The once-in-a-lifetime crisis: COVID-19 has already affected the nation twice and experts suggest that there could be a third wave anytime soon. With that said, it is crucial to prepare for unforeseen times early to prevent any unfortunate circumstances. A term life insurance policy is just the right fit to safeguard the uncertain future from any such event. Have a look at the things to buy before the third covid wave here.
Based on the experiences gained from the last two waves, it can be predicted that the most challenging task in the third wave is to accumulate savings to continue maintaining a financially secure lifestyle after everything’s back to normal.
Moreover, as each consecutive wave is followed by joblessness and unemployment, your existing savings aren’t likely to last for a long time. With that said, you need a subtle way to keep your funds secure and wave through the pandemic without being affected.
Therefore, a term life insurance policy can be considered as an ideal investment instrument for these never-seen-before times because of their par level range of features. These plans help you accumulate and grow your capital, without risking your principal investment amount at all.
If you’re also looking for a reliable investment opportunity, especially to tackle the financially draining consequences of the novel coronavirus, a term plan is surely an ideal pair for you. Here’s a list of benefits of term insurance plans that make them the best bet for various adversities in life:
Affordable Premium Rates
As there’s already a shortage of liquidated funds in the market in the wake of this pandemic, an additional expense in the form of insurance premiums will only make things worse. However, that’s certainly not the case with term plans.
If you compare the premiums required for these plans with other traditional variants available in the market, you’ll notice that the former requires lower premium rates, while still providing you a life cover of high value.
Moreover, a plethora of insurers allow you to choose payment frequency as per your comfort, from various options like monthly, yearly, and half-yearly. This makes term insurance plans a lot more feasible than other policies in these unprecedented times.
Comprehensive Life Cover
The pandemic has already affected millions of lives and every day, a significant amount of people are dying due to it. Unless there’s a clinically approved solution available for the virus, prevention of this disease is the only way to survive.
However, as the virus has also mutated into various lethal versions, you always have a chance of getting affected by it. In case such an unfortunate event occurs, your family may have to go through extremely tough times, especially if you’re the only breadwinner of your family.
With term life insurance policies, you can gain substantially larger coverage for your life. This makes sure that even if any unfortunate event takes place due to the present circumstances, your family remains secure with the help of benefits offered by term plans.
Online Availability
According to the guidelines stated by the World Health Organization, maintaining proper social distancing and keeping away physical contact can greatly minimize the spread of this virus. To keep safe from this virus, you also need to follow these guidelines wholeheartedly.
Term insurance plans can be accessed and purchased online through various insurance companies, which doesn’t require any kind of physical contact. Moreover, you can also manage the specifications of your policy from the comfort of your home.
Additionally, purchasing a term plan online also helps you save money on brokerage charges, and provides you a seamless investment experience with a very minimal amount of paperwork required. Hence, it prevents the spread of this virus and makes the situation less worrying.
Best Term Plans in India
LIC Tech Term Insurance Plan
This term plan is a non-participating and non-linked pure risk premium plan that can be zeroed in online and offers financial protection to your dependents in the event of your unfortunate death. It allows you to choose between level sum assured and increasing sum assured benefit options.
Moreover, there’s also a free look-in period of 30 days, initiated at the time of purchasing the policy that allows you to explore the various options offered by the plan, and allows you to return it in case you’re not satisfied by its clauses.
SBI Life eShield
The SBI Life eShield is another non-participating and a non-linked term insurance policy that requires a minimal amount of premiums for high coverage. With this plan, you can enjoy a wide range of benefits without incurring hefty costs.
Additionally, the plan also offers several discounts for non-smokers, along with an in-built accelerated terminal illness benefit available for both the benefit options. The increasing cover benefit provides an increase of 10% to your total corpus amount every five years.
Bajaj Allianz Life Smart Protect Goal
The Life Smart Protect Goal plan offered by Bajaj Allianz is a pure term life insurance policy, accompanied by a comprehensive life cover to help you protect your family’s future. It features four different variants as per the ranging requirements of individuals.
In addition to the standard protection cover, this plan also keeps you protected against 55 critical illnesses by offering coverage in the event of you being diagnosed with any disease listed in the policy terms.
Canara HSBC Oriental Bank of Commerce – iSelect Star Term Plan
The iSelect Star Term Plan provided by Canara HSBC Oriental Bank of Commerce is a highly customizable term plan that can be adjusted as per the varying needs of an individual. It offers various benefits for the all-around protection of your family’s financial future.
With this plan, you can also cover your spouse in the same policy and enjoy tax benefits as per the mandates of section 80C of the Income Tax Act of India. So, make sure that you check out this plan.
The Takeaway
While there are several other perquisites that you need to make for waving through the third wave of novel coronavirus untouched, accumulating funds through a term plan should be at the top of your priority list. Therefore, make sure you have a look at the various term insurance plans listed above and choose the one that matches your requirements.
