Term insurance plans over the years have gained a lot of popularity due to their versatility and benefits. Among the different types of term insurance policies, the return of premium offers the security of premium that you pay throughout the tenure of the policy. Term plan with return of premium of Canara HSBC offers comprehensive coverage with tons of features and benefits.
What is the Term Plan with the Return of Premium?
This form of term insurance policy comes to the advantage of having your paid premium returned once the policy is matured. After the maturity date, the insurer will pay you a lump-sum amount, which is equal to the paid premiums during the span of the policy. Therefore, with the return of premium, the coverall cost of the policy would end up becoming zero.
With Life Insurance iSelect+ Term Plan by Canara HSBC Oriental Bank of Commerce helps your partner, kids, or parents get through difficult times without financial complications.
Features of Canara HSBC Oriental Bank of Commerce Life Insurance iSelect+ Term Plan
The following are the features of this term insurance plan –
- A substantial life insurance cover at economical rates.
- Different types of premium methods that include a lump-sum payment for the policy term.
- Flexibility to pay a premium for a particular period starting from 5, 10, 15, 20, 25, or up to the age of 60 years old.
- Freedom to decide the pattern of benefit payout from the three options, including monthly income, part monthly income, and part lump sum payment.
- Three proportion for part monthly income and part lump sum payment, including 50%-50%, 75%-25%, and 25%-75%.
- Options to select between increasing monthly income and level monthly income option.
- Option to get the monthly income above 120 months or until the policy expires or 40 years.
Benefits of This Term Plan With Return of Premium
Depending on what stage of life you are in, the following are the benefits of this plan –
- If you are married with kids
If you are married with children who depend on you, then this offline and online term plan with return of premium could be highly beneficial for you. Considering that these plans last for up to 30 years, you can manage the plan so that your premium comes back in time when your kids are ready for college or marriage.
- If you are married with no children
Irrespective of whether your spouse is earning or not, this policy can be beneficial. This is because the benefit paid in case of untimely death can help your partner take care of debts and major expenses. And if you survive, the premium pays back and helps you both achieve your life goals and move a stage ahead in your life.
- If you are single
If your parents are dependent on you financially, investing in a return of premium term plan will offer death benefits in case of unexpected death. Moreover, if you survive till the maturity period, the premium can be used to support your parents and achieve your life goals.
Canara HSBC Oriental Bank of Commerce Life Insurance iSelect+ Term Plan is comprehensive health coverage, which allows you to get financial protection for you and your loved ones.