Here’s Why Term Insurance Plans Are High In Demand

The past year has been quite life-threatening for the whole world. The novel coronavirus pandemic outbreak didn’t take much time to reach the various parts of the globe. Due to this global threat, humanity realized the uttermost importance of several things, which probably went unnoticed earlier.

There’s been a keen surge in the number of people looking for term insurance plans and getting their life covered against the risk of COVID-19. In such unprecedented times, term insurance is more than just a financial investment opportunity and rather acts as a necessity.

Although scientists are doing their best to develop effective vaccines against the infection, there’s still a long way to go. 

Moreover, while the virus has a ranging impact on different nations, India being a country with a large population has been affected the most, and the aftermath of this havoc can be observed in the insurance industry.

If you’re still unsure whether term insurance is the right option in these tough times or not, you’ve already found a sweet spot. Here’s a list ofbenefits of term insurance that make it a necessity in the light of the pandemic:

  1. Long-Term Financial Security

To combat the coronavirus, the nation imposed a complete lockdown across all the states, which affected nearly every section of the society. The impact was extremely major and not something to be neglected or overlooked.

As a result of this halted condition of the country, people had to rely on their existing savings to meet their daily necessities. Moreover, while bank savings accounts are the most common repository for capital accumulation in India, it doesn’t help much in such exceptional events.

That’s when the long-term investment benefits of savings plans come into play. With a pool of benefits, additional riders, and low premium rates, these plans can offer you great financial security in the long run that allows you to sustain a normal lifestyle after everything’s cured.

  • Contactless Online Availability

As stated above, there is no sure shot way to cure a person affected by this virus, and the only way out is prevention. The general guidelines stated for the prevention of COVID-19 are to maintain a proper social distance and avoid unnecessary contact.

Various insurance companies provide term plans online. The core competencies of purchasing term insurance online are that there is virtually no paperwork required, and the process can be carried out from the comfort of your home.

Moreover, through the capabilities of the world wide web, you can also customize the policy as per your preferences online and contact support in case you have any concern, complaint, or query related to your preferred online term plan.

  • Lack of Liquidated Assets

The worst impact of COVID-19 has been on the corporate workforce as a lot of people have lost their jobs during the pandemic. The impact has been so major that the market faced a lack of liquidated assets because nearly everyone relied on their existing capital to survive.

With that said, in case you incur any health expenses for the treatment of any unforeseen disease, it can be very hard to accumulate the required funds in a short period. This is the reason why a term insurance policy matters in such unprecedented times.

Term insurance also provides you comprehensive coverage for your life, and you can also choose to add essential riders like critical illness benefits in your plan to extend its coverage and be able to bear major expenses without even a second thought.

Best Term Insurance Plans in India

Now when you know the various benefits of term insurance, it’s  time to have a look at the most prominent policies available in India to wave through the pandemic and continue sustaining a comfortable lifestyle after everything’s back to normal:

  1. Max Life Smart Term Plan

The Max Life Smart Term Plan works as all-around protection for you and your family against several risks, including death due to COVID-19. It has in-built protection for critical illnesses that offers you benefits for life-threatening ailments like heart attack and kidney failure.

Moreover, there are several unique riders available that can be used to modify the coverage of your policy, such as accidental cover, accelerated critical illness (covers more diseases), and so on. These riders are available in return for some extra premiums charged nominally.

With this plan, your selected nominee can choose to receive the death benefit with seven different pay-out modes, depending on the spending habits and lifestyle of your family members. You can choose to save for up to 60 years with this term insurance plan.

  • Canara HSBC OBC iSelect Star Term Plan

The Canara HSBC OBC iSelect Star Term Plan is one of the most preferred term plans available in India with an exceptional level of flexibility in terms of plan variants and payment terms that can be customized based on your preferences and requirements.

It offers everything you need to offer a comfortable lifestyle to your family in the event of uncertainties like COVID-19. Whether you need a life cover for a limited time or whole life, this plan allows you to have complete control over your policy preferences.

Additionally, various optional riders can be added to this term plan to extend its coverage such as accidental death benefit, child support benefit, permanent and total disability benefit, and so on at very nominal prices.

Bottom Line

With the help of a term insurance policy, you can make sure that your family leads a comfortable lifestyle after the pandemic is over. After reading the benefits of term insurance listed above, you may already have understood its importance in such unprecedented times. Make sure you also take a look at the shortlisted plans stated above for an easier investment experience.