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Best term plan: Cover against 40 critical illnesses

Looking for a term plan that offers critical illness cover?

As we all know, life is unpredictable and anything can happen at any time. While we can’t control what happens to us, we can take steps to protect ourselves and our loved ones from financial hardship in times of need. That’s where critical illness insurance comes in.

A critical illness policy is a type of insurance that provides financial support to the policyholder in case they are diagnosed with a serious illness such as cancer, heart attack, or stroke. It pays out a lump sum benefit to the policyholder, which can be used to cover medical expenses, pay off debts, or maintain their standard of living while they are unable to work.

In this blog, we will talk about the importance of critical illness cover and introduce you to the best term plan in India that provides both death benefits (in the worst-case scenario) and critical illness benefits for the insured. 

What is life insurance cover?

A life insurance cover is a financial safety net for your family in case of any eventuality. It ensures that the family is financially secure even if something happens to the policyholder. The life insurance cover can be used to take care of current liabilities, mortgages, children’s education, and other expenses. It helps to protect the financial interests of the family and provides them with much-needed financial security.

What is a critical illness cover?

A critical illness cover is a type of insurance that provides financial support to the policyholder if they are diagnosed with a serious, life-threatening illness. Some examples of critical illnesses that may be covered under a critical illness policy include cancer, heart attack, stroke, kidney failure, and organ transplant.

Upon diagnosis of a covered critical illness, the insurer pays out a lump sum benefit to the policyholder. This benefit can be used to cover medical expenses, pay off debts, or maintain the policyholder’s standard of living while they are unable to work due to their illness.

Critical illness cover can be purchased as a standalone policy or as an add-on to a life insurance policy. It is important to note that critical illness policies typically have exclusions and limitations, so it is important to carefully review the policy terms and conditions before purchasing.

Having a critical illness cover can provide much-needed financial support and peace of mind during a difficult time, and can help policyholders focus on their health and recovery without worrying about financial concerns.

Benefits of Having a Critical Illness Cover in your Term Plan

There are several benefits to having a critical illness cover as part of your term plan:

1. Financial security

A critical illness cover provides a lump sum benefit in the event of a diagnosis of a covered critical illness, which can be used to cover medical expenses, pay off debts, or maintain the policyholder’s standard of living while they are unable to work due to their illness. This can provide much-needed financial security and peace of mind during a difficult time.

2. Supplement to other insurance policies

A critical illness cover can complement other insurance policies you may have, such as a health insurance policy or a life insurance policy. While these policies may cover certain medical expenses, they may not provide the same level of financial support as a critical illness policy.

3. Customizable coverage

Many critical illness policies allow policyholders to customize their coverage to meet their specific needs, such as by choosing the number of critical illnesses covered or the amount of the lump sum benefit.

4. Coverage for a wide range of illnesses

Critical illness policies typically cover a wide range of serious, life-threatening illnesses, such as cancer, heart attack, stroke, and organ transplant. This comprehensive coverage can provide peace of mind knowing that you are protected in the event of a diagnosis of one of these illnesses.

Which is the Best Term Plan in India that offers cover against 40 critical illnesses?

iSelect Smart360 Term plan by Canara HSBC Life Insurance is one of the best term insurance plans in India. It offers a range of features and benefits that make it stand out from the other available options. 

  • The plan offers a variety of customization options to suit the needs of the policyholder, along with an assured sum of money to the family of the insured in case of his/her death during the term of the policy.
  • Life insurance coverage is available until the age of 99.
  • In the event that no claim is filed, the plan allows for a reimbursement of the complete amount of premiums paid.
  • If available, the option of no future premiums if diagnosed with a serious disease or the incidence of total and permanent accidental impairment.
  • You can obtain a child care benefit, which gives extra life insurance coverage until the child reaches the age of 21.
  • If purchased, the plan provides an accidental lump sum payment in the event of accidental complete and permanent disability, accidental death, or critical sickness.
  • You may freeze your plan price at policy inception and boost coverage to 100 percent of Base SA during the next five years.
  • Option to choose the advantage of a stable income at reaching the age of 60.
  • Benefit from tax savings under the existing regulations of the ITA, 1961.
  • With the expedited terminal illness benefit, you may expand the plan’s coverage.

Customers who maintain a healthy lifestyle can benefit from more affordable premium rates. All these features make the iSelect Smart360 Term Plan by Canara HSBC Life Insurance a great option for those looking for an ideal term insurance plan in India.

Wrapping It Up

The iSelect Smart360 Term Plan by Canara HSBC Life Insurance is a highly recommended option for those looking for the best term plan in India that offers life insurance cover against 40 critical illnesses. This policy provides both death benefits and critical illness benefits to the policyholder, giving them and their loved ones the financial security they need in the event of a tragedy or serious illness.

The policy offers a range of coverage options and allows policyholders to add on additional riders to further enhance their protection. Its competitively priced premiums make it an affordable option for those looking for comprehensive protection.

We encourage our readers to explore more about the iSelect Smart360 Term Plan and consider purchasing this policy to provide themselves and their loved ones with the peace of mind and financial security they need. It is always important to protect ourselves and our loved ones against the unexpected, and a critical illness policy can provide much-needed support during a difficult time. 

So, if you are considering purchasing a term plan, the iSelect Smart360 Term Plan by Canara HSBC Life Insurance is a solid choice worth considering.

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