also let you save some money and avoid burning a hole in your pocket without compromising on the benefit and coverage of the policy.

  • Buy it for an Ideal Tenure 

If you choose an extraordinarily long tenure than you need, you will end up spending more on the premium. Buy the insurance for the tenure you will mostly require it to. A longer tenure will only consume your funds unnecessarily, and you can save the rest of your money for another investment.

Conclusion 

Buying a Life Insurance Policy is not very difficult these days. Everything is available digitally, and you can get information about the policies and plans very easily. Information is easily accessible in the digital world. Keeping this in mind, you can save a little more on your Term Insurance Policy. Take proper precaution and stay relaxed for the remainder of your life. Because Life term Insurance will care for your family when you are no longer around.