Nowadays, with uncertainties present everywhere people are looking for solutions to safeguard themselves. Term insurance plans have become a popular solution for one’s future. In fact, with the rise in technology, the popularity of such plans has increased even further. It is suggested by a statistical prediction that the online insurance market’s expected growth rate between 2024 and 2029 is 5.33%.
Online term plans act as the foundational pillars of financial security in uncertain times. Therefore, you must consider opting for the one that is suitable for you. Wondering how would you do that? Let’s get into their benefits and explore the term plans available online.
Read more: Benefits of Life Insurance
What are Online Term Insurance Benefits?
Online term plans offer a plethora of benefits, which, in turn, makes them a popular choice to ensure your financial protection. Here are a few benefits that you must explore:
1. Affordability
Buying a term plan online is more affordable than a standard insurance policy. The online method eliminates intermediaries or middlemen, resulting in significant cost savings while providing enough coverage.
2. Transparent Process
Transparency is required when it comes to online term plans. From comparing different policies to understanding the terms and conditions, everything is laid out clearly, ensuring you make an informed decision.
3. Convenience
Since term plans are available online, you can purchase them comfortably sitting at your home. Moreover, the hassle-free documentation and seamless application process make it convenient for busy individuals to secure their family’s future with just a few clicks.
Term Plans That You Can Buy Online
Depending on the period of the term plan, it is usually categorized into two options. Following are the term plans from which you can select your best term insurance plan:
1. Young Term Plan
Below are the benefits of a term plan when you opt for it at a younger age.
- Financial Security for Dependents: Buying term life insurance at a young age is a way to ensure the beneficiaries remain financially alright in case of any unfortunate event. The insured amount could go a long way toward supporting more expensive things like rent or the kids’ daily lives.
- Flexibility: Young term plans tend to offer flexibility in terms of coverage level and premium payment methods. This means you may customize your insurance plan so that it suits your demands and financial position.
- Low Premiums: Young individuals typically enjoy lower premiums on term insurance plans due to their age and good health. Starting early ensures that you lock in these lower premiums for the duration of the policy.
- Longer Coverage Duration: Buying online term plans at a young age offers a longer coverage duration. This, in turn, will enhance the financial security you ensure for both you and your loved ones for a significant period.
- Tax Benefits: You can avail yourself of tax benefits on the premiums of online term plans. Under the Income Tax Act’s section 80C, this, in turn, can help increase your savings.
2. Life-Term Plan
Here are a few reasons why that makes life-term plans worth opting for:
- Extensive Coverage: Life-term plans offer extensive coverage for the policy’s entire duration. It means that you’ll have accumulated wealth at the end of the policy’s tenure. However, in case of unfortunate circumstances, your family will receive the lump-sum payout.
- Flexible Payout Options: Whether you opt between lump sum payouts or regular income payments to your beneficiaries. This will help provide them with financial flexibility based on their needs.
- Legacy Protection: By acquiring a life-term plan, you can leave a great legacy for your family. This means that they will be economically safe and secure in the future.
- Supplementing Retirement Income: Some online term plans for life include the option of receiving monthly income distributions in retirement. They are an excellent method to enhance your pension and other retirement assets.
Get Your Online Term Plan Today
Now that you know the importance of term plans, you just have to buy one on the internet. Since there are numerous choices available across the internet, you can find the best plan that is suitable for your budget and plans. So why wait? Look for online term plans from reputable insurers such as Canara HSBC Life Insurance.
Explore their official website to check out their strategically framed plans that offer affordable premiums and large coverage. So, with the right term plan in place, ensure that your family will be taken care of always.
Take the first step with Canara HSBC Life Insurance today!
